Blackberry Ltd key statistics and ratios

In fiscal 2026, Blackberry Ltd had return on equity of 7.3%, an operating margin of 8.8%, debt equal to 26.3% of equity and a current ratio of 2.12. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Blackberry Ltd: financial ratios, annual
Fiscal year	2010Feb 2010	2011Feb 2011	2012Mar 2012	2013Mar 2013	2014Mar 2014	2015Feb 2015	2016Feb 2016	2017Feb 2017	2018Feb 2018	2019Feb 2019	2020Feb 2020	2021Feb 2021	2022Feb 2022	2023Feb 2023	2024Feb 2024	2025Feb 2025	2026Feb 2026	LTMAug 2026
Gross margin	44.0%	44.3%	35.7%	31.0%	−0.6%	48.1%	43.6%	47.1%	71.9%	77.2%	73.4%	72.0%	65.0%	69.7%	64.6%	73.8%	76.2%	77.9%
Operating margin	21.7%	23.3%	8.1%	−11.2%	−105.1%	−12.7%	−10.3%	−90.2%	30.4%	6.6%	−14.3%	−124.0%	−0.3%	−39.3%	1.4%	0.1%	8.8%	13.6%
Net margin	16.4%	17.1%	6.3%	−5.8%	−86.2%	−9.1%	−9.6%	−92.1%	43.5%	10.3%	−14.6%	−123.6%	1.7%	−139.5%	−17.2%	−14.8%	9.7%	13.1%
Free-cash-flow margin	13.5%	14.9%	10.9%	17.0%	−6.5%	21.8%	10.4%	−18.4%	73.9%	9.2%	1.3%	8.3%	−5.0%	−51.2%	−1.4%	2.5%	8.5%	15.0%
Return on equity	32.3%	41.2%	12.2%	−6.6%	−89.8%	−8.6%	−6.3%	−45.8%	17.8%	3.6%	−5.9%	−54.7%	0.8%	−60.9%	−16.0%	−10.6%	7.3%	10.5%
Return on assets	24.1%	29.6%	8.7%	−4.8%	−56.7%	−4.3%	−3.4%	−27.3%	11.4%	2.4%	−3.9%	−32.9%	0.4%	−34.6%	−8.5%	−5.9%	4.2%	6.4%
Asset turnover	1.47	1.73	1.38	0.82	0.66	0.47	0.36	0.30	0.26	0.23	0.26	0.27	0.27	0.25	0.49	0.40	0.43	0.49
Current ratio	2.39	2.06	2.09	2.15	2.14	3.04	2.90	2.76	6.19	2.42	1.07	2.35	2.63	1.02	1.42	1.72	2.12	2.38
Debt to equity	0.0%	0.0%	0.0%	0.0%	44.9%	49.8%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	27.1%	26.3%	24.9%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	n/m	—	—	2.5x	n/m	n/m	n/m	n/m	2.0x	0.1x	8.1x	13.9x
Effective tax rate	24.8%	26.6%	22.9%	—	—	—	—	—	0.2%	−20.8%	—	—	36.8%	—	81.2%	—	9.8%	12.9%
R&D as % of revenue	6.5%	6.8%	8.4%	13.6%	18.9%	21.3%	21.7%	23.4%	25.6%	24.2%	24.9%	24.1%	30.5%	25.5%	16.7%	20.3%	20.7%	21.0%
SG&A as % of revenue	12.8%	12.1%	14.1%	19.1%	30.9%	23.1%	30.2%	42.2%	51.1%	45.2%	47.4%	38.5%	41.4%	64.6%	—	—	—	—
Capital spending as % of revenue	6.7%	5.2%	4.9%	3.8%	4.2%	2.6%	1.5%	1.3%	1.6%	1.9%	1.2%	0.9%	1.1%	1.4%	0.9%	0.6%	0.7%	1.0%
Free cash flow ÷ net income	82.5%	87.1%	172.7%	—	—	—	—	—	170.1%	89.2%	—	—	−300.0%	—	—	—	87.4%	114.6%
Dividends and buybacks ÷ free cash flow	38.3%	69.9%	7.8%	1.3%	—	0.0%	41.3%	—	2.6%	0.0%	0.0%	—	—	—	—	0.0%	130.5%	44.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Blackberry Ltd: financial ratios, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Feb 2026	2027 Q1May 2026	2027 Q2Aug 2026
Gross margin	78.1%	73.5%	74.2%	74.5%	77.5%	77.8%	78.3%	77.8%
Operating margin	13.6%	−5.6%	1.6%	8.9%	8.4%	14.7%	10.0%	20.6%
Net margin	−7.3%	−5.2%	1.6%	10.3%	9.7%	15.6%	5.6%	20.8%
Free-cash-flow margin	3.6%	29.1%	−15.5%	2.4%	12.3%	28.8%	1.1%	17.2%
Current ratio	1.37	1.72	2.10	2.20	2.14	2.12	2.20	2.38
Debt to equity	—	27.1%	27.0%	27.0%	26.5%	26.3%	26.2%	24.9%
R&D as % of revenue	19.4%	16.4%	20.5%	19.8%	20.9%	21.4%	21.6%	20.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 6 checks passed · August 31, 2026

What it owns · $1.3bn

Short-term assets $562mLonger-term assets $701m

What it owes, and who funded it · $1.3bn

Short-term liabilities $237mLonger-term liabilities $235mShareholders' equity $792m

Short-term assets cover short-term liabilities $562m of assets due within a year against $236m of liabilities due within a year.
Short-term assets cover long-term liabilities $562m short-term assets against $235m of longer-dated liabilities.
More cash than debt $266m of cash against $197m of debt.
Debt below 40% of shareholders' equity Debt is 25% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $98m of operating cash flow against $197m of debt.
Operating profit covers interest at least five times over Operating income of $84m against $6m of interest.

From Blackberry Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

43 /100

Weak moat

How hard Blackberry's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 5 / 20

Cash operating profit has been a median 5.1% of total assets over 6 years.
Pricing power 12 / 20

Gross margin has been a median 65.9%, moving by 14.0 percentage points (standard deviation) across 10 years.
Durability 10 / 20

Operating margin has been a median -2.5%; its worst year was -82.2%.
Cash conversion 10 / 20

Free cash flow was positive in 7 of 10 years, at a median 6.7% of revenue.
Discipline 11 / 20

The diluted share count rose 7.6% over five years; stock-based pay has been a median 4.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (48 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Blackberry Ltd's SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Blackberry Ltd.