BlackBerry Limited
BB Technology Software Infrastructure
BlackBerry Limited’s revenue for fiscal 2026 (year ended February 2026) was $549.1 million, up 2.65% from fiscal 2025. In the quarter to August 2026, revenue grew 26.0%, EPS grew 200.0%, free cash flow grew 1,470.6% and total debt was flat, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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BlackBerry Limited (BB) Beneish M-score
BlackBerry Limited's Beneish M-score for fiscal 2026 is −2.63; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.63 | 0.00 |
| FY2025 | −2.64 | (0.90) |
| FY2024 | −1.73 | 2.44 |
| FY2023 | −4.18 | (1.64) |
| FY2022 | −2.54 | 2.05 |
| FY2021 | −4.59 | (1.81) |
| FY2020 | −2.78 | (0.83) |
| FY2019 | −1.95 | 1.12 |
| FY2018 | −3.07 | 1.08 |
| FY2017 | −4.16 | (0.94) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.72 | — | 0.67 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 1.30 | — | 0.15 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | 0.00 | — | 0.01 | |
| Leverage index | 0.90 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.63 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TENB Tenable Holdings, Inc. compare | −3.2× |
| RELY Remitly Global, Inc. compare | −3.1× |
| VRNS Varonis Systems, Inc. compare | −3.1× |
| BOX Box, Inc. compare | −3.0× |
| DLO DLocal Limited compare | −2.9× |
| BB BlackBerry Limited | −2.6× |
| ACIW ACI Worldwide, Inc. compare | −2.5× |
| BLSH Bullish compare | — |
| CORZ Core Scientific, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI