vs
Side-by-side financial comparison of BLACKBERRY Ltd (BB) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
BLACKBERRY Ltd is the larger business by last-quarter revenue ($141.8M vs $97.9M, roughly 1.4× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 9.7%, a 18.8% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -0.8%). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 2.5%).
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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
BB vs SAFE — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $97.9M |
| Net Profit | $13.7M | $27.9M |
| Gross Margin | 77.5% | 98.6% |
| Operating Margin | 8.4% | 27.4% |
| Net Margin | 9.7% | 28.5% |
| Revenue YoY | -0.8% | 6.5% |
| Net Profit YoY | 224.5% | 7.1% |
| EPS (diluted) | $0.02 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $129.6M | $96.2M | ||
| Q2 25 | $121.7M | $93.8M | ||
| Q1 25 | $141.7M | $97.7M | ||
| Q4 24 | $143.6M | $91.9M | ||
| Q3 24 | $126.2M | $90.7M | ||
| Q2 24 | $123.4M | $89.9M | ||
| Q1 24 | $102.1M | $93.2M |
| Q4 25 | $13.7M | $27.9M | ||
| Q3 25 | $13.3M | $29.3M | ||
| Q2 25 | $1.9M | $27.9M | ||
| Q1 25 | $-7.4M | $29.4M | ||
| Q4 24 | $-10.5M | $26.0M | ||
| Q3 24 | $-19.7M | $19.3M | ||
| Q2 24 | $-41.4M | $29.7M | ||
| Q1 24 | $-56.2M | $30.7M |
| Q4 25 | 77.5% | 98.6% | ||
| Q3 25 | 74.5% | 98.5% | ||
| Q2 25 | 74.2% | 99.1% | ||
| Q1 25 | 73.5% | 98.8% | ||
| Q4 24 | 78.1% | 98.8% | ||
| Q3 24 | 70.2% | 98.8% | ||
| Q2 24 | 72.9% | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | 8.4% | 27.4% | ||
| Q3 25 | 8.9% | 25.9% | ||
| Q2 25 | 1.6% | 25.5% | ||
| Q1 25 | -5.6% | 25.9% | ||
| Q4 24 | 13.6% | 24.6% | ||
| Q3 24 | 1.7% | 17.5% | ||
| Q2 24 | -10.5% | 26.7% | ||
| Q1 24 | 50.0% | 26.4% |
| Q4 25 | 9.7% | 28.5% | ||
| Q3 25 | 10.3% | 30.5% | ||
| Q2 25 | 1.6% | 29.8% | ||
| Q1 25 | -5.2% | 30.1% | ||
| Q4 24 | -7.3% | 28.3% | ||
| Q3 24 | -15.6% | 21.3% | ||
| Q2 24 | -33.5% | 33.0% | ||
| Q1 24 | -55.0% | 33.0% |
| Q4 25 | $0.02 | $0.38 | ||
| Q3 25 | $0.02 | $0.41 | ||
| Q2 25 | $0.00 | $0.39 | ||
| Q1 25 | $-0.01 | $0.41 | ||
| Q4 24 | $-0.02 | $0.36 | ||
| Q3 24 | $-0.03 | $0.27 | ||
| Q2 24 | $-0.07 | $0.42 | ||
| Q1 24 | $-0.08 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | $196.2M | $4.6B |
| Stockholders' EquityBook value | $741.1M | $2.4B |
| Total Assets | $1.2B | $7.2B |
| Debt / EquityLower = less leverage | 0.26× | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $21.7M | ||
| Q3 25 | $290.5M | $12.1M | ||
| Q2 25 | $306.6M | $13.9M | ||
| Q1 25 | $337.8M | $17.3M | ||
| Q4 24 | $220.0M | $8.3M | ||
| Q3 24 | $211.0M | $15.6M | ||
| Q2 24 | $229.0M | $13.4M | ||
| Q1 24 | $237.1M | $11.3M |
| Q4 25 | $196.2M | $4.6B | ||
| Q3 25 | $195.9M | $4.5B | ||
| Q2 25 | $195.6M | $4.4B | ||
| Q1 25 | $195.3M | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | $194.1M | $4.1B |
| Q4 25 | $741.1M | $2.4B | ||
| Q3 25 | $725.1M | $2.4B | ||
| Q2 25 | $725.1M | $2.4B | ||
| Q1 25 | $719.9M | $2.4B | ||
| Q4 24 | $725.2M | $2.3B | ||
| Q3 24 | $732.1M | $2.3B | ||
| Q2 24 | $742.6M | $2.3B | ||
| Q1 24 | $775.1M | $2.3B |
| Q4 25 | $1.2B | $7.2B | ||
| Q3 25 | $1.2B | $7.1B | ||
| Q2 25 | $1.2B | $7.1B | ||
| Q1 25 | $1.3B | $6.9B | ||
| Q4 24 | $1.3B | $6.9B | ||
| Q3 24 | $1.3B | $6.8B | ||
| Q2 24 | $1.3B | $6.8B | ||
| Q1 24 | $1.4B | $6.7B |
| Q4 25 | 0.26× | 1.90× | ||
| Q3 25 | 0.27× | 1.89× | ||
| Q2 25 | 0.27× | 1.87× | ||
| Q1 25 | 0.27× | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | 0.25× | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $17.4M | — |
| FCF MarginFCF / Revenue | 12.3% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $47.8M | ||
| Q3 25 | $3.9M | $-1.4M | ||
| Q2 25 | $-18.0M | $28.0M | ||
| Q1 25 | $41.6M | $8.9M | ||
| Q4 24 | $6.0M | $37.9M | ||
| Q3 24 | $-16.0M | $8.3M | ||
| Q2 24 | $-15.1M | $24.8M | ||
| Q1 24 | $-15.5M | $-3.1M |
| Q4 25 | $17.4M | — | ||
| Q3 25 | $3.1M | — | ||
| Q2 25 | $-18.9M | — | ||
| Q1 25 | $41.2M | — | ||
| Q4 24 | $5.2M | — | ||
| Q3 24 | $-16.5M | — | ||
| Q2 24 | $-16.5M | — | ||
| Q1 24 | $-17.6M | — |
| Q4 25 | 12.3% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | -15.5% | — | ||
| Q1 25 | 29.1% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -13.1% | — | ||
| Q2 24 | -13.4% | — | ||
| Q1 24 | -17.2% | — |
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | 1.34× | 1.72× | ||
| Q3 25 | 0.29× | -0.05× | ||
| Q2 25 | -9.47× | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
