BLDP Stock Analysis: Ballard Power Systems | NASDAQ
Electrical Equipment & Parts | NASDAQ, USA | Market Cap: 678m USD | 12M Return: 26.5% | CA0585861085 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 6.33M
Qual. Beats: 0
Rev. Trend: 13.6%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Ballard Power Systems (NASDAQ: BLDP) is a Canadian company founded in 1979 and headquartered in Burnaby, Canada, that designs, develops, manufactures, sells, and services proton exchange membrane (PEM) fuel cell products. PEM fuel cells generate electricity through a chemical reaction between hydrogen and oxygen, producing only water and heat as emissions, and are considered a key technology in the broader clean energy and hydrogen economy.
The companys products target heavy-duty and industrial mobility applications, including buses, trucks, rail, marine, and stationary power, as well as emerging segments such as material handling and off-road equipment. Ballards revenue model is based on both hardware sales and recurring service revenue streams, including technology solutions, after-sales support, training, and engineering and technology transfer services to OEM partners.
Ballard operates internationally, with a presence in the United States, Canada, Poland, Germany, the United Kingdom, France, Spain, the Netherlands, Denmark, Egypt, and China. Listed on NASDAQ since 1995 and classified under the GICS Electrical Components & Equipment sub-industry, the company sits within the Industrials sector alongside other power and electrification technology providers.
- China heavy-duty fuel cell orders drive revenue growth
- Persistent cash burn triggers dilutive equity offerings
- Hydrogen subsidies and IRA tax credits expand order pipeline
- Plug Power and battery EVs pressure fuel cell market share
| Net Income: -76.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.06 > 0.02 and ΔFCF/TA 10.59 > 1.0 |
| NWC/Revenue: 490.6% < 20% (prev 796.9%; Δ -306.3% < -1%) |
| CFO/TA -0.05 > 3% & CFO -30.4m > Net Income -76.8m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 11.19 > 1.5 & < 3 |
| Outstanding Shares: last quarter (301.5m) vs 12m ago 0.55% < -2% |
| Gross Margin: 16.38% > 18% (prev -22.82%; Δ 39.20% > 0.5%) |
| Asset Turnover: 15.32% > 50% (prev 9.85%; Δ 5.47% > 0%) |
| Interest Coverage Ratio: -38.78 > 6 (EBIT TTM -68.1m / Interest Expense TTM 1.76m) |
| A: 0.81 (Total Current Assets 569.1m - Total Current Liabilities 50.9m) / Total Assets 643.1m |
| B: -3.39 (Retained Earnings -2.18b / Total Assets 643.1m) |
| C: -0.10 (EBIT TTM -68.1m / Avg Total Assets 689.5m) |
| D: 6.65 (Book Value of Equity 559.1m / Total Liabilities 84.1m) |
| Altman-Z'' = 0.55 = B |
| DSRI: 0.60 (Receivables 20.4m/23.4m, Revenue 105.6m/72.5m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 0.82 (AQ_t 0.07 / AQ_t-1 0.08) |
| SGI: 1.46 (Revenue 105.6m / 72.5m) |
| TATA: -0.07 (NI -76.8m - CFO -30.4m) / TA 643.1m) |
| Beneish M = -3.15 (Cap -4..+1) = AA |
As of September 06, 2026, the stock is trading at USD 2.34 with a total of 2,232,768 shares traded. Over the past week, the price has changed by +4.00%, over one month by -14.60%, over three months by -61.45% and over the past year by +26.49%.
Current recommended Stop Loss: 2.10 (which is 10.3% or 1.7 ATR below the current price).
Ballard Power Systems has received a consensus analysts rating of 2.82. Therefore, it is recommended to hold BLDP.
- StrongBuy: 2
- Buy: 0
- Hold: 11
- Sell: 1
- StrongSell: 3
| Analysts Target Price | 4.1 | 75.6% |
P/E Forward = 98.0392
P/S = 6.3904
P/B = 1.2632
P/EG = 3.517
Revenue TTM = 105.6m USD
EBIT TTM = -68.1m USD
EBITDA TTM = -63.9m USD
Long Term Debt = 16.3m USD (estimated: total debt 19.7m - short term 3.40m)
Short Term Debt = 3.40m USD (from shortTermDebt, last quarter)
Debt = 19.7m USD (from shortLongTermDebtTotal, last quarter) (leases 19.7m already included)
Net Debt = -484.9m USD (calculated: Debt 19.7m - CCE 504.5m)
Enterprise Value = 193.5m USD (678.4m + Debt 19.7m - CCE 504.5m)
Interest Coverage Ratio = -38.78 (Ebit TTM -68.1m / Interest Expense TTM 1.76m)
EV/FCF = -5.22x (Enterprise Value 193.5m / FCF TTM -37.0m)
FCF Yield = -19.15% (FCF TTM -37.0m / Enterprise Value 193.5m)
FCF Margin = -35.07% (FCF TTM -37.0m / Revenue TTM 105.6m)
Net Margin = -72.66% (Net Income TTM -76.8m / Revenue TTM 105.6m)
Gross Margin = 16.38% ((Revenue TTM 105.6m - Cost of Revenue TTM 88.3m) / Revenue TTM)
Gross Margin QoQ = 19.81% (prev 14.23%)
Tobins Q-Ratio = 0.30 (Enterprise Value 193.5m / Total Assets 643.1m)
Interest Expense / Debt = 8.93% (Interest Expense 1.76m / Debt 19.7m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -53.8m (EBIT -68.1m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 11.19 (Total Current Assets 569.1m / Total Current Liabilities 50.9m)
Debt / Equity = 0.04 (Debt 19.7m / totalStockholderEquity, last quarter 559.1m)
Debt / EBITDA = 7.58 (negative EBITDA) (Net Debt -484.9m / EBITDA -63.9m)
Debt / FCF = 13.09 (negative FCF - burning cash) (Net Debt -484.9m / FCF TTM -37.0m)
Total Stockholder Equity = 583.2m (last 4 quarters mean from totalStockholderEquity)
RoA = -11.13% (Net Income -76.8m / Total Assets 643.1m)
RoE = -13.16% (Net Income TTM -76.8m / Total Stockholder Equity 583.2m)
RoCE = -11.36% (EBIT -68.1m / Capital Employed (Equity 583.2m + L.T.Debt 16.3m))
RoIC = -9.11% (negative operating profit) (NOPAT -53.8m / Invested Capital 590.4m)
WACC = 14.17% (E(678.4m)/V(698.1m) * Re(14.38%) + D(19.7m)/V(698.1m) * Rd(8.93%) * (1-Tc(0.21)))
Discount Rate = 14.38% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: -1.84 | Cagr: 0.37%
[DCF] Fair Price = unknown (Cash Flow -37.0m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.50 | # QB: 0
Revenue Correlation: 13.60 | Revenue CAGR: 2.60% | SUE: -0.70 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-0.04 | Chg30d=+11.55% | Revisions=+29% | Analysts=6
EPS current Year (2026-12-31): EPS=-0.17 | Chg30d=-6.85% | Revisions=+0% | GrowthEPS=+38.9% | GrowthRev=+1.0%
EPS next Year (2027-12-31): EPS=-0.14 | Chg30d=+9.07% | Revisions=+0% | GrowthEPS=+15.7% | GrowthRev=+39.8%
[Analyst] Revisions Ratio: +22% (up=4, down=2)