Ballard Power Systems Inc. (BLDP)

Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers products for various applications focusing on power products for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications. It also engages in the delivery of services, including technology solutions, after sales services, and training, as well as offers engineering and technology transfer services. The company operates in the United States, Poland, Canada, Germany, the United Kingdom, Egypt, Spain, China, the Netherlands, Denmark, France, and internationally. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.

Ticker: BLDP
Exchange: Nasdaq
Sector: Industrials
Industry: Electrical Equipment & Parts
Market cap: $464.32M
52-week range: $1.40 - $6.57

Valuation

Share price: $1.54 (close of Nov 6, 2026)
P/E (TTM): -5.92x
Price to book: 0.83x
Price to free cash flow: -12.47x
Enterprise value: -$21.14M
Book value per share: $1.86

Price performance

Period	Change
1 day	+5.48%
5 days	-1.91%
1 month	-25.24%
3 months	-39.61%
6 months	-67.78%
Year to date	-39.37%
1 year	-56.62%
3 years	-56.74%
5 years	-91.32%
10 years	-19.79%
All time	-58.93%

Short interest

As of: Oct 15, 2026
Short % of float: 5.85%
Shares short: 20.52M
Days to cover: 7.55
Change since prior report: +3.11%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -15.41%
Return on invested capital: -16.90%
Return on assets: -13.32%
Return on capital employed: -16.65%
Gross margin: 5.50%
Net margin: -91.49%
EBITDA margin: -104.11%
Revenue growth: 42.50%

Cash flow and balance sheet

Free cash flow yield (TTM): -8.02%
Current ratio: 11.19x
Net debt to EBITDA: 6.81x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $99.37M
Cost of revenue: $93.91M
Gross profit: $5.46M
EBITDA: -$103.46M
Net income: -$90.91M
Earnings per share: $-0.30
Research and development: $58.74M
Interest expense: $1.91M
Shares outstanding: 300.16M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$99.37M	$5.46M	-$90.91M	-$0.30
2024-12-31	$69.73M	-$21.98M	-$324.25M	-$1.08
2023-12-31	$102.37M	-$21.83M	-$177.72M	-$0.59
2022-12-31	$81.86M	-$13.31M	-$173.49M	-$0.58
2021-12-31	$104.50M	$14.01M	-$114.23M	-$0.39
2020-12-31	$103.88M	$20.98M	-$51.38M	-$0.21
2019-12-31	$105.72M	$22.34M	-$39.05M	-$0.17
2018-12-31	$96.59M	$29.67M	-$27.32M	-$0.15
2017-12-31	$121.29M	$41.60M	-$8.05M	-$0.05
2016-12-31	$85.27M	$24.18M	-$21.11M	-$0.13

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	5.50%	-91.49%	-15.41%	-16.90%
2024-12-31	-31.52%	-464.99%	-48.18%	-26.30%
2023-12-31	-21.33%	-173.61%	-17.93%	-16.14%
2022-12-31	-16.26%	-211.94%	-14.97%	-12.37%
2021-12-31	13.41%	-109.31%	-8.61%	-6.54%
2020-12-31	20.20%	-49.46%	-5.70%	-4.33%
2019-12-31	21.13%	-36.94%	-15.60%	-9.42%
2018-12-31	30.72%	-28.29%	-9.67%	-7.36%
2017-12-31	34.30%	-6.64%	-6.71%	-4.07%
2016-12-31	28.36%	-24.76%	-17.37%	-14.87%

Cash and debt by year

Period end	Cash
2025-12-31	$527.05M
2024-12-31	$603.95M
2023-12-31	$751.13M
2022-12-31	$913.73M
2021-12-31	$1.12B
2020-12-31	$763.43M
2019-12-31	$147.79M
2018-12-31	$192.24M
2017-12-31	$60.26M
2016-12-31	$72.63M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$66.01M	$6.34M
2024-12-31	-$133.95M	$7.46M
2023-12-31	-$145.78M	$10.96M
2022-12-31	-$166.10M	$9.41M
2021-12-31	-$93.63M	$9.67M
2020-12-31	-$55.55M	$6.24M
2019-12-31	-$28.16M	$3.56M
2018-12-31	-$41.54M	$2.90M
2017-12-31	-$12.84M	$3.13M
2016-12-31	-$6.68M	$3.02M

Investor relations

Next earnings report

Next confirmed report: Nov 16, 2026
Consensus EPS estimate: $-0.04

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-07-31	Jun 2026	-$0.04
2026-05-05	Mar 2026	-$0.06
2026-03-12	Dec 2025	-$0.07
2025-11-13	Sep 2025	-$0.11
2025-08-11	Jun 2025	-$0.10
2025-05-06	Mar 2025	-$0.12
2025-03-13	Dec 2024	-$0.13
2024-11-05	Sep 2024	-$0.13

Filings and sources

Company website: ballard.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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