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The Moat Index

BlackBerry Limited

BB · Technology · $5.3B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

45/ 100
Shallow moat

The four filters

Pricing power96

Median gross margin 72.0% over 9y, very stable.

Returns on capital4

Median ROIC 0.1%, above the 9% hurdle in 11% of years.

Balance-sheet safety70

Net cash position — no leverage risk.

Capital discipline5

Owner earnings -23.4%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$8.99
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

10 years of fundamentals

The business, in plain English

BlackBerry Limited booked $549.1M of revenue in FY2026 in the Technology sector and kept 76.2% of it as gross profit — a high-margin business by that measure. After every other cost, 9.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $932.0M (FY2018) to $549.1M (FY2026) — about −6.4% a year compounded over 8 years.

It earned 6.5% on invested capital in FY2026, with a median of 0.1% across 9 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $196.5M of total debt in FY2026 against $67.2M of owner earnings — roughly 2.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 70/100.

The share count rose 7.3% between FY2019 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 5/100.

Put together: Pricing Power is the strongest of the four filters (96/100) and Returns on Capital the weakest (4/100), which is how BB lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2026 · 10 fiscal years, normalized from BB’s SEC filings

RevenueSales, as filed$549.1M FY2026
$0$500M$1B2017202020232026
Gross marginRevenue kept after cost of goods76.2% FY2026
0%50%2017202020232026
Return on invested capitalOperating profit on the capital employed6.5% FY2026
−50%0%2017202020232026
Owner earningsCash an owner could take out$67.2M FY2026
−$1B$02017202020232026

Gaps in a line mean that item isn’t in BB’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.2 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BB has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#241 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #239VRNS VARONIS SYSTEMS, INC.45.4Shallow moat
  2. #240SAIC Science Applications International Corporation45.4Shallow moat
  3. #242CERT Certara, Inc.45.2Shallow moat
  4. #243COUR COURSERA, INC.45.0Shallow moat

Compare BB with its nearest peers →All Technology companies on the Index →

Common questions about BB

Does BlackBerry Limited have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores BlackBerry Limited (BB) 45.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 4, balance-sheet safety 70, capital discipline 5.
How has BB's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 45.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BB. See the disclaimer.

BlackBerry Limited (BB) Moat Score — The Moat Index · Buy Like Buffett