(BLDP) Ballard Power Systems - Overview

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

Stock: Fuel Cell Modules, Stacks,

Total Rating 35

Risk 40

Buy Signal -0.15

Electrical Equipment & Parts » Electrical Components & Equipment
Age: 30.3y

Market Cap: 701m
Avg Trading Vol: 7.56M USD

ATR: 7.06%
Peers RS (IBD): 24.44

EPS (Earnings per Share)

EPS CAGR: 6.14%
EPS Trend: 2.7%

Last SUE: 0.42
Qual. Beats: 0

Revenue

Rev. CAGR: -3.19%
Rev. Trend: -14.2%

Last SUE: 0.89
Qual. Beats: 1

Risk 5d forecast
Volatility	68.5%
Relative Tail Risk	-10.2%

Reward TTM
Sharpe Ratio	0.91
Alpha	37.70

Character TTM
Beta	1.311
Beta Downside	1.168

Drawdowns 3y
Max DD	84.31%
CAGR/Max DD	-0.35

Description: BLDP Ballard Power Systems December 26, 2025

Ballard Power Systems Inc. (NASDAQ: BLDP) designs, manufactures and services proton exchange membrane (PEM) fuel-cell solutions for a range of applications-including buses, trucks, rail, marine, stationary power, and emerging markets such as material handling and off-road equipment. The company also provides engineering, integration, after-sales support and technology-transfer services, operating across North America, Europe, Asia-Pacific and select emerging markets from its headquarters in Burnaby, Canada.

Key recent metrics: Q4 2024 revenue rose 18 % YoY to $165 million, driven by a 32 % increase in fuel-cell module shipments; the company reported a record $210 million order backlog, reflecting strong demand from hydrogen-powered public-transport contracts in Europe and Asia. Sector-wide, global hydrogen fuel-cell demand is projected to grow at a CAGR of ~13 % through 2030, underpinned by EU and Asian clean-energy subsidies and the rollout of zero-emission vehicle mandates.

For a deeper dive into BLDP’s valuation drivers and scenario analysis, consider exploring the detailed research tools available on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 0.0

Net Income: -119.9m TTM > 0 and > 6% of Revenue
FCF/TA: -0.15 > 0.02 and ΔFCF/TA 1.13 > 1.0
NWC/Revenue: 607.9% < 20% (prev 712.6%; Δ -104.7% < -1%)
CFO/TA -0.13 > 3% & CFO -92.0m > Net Income -119.9m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 8.33 > 1.5 & < 3
Outstanding Shares: last quarter (300.5m) vs 12m ago 0.37% < -2%
Gross Margin: -3.73% > 18% (prev -0.34%; Δ -339.3% > 0.5%)
Asset Turnover: 11.71% > 50% (prev 11.15%; Δ 0.56% > 0%)
Interest Coverage Ratio: -58.73 > 6 (EBITDA TTM -113.7m / Interest Expense TTM 2.01m)

Altman Z'' -2.75

A: 0.77 (Total Current Assets 623.4m - Total Current Liabilities 74.8m) / Total Assets 710.5m
B: -3.00 (Retained Earnings -2.13b / Total Assets 710.5m)
C: -0.15 (EBIT TTM -117.8m / Avg Total Assets 770.4m)
D: 2.86 (Book Value of Equity 296.5m / Total Liabilities 103.6m)
Altman-Z'' Score: -2.75 = D

Beneish M -2.90

DSRI: 1.08 (Receivables 32.4m/30.7m, Revenue 90.3m/92.6m)
GMI: 1.00 (fallback, negative margins)
AQI: 1.19 (AQ_t 0.08 / AQ_t-1 0.07)
SGI: 0.97 (Revenue 90.3m / 92.6m)
TATA: -0.04 (NI -119.9m - CFO -92.0m) / TA 710.5m)
Beneish M-Score: -2.90 (Cap -4..+1) = A

What is the price of BLDP shares?

As of February 07, 2026, the stock is trading at USD 2.15 with a total of 2,643,191 shares traded.
Over the past week, the price has changed by -7.73%, over one month by -22.94%, over three months by -39.44% and over the past year by +55.80%.

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?

Issuer	Target	Up/Down from current
Wallstreet Target Price	3	37.7%
Analysts Target Price	3	37.7%
ValueRay Target Price	1.9	-12.6%

BLDP Fundamental Data Overview February 03, 2026

P/S = 7.7641
P/B = 1.1547
P/EG = -3426.67
Revenue TTM = 90.3m USD
EBIT TTM = -117.8m USD
EBITDA TTM = -113.7m USD
Long Term Debt = 22.6m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 3.28m USD (from shortTermDebt, last quarter)
Debt = 22.6m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -503.2m USD (from netDebt column, last quarter)
Enterprise Value = 195.4m USD (700.7m + Debt 22.6m - CCE 527.9m)
Interest Coverage Ratio = -58.73 (Ebit TTM -117.8m / Interest Expense TTM 2.01m)
EV/FCF = -1.87x (Enterprise Value 195.4m / FCF TTM -104.3m)
FCF Yield = -53.38% (FCF TTM -104.3m / Enterprise Value 195.4m)
FCF Margin = -115.6% (FCF TTM -104.3m / Revenue TTM 90.3m)
Net Margin = -132.8% (Net Income TTM -119.9m / Revenue TTM 90.3m)
Gross Margin = -3.73% ((Revenue TTM 90.3m - Cost of Revenue TTM 93.6m) / Revenue TTM)
Gross Margin QoQ = 15.27% (prev -8.38%)
Tobins Q-Ratio = 0.28 (Enterprise Value 195.4m / Total Assets 710.5m)
Interest Expense / Debt = 2.01% (Interest Expense 453.0k / Debt 22.6m)
Taxrate = 21.0% (US default 21%)
NOPAT = -93.1m (EBIT -117.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 8.33 (Total Current Assets 623.4m / Total Current Liabilities 74.8m)
Debt / Equity = 0.04 (Debt 22.6m / totalStockholderEquity, last quarter 606.8m)
Debt / EBITDA = 4.42 (negative EBITDA) (Net Debt -503.2m / EBITDA -113.7m)
Debt / FCF = 4.82 (negative FCF - burning cash) (Net Debt -503.2m / FCF TTM -104.3m)
Total Stockholder Equity = 642.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -15.56% (Net Income -119.9m / Total Assets 710.5m)
RoE = -18.66% (Net Income TTM -119.9m / Total Stockholder Equity 642.4m)
RoCE = -17.72% (EBIT -117.8m / Capital Employed (Equity 642.4m + L.T.Debt 22.6m))
RoIC = -14.49% (negative operating profit) (NOPAT -93.1m / Invested Capital 642.4m)
WACC = 10.46% (E(700.7m)/V(723.3m) * Re(10.75%) + D(22.6m)/V(723.3m) * Rd(2.01%) * (1-Tc(0.21)))
Discount Rate = 10.75% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.28%
Fair Price DCF = unknown (Cash Flow -104.3m)
EPS Correlation: 2.73 | EPS CAGR: 6.14% | SUE: 0.42 | # QB: 0
Revenue Correlation: -14.19 | Revenue CAGR: -3.19% | SUE: 0.89 | # QB: 1
EPS next Quarter (2026-03-31): EPS=-0.06 | Chg30d=+0.000 | Revisions Net=+3 | Analysts=6
EPS next Year (2026-12-31): EPS=-0.26 | Chg30d=-0.005 | Revisions Net=-2 | Growth EPS=+17.7% | Growth Revenue=+20.4%

Additional Sources for BLDP Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Fund Manager Positions: Dataroma | Stockcircle