Ballard Power Systems Inc. logo

Ballard Power Systems Inc.

BLDP

NASDAQIndustrialsElectrical Equipment & Parts

Previous close

$2.40

+$0.03 · +1.27%

Aug 21, 4:00 PM ET

BLDP company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

70

Undervalued

Momentum

32

Weakening

Sentiment

61

Bullish

Risk resilience

26

High Risk

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Company profile

Company website

Ballard Power Systems Inc. specializes in the full lifecycle of proton exchange membrane (PEM) fuel cell technology, encompassing research, production, sales, and ongoing support. Their fuel cell offerings cater to various power applications, including heavy-duty transportation sectors like buses, trucks, trains, and marine vessels, as well as solutions for material handling equipment and critical backup power systems. Beyond products, Ballard extends its expertise through technology solutions, providing engineering services, technology transfer, and licensing its extensive intellectual property and core knowledge for diverse PEM fuel cell uses. They also deliver integrated hydrogen fuel cell powertrain and vehicle systems. The company maintains a broad international presence, with operations spanning numerous countries including China, Germany, the United States, the United Kingdom, Canada, Denmark, Norway, Belgium, Japan, France, Spain, Taiwan, Poland, India, Ukraine, and Sweden. A significant strategic partnership exists with Linamar Corporation, focused on jointly developing and marketing fuel cell powertrains and components designed for Class 1 and 2 vehicles across North America and Europe. Established in 1979, Ballard Power Systems Inc. is headquartered in Burnaby, Canada.

Industry
Electrical Equipment & Parts
Sector
Industrials
Headquarters
CA
CEO
Marty T. Neese
Listed since
Nov 8, 1995
Employees
492

Market position

Day range

Current $2.40

52-week range

Current $2.40

Open
$2.415
Previous close
$2.37
Volume
2.17M
0.28× average
Average volume
7.75M
Average daily volume
Market cap
723.54M USD
Beta
1.92
Market reference 1
50-day average
$3.1422
-23.62% below average
200-day average
$3.0895
-22.32% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
265.6M USD
P/E (TTM)
-9.37×
P/B (TTM)
1.29×
P/S (TTM)
6.85×
EV / EBITDA
-3.43×
Earnings yield
-12.02%
Free cash flow yield
-8.73%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
16.38%
Operating margin
-63.68%
Net margin
-72.66%
Return on equity
-15.71%
Return on assets
-13.58%
Return on invested capital
-13.07%

Financial health

Debt / equity
0.04×
Current ratio
9.86×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends61%-130%-321%-513%Gross margin, FY2021: 13.41%Gross margin, FY2022: -16.26%Gross margin, FY2023: -21.33%Gross margin, FY2024: -31.52%Gross margin, FY2025: 2.37%Operating margin, FY2021: -84.18%Operating margin, FY2022: -173.49%Operating margin, FY2023: -159.14%Operating margin, FY2024: -262.87%Operating margin, FY2025: -80.59%Net margin, FY2021: -109.47%Net margin, FY2022: -211.94%Net margin, FY2023: -173.61%Net margin, FY2024: -464.99%Net margin, FY2025: -91.45%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 13.41%. Gross margin FY2022 -16.26%. Gross margin FY2023 -21.33%. Gross margin FY2024 -31.52%. Gross margin FY2025 2.37%. Operating margin FY2021 -84.18%. Operating margin FY2022 -173.49%. Operating margin FY2023 -159.14%. Operating margin FY2024 -262.87%. Operating margin FY2025 -80.59%. Net margin FY2021 -109.47%. Net margin FY2022 -211.94%. Net margin FY2023 -173.61%. Net margin FY2024 -464.99%. Net margin FY2025 -91.45%.

Income trends

Revenue

101.14M USD+45.04%

Operating income

−81.51M USD+55.53%

Net income

−92.49M USD+71.47%
Income trends across reported periods147.38M USD−24.12M USD−195.62M USD−367.12M USDRevenue, FY2021: 104.51M USDRevenue, FY2022: 81.86M USDRevenue, FY2023: 102.37M USDRevenue, FY2024: 69.73M USDRevenue, FY2025: 101.14M USDOperating income, FY2021: −87.97M USDOperating income, FY2022: −142.02M USDOperating income, FY2023: −162.9M USDOperating income, FY2024: −183.3M USDOperating income, FY2025: −81.51M USDNet income, FY2021: −114.4M USDNet income, FY2022: −173.49M USDNet income, FY2023: −177.72M USDNet income, FY2024: −324.25M USDNet income, FY2025: −92.49M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 104.51M USD. Revenue FY2022 81.86M USD. Revenue FY2023 102.37M USD. Revenue FY2024 69.73M USD. Revenue FY2025 101.14M USD. Operating income FY2021 −87.97M USD. Operating income FY2022 −142.02M USD. Operating income FY2023 −162.9M USD. Operating income FY2024 −183.3M USD. Operating income FY2025 −81.51M USD. Net income FY2021 −114.4M USD. Net income FY2022 −173.49M USD. Net income FY2023 −177.72M USD. Net income FY2024 −324.25M USD. Net income FY2025 −92.49M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue101.14M USD69.73M USD102.37M USD81.86M USD104.51M USD
Cost of goods sold98.71M USD91.71M USD124.2M USD95.17M USD90.49M USD
Gross profit2.4M USD−21.98M USD−21.83M USD−13.31M USD14.01M USD
Research and development57.47M USD94.49M USD98.31M USD89.72M USD62.16M USD
Selling, general, and administrative26.5M USD37.02M USD38.98M USD38.89M USD37.88M USD
Operating expenses83.91M USD161.32M USD141.07M USD128.71M USD101.99M USD
Interest income24.96M USD18.83M USD3.71M USD
Interest expense1.94M USD2.15M USD1.21M USD1.21M USD1.28M USD
Depreciation and amortization4.13M USD11.97M USD13.53M USD13.77M USD9.67M USD
Operating income−81.51M USD−183.3M USD−162.9M USD−142.02M USD−87.97M USD
Net income−92.49M USD−324.25M USD−177.72M USD−173.49M USD−114.4M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
64%
7 beats, 4 misses, 0 met estimates
Average EPS surprise
-34.00%
11 comparable reports
Latest EPS result
-0.07
Estimate -0.04 · Miss by 75.00%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates-0.03-0.1-0.16-0.22Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Mar 13, 2025: actual -0.14, estimate -0.18, surprise +22.22%, Beat. Q2 2025, reported May 6, 2025: actual -0.07, estimate -0.12, surprise +41.67%, Beat. Q3 2025, reported Aug 11, 2025: actual -0.08, estimate -0.1, surprise +20.00%, Beat. Q4 2025, reported Nov 13, 2025: actual -0.09, estimate -0.11, surprise +18.18%, Beat. Q1 2026, reported Mar 12, 2026: actual -0.06, estimate -0.07, surprise +14.29%, Beat. Q2 2026, reported May 5, 2026: actual -0.04, estimate -0.06, surprise +33.33%, Beat. Q3 2026, reported Jul 31, 2026: actual -0.07, estimate -0.04, surprise -75.00%, Miss. Q4 2026, reported Nov 12, 2026: actual —, estimate -0.04, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates35.05M26.72M18.4M10.08MQ1 '25BeatQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Mar 13, 2025: actual 24.52M USD, estimate 11.8M USD, surprise +107.80%, Beat. Q2 2025, reported May 6, 2025: actual 15.39M USD, estimate 17.98M USD, surprise -14.43%, Miss. Q3 2025, reported Aug 11, 2025: actual 17.84M USD, estimate 25.32M USD, surprise -29.53%, Miss. Q4 2025, reported Nov 13, 2025: actual 32.5M USD, estimate 32.09M USD, surprise +1.27%, Beat. Q1 2026, reported Mar 12, 2026: actual 33.32M USD, estimate 32.18M USD, surprise +3.56%, Beat. Q2 2026, reported May 5, 2026: actual 18.99M USD, estimate 19.88M USD, surprise -4.45%, Miss. Q3 2026, reported Jul 31, 2026: actual 20.34M USD, estimate 25.24M USD, surprise -19.40%, Miss. Q4 2026, reported Nov 12, 2026: actual —, estimate 30.72M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$3.29

37.08% upside
Past 12 months12-month forecastHigh $5.00Average $3.29Low $2.00

Rating distribution

26 ratings
Strong buy00%
Buy415%
Hold1765%
Sell519%
Strong sell00%

Corporate actions

Corporate action history

Stock split

Effective Jun 3, 1998

3:1

BLDP peers

ETFs holding BLDP

Funds reporting this stock among their holdings, ordered by reported position size.

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