Industrials · Industrial - Machinery
Price
$3.62
Market Cap
$1.1B
Employees
887
Beta
1.90
Avg Volume
8,158,711
CEO
Marty T. Neese
Business Description
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.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-11.68
Stock Price: $3.62
EPS (Diluted): -0.31
EPS (Diluted): -0.31
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.31
Stock Price: $3.62
Total Equity: $588.86M
Shares: 302,990,000
Total Equity: $588.86M
Shares: 302,990,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-7.91
Market Cap: $1.09B
Total Debt: $3.41M
Cash: $526.09M
EBITDA: -$77.38M
Total Debt: $3.41M
Cash: $526.09M
EBITDA: -$77.38M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$265.6M
Market Cap: $1.09B
Total Debt: $3.41M
Cash: $526.09M
Total Debt: $3.41M
Cash: $526.09M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
7.61
Stock Price: $3.62
Revenue: $101.14M
Shares: 302,990,000
Revenue: $101.14M
Shares: 302,990,000
EV/Sales (Total value vs revenue — works when P/E can't)
API2.63
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
2.4%
Gross Profit: $2.40M
Revenue: $101.14M
Revenue: $101.14M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-80.6%
Operating Income: -$81.51M
Revenue: $101.14M
Revenue: $101.14M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-91.4%
Net Income: -$92.49M
Revenue: $101.14M
Revenue: $101.14M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-13.5%
Net Income: -$92.49M
Total Equity: $588.86M
Total Equity: $588.86M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-14.4%
Operating Income: -$81.51M
Tax Rate: -0.1%
Equity: $588.86M
Total Debt: $3.41M
Cash: $526.09M
Tax Rate: -0.1%
Equity: $588.86M
Total Debt: $3.41M
Cash: $526.09M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
9.86
Current Assets: $600.34M
Current Liabilities: $60.88M
Current Liabilities: $60.88M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.01
Short-Term Debt: $3.41M
Long-Term Debt: $0.00
Total Debt: $3.41M
Total Equity: $588.86M
Long-Term Debt: $0.00
Total Debt: $3.41M
Total Equity: $588.86M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$0.33
Revenue: $101.14M
Shares: 302,990,000
Shares: 302,990,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$1.94
Total Equity: $588.86M
Shares: 302,990,000
Shares: 302,990,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.22
Operating CF: -$57.15M
CapEx: -$10.02M
Shares: 302,990,000
CapEx: -$10.02M
Shares: 302,990,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $3.62
Stock Price: $3.62
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$92.49M
Net Income: -$92.49M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares BLDP against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 25, 2026 2:03pm (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $104.5M | $83.8M | $102.4M | $69.7M | $101.1M |
| Cost of Revenue | $90.5M | $96.9M | $124.2M | $91.7M | $98.7M |
| Gross Profit | $14.0M | -$13.1M | -$21.8M | -$22.0M | $2.4M |
| Operating Expenses | $102.0M | $145.8M | $141.1M | $161.3M | $83.9M |
| Operating Income | -$88.0M | -$158.9M | -$162.9M | -$183.3M | -$81.5M |
| Net Income | -$114.4M | -$173.5M | -$177.7M | -$324.2M | -$92.5M |
| EBITDA | -$86.7M | -$145.1M | -$122.3M | -$309.3M | -$77.4M |
| EPS | $-0.39 | $-0.58 | $-0.61 | $-1.08 | $-0.31 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 25, 2026 2:03pm (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.1B | $913.7M | $751.1M | $603.9M | $526.1M |
| Total Current Assets | $1.2B | $1.0B | $864.7M | $698.9M | $600.3M |
| Total Assets | $1.4B | $1.2B | $1.1B | $777.3M | $681.1M |
| Current Liabilities | $83.0M | $73.2M | $70.6M | $75.6M | $60.9M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $112.6M | $88.2M | $86.3M | $104.3M | $92.3M |
| Total Equity | $1.3B | $1.2B | $991.2M | $673.0M | $588.9M |
| Retained Earnings | -$1.4B | -$1.6B | -$1.7B | -$2.1B | -$2.1B |
Cash Flow (Annual)
Last updated: Jun 25, 2026 2:03pm (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$80.5M | -$132.2M | -$104.6M | -$108.1M | -$57.2M |
| Capital Expenditure | -$14.7M | -$34.5M | -$41.4M | -$27.6M | -$10.0M |
| Free Cash Flow | -$95.2M | -$166.7M | -$145.9M | -$135.7M | -$67.2M |
| Acquisitions (net) | -$19.5M | -$24.2M | -$2.0M | $-100,000 | $81,400 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $360.5M | -$210.2M | -$162.6M | -$147.2M | -$77.5M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 7:12am (1h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$148.8M $124.5M – $167.3M
|
$152.8M $149.9M – $155.6M
|
$164.3M $134.6M – $194.5M
|
$253.3M $207.5M – $299.9M
|
| EBITDA |
-$136.8M -$153.8M – -$114.4M
|
-$140.4M -$143.0M – -$137.8M
|
-$150.9M -$178.7M – -$123.6M
|
-$232.8M -$275.5M – -$190.6M
|
| Net Income |
-$37.3M -$45.2M – -$29.4M
|
-$37.8M -$55.0M – -$23.0M
|
-$60.6M -$75.1M – -$46.4M
|
-$29.4M -$36.4M – -$22.5M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 25, 2026 2:03pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -19.8% | +22.2% | -31.9% | +45.0% |
| Gross Profit Growth | -193.3% | -66.9% | -0.7% | +110.9% |
| Operating Income Growth | -80.6% | -2.5% | -12.5% | +55.5% |
| Net Income Growth | -51.7% | -2.4% | -82.5% | +71.5% |
| EBITDA Growth | -67.4% | +15.7% | -153.0% | +75.0% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for BLDP — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30