BLDP Chart
About

Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary power, 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 services; and provision of engineering services, product and systems integration services, and related technology transfer for various PEM fuel cell applications. It operates in the United States, Germany, Canada, China, Poland, the United Kingdom, the Netherlands, France, Denmark, Belgium, India, Taiwan, Korea, Spain, Norway, Australia, Japan, and internationally. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.

Fundamentals
Scroll to Statements
Sector Industrials Industry Electrical Equipment & P Market Cap 598.47M
Enterprise Value 99.19M Income -119.86M Sales 90.25M
Book/sh 2.02 Cash/sh 1.75 Dividend Yield —
Payout 0.00% Employees 887 IPO —
P/E — Forward P/E -7.65 PEG —
P/S 6.63 P/B 0.99 P/C —
EV/EBITDA -0.95 EV/Sales 1.10 Quick Ratio 7.49
Current Ratio 8.33 Debt/Eq 3.72 LT Debt/Eq —
EPS (ttm) -0.40 EPS next Y -0.26 EPS Growth —
Revenue Growth 120.30% Earnings 2026-03-12 ROA -8.45%
ROE -18.07% ROIC — Gross Margin -3.73%
Oper. Margin -37.92% Profit Margin -132.80% Shs Outstand 300.74M
Shs Float 300.49M Short Float — Short Ratio 8.31
Short Interest — 52W High 4.10 52W Low 1.00
Beta 1.73 Avg Volume 2.91M Volume 2.56M
Target Price $2.91 Recom None Prev Close $2.01
Price $1.99 Change -1.00%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$2.91
Mean price target
2. Current target
$1.99
Latest analyst target
3. DCF / Fair value
$-3.89
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$1.99
Low
$1.40
High
$4.00
Mean
$2.91

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-10-22 main UBS Neutral → Neutral $4
2025-10-13 main Susquehanna Neutral → Neutral $3
2025-08-13 main Wells Fargo Underweight → Underweight $2
2025-08-12 main Roth Capital Neutral → Neutral $2
2025-08-12 main BMO Capital Underperform → Underperform $1
2025-08-11 down Lake Street Buy → Hold —
2025-07-21 main Susquehanna Neutral → Neutral $2
2025-05-12 main UBS Neutral → Neutral $1
2025-04-17 down Citigroup Neutral → Sell —
2025-04-14 main Susquehanna Neutral → Neutral $1
2025-03-14 main Roth MKM Neutral → Neutral $1
2025-03-14 main BMO Capital Underperform → Underperform $1
2024-12-04 main CIBC Underperformer → Underperformer $1
2024-11-06 main CIBC Underperformer → Underperformer $1
2024-10-16 main Susquehanna Neutral → Neutral $2
2024-09-16 down Cormark Securities Buy → Market Perform —
2024-08-14 main Raymond James Market Perform → Market Perform $3
2024-08-13 main Lake Street Buy → Buy $10
2024-08-13 down CIBC Neutral → Underperformer $2
2024-08-13 main Wells Fargo Underweight → Underweight $2
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 16249 45627.0 — Exercise of rights at price 2.81 per share. Sweetland (Lee Alan) Senior Officer of Issuer — 2025-12-08 00:00:00 D
1 — nan — — Uluc (Oben) Senior Officer of Issuer — 2025-09-29 00:00:00 D
2 1293 3551.0 — Exercise of rights at price 2.75 per share. Sidhu (Sarbjot) Senior Officer of Issuer — 2025-09-26 00:00:00 D
3 21346 44186.0 — Disposition in the public market at price 2.07 per share. Mucciacciaro (David) Senior Officer of Issuer — 2025-08-27 00:00:00 D
4 100000 175000.0 — Disposition in the public market at price 1.75 per share. Macewen (Robert Randall) Senior Officer of Issuer — 2025-08-12 00:00:00 D
5 200000 347000.0 — Disposition in the public market at price 1.74 per share. Macewen (Robert Randall) Senior Officer of Issuer — 2025-08-12 00:00:00 D
6 100000 172100.0 — Disposition in the public market at price 1.72 per share. Macewen (Robert Randall) Senior Officer of Issuer — 2025-08-12 00:00:00 D
7 140000 240940.0 — Disposition in the public market at price 1.72 per share. Macewen (Robert Randall) Senior Officer of Issuer — 2025-08-12 00:00:00 D
8 158215 272288.0 — Disposition in the public market at price 1.72 per share. Macewen (Robert Randall) Senior Officer of Issuer — 2025-08-12 00:00:00 D
9 11449 23504.0 — Exercise of rights at price 2.05 per share. Gradu (Mircea) Senior Officer of Issuer — 2025-07-28 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems-24.42M10.61M-1.37M-17.35K
TaxRateForCalcs0.150.400.260.00
NormalizedEBITDA-146.48M-155.93M-140.05M-94.36M
TotalUnusualItems-162.81M26.51M-5.24M-9.21M
TotalUnusualItemsExcludingGoodwill-162.81M26.51M-5.24M-9.21M
NetIncomeFromContinuingOperationNetMinorityInterest-323.53M-144.21M-160.37M-114.40M
ReconciledDepreciation11.97M13.53M13.77M9.75M
ReconciledCostOfRevenue91.71M124.20M95.17M90.49M
EBITDA-309.29M-129.42M-145.29M-103.57M
EBIT-321.26M-142.95M-159.06M-113.32M
NetInterestIncome-2.17M-1.21M-1.45M-1.54M
InterestExpense2.15M1.10M1.26M1.29M
NormalizedIncome-185.14M-160.12M-156.50M-105.21M
NetIncomeFromContinuingAndDiscontinuedOperation-324.25M-177.72M-173.49M-114.23M
TotalExpenses223.22M261.59M223.88M192.23M
TotalOperatingIncomeAsReported-183.30M-162.90M-145.33M-88.10M
DilutedAverageShares299.31M298.66M299.14M295.29M
BasicAverageShares299.31M298.66M299.14M295.29M
DilutedEPS-1.08-0.59-0.58-0.39
BasicEPS-1.08-0.59-0.58-0.39
DilutedNIAvailtoComStockholders-324.25M-177.72M-173.49M-114.23M
NetIncomeCommonStockholders-324.25M-177.72M-173.49M-114.23M
NetIncome-324.25M-177.72M-173.49M-114.23M
NetIncomeIncludingNoncontrollingInterests-324.25M-177.72M-173.49M-114.23M
NetIncomeDiscontinuousOperations-715.00K-33.51M-13.12M164.00K
NetIncomeContinuousOperations-323.53M-144.21M-160.37M-114.40M
TaxProvision121.00K158.00K42.00K-216.00K
PretaxIncome-323.41M-144.05M-160.33M-114.61M
OtherIncomeExpense-167.75M16.38M-16.86M-25.34M
SpecialIncomeCharges-181.76M-4.75M-3.42M-2.59M
WriteOff12.76M1.50M73.00K54.00K
ImpairmentOfCapitalAssets151.96M967.00K7.00K263.00K
RestructuringAndMergernAcquisition17.05M2.29M3.34M2.27M
EarningsFromEquityInterest-4.94M-10.13M-11.62M-16.14M
GainOnSaleOfSecurity18.95M31.26M-1.82M-6.62M
NetNonOperatingInterestIncomeExpense-2.17M-1.21M-1.45M-1.54M
TotalOtherFinanceCost20.00K109.00K189.00K251.00K
InterestExpenseNonOperating2.15M1.10M1.26M1.29M
OperatingIncome-153.49M-159.22M-142.02M-87.72M
OperatingExpense131.51M137.39M128.71M101.74M
OtherTaxes0.00100.00K100.00K1.95M
ResearchAndDevelopment94.49M98.31M89.72M62.16M
SellingGeneralAndAdministration37.02M38.98M38.89M37.63M
SellingAndMarketingExpense13.50M15.11M12.54M12.90M
GeneralAndAdministrativeExpense23.52M23.87M26.36M24.73M
OtherGandA23.52M23.87M26.36M24.73M
SalariesAndWages109.00K189.00K251.00K
GrossProfit-21.98M-21.83M-13.31M14.01M
CostOfRevenue91.71M124.20M95.17M90.49M
TotalRevenue69.73M102.37M81.86M104.50M
OperatingRevenue69.73M102.37M81.86M104.50M
Line Item2024-12-312023-12-312022-12-312021-12-31
OrdinarySharesNumber299.44M298.94M298.39M297.70M
ShareIssued299.44M298.94M298.39M297.70M
TotalDebt23.89M17.90M15.73M17.12M
TangibleBookValue671.23M949.53M1.09B1.24B
InvestedCapital672.99M991.22M1.16B1.33B
WorkingCapital623.29M794.15M955.34M1.15B
NetTangibleAssets671.23M949.53M1.09B1.24B
CapitalLeaseObligations23.89M17.90M15.73M17.12M
CommonStockEquity672.99M991.22M1.16B1.33B
TotalCapitalization672.99M991.22M1.16B1.33B
TotalEquityGrossMinorityInterest672.99M991.22M1.16B1.33B
StockholdersEquity672.99M991.22M1.16B1.33B
GainsLossesNotAffectingRetainedEarnings-4.76M-2.96M-1.49M1.72M
ForeignCurrencyTranslationAdjustments-4.76M-2.96M-1.49M1.72M
RetainedEarnings-2.06B-1.74B-1.56B-1.39B
AdditionalPaidInCapital309.97M306.04M300.76M297.82M
CapitalStock2.43B2.43B2.42B2.42B
CommonStock2.43B2.43B2.42B2.42B
TotalLiabilitiesNetMinorityInterest104.32M86.33M88.17M112.73M
TotalNonCurrentLiabilitiesNetMinorityInterest28.73M15.74M15.00M29.57M
OtherNonCurrentLiabilities2.58M2.34M2.26M8.89M
EmployeeBenefits98.00K-475.00K455.00K1.89M
NonCurrentPensionAndOtherPostretirementBenefitPlans98.00K-475.00K
NonCurrentDeferredLiabilities5.06M485.00K902.00K4.90M
NonCurrentDeferredRevenue5.06M485.00K902.00K1.32M
NonCurrentDeferredTaxesLiabilities0.003.58M
LongTermDebtAndCapitalLeaseObligation21.00M13.39M11.84M13.88M
LongTermCapitalLeaseObligation21.00M13.39M11.84M13.88M
LongTermProvisions1.80M8.89M
CurrentLiabilities75.59M70.59M73.17M83.16M
OtherCurrentLiabilities5.58M5.63M6.06M9.13M
CurrentDeferredLiabilities6.64M4.59M8.03M12.11M
CurrentDeferredRevenue6.64M4.59M8.03M12.11M
CurrentDebtAndCapitalLeaseObligation2.90M4.50M3.90M3.24M
CurrentCapitalLeaseObligation2.90M4.50M3.90M3.24M
CurrentProvisions30.41M21.80M20.91M28.26M
PayablesAndAccruedExpenses30.06M34.07M34.27M30.43M
Payables30.06M34.07M34.27M30.43M
OtherPayable17.11M19.23M13.25M15.83M
TotalTaxPayable647.00K1.11M586.00K906.00K
AccountsPayable12.30M13.72M20.44M13.69M
TotalAssets777.31M1.08B1.25B1.44B
TotalNonCurrentAssets78.43M212.80M218.57M211.76M
OtherNonCurrentAssets495.00K547.00K370.00K348.00K
InvestmentsAndAdvances45.75M54.25M66.36M70.29M
InvestmentinFinancialAssets37.52M40.34M42.33M
LongTermEquityInvestment8.24M13.90M24.03M70.29M
InvestmentsinJointVenturesatCost24.03M28.98M
InvestmentsinAssociatesatCost8.24M13.90M24.03M41.31M
GoodwillAndOtherIntangibleAssets1.76M41.68M69.48M85.06M
OtherIntangibleAssets1.76M1.41M5.21M20.79M
Goodwill0.0040.28M64.27M64.27M
NetPPE30.42M116.33M82.36M56.06M
AccumulatedDepreciation-194.64M-86.87M-75.31M-66.77M
GrossPPE225.06M203.19M157.67M122.83M
Leases47.64M45.23M38.49M35.88M
OtherProperties163.76M146.27M109.39M77.82M
MachineryFurnitureEquipment13.66M10.76M9.78M9.14M
BuildingsAndImprovements0.00936.00K0.00
Properties0.000.000.000.00
CurrentAssets698.88M864.74M1.03B1.23B
OtherCurrentAssets4.43M7.06M6.02M4.37M
PrepaidAssets6.02M4.37M
Inventory56.42M45.87M58.05M51.52M
OtherInventories7.54M8.57M3.36M3.98M
FinishedGoods26.95M7.17M8.50M5.35M
WorkInProcess6.62M15.04M17.17M19.80M
RawMaterials15.31M15.09M29.02M22.39M
Receivables31.98M58.56M48.70M46.40M
OtherReceivables7.80M21.07M22.88M26.97M
AccountsReceivable24.18M37.49M25.81M19.42M
AllowanceForDoubtfulAccountsReceivable-5.29M-1.67M
GrossAccountsReceivable29.48M39.16M
CashCashEquivalentsAndShortTermInvestments606.05M753.24M915.74M1.13B
OtherShortTermInvestments2.10M2.11M2.01M3.00M
CashAndCashEquivalents603.95M751.13M913.73M1.12B
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow-135.72M-145.94M-166.65M-95.18M
RepaymentOfDebt-3.33M-4.01M-3.32M-2.80M
IssuanceOfCapitalStock0.00527.29M
CapitalExpenditure-27.62M-41.37M-34.48M-14.70M
EndCashPosition603.95M751.13M913.73M1.12B
BeginningCashPosition751.13M913.73M1.12B763.43M
EffectOfExchangeRateChanges-1.05M-73.00K-31.00K-337.00K
ChangesInCash-146.13M-162.53M-210.13M360.80M
FinancingCashFlow-1.53M-3.68M-2.41M526.91M
CashFlowFromContinuingFinancingActivities-1.53M-3.68M-2.41M526.91M
NetOtherFinancingCharges1.49M
ProceedsFromStockOptionExercised308.00K335.00K916.00K2.42M
NetCommonStockIssuance0.00527.29M
CommonStockIssuance0.00527.29M
NetIssuancePaymentsOfDebt-3.33M-4.01M-3.32M-2.80M
NetLongTermDebtIssuance-3.33M-4.01M-3.32M-2.80M
LongTermDebtPayments-3.33M-4.01M-3.32M-2.80M
InvestingCashFlow-36.51M-54.28M-75.56M-85.63M
CashFlowFromContinuingInvestingActivities-36.51M-54.28M-75.56M-85.63M
NetOtherInvestingChanges3.17M
NetInvestmentPurchaseAndSale-11.96M-10.91M-16.90M-51.42M
SaleOfInvestment0.001.00M1.01M336.00K
PurchaseOfInvestment-11.96M-11.91M-17.91M-51.76M
NetBusinessPurchaseAndSale-100.00K-2.00M-24.17M-19.51M
PurchaseOfBusiness-100.00K-2.00M-24.17M-19.51M
NetIntangiblesPurchaseAndSale-1.77M-154.00K-550.00K-1.54M
PurchaseOfIntangibles-1.77M-154.00K-550.00K-1.54M
NetPPEPurchaseAndSale-25.85M-41.21M-33.93M-13.16M
PurchaseOfPPE-25.85M-41.21M-33.93M-13.16M
OperatingCashFlow-108.10M-104.57M-132.17M-80.48M
CashFlowFromContinuingOperatingActivities-108.10M-104.57M-132.17M-80.48M
ChangeInWorkingCapital5.24M-17.09M-17.94M-11.60M
ChangeInOtherWorkingCapital4.94M229.00K-1.47M1.16M
ChangeInPayablesAndAccruedExpense1.20M-3.58M-718.00K1.41M
ChangeInPayable1.20M-3.58M-718.00K1.41M
ChangeInPrepaidAssets2.69M76.00K-1.67M-810.00K
ChangeInInventory-16.95M-898.00K-11.14M-23.00M
ChangeInReceivables13.35M-12.91M-2.94M9.64M
OtherNonCashItems-363.00K235.00K-10.38M113.00K
StockBasedCompensation7.46M10.96M9.41M9.67M
UnrealizedGainLossOnInvestmentSecurities14.79M12.90M16.88M9.02M
AssetImpairmentCharge171.02M43.74M20.61M317.00K
DeferredTax0.00-3.58M-300.00K
DeferredIncomeTax0.00-3.58M-300.00K
DepreciationAmortizationDepletion11.97M13.53M13.77M9.75M
DepreciationAndAmortization11.97M13.53M13.77M9.75M
OperatingGainsLosses6.03M8.88M12.55M16.78M
PensionAndEmployeeBenefitExpense-3.00K40.00K75.00K123.00K
EarningsLossesFromEquityInvestments4.94M10.13M11.62M16.14M
GainLossOnInvestmentSecurities1.09M-1.30M862.00K519.00K
GainLossOnSaleOfPPE120.00K0.00
NetIncomeFromContinuingOperations-324.25M-177.72M-173.49M-114.23M
SEC Filings

No SEC filings found for this symbol (may be non-US or ticker not in SEC index).

Public Trades for BLDP
Date User Asset Broker Type Position Size Entry Price Patterns