BlackBerry vs Qualys
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KIRA’s take AI analyst
I put BlackBerry and Qualys side by side, using each one’s latest annual report. Here is what stands out:
- Qualys is the larger business, with $669M of revenue in fiscal 2025 against $549M for BlackBerry.
- Qualys grew revenue faster (10.1%, against 2.7%).
- Qualys kept more of each dollar of sales as operating profit (33.2% operating margin, against 8.8%).
- Qualys turned more of its sales into free cash flow (45.5% FCF margin, against 8.5%).
- Qualys earned a higher return on the capital invested in it (169.1%, against 7.5%).
- Investors pay more for each dollar of BlackBerry’s earnings: a P/E of 74.3x against 37.5x for Qualys.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
BlackBerry
BB
1/11
Net debt / EBITDA
Qualys
QLYS
9/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | BB FY26 | QLYS FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $7.6B |
| Revenue | $549M | $669M |
| Free cash flow | $46.5M | $304M |
| Net income | $53.2M | $198M |
| Growth | ||
| Revenue growth | 2.7% | 10.1% |
| 5-year growth | −9.3% | 13.0% |
| Share count change | 1.0% | −2.4% |
| Profitability | ||
| Gross margin | 76.2% | 82.9% |
| Operating margin | 8.8% | 33.2% |
| Net margin | 9.7% | 29.6% |
| FCF margin | 8.5% | 45.5% |
| Return on capital | 7.5% | 169.1% |
| Return on equity | 7.3% | 38.2% |
| Balance sheet | ||
| Net debt | −$163M | −$446M |
| Net debt / EBITDA | −2.5x | −1.9x |
| Dividends and buybacks | $60.7M | $183M |
| Valuation & quality | ||
| P/E | 74.3x | 37.5x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.