Overview Dividends

(BLDP) Ballard Power Systems - Ratings and Ratios

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

Fuel Cell Modules, Stacks,

Electrical Components & Equipment
Market Cap in USD: 809m
IPO / Inception: 1995-11-08
Return 12m vs S&P 500: 30.1%

EPS (Earnings per Share)

EPS (Earnings per Share) of BLDP over the last years for every Quarter: "2020-12": -0.05, "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": -0.0946,
EPS CAGR: 2.60%
EPS Trend: -13.2%
Last SUE: 0.10
Qual. Beats: 0

Revenue

Revenue of BLDP over the last years for every Quarter: 2020-12: 28.588, 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: 20.5, 2023-03: 13.345, 2023-06: 15.308, 2023-09: 27.575, 2023-12: 47.415237, 2024-03: 14.387442, 2024-06: 15.999699, 2024-09: 14.756, 2024-12: 24.52, 2025-03: 15.389, 2025-06: 17.842, 2025-09: 32.501,
Rev. CAGR: -3.19%
Rev. Trend: -14.3%
Last SUE: 0.89
Qual. Beats: 1

Dividends

Currently no dividends paid
Risk via 5d forecast
Volatility 71.4%
Value at Risk 5%th 105%
Relative Tail Risk -10.74%
Reward TTM
Sharpe Ratio 0.87
Alpha 32.67
CAGR/Max DD -0.22
Character TTM
Hurst Exponent 0.441
Beta 1.240
Beta Downside 1.249
Drawdowns 3y
Max DD 85.30%
Mean DD 56.87%
Median DD 59.29%

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 (6% = 5.42m TTM)
FCFTA -0.15 (>2.0%) and ΔFCFTA 1.19pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue 607.9% (prev 713.1%; Δ -105.2pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA -0.13 (>3.0%) and CFO -92.0m > Net Income -119.9m (YES >=105%, WARN >=100%)
NO Net Debt/EBITDA fails (EBITDA <= 0)
Current Ratio 8.33 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (300.5m) change vs 12m ago 0.37% (target <= -2.0% for YES)
Gross Margin -3.73% (prev -38.96%; Δ 35.22pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 11.72% (prev 11.16%; Δ 0.56pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio -58.73 (EBITDA TTM -113.7m / Interest Expense TTM 2.01m) >= 6 (WARN >= 3)

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 (Balance) -2.13b / Total Assets 710.5m
warn (B) unusual magnitude: -3.00 — check mapping/units
(C) -0.15 = EBIT TTM -117.8m / Avg Total Assets 769.8m
(D) 2.86 = Book Value of Equity 296.5m / Total Liabilities 103.6m
Total Rating: -2.75 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 23.26

1. Piotroski 0.0pt
2. FCF Yield -34.35%
3. FCF Margin data missing
4. Debt/Equity 0.04
5. Debt/Ebitda 4.42
6. ROIC - WACC (= -28.69)%
7. RoE -18.66%
8. Rev. Trend -14.34%
9. EPS Trend -13.19%

What is the price of BLDP shares?

As of December 30, 2025, the stock is trading at USD 2.57 with a total of 2,715,586 shares traded.
Over the past week, the price has changed by -3.02%, over one month by -4.10%, over three months by -6.20% and over the past year by +53.89%.

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 3 16.3%
Analysts Target Price 3 16.3%
ValueRay Target Price 2.4 -5.4%

BLDP Fundamental Data Overview December 27, 2025

Market Cap USD = 809.0m (809.0m USD * 1.0 USD.USD)
P/S = 8.9636
P/B = 1.3331
P/EG = -3426.67
Beta = 1.623
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 = 303.7m USD (809.0m + Debt 22.6m - CCE 527.9m)
Interest Coverage Ratio = -58.73 (Ebit TTM -117.8m / Interest Expense TTM 2.01m)
FCF Yield = -34.35% (FCF TTM -104.3m / Enterprise Value 303.7m)
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 = 0.43 (Enterprise Value 303.7m / Total Assets 710.5m)
Interest Expense / Debt = 2.01% (Interest Expense 453.0k / Debt 22.6m)
Taxrate = -0.0% (0.0 / -28.1m)
NOPAT = -117.8m (EBIT -117.8m * (1 - -0.00%)) [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 = -16.87% (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 = -18.34% (negative operating profit) (NOPAT -117.8m / Invested Capital 642.4m)
WACC = 10.35% (E(809.0m)/V(831.5m) * Re(10.58%) + D(22.6m)/V(831.5m) * Rd(2.01%) * (1-Tc(-0.0)))
Discount Rate = 10.58% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.28%
Fair Price DCF = unknown (Cash Flow -104.3m)
EPS Correlation: -13.19 | EPS CAGR: 2.60% | SUE: 0.10 | # QB: 0
Revenue Correlation: -14.34 | Revenue CAGR: -3.19% | SUE: 0.89 | # QB: 1
EPS next Quarter (2026-03-31): EPS=-0.06 | Chg30d=+0.018 | Revisions Net=+3 | Analysts=6
EPS next Year (2026-12-31): EPS=-0.25 | Chg30d=+0.037 | Revisions Net=+6 | Growth EPS=+19.4% | Growth Revenue=+18.9%

Additional Sources for BLDP Stock

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