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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and Mistras Group, Inc. (MG). Click either name above to swap in a different company.
Mistras Group, Inc. is the larger business by last-quarter revenue ($181.5M vs $141.8M, roughly 1.3× BLACKBERRY Ltd). BLACKBERRY Ltd runs the higher net margin — 9.7% vs 2.1%, a 7.6% gap on every dollar of revenue. On growth, Mistras Group, Inc. posted the faster year-over-year revenue change (5.1% vs -0.8%). Mistras Group, Inc. produced more free cash flow last quarter ($26.0M vs $17.4M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR 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.
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
BB vs MG — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $181.5M |
| Net Profit | $13.7M | $3.8M |
| Gross Margin | 77.5% | 28.4% |
| Operating Margin | 8.4% | 7.0% |
| Net Margin | 9.7% | 2.1% |
| Revenue YoY | -0.8% | 5.1% |
| Net Profit YoY | 224.5% | -27.4% |
| EPS (diluted) | $0.02 | $0.12 |
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.
| Q4 25 | $141.8M | $181.5M | ||
| Q3 25 | $129.6M | $195.5M | ||
| Q2 25 | $121.7M | $185.4M | ||
| Q1 25 | $141.7M | $161.6M | ||
| Q4 24 | $143.6M | $172.7M | ||
| Q3 24 | $126.2M | $182.7M | ||
| Q2 24 | $123.4M | $189.8M | ||
| Q1 24 | $102.1M | $184.4M |
| Q4 25 | $13.7M | $3.8M | ||
| Q3 25 | $13.3M | $13.1M | ||
| Q2 25 | $1.9M | $3.0M | ||
| Q1 25 | $-7.4M | $-3.2M | ||
| Q4 24 | $-10.5M | $5.2M | ||
| Q3 24 | $-19.7M | $6.4M | ||
| Q2 24 | $-41.4M | $6.4M | ||
| Q1 24 | $-56.2M | $995.0K |
| Q4 25 | 77.5% | 28.4% | ||
| Q3 25 | 74.5% | 29.8% | ||
| Q2 25 | 74.2% | 29.1% | ||
| Q1 25 | 73.5% | 25.3% | ||
| Q4 24 | 78.1% | 26.5% | ||
| Q3 24 | 70.2% | 26.8% | ||
| Q2 24 | 72.9% | 27.1% | ||
| Q1 24 | — | 25.0% |
| Q4 25 | 8.4% | 7.0% | ||
| Q3 25 | 8.9% | 10.4% | ||
| Q2 25 | 1.6% | 4.5% | ||
| Q1 25 | -5.6% | -0.6% | ||
| Q4 24 | 13.6% | 6.1% | ||
| Q3 24 | 1.7% | 6.5% | ||
| Q2 24 | -10.5% | 6.3% | ||
| Q1 24 | 50.0% | 3.0% |
| Q4 25 | 9.7% | 2.1% | ||
| Q3 25 | 10.3% | 6.7% | ||
| Q2 25 | 1.6% | 1.6% | ||
| Q1 25 | -5.2% | -2.0% | ||
| Q4 24 | -7.3% | 3.0% | ||
| Q3 24 | -15.6% | 3.5% | ||
| Q2 24 | -33.5% | 3.4% | ||
| Q1 24 | -55.0% | 0.5% |
| Q4 25 | $0.02 | $0.12 | ||
| Q3 25 | $0.02 | $0.41 | ||
| Q2 25 | $0.00 | $0.10 | ||
| Q1 25 | $-0.01 | $-0.10 | ||
| Q4 24 | $-0.02 | $0.17 | ||
| Q3 24 | $-0.03 | $0.20 | ||
| Q2 24 | $-0.07 | $0.20 | ||
| Q1 24 | $-0.08 | $0.03 |
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 | $28.0M |
| Total DebtLower is stronger | $196.2M | $178.0M |
| Stockholders' EquityBook value | $741.1M | $235.1M |
| Total Assets | $1.2B | $578.8M |
| Debt / EquityLower = less leverage | 0.26× | 0.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $28.0M | ||
| Q3 25 | $290.5M | $27.8M | ||
| Q2 25 | $306.6M | $20.0M | ||
| Q1 25 | $337.8M | $18.5M | ||
| Q4 24 | $220.0M | $18.3M | ||
| Q3 24 | $211.0M | $20.4M | ||
| Q2 24 | $229.0M | $17.2M | ||
| Q1 24 | $237.1M | $16.9M |
| Q4 25 | $196.2M | $178.0M | ||
| Q3 25 | $195.9M | $202.3M | ||
| Q2 25 | $195.6M | $189.4M | ||
| Q1 25 | $195.3M | $171.9M | ||
| Q4 24 | — | $169.6M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $199.7M | ||
| Q1 24 | $194.1M | $198.4M |
| Q4 25 | $741.1M | $235.1M | ||
| Q3 25 | $725.1M | $227.4M | ||
| Q2 25 | $725.1M | $215.8M | ||
| Q1 25 | $719.9M | $198.7M | ||
| Q4 24 | $725.2M | $198.6M | ||
| Q3 24 | $732.1M | $205.2M | ||
| Q2 24 | $742.6M | $193.2M | ||
| Q1 24 | $775.1M | $187.1M |
| Q4 25 | $1.2B | $578.8M | ||
| Q3 25 | $1.2B | $596.3M | ||
| Q2 25 | $1.2B | $571.0M | ||
| Q1 25 | $1.3B | $526.8M | ||
| Q4 24 | $1.3B | $523.0M | ||
| Q3 24 | $1.3B | $551.7M | ||
| Q2 24 | $1.3B | $548.1M | ||
| Q1 24 | $1.4B | $542.1M |
| Q4 25 | 0.26× | 0.76× | ||
| Q3 25 | 0.27× | 0.89× | ||
| Q2 25 | 0.27× | 0.88× | ||
| Q1 25 | 0.27× | 0.87× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | 0.25× | 1.06× |
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 | $32.1M |
| Free Cash FlowOCF − Capex | $17.4M | $26.0M |
| FCF MarginFCF / Revenue | 12.3% | 14.3% |
| Capex IntensityCapex / Revenue | 0.6% | 3.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 8.55× |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $8.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $32.1M | ||
| Q3 25 | $3.9M | $4.5M | ||
| Q2 25 | $-18.0M | $-9.3M | ||
| Q1 25 | $41.6M | $5.6M | ||
| Q4 24 | $6.0M | $25.7M | ||
| Q3 24 | $-16.0M | $19.4M | ||
| Q2 24 | $-15.1M | $4.5M | ||
| Q1 24 | $-15.5M | $604.0K |
| Q4 25 | $17.4M | $26.0M | ||
| Q3 25 | $3.1M | $-4.1M | ||
| Q2 25 | $-18.9M | $-14.7M | ||
| Q1 25 | $41.2M | $1.1M | ||
| Q4 24 | $5.2M | $22.1M | ||
| Q3 24 | $-16.5M | $14.6M | ||
| Q2 24 | $-16.5M | $-284.0K | ||
| Q1 24 | $-17.6M | $-4.2M |
| Q4 25 | 12.3% | 14.3% | ||
| Q3 25 | 2.4% | -2.1% | ||
| Q2 25 | -15.5% | -7.9% | ||
| Q1 25 | 29.1% | 0.7% | ||
| Q4 24 | 3.6% | 12.8% | ||
| Q3 24 | -13.1% | 8.0% | ||
| Q2 24 | -13.4% | -0.1% | ||
| Q1 24 | -17.2% | -2.3% |
| Q4 25 | 0.6% | 3.4% | ||
| Q3 25 | 0.6% | 4.4% | ||
| Q2 25 | 0.7% | 2.9% | ||
| Q1 25 | 0.3% | 2.8% | ||
| Q4 24 | 0.6% | 2.1% | ||
| Q3 24 | 0.4% | 2.6% | ||
| Q2 24 | 1.1% | 2.5% | ||
| Q1 24 | 2.1% | 2.6% |
| Q4 25 | 1.34× | 8.55× | ||
| Q3 25 | 0.29× | 0.34× | ||
| Q2 25 | -9.47× | -3.07× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.96× | ||
| Q3 24 | — | 3.02× | ||
| Q2 24 | — | 0.71× | ||
| Q1 24 | — | 0.61× |
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% |
MG
Segment breakdown not available.
