(BLDP) Ballard Power Systems - Overview

Sector: Industrials | Industry: Electrical Equipment & Parts | Exchange: NASDAQ (USA) | Market Cap: 725m USD | Total Return: 127.5% in 12m

Stock Fuel Cells, Power Systems, Technology
Total Rating 36
Safety 37
Buy Signal -0.48
Electrical Equipment & Parts +3.0
Electrical Components & Equipment +0.2
Market Cap: 725m
Avg Trading Vol: 7.35M USD
ATR: 6.66%
Peers RS (IBD): 53.0
Risk 5d forecast
Volatility66.5%
Rel. Tail Risk-11.4%
Reward TTM
Sharpe Ratio1.40
Alpha85.08
Character TTM
Beta1.624
Beta Downside1.637
Drawdowns 3y
Max DD80.90%
CAGR/Max DD-0.29
EPS (Earnings per Share) EPS (Earnings per Share) of BLDP over the last years for every Quarter: "2021-03": -0.06, "2021-06": -0.07, "2021-09": -0.1, "2021-12": -0.15, "2022-03": -0.14, "2022-06": -0.19, "2022-09": -0.14, "2022-12": -0.11, "2023-03": -0.11, "2023-06": -0.1, "2023-09": -0.21, "2023-12": -0.16, "2024-03": -0.14, "2024-06": -0.15, "2024-09": -0.6847, "2024-12": -0.2706, "2025-03": -0.0967, "2025-06": -0.08, "2025-09": -0.09, "2025-12": -0.0427, "2026-03": 0,
EPS CAGR: 8.85%
EPS Trend: 13.9%
Last SUE: 0.31
Qual. Beats: 0
Revenue Revenue of BLDP over the last years for every Quarter: 2021-03: 17.619, 2021-06: 24.961, 2021-09: 25.22, 2021-12: 36.705, 2022-03: 21.047, 2022-06: 20.932, 2022-09: 21.343, 2022-12: 20.464, 2023-03: 13.243, 2023-06: 15.314, 2023-09: 27.06, 2023-12: 47.415237, 2024-03: 14.452, 2024-06: 16.003, 2024-09: 14.756, 2024-12: 24.52, 2025-03: 15.389, 2025-06: 17.842, 2025-09: 32.501, 2025-12: 34.155058, 2026-03: null,
Rev. CAGR: 13.78%
Rev. Trend: 18.0%
Last SUE: 0.37
Qual. Beats: 0
Risks
Technicals: volatile
Description: BLDP Ballard Power Systems

Ballard Power Systems Inc. designs, develops, manufactures, sells, and services proton exchange membrane (PEM) fuel cell products. These products are utilized across various sectors, including heavy-duty motive (bus, truck, rail, marine), stationary power, and emerging markets like material handling.

The companys business model includes the sale of fuel cell products, technology solutions, after-sales support, training, and engineering services. This comprehensive approach supports the adoption and integration of PEM fuel cell technology.

Ballard Power Systems operates globally, with a significant presence in North America, Europe, and Asia. The fuel cell sector is characterized by ongoing innovation in hydrogen-based energy solutions.

For more detailed financial and operational data, ValueRay offers in-depth company analyses.

Headlines to Watch Out For
  • Bus and truck fuel cell demand drives revenue growth
  • Government subsidies impact fuel cell adoption rates
  • Raw material costs affect manufacturing profitability
  • Competition from battery electric vehicles intensifies
  • Global economic slowdown reduces industrial demand
Piotroski VR‑10 (Strict) 1.0
Net Income: -91.2m TTM > 0 and > 6% of Revenue
FCF/TA: -0.10 > 0.02 and ΔFCF/TA 7.75 > 1.0
NWC/Revenue: 540.1% < 20% (prev 893.9%; Δ -353.8% < -1%)
CFO/TA -0.08 > 3% & CFO -55.9m > Net Income -91.2m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 9.86 > 1.5 & < 3
Outstanding Shares: last quarter (291.5m) vs 12m ago -2.64% < -2%
Gross Margin: 4.35% > 18% (prev -0.32%; Δ 466.3% > 0.5%)
Asset Turnover: 13.70% > 50% (prev 8.97%; Δ 4.73% > 0%)
Interest Coverage Ratio: -43.84 > 6 (EBITDA TTM -80.3m / Interest Expense TTM 1.92m)
Altman Z'' -2.68
A: 0.79 (Total Current Assets 600.3m - Total Current Liabilities 60.9m) / Total Assets 681.1m
B: -3.15 (Retained Earnings -2.15b / Total Assets 681.1m)
C: -0.12 (EBIT TTM -84.4m / Avg Total Assets 729.2m)
D: 3.03 (Book Value of Equity 279.4m / Total Liabilities 92.3m)
Altman-Z'' Score: -2.68 = D
Beneish M -3.07
DSRI: 0.53 (Receivables 24.2m/32.0m, Revenue 99.9m/69.7m)
GMI: 1.00 (fallback, negative margins)
AQI: 1.16 (AQ_t 0.07 / AQ_t-1 0.06)
SGI: 1.43 (Revenue 99.9m / 69.7m)
TATA: -0.05 (NI -91.2m - CFO -55.9m) / TA 681.1m)
Beneish M-Score: -3.07 (Cap -4..+1) = AA
What is the price of BLDP shares? As of April 05, 2026, the stock is trading at USD 2.42 with a total of 2,482,924 shares traded.
Over the past week, the price has changed by +3.98%, over one month by +19.81%, over three months by -10.14% and over the past year by +127.52%.
Is BLDP a buy, sell or hold? Ballard Power Systems has received a consensus analysts rating of 2.82. Therefor, it is recommend to hold BLDP.
  • StrongBuy: 2
  • Buy: 0
  • Hold: 11
  • Sell: 1
  • StrongSell: 3
What are the forecasts/targets for the BLDP price?
Wallstreet Target Price 3.2 31.8%
Analysts Target Price 3.2 31.8%
BLDP Fundamental Data Overview as of 02 April 2026
P/E Forward = 98.0392
P/S = 7.298
P/B = 1.2344
P/EG = 3.517
Revenue TTM = 99.9m USD
EBIT TTM = -84.4m USD
EBITDA TTM = -80.3m USD
Long Term Debt = 22.1m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 3.41m USD (from shortTermDebt, last quarter)
Debt = 22.1m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -504.0m USD (from netDebt column, last quarter)
Enterprise Value = 217.0m USD (725.2m + Debt 22.1m - CCE 530.3m)
Interest Coverage Ratio = -43.84 (Ebit TTM -84.4m / Interest Expense TTM 1.92m)
EV/FCF = -3.28x (Enterprise Value 217.0m / FCF TTM -66.2m)
FCF Yield = -30.49% (FCF TTM -66.2m / Enterprise Value 217.0m)
FCF Margin = -66.24% (FCF TTM -66.2m / Revenue TTM 99.9m)
Net Margin = -91.26% (Net Income TTM -91.2m / Revenue TTM 99.9m)
Gross Margin = 4.35% ((Revenue TTM 99.9m - Cost of Revenue TTM 95.5m) / Revenue TTM)
Gross Margin QoQ = 13.13% (prev 15.27%)
Tobins Q-Ratio = 0.32 (Enterprise Value 217.0m / Total Assets 681.1m)
Interest Expense / Debt = 2.07% (Interest Expense 458k / Debt 22.1m)
Taxrate = 21.0% (US default 21%)
NOPAT = -66.7m (EBIT -84.4m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 9.86 (Total Current Assets 600.3m / Total Current Liabilities 60.9m)
Debt / Equity = 0.04 (Debt 22.1m / totalStockholderEquity, last quarter 588.9m)
 Debt / EBITDA = 6.27 (negative EBITDA) (Net Debt -504.0m / EBITDA -80.3m)
 Debt / FCF = 7.62 (negative FCF - burning cash) (Net Debt -504.0m / FCF TTM -66.2m)
 Total Stockholder Equity = 621.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -12.50% (Net Income -91.2m / Total Assets 681.1m)
RoE = -14.67% (Net Income TTM -91.2m / Total Stockholder Equity 621.4m)
RoCE = -13.11% (EBIT -84.4m / Capital Employed (Equity 621.4m + L.T.Debt 22.1m))
 RoIC = -10.72% (negative operating profit) (NOPAT -66.7m / Invested Capital 621.6m)
 WACC = 11.40% (E(725.2m)/V(747.3m) * Re(11.70%) + D(22.1m)/V(747.3m) * Rd(2.07%) * (1-Tc(0.21)))
Discount Rate = 11.70% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -1.23%
 [DCF] Fair Price = unknown (Cash Flow -66.2m)
 EPS Correlation: 13.92 | EPS CAGR: 8.85% | SUE: 0.31 | # QB: 0
Revenue Correlation: 17.97 | Revenue CAGR: 13.78% | SUE: 0.37 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.06 | Chg7d=+0.003 | Chg30d=+0.005 | Revisions Net=+0 | Analysts=6
EPS current Year (2026-12-31): EPS=-0.22 | Chg7d=+0.044 | Chg30d=+0.042 | Revisions Net=+3 | Growth EPS=+22.4% | Growth Revenue=+13.1%
EPS next Year (2027-12-31): EPS=-0.16 | Chg7d=+0.063 | Chg30d=+0.063 | Revisions Net=+1 | Growth EPS=+27.7% | Growth Revenue=+28.3%
[Analyst] Revisions Ratio: +0.00 (1 Up / 1 Down within 30d for Next Quarter)
External Resources
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