Latest Ratios: P/E Ratio 70.6x · EV/EBITDA 50.4x · ROE 7.3%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $2.0B | $2.8B | $1.6B | $2.5B | $4.3B | $5.6B | $3.2B | $5.4B | $6.6B | $3.7B |
| Enterprise Value | $5.1B | $2.0B | $2.8B | $1.7B | $2.6B | $4.6B | $6.3B | $3.6B | $5.5B | $6.6B | $3.5B |
| P/E Ratio → | 70.60 | 37.67 | — | — | — | 343.50 | — | — | 58.00 | 16.41 | — |
| P/S Ratio | 8.34 | 3.69 | 5.21 | 2.17 | 4.71 | 6.04 | 6.32 | 3.05 | 5.93 | 7.11 | 2.79 |
| P/B Ratio | 7.00 | 2.72 | 3.87 | 2.12 | 2.90 | 2.79 | 3.75 | 1.26 | 2.03 | 2.65 | 1.78 |
| P/FCF | 55.25 | 42.87 | 435.28 | — | — | — | 148.45 | — | 105.16 | 10.06 | — |
| P/OCF | 100.20 | 39.63 | 168.84 | — | — | — | 68.79 | 122.16 | 53.63 | 9.41 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.58 | 5.16 | 2.27 | 5.00 | 6.35 | 7.02 | 3.42 | 6.06 | 7.07 | 2.68 |
| EV / EBITDA | 50.41 | 28.83 | 60.62 | 24.81 | — | — | — | 56.45 | 26.22 | 14.33 | — |
| EV / EBIT | 100.46 | 30.25 | 190.22 | 48.70 | — | — | — | — | — | — | — |
| EV / FCF | — | 41.61 | 430.96 | — | — | — | 165.00 | — | 107.46 | 10.00 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.2% | 76.2% | 73.8% | 64.6% | 69.7% | 65.0% | 72.0% | 73.4% | 77.2% | 71.9% | 47.1% |
| Operating Margin | 9.2% | 9.2% | 0.1% | 1.4% | -39.3% | -29.8% | -124.0% | -14.3% | 6.6% | 30.4% | -90.2% |
| Net Profit Margin | 9.7% | 9.7% | -14.8% | -17.2% | -139.5% | 1.7% | -123.6% | -14.6% | 10.3% | 43.5% | -92.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | -10.6% | -15.9% | -60.9% | 0.8% | -54.7% | -5.9% | 3.6% | 17.8% | -45.8% |
| ROA | 4.2% | 4.2% | -5.9% | -8.5% | -34.6% | 0.4% | -32.9% | -3.9% | 2.4% | 11.5% | -27.4% |
| ROIC | 5.5% | 5.5% | 0.1% | 0.9% | -11.1% | -8.2% | -32.9% | -3.9% | 1.7% | 9.7% | -32.6% |
| ROCE | 5.2% | 5.2% | 0.1% | 1.1% | -13.3% | -9.4% | -42.9% | -4.8% | 1.8% | 9.4% | -33.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.33 | 0.32 | 0.52 | 0.39 | 0.56 | 0.30 | 0.25 | 0.31 | 0.29 |
| Debt / EBITDA | 3.16 | 3.16 | 5.25 | 3.63 | — | — | — | 12.02 | 3.18 | 1.70 | — |
| Net Debt / Equity | — | -0.08 | -0.04 | 0.10 | 0.17 | 0.14 | 0.42 | 0.15 | 0.04 | -0.01 | -0.07 |
| Net Debt / EBITDA | -0.87 | -0.87 | -0.61 | 1.11 | — | — | — | 6.03 | 0.56 | -0.07 | — |
| Debt / FCF | — | -1.26 | -4.33 | — | — | — | 16.55 | — | 2.29 | -0.05 | — |
| Interest Coverage | 10.83 | 10.83 | 2.42 | 6.32 | -30.53 | -36.09 | -6.20 | — | — | — | — |
Net cash position: cash ($275M) exceeds total debt ($215M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.12 | 2.12 | 1.72 | 1.42 | 1.02 | 2.63 | 2.34 | 1.07 | 2.34 | 6.20 | 2.72 |
| Quick Ratio | 2.12 | 2.12 | 1.72 | 1.42 | 1.02 | 2.63 | 2.34 | 1.07 | 2.34 | 6.19 | 2.68 |
| Cash Ratio | 1.34 | 1.34 | 0.98 | 0.66 | 0.58 | 1.79 | 1.72 | 0.81 | 1.80 | 5.50 | 2.22 |
| Asset Turnover | — | 0.44 | 0.41 | 0.54 | 0.31 | 0.28 | 0.32 | 0.27 | 0.23 | 0.25 | 0.40 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 87.33 | 26.62 |
| Days Sales Outstanding | — | 110.41 | 152.65 | 107.56 | 93.63 | 87.44 | 88.70 | 82.48 | 105.38 | 97.12 | 71.94 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.4% | 2.7% | — | — | — | 0.3% | — | — | 1.7% | 6.1% | — |
| FCF Yield | 1.8% | 2.3% | 0.2% | — | — | — | 0.7% | — | 1.0% | 9.9% | — |
| Buyback Yield | 1.2% | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% |
| Total Shareholder Yield | 1.2% | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% |
| Shares Outstanding | — | $598M | $591M | $592M | $639M | $631M | $561M | $614M | $616M | $546M | $525M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BB stock.
BlackBerry Limited's current P/E ratio is 70.6x. The historical average is 46.2x. This places it at the 85th percentile of its historical range.
BlackBerry Limited's current EV/EBITDA is 50.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 28.8x.
BlackBerry Limited's return on equity (ROE) is 7.3%. The historical average is -1.9%.
Based on historical data, BlackBerry Limited is trading at a P/E of 70.6x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BlackBerry Limited has 76.2% gross margin and 9.2% operating margin.
BlackBerry Limited's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Volatile Software Royalty & Security Mix
Metrics are mathematically derived from official filings.
High Multiples Reflect Turnaround Expectations
Current trading multiples of 55.4x forward P/E and 35.5x forward EV/EBITDA appear to price in significant future earnings expansion, as the recent surge in operating margin to 22.7% is not yet reflected in consensus estimates, suggesting the market is valuing optionality over current performance.
The valuation disconnect is stark when comparing BlackBerry's 91.2x trailing P/E to a peer like Qualys at 31.7x, yet BlackBerry's growth trajectory is less certain. The premium appears driven by the IVY platform potential and a potential conglomerate discount reversal, rather than the current cybersecurity business which trades at a steep discount to pure-plays. Investors are essentially paying for a future software mix that has not yet been demonstrated in stable, recurring revenue streams.
Margin Surge Raises Sustainability Questions
While gross margin stabilized at a robust 76.9% in 2027Q2, the operating margin's expansion to 22.7% represents a dramatic swing from just 1.6% a year prior, highlighting the volatility and potential lack of sustainability in BlackBerry's cost structure.
This margin profile is heavily influenced by the licensing and IoT royalty mix, which can be lumpy quarter-to-quarter. The net margin of 20.5% in the latest quarter is a significant improvement but still masks the underlying cost of competing in cybersecurity, where sales and marketing spend remains a persistent pressure. The true earning power is best captured by gross profit, as operating margins have historically been highly sensitive to restructuring and non-cash charges.
Returns Inflecting but Lagging Capital Base
ROIC improved to 4.5% in 2027Q2 from a low of -1.1% in 2025Q1, yet this remains inadequate compared to its cost of capital, suggesting the company's $1.1 billion invested capital base is not yet generating sufficient returns to justify its market valuation.
The low asset turnover of 0.14 confirms that returns are constrained by a large capital base—dominated by goodwill from past acquisitions like Cylance—that is not translating into proportionate revenue. The turnaround in ROE to 4.4% is almost entirely driven by a surge in net income rather than balance sheet efficiency, and it remains well below the 37.2% ROE of peer Qualys, indicating a significant gap in capital productivity.
Cash Fortress Provides Strategic Optionality
The company holds $266.2 million in cash against negligible debt, supporting a quick ratio of 2.21 as of 2027Q2, which offers a substantial buffer to fund its business separation and withstand cyclical auto-production downturns impacting IoT royalties.
This liquidity position is a clear competitive advantage, allowing BlackBerry to invest in IVY development without financial strain, unlike more leveraged peers. However, the cash pile also highlights management's conservative capital allocation, as returns to shareholders via dividends or buybacks remain absent despite the improving cash flow profile.
Minimal Debt Eliminates Financial Risk
With a debt-to-equity ratio of just 0.03 in 2027Q2 and interest coverage of 24.67x, BlackBerry has effectively zero financial leverage, a stark contrast to its 0.33 D/E in 2025 that removes balance sheet risk from the investment thesis.
This deleveraging, achieved through debt repayment from operating cash flow, means interest expense is no longer a material headwind. The minimal debt level provides maximum flexibility for future strategic moves, including funding the projected business unit separation, but also suggests management sees limited opportunities for debt-fueled growth or shareholder returns.
The P/E Trap in a Transition Story
The trailing P/E ratio of 91.22 is the most misapplied metric for BlackBerry, as it heavily distorts valuation by incorporating volatile, non-recurring licensing income and masking the unprofitable core cybersecurity business segment.
Analysts should instead focus on the forward EV/EBITDA multiple or segment-specific revenue multiples (e.g., EV/IoT Revenue), as the P/E is inflated by one-time patent sale gains and does not reflect the recurring cash flow dynamics of its SaaS and royalty models. The P/E suggests extreme growth expectations, but the underlying business is a blend of a mature, low-growth security unit and a cyclical IoT business, making earnings-based metrics unreliable for fair value assessment.