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.
- Symbol
- BLDP
- Exchange
- Nasdaq
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Market cap
- $658.72M
- 52 week range
- 1.92 - 6.57
Valuation
- Share price
- $2.19 (close of 2026-09-23)
- P/E (TTM)
- -7.30x
- Price to book
- 1.12x
- Price to free cash flow
- -9.98x
- Enterprise value
- $153.81M
- Book value per share
- $1.96
Price performance
| Period | Change |
|---|
| 1 day | -1.35% |
| 5 days | +3.30% |
| 1 month | -8.75% |
| 3 months | -47.48% |
| 6 months | -12.75% |
| Year to date | -13.78% |
| 1 year | -25.00% |
| 3 years | -40.00% |
| 5 years | -85.91% |
| 10 years | +9.50% |
| All time | -41.60% |
Profitability and growth
- Return on equity
- -15.41%
- Return on invested capital
- -121.69%
- 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%
- Net income growth
- 71.96%
- Free cash flow growth
- 50.72%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -10.02%
- Current ratio
- 9.86x
- Net debt to EBITDA
- 5.95x
Latest reported year
- Period end
- 2025-12-31
- 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% | -121.69% |
| 2024-12-31 | -31.52% | -464.99% | -48.18% | -197.23% |
| 2023-12-31 | -21.33% | -173.61% | -17.93% | -63.15% |
| 2022-12-31 | -16.26% | -211.94% | -14.97% | -55.70% |
| 2021-12-31 | 13.41% | -109.31% | -8.61% | -39.90% |
| 2020-12-31 | 20.20% | -49.46% | -5.70% | -25.60% |
| 2019-12-31 | 21.13% | -36.94% | -15.60% | -20.82% |
| 2018-12-31 | 30.72% | -28.29% | -9.67% | -23.02% |
| 2017-12-31 | 34.30% | -6.64% | -6.71% | -8.18% |
| 2016-12-31 | 28.36% | -24.76% | -17.37% | -36.94% |
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
- 2026-11-12
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-31 | Jun/2026 | - |
| 2026-05-05 | - | - |
| 2026-03-12 | - | - |
| 2025-11-13 | - | - |
| 2025-08-11 | - | - |
| 2025-05-06 | - | - |
| 2025-03-13 | - | - |
| 2025-03-10 | - | - |
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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