BlackBerry - Public Comps and Valuation Multiples

BlackBerry Overview

About BlackBerry

BlackBerry, once known for being the world’s largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communications for enterprises. The firm provides endpoint management and other secure communications software to enterprises, specializing in regulated industries like government and financial institutions. BlackBerry also has a sizable embedded software business primarily serving the automotive market, with some exposure to the industrial market.

Founded

1984

HQ

Employees

1.8K+

Website

blackberry.com

Sectors

Cybersecurity
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $530M

LTM EBITDA $89.8M

EV

$2.6B

Valuation Multiples

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BlackBerry Financials

As of September 2025, BlackBerry reported last 12-month revenue of $530M and EBITDA of $89.8M.

In the same period, BlackBerry generated $392M in LTM gross profit and $49.9M in net income.

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BlackBerry P&L

In the most recent fiscal year, BlackBerry reported revenue of $381M and EBITDA of $42.2M.

BlackBerry expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$530M	XXX	$381M	XXX	XXX	XXX
Gross Profit	$392M	XXX	$281M	XXX	XXX	XXX
Gross Margin	74%	XXX	74%	XXX	XXX	XXX
EBITDA	$89.8M	XXX	$42.2M	XXX	XXX	XXX
EBITDA Margin	17%	XXX	11%	XXX	XXX	XXX
EBIT	$68.2M	XXX	$9.3M	XXX	XXX	XXX
EBIT Margin	13%	XXX	2%	XXX	XXX	XXX
Net Profit	$49.9M	XXX	-$56.3M	XXX	XXX	XXX
Net Margin	9%	XXX	-15%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for BlackBerry including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $530M. EBITDA for the last twelve months was $89.8M. In the most recent fiscal year, BlackBerry achieved $381M in revenue and $42.2M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$530M	Analyst estimates available to subscribers	$381M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$392M	Analyst estimates available to subscribers	$281M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	74.0% gross margin	Analyst estimates available to subscribers	73.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$89.8M	Analyst estimates available to subscribers	$42.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	17.0% EBITDA margin	Analyst estimates available to subscribers	11.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$68.2M	Analyst estimates available to subscribers	$9.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.9% EBIT margin	Analyst estimates available to subscribers	2.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$49.9M	Analyst estimates available to subscribers	-$56.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	9.4% net profit margin	Analyst estimates available to subscribers	-14.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for BlackBerry

This financial data table provides comprehensive performance metrics for BlackBerry, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

BlackBerry generated $530M in revenue over the last twelve months.
The company achieved $89.8M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $392M.
Net income over the last twelve months reached $49.9M.

Fiscal Year Performance

In the most recent fiscal year, BlackBerry reported $381M in total revenue.
Fiscal year EBITDA was $42.2M.
The company maintained a gross profit margin of 73.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 11.1%.
Net profit margin reached -14.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for BlackBerry. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

BlackBerry Stock Performance

BlackBerry has current market cap of CAD 3.7B (or $2.6B), and EV of CAD 3.6B (or $2.6B).

Market Cap Evolution

BlackBerry Stock Data

As of October 17, 2025, BlackBerry's stock price is CAD 6 (or $4).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.6B	$2.6B	XXX	XXX	XXX	XXX	$0.09

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BlackBerry Valuation Multiples

BlackBerry's trades at 6.2x EV/Revenue multiple, and 77.2x EV/EBITDA.

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BlackBerry Financial Valuation Multiples

As of October 17, 2025, BlackBerry has market cap of $2.6B and EV of $2.6B.

Equity research analysts estimate BlackBerry's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

BlackBerry has a P/E ratio of 53.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.6B	XXX	$2.6B	XXX	XXX	XXX
EV (current)	$2.6B	XXX	$2.6B	XXX	XXX	XXX
EV/Revenue	4.9x	XXX	6.2x	XXX	XXX	XXX
EV/EBITDA	28.9x	XXX	77.2x	XXX	XXX	XXX
EV/EBIT	38.0x	XXX	-3359.9x	XXX	XXX	XXX
EV/Gross Profit	6.6x	XXX	n/a	XXX	XXX	XXX
P/E	53.1x	XXX	-42.5x	XXX	XXX	XXX
EV/FCF	98.7x	XXX	2729.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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BlackBerry Margins & Growth Rates

BlackBerry's last 12 month revenue growth is 4%

BlackBerry's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

BlackBerry's rule of 40 is 12% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

BlackBerry's rule of X is 26% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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BlackBerry Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	17%	XXX	8%	XXX	XXX	XXX
EBITDA Growth	20%	XXX	83%	XXX	XXX	XXX
Rule of 40	12%	XXX	12%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	26%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	18%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	20%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	71%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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