Estados financieros detallados de BlackBerry Limited (BB): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
BlackBerry Limited registró ingresos de $549.1M en el último ejercicio fiscal, con un CAGR de 5 años del -9.3%.
Márgenes de los últimos 12 meses: margen bruto 77.1%, margen operativo 10.8%, margen neto 10.3%. El flujo de caja libre creció a un CAGR del 4.5% en 5 años.
Al precio actual de $7.64, BB cotiza a un P/E de 76.40 y un ROE del 8.07%. La capitalización bursátil es de $4.5B.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Ingresos | $1.31B | $932.0M | $904.0M | $1.04B | $893.0M | $718.0M | $526.3M | $759.1M | $534.9M | $549.1M |
| Coste de Ventas | $692.0M | $262.0M | $206.0M | $277.0M | $250.0M | $251.0M | $159.7M | $268.4M | $140.0M | $130.9M |
| Beneficio Bruto | $617.0M | $670.0M | $698.0M | $763.0M | $643.0M | $467.0M | $366.6M | $490.7M | $394.9M | $418.2M |
| I+D | $306.0M | $239.0M | $219.0M | $259.0M | $215.0M | $219.0M | $134.2M | $127.1M | $108.8M | $113.6M |
| Generales y Administrativos | $553.0M | $476.0M | $409.0M | $493.0M | $344.0M | $297.0M | $274.6M | $291.2M | $255.2M | $242.8M |
| Gastos Operativos | $1.80B | $387.0M | $638.0M | $912.0M | $1.75B | $681.0M | $573.4M | $479.7M | $394.1M | $367.8M |
| Beneficio Operativo | -$1.18B | $283.0M | $60.0M | -$149.0M | -$1.11B | -$214.0M | -$206.8M | $11.0M | $800000 | $50.4M |
| EBITDA | -$189.0M | -$21.0M | $83.0M | $29.0M | $100.0M | -$38.0M | -$90.7M | $93.9M | $59.2M | $82.8M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | $15.8M | $5.9M | $6.4M | $5.6M | $6.0M | $6.0M |
| Beneficio Antes de Impuestos | -$1.21B | $406.0M | $77.0M | -$148.0M | -$1.11B | $19.0M | -$201.8M | $29.8M | $8.5M | $59.0M |
| Impuestos | -$2.0M | $1.0M | -$16.0M | $4.0M | -$9.0M | $7.0M | $13.7M | $24.2M | $17.0M | $5.8M |
| Beneficio Neto | -$1.21B | $405.0M | $93.0M | -$152.0M | -$1.10B | $12.0M | -$734.4M | -$130.2M | -$79.0M | $53.2M |
| BPA | $-2.30 | $0.76 | $0.17 | $-0.27 | $-1.97 | $0.02 | $-1.22 | $-0.22 | $-0.13 | $0.09 |
| BPA Diluido | $-2.30 | $0.74 | $0.15 | $-0.25 | $-1.97 | $0.02 | $-1.35 | $-0.22 | $-0.13 | $0.09 |
| Acciones en Circulación (Diluidas) | $525.3M | $545.9M | $616.5M | $614.4M | $561.3M | $631.4M | $639.5M | $592.5M | $591.5M | $597.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $129.6M | $141.8M | $156.0M | $152.9M |
| Beneficio Bruto | $96.6M | $109.9M | $121.4M | $119.7M |
| Beneficio Operativo | $11.5M | $11.9M | $23.8M | $15.4M |
| EBITDA | $18.0M | $16.5M | $41.9M | $19.5M |
| Beneficio Neto | $13.3M | $13.7M | $24.3M | $8.5M |
| BPA | $0.02 | $0.02 | $0.04 | $0.01 |
| BPA Diluido | $0.02 | $0.02 | $0.04 | $0.01 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caja y Equivalentes | $734.0M | $816.0M | $548.0M | $377.0M | $214.0M | $378.0M | $295.0M | $175.0M | $266.7M | $274.7M |
| Inversiones a Corto | $644.0M | $1.44B | $368.0M | $532.0M | $525.0M | $334.0M | $131.0M | $62.0M | $71.1M | $85.2M |
| Cuentas por Cobrar | $258.0M | $248.0M | $261.0M | $235.0M | $217.0M | $172.0M | $135.0M | $223.7M | $223.7M | $166.1M |
| Inventario | $26.0M | $3.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.69B | $2.55B | $1.19B | $1.20B | $1.01B | $1.04B | $743.0M | $508.0M | $591.5M | $568.2M |
| Inmovilizado Material | $91.0M | $64.0M | $85.0M | $194.0M | $111.0M | $91.0M | $69.0M | $53.0M | $35.4M | $29.0M |
| Fondo de Comercio | $559.0M | $569.0M | $1.46B | $1.44B | $849.0M | $844.0M | $595.0M | $474.5M | $472.4M | $479.1M |
| Activos Intangibles | $602.0M | $477.0M | $1.07B | $915.0M | $771.0M | $522.0M | $203.0M | $57.5M | $47.3M | $40.1M |
| Activos Totales | $3.26B | $3.78B | $3.93B | $3.89B | $2.82B | $2.57B | $1.68B | $1.40B | $1.30B | $1.25B |
| Cuentas por Pagar | $128.0M | $46.0M | $48.0M | $31.0M | $20.0M | $22.0M | $24.0M | $17.0M | $31.1M | $5.5M |
| Deuda a Corto | 0 | 0 | 0 | $606.0M | 0 | 0 | $367.0M | 0 | 0 | 0 |
| Pasivos Corrientes | $621.0M | $411.0M | $510.0M | $1.12B | $429.0M | $397.0M | $729.0M | $356.9M | $344.3M | $268.1M |
| Deuda a Largo | $591.0M | $782.0M | $665.0M | 0 | $720.0M | $507.0M | 0 | $194.1M | $195.3M | $196.5M |
| Pasivos Totales | $1.21B | $1.27B | $1.29B | $1.36B | $1.31B | $1.01B | $822.0M | $619.0M | $575.7M | $499.2M |
| Reservas | -$438.0M | -$45.0M | -$32.0M | -$198.0M | -$1.31B | -$1.29B | -$2.03B | -$2.16B | -$2.24B | -$2.17B |
| Patrimonio Neto | $2.06B | $2.50B | $2.64B | $2.53B | $1.50B | $1.56B | $857.0M | $776.0M | $719.9M | $746.0M |
| Deuda Total | $591.0M | $782.0M | $665.0M | $757.0M | $843.0M | $601.0M | $443.0M | $252.0M | $239.0M | $215.3M |
| Deuda Neta | -$787.0M | -$1.48B | -$251.0M | -$152.0M | $104.0M | -$111.0M | $17.0M | $14.9M | -$98.8M | -$144.6M |
| Capital Circulante | $1.07B | $2.14B | $684.0M | $75.0M | $577.0M | $646.0M | $14.0M | $151.1M | $247.2M | $300.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $276.4M | $270.3M | $274.7M | $271.0M |
| Activos Totales | $1.18B | $1.22B | $1.25B | $1.24B |
| Pasivos Totales | $459.0M | $477.3M | $499.2M | $490.0M |
| Patrimonio Neto | $725.1M | $741.1M | $746.0M | $750.7M |
| Deuda Total | $234.0M | $228.4M | $215.3M | $221.1M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Beneficio Neto | -$1.21B | $405.0M | $93.0M | -$152.0M | -$1.10B | $12.0M | -$734.4M | -$130.2M | -$79.0M | $53.2M |
| Amortizaciones | $239.0M | $177.0M | $149.0M | $212.0M | $198.0M | $176.0M | $104.7M | $58.5M | $44.7M | $17.8M |
| Compensación en Acciones | $60.0M | $49.0M | $67.0M | $63.0M | $44.0M | $36.0M | $33.9M | $33.1M | $25.6M | $23.2M |
| Cambio en Capital Circulante | -$98.0M | -$112.0M | -$15.0M | -$58.0M | -$56.0M | $1.0M | $6.2M | -$154.3M | $34.5M | -$36.5M |
| Flujo de Caja Operativo | -$224.0M | $704.0M | $100.0M | $26.0M | $82.0M | -$28.0M | -$262.2M | -$3.5M | $16.5M | $51.1M |
| Inversiones (CapEx) | -$69.0M | -$45.0M | -$49.0M | -$44.0M | -$44.0M | -$39.0M | -$40.9M | -$20.9M | -$10.1M | -$3.9M |
| Adquisiciones | -$5.0M | 0 | -$1.40B | $1.0M | 0 | 0 | 0 | 0 | 0 | $38.7M |
| Recompra de Acciones | 0 | -$18.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$61.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$293.0M | $659.0M | $51.0M | -$18.0M | $38.0M | -$67.0M | -$303.1M | -$24.4M | $6.4M | $47.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $3.9M | $18.2M | $46.8M | $4.6M |
| Inversiones (CapEx) | -$2.2M | -$898453 | -$1.2M | -$2.9M |
| Flujo de Caja Libre | $1.7M | $17.3M | $45.6M | $1.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.9M | $6.1M | $5.5M | $6.5M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crecimiento Ingresos (anual) | | -28.8% | -3.0% | +15.0% | -14.1% | -19.6% | -26.7% | +44.2% | -29.5% | +2.7% |
| Crecimiento Beneficio Neto (anual) | | +133.6% | -77.0% | -263.4% | -626.3% | +101.1% | -6220.0% | +82.3% | +39.3% | +167.3% |
| Crecimiento BPA (anual) | | +133.0% | -77.6% | -258.8% | -629.6% | +101.1% | -5909.5% | +82.0% | +40.9% | +169.2% |
| Cambio en Acciones (anual) | | +3.9% | +12.9% | -0.3% | -8.6% | +12.5% | +1.3% | -7.3% | -0.2% | +1.0% |
| Crecimiento FCF (anual) | | +324.9% | -92.3% | -135.3% | +311.1% | -276.3% | -352.4% | +91.9% | +126.2% | +638.4% |
| Margen Bruto | 47.1% | 71.9% | 77.2% | 73.4% | 72.0% | 65.0% | 69.7% | 64.6% | 73.8% | 76.2% |
| Margen Operativo | -90.2% | 30.4% | 6.6% | -14.3% | -124.0% | -29.8% | -39.3% | 1.4% | 0.1% | 9.2% |
| Margen EBITDA | -14.4% | -2.3% | 9.2% | 2.8% | 11.2% | -5.3% | -17.2% | 12.4% | 11.1% | 15.1% |
| Margen Neto | -92.1% | 43.5% | 10.3% | -14.6% | -123.6% | 1.7% | -139.5% | -17.2% | -14.8% | 9.7% |
| Margen FCF | -22.4% | 70.7% | 5.6% | -1.7% | 4.3% | -9.3% | -57.6% | -3.2% | 1.2% | 8.6% |
| Tasa Impositiva Efectiva | 0.2% | 0.2% | -20.8% | -2.7% | 0.8% | 36.8% | -6.8% | 81.2% | 200.0% | 9.8% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Acción | $-0.56 | $1.21 | $0.08 | $-0.03 | $0.07 | $-0.11 | $-0.47 | $-0.04 | $0.01 | $0.08 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $525.3M | $532.9M | $540.5M | $553.9M | $561.3M | $570.6M | $578.7M | $584.5M | $591.5M | $592.3M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 8.07% |
| Rentabilidad sobre capital invertido | 5.39% |
| Rentabilidad sobre activos | 4.82% |
| Margen bruto | 77.13% |
| Margen operativo | 10.79% |
| Margen neto | 10.31% |
Salud financiera
| Deuda / Patrimonio | 0.29 |
| Ratio corriente | 2.20 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.84 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -3.03 | 15.97 | 51.18 | -19.15 | -5.54 | 327.14 | -3.18 | -12.64 | -36.23 | 37.67 |
| P/VC | 1.78 | 2.58 | 1.78 | 1.13 | 4.07 | 2.52 | 2.62 | 2.09 | 3.87 | 2.69 |
| P/V | 2.79 | 6.94 | 5.20 | 2.75 | 6.86 | 5.46 | 4.27 | 2.14 | 5.21 | 3.66 |
| Margen Bruto | 47.1% | 71.9% | 77.2% | 73.4% | 72.0% | 65.0% | 69.7% | 64.6% | 73.8% | 76.2% |
| Margen Operativo | -90.2% | 30.4% | 6.6% | -14.3% | -124.0% | -29.8% | -39.3% | 1.4% | 0.1% | 9.2% |
| Margen Neto | -92.1% | 43.5% | 10.3% | -14.6% | -123.6% | 1.7% | -139.5% | -17.2% | -14.8% | 9.7% |