Ballard Power Systems Inc BLDP

IndustrialsRenewable EnergyCanada

Last close 2.11 CAD on Nov 2, 2026, −39.7% year to date

Quant rating

Quant rating D Rank 48 of 53 in Industrials

Growth B 15 of 53
Valuation D 52 of 53
Quality D 51 of 53
Revisions A 1 of 53
Momentum D 53 of 53

Wall Street consensus Hold (3.00)Average target 6.30 CAD +198.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 741M
Enterprise value: 63M
52-week range: 2.00 – 9.08
3-year range: 1.45 – 9.08
Dividend yield: –
Beta (5 years): 1.72
Shares outstanding: 351M
Next earnings: Nov 16, 2026

About the company

Ballard Power Systems Inc. is zero-emission hydrogen energy solutions and an integrated energy-as-a-service (EaaS) provider. Together, with its wholly owned subsidiary, GeoPura Ltd., the Company delivers turnkey, vertically integrated hydrogen ecosystem solutions spanning hydrogen production, logistics, refueling, zero-emission fuel cell engines, and stationary hydrogen power units. The Company powers critical off-grid, stationary applications, including construction, events, film sets, healthcare, defense, temporary power infrastructure, and supplies fuel cell engines for heavy-duty mobility applications such as bus, rail, and marine. The Company with an EaaS model, combined with cutting-edge technology across the hydrogen value chain, Ballard decarbonizes mission-critical operations worldwide. Its products include FCmove, FCwave, FCgen, and HPU. The FCmove range of fuel cell modules offers a compact, fully integrated fuel cell engine solution with low total life cycle cost.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	136	100	136	111	132	–
Revenue growth	36.0%	−26.0%	22.2%	−16.0%	−0.2%	0.6%
EPS (basic, normalized)	−0.41	−1.56	−0.80	−0.78	−0.50	–
EPS growth	–	–	–	–	–	–
Gross margin	5.5%	−31.5%	−21.3%	−16.3%	13.4%	−10.0%
Net margin	−91.5%	−464.0%	−140.9%	−195.9%	−109.5%	−200.3%
ROE	−14.4%	−38.9%	−13.4%	−12.9%	−10.3%	−18.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	717
Current ratio	11.19x
Long-term debt (mil)	23.1
Net debt (mil)	−689
Total equity (mil)	795
Net debt / equity	−0.87x
Net debt / EBITDA	5.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	136	+36.0%	0.5x	−138	+45.4%	−0.5x	−0.41	+73.8%	−5.2x
2026	156	+14.4%	0.4x	−58.1	+57.8%	−1.1x	−0.23	+43.5%	−9.1x
2027	214	+37.4%	0.3x	−32.3	+44.4%	−1.9x	−0.12	+47.6%	−17.4x
2028	262	+22.4%	0.2x	−0.2	+99.4%	−317.9x	−0.04	+64.5%	−49.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	156	+5.8%	+1.2%	−3.6%	−0.23	+2.5%	−1.9%	+4.6%
2027	214	+7.4%	+7.7%	+13.6%	−0.12	+24.6%	+30.6%	+42.7%
2028	262	+27.6%	+32.3%	+22.4%	−0.04	+65.0%	+71.8%	+76.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	14.5	16.0	14.8	24.5	15.4	17.8	32.5	33.6	19.4	20.6
Sales mean (mil)	16.6	18.6	23.6	30.4	16.7	17.6	23.8	31.2	20.2	25.2
Surprise	−13.2%	−14.1%	−37.4%	−19.4%	−7.7%	+0.9%	+36.7%	+7.7%	−4.0%	−18.3%
EPS reported	−0.14	−0.11	−0.68	−0.15	−0.07	−0.08	−0.09	−0.06	−0.04	−0.07
EPS mean	−0.14	−0.13	−0.13	−0.13	−0.10	−0.10	−0.11	−0.08	−0.06	−0.04
Surprise	+1.7%	+17.0%	−423.1%	−16.4%	+32.7%	+17.0%	+18.4%	+23.8%	+27.7%	−60.7%

Peer comparison Renewable Energy

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BLDP Ballard Power Systems Inc	741M	5.01x	−91.5%	0.81x	−9.1x	−17.4x	−1.1x	−1.9x
PLUG Plug Power Inc.	2.6B	−1.05x	−229.8%	3.15x	−3.8x	−8.5x	−13.2x	−29.7x
FCEL Fuelcell Energy Inc	1.2B	5.87x	−120.8%	0.81x	−3.8x	−8.9x	−4.7x	−12.8x
CWR Ceres Power Holdings PLC	1.0B	–	−145.7%	2.92x	−73.1x	9,064.0x	−94.3x	116.4x
F3CG SFC Energy AG	483M	−1.52x	−0.4%	2.10x	19.3x	15.5x	7.8x	7.7x
HPOW H-Power PLC	171M	–	−17,756.0%	2.89x	−6.7x	−5.8x	−7.0x	−6.2x
Mean		2.08x	−3,057.4%	2.11x	−12.9x	1,506.5x	−18.8x	12.2x
Median		1.98x	−133.2%	2.50x	−5.3x	−7.1x	−5.9x	−4.1x

Technical analysis

1M−27.7%
3M−43.4%
1Y−57.7%
3Y−56.4%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Ballard Power Systems Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	136	100	136	111	132	132
Cost of revenue	129	132	165	129	114	106
Gross profit	7.5	−31.6	−28.9	−18.0	17.7	26.7
Selling, general & administrative expenses	37.1	67.9	52.7	49.0	44.8	30.9
Research & development	77.5	128	122	115	73.4	41.1
Depreciation/amortization	4.3	10.1	11.3	9.2	7.4	5.6
Interest expense (income), operating	−0.9	1.6	−1.7	1.2	0.7	−0.3
Unusual expense (income)	42.8	243	4.3	4.5	3.2	0.1
Other operating expenses	0	0	0	0	0	0
Operating income	−153	−482	−217	−197	−112	−50.6
Net interest income (expense)	27.5	17.1	26.5	−19.9	−29.9	−9.9
Gain (loss) on sale of assets	0.1	–	–	–	–	0
Other non-operating income (expense)	0.9	0	−0.3	−0.4	−3.2	−2.3
Net income before taxes	−125	−465	−191	−217	−145	−62.8
Provision for taxes	0.1	0.2	0.2	0.1	−0.3	0.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−125	−465	−191	−217	−145	−63.0
Extraordinary items	0	−1.0	−44.4	−17.8	0.2	−2.4
Net income	−125	−466	−235	−235	−144	−65.4
EBIT, normalized	−111	−237	−214	−191	−108	−51.0
EBITDA, normalized	−106	−220	−197	−173	−95.5	−40.8
Basic EPS, normalized	−0.41	−1.56	−0.80	−0.78	−0.50	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Ballard Power Systems Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	729	872	998	1,241	1,424	974
Receivables	33.2	46.0	77.6	66.0	58.6	72.3
Total inventory	60.1	81.1	60.8	78.7	65.1	36.3
Prepaid expenses	3.0	6.4	9.4	8.2	5.5	4.5
Other current assets	0	0	0	0	0	0
Total current assets	825	1,005	1,145	1,394	1,553	1,088
Property, plant & equipment	44.2	43.7	154	112	70.8	62.8
Goodwill	–	0	53.3	87.1	81.2	51.3
Intangibles	0.3	2.5	1.9	7.1	26.3	4.8
Long-term investments	65.9	65.8	71.8	89.9	88.8	35.1
Note receivable	–	–	–	–	–	–
Other long-term assets	0.7	0.7	0.7	0.5	0.4	0.4
Total assets	937	1,118	1,427	1,690	1,820	1,242
Liabilities
Accounts payable	16.5	17.7	18.2	27.7	17.3	11.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	16.2	24.6	25.5	17.9	20.0	18.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.7	4.2	6.0	5.3	4.1	3.4
Other current liabilities	46.4	62.2	43.9	48.2	63.7	33.0
Total current liabilities	83.7	109	93.5	99.1	105	66.3
Long-term debt	25.7	30.2	17.7	16.0	17.5	19.3
Minority interest	–	–	–	–	–	–
Other liabilities	17.5	11.1	3.1	4.3	19.8	9.5
Total liabilities	127	150	114	119	142	95.1
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,339	3,492	3,213	3,279	3,053	2,399
Additional paid-in capital	426	446	405	408	376	370
Retained earnings (accumulated deficit)	−2,953	−2,963	−2,301	−2,115	−1,753	−1,624
Treasury stock	–	–	–	–	–	–
Other equity	−2.2	−6.9	−3.9	−2.0	2.2	1.2
Total equity	810	968	1,313	1,570	1,678	1,147
Total liabilities & shareholders' equity	937	1,118	1,427	1,690	1,820	1,242

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Ballard Power Systems Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−125	−466	−235	−235	−144	−65.4
Depreciation, depletion & amortization	5.7	17.2	17.9	18.1	12.3	9.6
Deferred taxes	–	–	0	−4.8	−0.4	–
Non-cash items	17.3	286	102	56.9	34.0	22.9
Changes in working capital	24.8	7.5	−22.6	−14.1	−3.3	−21.8
Cash from operations	−77.1	−155	−139	−179	−102	−54.7
Investing activities
Capital expenditures	−14.0	−39.7	−54.8	−46.7	−18.6	−16.4
Other investing cash flows	−14.8	−12.8	−17.1	−55.7	−89.6	−29.9
Cash from investing	−28.7	−52.5	−71.9	−102	−108	−46.3
Financing activities
Financing cash flow items	0	2.1	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3.5	−4.3	−4.9	−3.3	666	887
Cash from financing	−3.5	−2.2	−4.9	−3.3	666	887
Foreign exchange effects	3.8	−1.5	−0.1	0	−0.4	−2.0
Net change in cash	−106	−212	−215	−285	455	784
Free cash flow	−91.1	−195	−193	−226	−120	−71.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.