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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and Bowhead Specialty Holdings Inc. (BOW). Click either name above to swap in a different company.
Bowhead Specialty Holdings Inc. is the larger business by last-quarter revenue ($155.7M vs $141.8M, roughly 1.1× BLACKBERRY Ltd). Bowhead Specialty Holdings Inc. runs the higher net margin — 10.3% vs 9.7%, a 0.6% gap on every dollar of revenue. On growth, Bowhead Specialty Holdings Inc. posted the faster year-over-year revenue change (26.9% vs -0.8%).
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
Bowhead Specialty Holdings Inc. is a specialty insurance holding company that offers a diversified portfolio of property and casualty insurance products, focusing on underserved niche market segments primarily across North America. It provides tailored risk management solutions and specialized coverage options for both commercial and individual clients.
BB vs BOW — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $155.7M |
| Net Profit | $13.7M | $16.0M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | — |
| Net Margin | 9.7% | 10.3% |
| Revenue YoY | -0.8% | 26.9% |
| Net Profit YoY | 224.5% | — |
| EPS (diluted) | $0.02 | $0.48 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $155.7M | ||
| Q4 25 | $141.8M | $151.7M | ||
| Q3 25 | $129.6M | $143.9M | ||
| Q2 25 | $121.7M | $133.3M | ||
| Q1 25 | $141.7M | $122.7M | ||
| Q4 24 | $143.6M | — | ||
| Q3 24 | $126.2M | $116.8M | ||
| Q2 24 | $123.4M | $98.9M |
| Q1 26 | — | $16.0M | ||
| Q4 25 | $13.7M | $14.8M | ||
| Q3 25 | $13.3M | $15.2M | ||
| Q2 25 | $1.9M | $12.3M | ||
| Q1 25 | $-7.4M | $11.4M | ||
| Q4 24 | $-10.5M | — | ||
| Q3 24 | $-19.7M | $12.1M | ||
| Q2 24 | $-41.4M | $5.5M |
| Q1 26 | — | — | ||
| Q4 25 | 77.5% | — | ||
| Q3 25 | 74.5% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 78.1% | — | ||
| Q3 24 | 70.2% | — | ||
| Q2 24 | 72.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.4% | 11.7% | ||
| Q3 25 | 8.9% | 13.3% | ||
| Q2 25 | 1.6% | 11.9% | ||
| Q1 25 | -5.6% | 11.8% | ||
| Q4 24 | 13.6% | — | ||
| Q3 24 | 1.7% | 13.5% | ||
| Q2 24 | -10.5% | 7.5% |
| Q1 26 | — | 10.3% | ||
| Q4 25 | 9.7% | 9.8% | ||
| Q3 25 | 10.3% | 10.5% | ||
| Q2 25 | 1.6% | 9.3% | ||
| Q1 25 | -5.2% | 9.3% | ||
| Q4 24 | -7.3% | — | ||
| Q3 24 | -15.6% | 10.4% | ||
| Q2 24 | -33.5% | 5.6% |
| Q1 26 | — | $0.48 | ||
| Q4 25 | $0.02 | $0.44 | ||
| Q3 25 | $0.02 | $0.45 | ||
| Q2 25 | $0.00 | $0.36 | ||
| Q1 25 | $-0.01 | $0.34 | ||
| Q4 24 | $-0.02 | — | ||
| Q3 24 | $-0.03 | $0.36 | ||
| Q2 24 | $-0.07 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $304.2M | $97.2M |
| Total DebtLower is stronger | $196.2M | — |
| Stockholders' EquityBook value | $741.1M | $457.9M |
| Total Assets | $1.2B | $2.5B |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $97.2M | ||
| Q4 25 | $304.2M | $193.5M | ||
| Q3 25 | $290.5M | $197.9M | ||
| Q2 25 | $306.6M | $114.8M | ||
| Q1 25 | $337.8M | $88.0M | ||
| Q4 24 | $220.0M | — | ||
| Q3 24 | $211.0M | $132.9M | ||
| Q2 24 | $229.0M | $180.3M |
| Q1 26 | — | — | ||
| Q4 25 | $196.2M | $146.4M | ||
| Q3 25 | $195.9M | — | ||
| Q2 25 | $195.6M | — | ||
| Q1 25 | $195.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $457.9M | ||
| Q4 25 | $741.1M | $448.3M | ||
| Q3 25 | $725.1M | $430.2M | ||
| Q2 25 | $725.1M | $407.2M | ||
| Q1 25 | $719.9M | $391.0M | ||
| Q4 24 | $725.2M | — | ||
| Q3 24 | $732.1M | $364.7M | ||
| Q2 24 | $742.6M | $339.9M |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.2B | $2.4B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $1.9B | ||
| Q1 25 | $1.3B | $1.8B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.3B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.26× | 0.33× | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $18.3M | — |
| Free Cash FlowOCF − Capex | $17.4M | — |
| FCF MarginFCF / Revenue | 12.3% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $18.3M | $331.6M | ||
| Q3 25 | $3.9M | $114.7M | ||
| Q2 25 | $-18.0M | $109.0M | ||
| Q1 25 | $41.6M | $47.7M | ||
| Q4 24 | $6.0M | — | ||
| Q3 24 | $-16.0M | $119.4M | ||
| Q2 24 | $-15.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $17.4M | $326.0M | ||
| Q3 25 | $3.1M | $113.5M | ||
| Q2 25 | $-18.9M | $107.4M | ||
| Q1 25 | $41.2M | $46.5M | ||
| Q4 24 | $5.2M | — | ||
| Q3 24 | $-16.5M | $118.4M | ||
| Q2 24 | $-16.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.3% | 214.9% | ||
| Q3 25 | 2.4% | 78.8% | ||
| Q2 25 | -15.5% | 80.6% | ||
| Q1 25 | 29.1% | 37.9% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -13.1% | 101.4% | ||
| Q2 24 | -13.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 3.7% | ||
| Q3 25 | 0.6% | 0.9% | ||
| Q2 25 | 0.7% | 1.2% | ||
| Q1 25 | 0.3% | 1.0% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.4% | 0.9% | ||
| Q2 24 | 1.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 22.34× | ||
| Q3 25 | 0.29× | 7.56× | ||
| Q2 25 | -9.47× | 8.83× | ||
| Q1 25 | — | 4.18× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 9.88× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
BOW
Segment breakdown not available.
