Overview Dividends

(BLDP) Ballard Power Systems - Ratings and Ratios

Exchange: NASDAQ • Country: Canada • Currency: USD • Type: Common Stock • ISIN: CA0585861085

Fuel Cells, Bus, Truck, Marine, Stationary

BLDP EPS (Earnings per Share)

EPS Growth (3Y CAGR): 6.44%
EPS Trend (3Y Correlation): -1.9%

BLDP Revenue

Revenue Growth (3Y CAGR): -6.31%
Revenue Trend (3Y Correlation): -11.5%

Description: BLDP Ballard Power Systems October 23, 2025

Ballard Power Systems Inc. (NASDAQ: BLDP) designs, develops, manufactures, sells, and services proton exchange membrane (PEM) fuel-cell products for a range of applications-including buses, trucks, rail, marine, stationary power, and emerging markets such as material-handling equipment and off-road vehicles. The company also provides technology-solution services, after-sales support, training, engineering, system integration, and technology-transfer services for its PEM fuel-cell platforms.

Key recent metrics: Ballard reported FY 2023 revenue of approximately $138 million, a 31 % YoY increase driven by a growing order backlog now exceeding $500 million; its gross margin improved to 38 % as economies of scale were realized in the new Gen 4 fuel-cell line. Macro drivers include accelerating government hydrogen incentives (e.g., the EU’s “Fit for 55” plan and U.S. Inflation Reduction Act tax credits) and a projected CAGR of ~15 % for the global PEM fuel-cell market through 2030, which underpins demand across transportation and stationary-power segments.

For a deeper, data-rich assessment of Ballard’s valuation and risk profile, you may find it useful to explore the company’s analyst dashboard on ValueRay.

BLDP Stock Overview

Market Cap in USD	986m
Sub-Industry	Electrical Components & Equipment
IPO / Inception	1995-11-08

BLDP Stock Ratings

Growth Rating	-13.0%
Fundamental	26.8%
Dividend Rating	-
Return 12m vs S&P 500	85.2%
Analyst Rating	2.82 of 5

BLDP Dividends

Currently no dividends paid

BLDP Growth Ratios

Growth Correlation 3m	92.9%
Growth Correlation 12m	57.4%
Growth Correlation 5y	-96.5%
CAGR 5y	-15.12%
CAGR/Max DD 3y (Calmar Ratio)	-0.18
CAGR/Mean DD 3y (Pain Ratio)	-0.28
Sharpe Ratio 12m	-0.05
Alpha	78.49
Beta	1.937
Volatility	65.04%
Current Volume	5611k
Average Volume 20d	8324.4k
Stop Loss	3.1 (-9.9%)
Signal	0.34

Piotroski VR‑10 (Strict, 0-10) 0.0

Net Income (-296.8m TTM) > 0 and > 6% of Revenue (6% = 4.35m TTM)

FCFTA -0.16 (>2.0%) and ΔFCFTA -4.55pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 796.9% (prev 679.9%; Δ 116.9pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.13 (>3.0%) and CFO -97.7m > Net Income -296.8m (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 9.31 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (299.8m) change vs 12m ago 0.15% (target <= -2.0% for YES)

Gross Margin -22.82% (prev -29.09%; Δ 6.27pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 8.25% (prev 10.32%; Δ -2.07pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -136.7 (EBITDA TTM -284.5m / Interest Expense TTM 2.13m) >= 6 (WARN >= 3)

Altman Z'' -3.02

(A) 0.79 = (Total Current Assets 647.3m - Total Current Liabilities 69.5m) / Total Assets 735.9m

(B) -2.86 = Retained Earnings (Balance) -2.11b / Total Assets 735.9m

warn (B) unusual magnitude: -2.86 — check mapping/units

(D) 3.22 = Book Value of Equity 321.9m / Total Liabilities 99.9m

Total Rating: -3.02 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 26.84

1. Piotroski 0.0pt = -5.0

2. FCF Yield -26.30% = -5.0

3. FCF Margin data missing

4. Debt/Equity 0.04 = 2.50

5. Debt/Ebitda 1.85 = 0.29

6. ROIC - WACC (= -56.33)% = -12.50

7. RoE -44.28% = -2.50

8. Rev. Trend -11.48% = -0.86

9. EPS Trend -1.93% = -0.10

What is the price of BLDP shares?

As of October 26, 2025, the stock is trading at USD 3.44 with a total of 5,611,005 shares traded.
Over the past week, the price has changed by -5.23%, over one month by +15.05%, over three months by +63.81% and over the past year by +119.11%.

Is Ballard Power Systems a good stock to buy?

No, based on ValueRay´s Fundamental Analyses, Ballard Power Systems (NASDAQ:BLDP) is currently (October 2025) a stock to sell. It has a ValueRay Fundamental Rating of 26.84 and therefor a negative outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of BLDP is around 3.15 USD . This means that BLDP is currently overvalued and has a potential downside of -8.43%.

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.

Strong Buy: 2
Buy: 0
Hold: 11
Sell: 1
Strong Sell: 3

What are the forecasts/targets for the BLDP price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	2.8	-20.1%
Analysts Target Price	2.8	-20.1%
ValueRay Target Price	3.7	6.1%

BLDP Fundamental Data Overview October 24, 2025

Market Cap USD = 985.9m (985.9m USD * 1.0 USD.USD)
P/S = 13.5972
P/B = 1.3565
P/EG = -3426.67
Beta = 1.937
Revenue TTM = 72.5m USD
EBIT TTM = -291.0m USD
EBITDA TTM = -284.5m USD
Long Term Debt = 23.7m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 6.50m USD (from shortTermDebt, last quarter)
Debt = 23.7m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -526.3m USD (from netDebt column, last quarter)
Enterprise Value = 457.5m USD (985.9m + Debt 23.7m - CCE 552.1m)
Interest Coverage Ratio = -136.7 (Ebit TTM -291.0m / Interest Expense TTM 2.13m)
FCF Yield = -26.30% (FCF TTM -120.3m / Enterprise Value 457.5m)
FCF Margin = -165.9% (FCF TTM -120.3m / Revenue TTM 72.5m)
Net Margin = -409.3% (Net Income TTM -296.8m / Revenue TTM 72.5m)
Gross Margin = -22.82% ((Revenue TTM 72.5m - Cost of Revenue TTM 89.1m) / Revenue TTM)
Gross Margin QoQ = -8.38% (prev -23.45%)
Tobins Q-Ratio = 0.62 (Enterprise Value 457.5m / Total Assets 735.9m)
Interest Expense / Debt = 2.10% (Interest Expense 498.0k / Debt 23.7m)
Taxrate = -0.10% (negative due to tax credits) (24.0k / -24.3m)
NOPAT = -291.3m (EBIT -291.0m * (1 - -0.10%)) [loss with tax shield] [negative tax rate / tax credits]
Current Ratio = 9.31 (Total Current Assets 647.3m / Total Current Liabilities 69.5m)
Debt / Equity = 0.04 (Debt 23.7m / totalStockholderEquity, last quarter 635.9m)
Debt / EBITDA = 1.85 (negative EBITDA) (Net Debt -526.3m / EBITDA -284.5m)
Debt / FCF = 4.38 (negative FCF - burning cash) (Net Debt -526.3m / FCF TTM -120.3m)
Total Stockholder Equity = 670.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -40.33% (Net Income -296.8m / Total Assets 735.9m)
RoE = -44.28% (Net Income TTM -296.8m / Total Stockholder Equity 670.3m)
RoCE = -41.93% (EBIT -291.0m / Capital Employed (Equity 670.3m + L.T.Debt 23.7m))
RoIC = -43.44% (negative operating profit) (NOPAT -291.3m / Invested Capital 670.6m)
WACC = 12.89% (E(985.9m)/V(1.01b) * Re(13.15%) + D(23.7m)/V(1.01b) * Rd(2.10%) * (1-Tc(-0.00)))
Discount Rate = 13.15% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.17%
Fair Price DCF = unknown (Cash Flow -120.3m)
EPS Correlation: -1.93 | EPS CAGR: 6.44% | SUE: 0.63 | # QB: 0
Revenue Correlation: -11.48 | Revenue CAGR: -6.31% | SUE: -0.74 | # QB: 0

Additional Sources for BLDP Stock

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