Symbols / BLDP $3.50 +12.90% Ballard Power Systems Inc.

Industrials • Electrical Equipment & Parts • Canada • NGM
BLDP Chart
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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 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.

Fundamentals
Scroll to Statements
Market Cap 1.05B Enterprise Value 423.72M Income -90.91M Sales 99.37M Book/sh 1.96 Cash/sh 1.76
Dividend Yield — Payout 0.00% Employees 492 IPO — P/E — Forward P/E -22.96
PEG 3.52 P/S 10.60 P/B 1.78 P/C — EV/EBITDA -5.27 EV/Sales 4.26
Quick Ratio 9.11 Current Ratio 9.86 Debt/Eq 3.75 LT Debt/Eq — EPS (ttm) -0.30 EPS next Y -0.15
EPS Growth — Revenue Growth 37.20% Earnings 2026-05-05 ROA -6.89% ROE -14.40% ROIC —
Gross Margin 5.50% Oper. Margin -103.87% Profit Margin -91.49% Shs Outstand 300.91M Shs Float 300.58M Short Float 6.84%
Short Ratio 5.35 Short Interest — 52W High 4.10 52W Low 1.13 Beta 1.54 Avg Volume 3.17M
Volume 7.33M Target Price $3.25 Recom Hold Prev Close $3.10 Price $3.50 Change 12.90%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$3.26
Mean price target
2. Current target
$3.50
Latest analyst target
3. DCF / Fair value
$-2.76
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$3.50
Low
$1.70
High
$6.50
Mean
$3.26

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-27 main Wells Fargo Underweight → Underweight $2
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
News
RSS: Latest BLDP news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-13 Robinett (Ralph) Senior Officer of Issuer — 0 — —
2026-04-01 Mundy (Sindy) Senior Officer of Issuer — 0 — —
2026-03-31 Igbalode (Kate Renee) Senior Officer of Issuer — 22,930 $2.41 $55,215
2026-03-18 Hillier, Kerry Brent Senior Officer of Issuer — 19,347 $2.67 $51,714
2026-03-17 Murray, Jay Francis Senior Officer of Issuer — 5,000 $2.56 $12,780
2026-03-16 Colbow (Kevin Michael) Senior Officer of Issuer — 1,235 $2.53 $3,122
2026-03-16 Colbow (Kevin Michael) Senior Officer of Issuer — 9,889 $2.53 $24,999
2026-03-16 Hillier, Kerry Brent Senior Officer of Issuer — 638 $2.53 $1,612
2026-03-16 Hillier, Kerry Brent Senior Officer of Issuer — 5,109 $2.53 $12,915
2026-03-16 Igbalode (Kate Renee) Senior Officer of Issuer — 1,006 $2.53 $2,545
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
99.37
+42.50%
69.73
-31.88%
102.37
+25.05%
81.86
Operating Revenue
99.37
+42.50%
69.73
-31.88%
102.37
+25.05%
81.86
Cost Of Revenue
93.91
+2.39%
91.71
-26.16%
124.20
+30.51%
95.17
Reconciled Cost Of Revenue
93.91
+2.39%
91.71
-26.16%
124.20
+30.51%
95.17
Gross Profit
5.46
+124.85%
-21.98
-0.69%
-21.83
-64.04%
-13.31
Operating Expense
85.24
-35.19%
131.51
-4.28%
137.39
+6.75%
128.71
Research And Development
58.74
-37.84%
94.49
-3.88%
98.31
+9.58%
89.72
Selling General And Administration
26.50
-28.42%
37.02
-5.04%
38.98
+0.23%
38.89
Selling And Marketing Expense
8.05
-40.39%
13.50
-10.64%
15.11
+20.51%
12.54
General And Administrative Expense
18.45
-21.55%
23.52
-1.50%
23.87
-9.41%
26.36
Salaries And Wages
—
—
0.11
-42.33%
0.19
Other Gand A
18.45
-21.55%
23.52
-1.50%
23.87
-9.41%
26.36
Total Expenses
179.15
-19.75%
223.22
-14.67%
261.59
+16.85%
223.88
Operating Income
-79.78
+48.03%
-153.49
+3.60%
-159.22
-12.11%
-142.02
Total Operating Income As Reported
-103.46
+43.56%
-183.30
-12.52%
-162.90
-12.09%
-145.33
EBITDA
-84.83
+72.57%
-309.29
-138.98%
-129.42
+10.92%
-145.29
Normalized EBITDA
-79.70
+45.59%
-146.48
+6.06%
-155.93
-11.34%
-140.05
Reconciled Depreciation
4.13
-65.53%
11.97
-11.49%
13.53
-1.79%
13.77
EBIT
-88.96
+72.31%
-321.26
-124.74%
-142.95
+10.13%
-159.06
Total Unusual Items
-5.13
+96.85%
-162.81
-714.05%
26.51
+605.80%
-5.24
Total Unusual Items Excluding Goodwill
-5.13
+96.85%
-162.81
-714.05%
26.51
+605.80%
-5.24
Special Income Charges
-31.84
+82.48%
-181.76
-3726.55%
-4.75
-38.93%
-3.42
Impairment Of Capital Assets
3.60
-97.63%
151.96
+15614.06%
0.97
+13714.29%
0.01
Restructuring And Mergern Acquisition
22.96
+34.71%
17.05
+646.00%
2.29
-31.57%
3.34
Write Off
5.35
-58.04%
12.76
+751.80%
1.50
+1952.05%
0.07
Net Income
-90.91
+71.96%
-324.25
-82.45%
-177.72
-2.43%
-173.49
Pretax Income
-90.86
+71.90%
-323.41
-124.51%
-144.05
+10.15%
-160.33
Net Non Operating Interest Income Expense
-1.23
+43.40%
-2.17
-78.42%
-1.21
+16.51%
-1.45
Interest Expense Non Operating
1.91
-11.23%
2.15
+94.21%
1.10
-12.65%
1.26
Net Interest Income
-1.23
+43.40%
-2.17
-78.42%
-1.21
+16.51%
-1.45
Interest Expense
1.91
-11.23%
2.15
+94.21%
1.10
-12.65%
1.26
Other Income Expense
-9.86
+94.12%
-167.75
-1123.92%
16.38
+197.18%
-16.86
Gain On Sale Of Security
26.70
+40.90%
18.95
-39.38%
31.26
+1814.98%
-1.82
Tax Provision
0.05
-57.85%
0.12
-23.42%
0.16
+276.19%
0.04
Tax Rate For Calcs
0.00
+0.00%
0.00
-62.50%
0.00
+52.61%
0.00
Tax Effect Of Unusual Items
-0.77
+96.85%
-24.42
-330.27%
10.61
+871.92%
-1.37
Net Income Including Noncontrolling Interests
-90.91
+71.96%
-324.25
-82.45%
-177.72
-2.43%
-173.49
Net Income From Continuing Operation Net Minority Interest
-90.91
+71.90%
-323.53
-124.35%
-144.21
+10.08%
-160.37
Net Income From Continuing And Discontinued Operation
-90.91
+71.96%
-324.25
-82.45%
-177.72
-2.43%
-173.49
Net Income Continuous Operations
-90.91
+71.90%
-323.53
-124.35%
-144.21
+10.08%
-160.37
Net Income Discontinuous Operations
0.00
+100.00%
-0.71
+97.87%
-33.51
-155.32%
-13.12
Normalized Income
-86.55
+53.25%
-185.14
-15.63%
-160.12
-2.31%
-156.50
Net Income Common Stockholders
-90.91
+71.96%
-324.25
-82.45%
-177.72
-2.43%
-173.49
Diluted EPS
-0.30
+72.22%
-1.08
-83.05%
-0.59
-1.72%
-0.58
Basic EPS
-0.30
+72.22%
-1.08
-83.05%
-0.59
-1.72%
-0.58
Basic Average Shares
303.00
+1.23%
299.31
+0.22%
298.66
-0.16%
299.14
Diluted Average Shares
303.00
+1.23%
299.31
+0.22%
298.66
-0.16%
299.14
Diluted NI Availto Com Stockholders
-90.91
+71.96%
-324.25
-82.45%
-177.72
-2.43%
-173.49
Earnings From Equity Interest
-4.73
+4.33%
-4.94
+51.23%
-10.13
+12.79%
-11.62
Gain On Sale Of PPE
0.07
0.00
—
—
Other Taxes
—
0.00
-100.00%
0.10
+0.00%
0.10
Total Other Finance Cost
-0.68
-3495.00%
0.02
-81.65%
0.11
-42.33%
0.19
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
682.39
-12.21%
777.31
-27.86%
1,077.54
-13.59%
1,247.08
Current Assets
601.43
-13.94%
698.88
-19.18%
864.74
-15.92%
1,028.51
Cash Cash Equivalents And Short Term Investments
531.25
-12.34%
606.05
-19.54%
753.24
-17.74%
915.74
Cash And Cash Equivalents
527.05
-12.73%
603.95
-19.59%
751.13
-17.80%
913.73
Other Short Term Investments
4.20
+99.71%
2.10
-0.43%
2.11
+5.07%
2.01
Receivables
24.20
-24.33%
31.98
-45.39%
58.56
+20.27%
48.70
Accounts Receivable
20.77
-14.13%
24.18
-35.49%
37.49
+45.24%
25.81
Gross Accounts Receivable
23.71
-19.56%
29.48
-24.73%
39.16
—
Allowance For Doubtful Accounts Receivable
-2.95
+44.33%
-5.29
-217.46%
-1.67
—
Other Receivables
3.44
-55.94%
7.80
-62.99%
21.07
-7.91%
22.88
Inventory
43.77
-22.42%
56.42
+22.99%
45.87
-20.98%
58.05
Raw Materials
18.51
+20.96%
15.31
+1.47%
15.09
-48.01%
29.02
Work In Process
4.79
-27.68%
6.62
-55.97%
15.04
-12.40%
17.17
Finished Goods
15.38
-42.92%
26.95
+275.95%
7.17
-15.68%
8.50
Prepaid Assets
—
—
—
6.02
Other Current Assets
2.21
-50.14%
4.43
-37.34%
7.06
+17.33%
6.02
Total Non Current Assets
80.95
+3.22%
78.43
-63.14%
212.80
-2.64%
218.57
Net PPE
32.20
+5.82%
30.42
-73.85%
116.33
+41.24%
82.36
Gross PPE
232.71
+3.40%
225.06
+10.76%
203.19
+28.87%
157.67
Accumulated Depreciation
-200.52
-3.02%
-194.64
-124.06%
-86.87
-15.35%
-75.31
Properties
0.00
0.00
0.00
0.00
Buildings And Improvements
—
0.00
-100.00%
0.94
0.00
Machinery Furniture Equipment
13.99
+2.45%
13.66
+26.97%
10.76
+9.94%
9.78
Other Properties
170.93
+4.38%
163.76
+11.96%
146.27
+33.72%
109.39
Leases
47.79
+0.30%
47.64
+5.34%
45.23
+17.49%
38.49
Goodwill And Other Intangible Assets
0.25
-85.89%
1.76
-95.78%
41.68
-40.01%
69.48
Goodwill
—
0.00
-100.00%
40.28
-37.33%
64.27
Other Intangible Assets
0.25
-85.89%
1.76
+24.96%
1.41
-73.03%
5.21
Investments And Advances
48.01
+4.92%
45.75
-15.66%
54.25
-18.25%
66.36
Long Term Equity Investment
0.00
-100.00%
8.24
-40.74%
13.90
-42.14%
24.03
Other Non Current Assets
0.51
+2.22%
0.49
-9.51%
0.55
+47.84%
0.37
Total Liabilities Net Minority Interest
92.46
-11.37%
104.32
+20.84%
86.33
-2.09%
88.17
Current Liabilities
60.99
-19.31%
75.59
+7.08%
70.59
-3.53%
73.17
Payables And Accrued Expenses
23.99
-20.17%
30.06
-11.77%
34.07
-0.60%
34.27
Payables
23.99
-20.17%
30.06
-11.77%
34.07
-0.60%
34.27
Accounts Payable
12.01
-2.38%
12.30
-10.38%
13.72
-32.86%
20.44
Other Payable
11.79
-31.11%
17.11
-11.04%
19.23
+45.19%
13.25
Employee Benefits
0.09
-12.24%
0.10
+120.63%
-0.47
-204.40%
0.46
Total Tax Payable
0.20
-69.09%
0.65
-41.66%
1.11
+89.25%
0.59
Current Debt And Capital Lease Obligation
3.41
+17.70%
2.90
-35.65%
4.50
+15.66%
3.90
Current Capital Lease Obligation
3.41
+17.70%
2.90
-35.65%
4.50
+15.66%
3.90
Current Deferred Liabilities
8.41
+26.57%
6.64
+44.79%
4.59
-42.86%
8.03
Current Deferred Revenue
8.41
+26.57%
6.64
+44.79%
4.59
-42.86%
8.03
Other Current Liabilities
4.79
-14.07%
5.58
-0.87%
5.63
-7.11%
6.06
Total Non Current Liabilities Net Minority Interest
31.46
+9.51%
28.73
+82.53%
15.74
+4.95%
15.00
Long Term Debt And Capital Lease Obligation
18.73
-10.80%
21.00
+56.76%
13.39
+13.15%
11.84
Long Term Capital Lease Obligation
18.73
-10.80%
21.00
+56.76%
13.39
+13.15%
11.84
Long Term Provisions
—
—
—
1.80
Non Current Pension And Other Postretirement Benefit Plans
0.09
-12.24%
0.10
+120.63%
-0.47
—
Non Current Deferred Liabilities
9.92
+96.07%
5.06
+942.89%
0.48
-46.23%
0.90
Non Current Deferred Revenue
9.92
+96.07%
5.06
+942.89%
0.48
-46.23%
0.90
Non Current Deferred Taxes Liabilities
—
—
—
0.00
Other Non Current Liabilities
2.73
+5.93%
2.58
+10.40%
2.34
+3.41%
2.26
Stockholders Equity
589.93
-12.34%
672.99
-32.10%
991.22
-14.47%
1,158.91
Common Stock Equity
589.93
-12.34%
672.99
-32.10%
991.22
-14.47%
1,158.91
Capital Stock
2,433.24
+0.19%
2,428.62
+0.12%
2,425.64
+0.22%
2,420.40
Common Stock
2,433.24
+0.19%
2,428.62
+0.12%
2,425.64
+0.22%
2,420.40
Share Issued
300.78
+0.45%
299.44
+0.17%
298.94
+0.18%
298.39
Ordinary Shares Number
300.78
+0.45%
299.44
+0.17%
298.94
+0.18%
298.39
Additional Paid In Capital
310.04
+0.02%
309.97
+1.28%
306.04
+1.75%
300.76
Retained Earnings
-2,151.75
-4.41%
-2,060.84
-18.61%
-1,737.51
-11.32%
-1,560.76
Gains Losses Not Affecting Retained Earnings
-1.60
+66.34%
-4.76
-60.87%
-2.96
-98.79%
-1.49
Total Equity Gross Minority Interest
589.93
-12.34%
672.99
-32.10%
991.22
-14.47%
1,158.91
Total Capitalization
589.93
-12.34%
672.99
-32.10%
991.22
-14.47%
1,158.91
Working Capital
540.44
-13.29%
623.29
-21.52%
794.15
-16.87%
955.34
Invested Capital
589.93
-12.34%
672.99
-32.10%
991.22
-14.47%
1,158.91
Total Debt
22.14
-7.34%
23.89
+33.50%
17.90
+13.78%
15.73
Capital Lease Obligations
22.14
-7.34%
23.89
+33.50%
17.90
+13.78%
15.73
Net Tangible Assets
589.68
-12.15%
671.23
-29.31%
949.53
-12.84%
1,089.43
Tangible Book Value
589.68
-12.15%
671.23
-29.31%
949.53
-12.84%
1,089.43
Current Provisions
20.39
-32.96%
30.41
+39.50%
21.80
+4.24%
20.91
Foreign Currency Translation Adjustments
-1.60
+66.34%
-4.76
-60.87%
-2.96
-98.79%
-1.49
Investmentin Financial Assets
48.01
+27.96%
37.52
-7.01%
40.34
-4.69%
42.33
Investmentsin Associatesat Cost
0.00
-100.00%
8.24
-40.74%
13.90
-42.14%
24.03
Investmentsin Joint Venturesat Cost
—
—
—
24.03
Other Inventories
5.08
-32.56%
7.54
-12.10%
8.57
+155.13%
3.36
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-56.17
+48.04%
-108.10
-3.37%
-104.57
+20.88%
-132.17
Cash Flow From Continuing Operating Activities
-56.17
+48.04%
-108.10
-3.37%
-104.57
+20.88%
-132.17
Net Income From Continuing Operations
-90.91
+71.96%
-324.25
-82.45%
-177.72
-2.43%
-173.49
Depreciation Amortization Depletion
4.13
-65.53%
11.97
-11.49%
13.53
-1.79%
13.77
Depreciation And Amortization
4.13
-65.53%
11.97
-11.49%
13.53
-1.79%
13.77
Other Non Cash Items
0.08
+123.14%
-0.36
-254.47%
0.23
+102.26%
-10.38
Pension And Employee Benefit Expense
-0.01
-300.00%
-0.00
-107.50%
0.04
-46.67%
0.07
Stock Based Compensation
6.34
-14.98%
7.46
-31.96%
10.96
+16.49%
9.41
Asset Impairment Charge
3.94
-97.70%
171.02
+291.01%
43.74
+112.22%
20.61
Deferred Tax
—
—
0.00
+100.00%
-3.58
Deferred Income Tax
—
—
0.00
+100.00%
-3.58
Operating Gains Losses
3.96
-34.41%
6.03
-32.02%
8.88
-29.31%
12.55
Gain Loss On Investment Securities
-0.69
-162.56%
1.09
+184.49%
-1.30
-250.35%
0.86
Unrealized Gain Loss On Investment Securities
-1.74
-111.79%
14.79
+14.66%
12.90
-23.58%
16.88
Gain Loss On Sale Of PPE
—
—
0.12
0.00
Change In Working Capital
18.05
+244.69%
5.24
+130.64%
-17.09
+4.77%
-17.94
Change In Receivables
6.05
-54.71%
13.35
+203.38%
-12.91
-338.47%
-2.94
Change In Inventory
10.07
+159.42%
-16.95
-1787.08%
-0.90
+91.94%
-11.14
Change In Prepaid Assets
2.89
+7.59%
2.69
+3438.16%
0.08
+104.56%
-1.67
Change In Payables And Accrued Expense
-8.33
-791.53%
1.20
+133.63%
-3.58
-398.61%
-0.72
Change In Payable
-8.33
-791.53%
1.20
+133.63%
-3.58
-398.61%
-0.72
Change In Other Working Capital
7.37
+49.11%
4.94
+2057.21%
0.23
+115.63%
-1.47
Investing Cash Flow
-20.94
+42.64%
-36.51
+32.75%
-54.28
+28.16%
-75.56
Cash Flow From Continuing Investing Activities
-20.94
+42.64%
-36.51
+32.75%
-54.28
+28.16%
-75.56
Net PPE Purchase And Sale
-9.84
+61.92%
-25.85
+37.28%
-41.21
-21.46%
-33.93
Purchase Of PPE
-9.84
+61.92%
-25.85
+37.28%
-41.21
-21.46%
-33.93
Capital Expenditure
-10.18
+63.14%
-27.62
+33.24%
-41.37
-19.97%
-34.48
Net Investment Purchase And Sale
-10.84
+9.35%
-11.96
-9.60%
-10.91
+35.45%
-16.90
Purchase Of Investment
-10.84
+9.35%
-11.96
-0.39%
-11.91
+33.51%
-17.91
Sale Of Investment
—
0.00
-100.00%
1.00
-0.99%
1.01
Net Business Purchase And Sale
0.00
+100.00%
-0.10
+95.00%
-2.00
+91.73%
-24.17
Purchase Of Business
0.00
+100.00%
-0.10
+95.00%
-2.00
+91.73%
-24.17
Net Intangibles Purchase And Sale
-0.34
+80.94%
-1.77
-1048.05%
-0.15
+72.00%
-0.55
Purchase Of Intangibles
-0.34
+80.94%
-1.77
-1048.05%
-0.15
+72.00%
-0.55
Net Other Investing Changes
0.08
-97.48%
3.17
—
—
Financing Cash Flow
-2.58
-68.89%
-1.53
+58.40%
-3.68
-52.87%
-2.41
Cash Flow From Continuing Financing Activities
-2.58
-68.89%
-1.53
+58.40%
-3.68
-52.87%
-2.41
Net Issuance Payments Of Debt
-3.04
+8.54%
-3.33
+17.09%
-4.01
-20.80%
-3.32
Repayment Of Debt
-3.04
+8.54%
-3.33
+17.09%
-4.01
-20.80%
-3.32
Long Term Debt Payments
-3.04
+8.54%
-3.33
+17.09%
-4.01
-20.80%
-3.32
Net Long Term Debt Issuance
-3.04
+8.54%
-3.33
+17.09%
-4.01
-20.80%
-3.32
Net Common Stock Issuance
—
—
—
0.00
Proceeds From Stock Option Exercised
0.46
+49.03%
0.31
-8.06%
0.34
-63.43%
0.92
Net Other Financing Charges
—
1.49
—
—
Changes In Cash
-79.69
+45.47%
-146.13
+10.09%
-162.53
+22.66%
-210.13
Effect Of Exchange Rate Changes
2.80
+366.79%
-1.05
-1335.62%
-0.07
-135.48%
-0.03
Beginning Cash Position
603.95
-19.59%
751.13
-17.80%
913.73
-18.70%
1,123.89
End Cash Position
527.05
-12.73%
603.95
-19.59%
751.13
-17.80%
913.73
Free Cash Flow
-66.35
+51.11%
-135.72
+7.00%
-145.94
+12.43%
-166.65
Common Stock Issuance
—
—
—
0.00
Earnings Losses From Equity Investments
4.73
-4.33%
4.94
-51.23%
10.13
-12.79%
11.62
Issuance Of Capital Stock
—
—
—
0.00
SEC Filings

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