BLDP Stock Analysis: Ballard Power Systems | NASDAQ
Electrical Equipment & Parts | NASDAQ, USA | Market Cap: 1.069m USD | 12M Return: 58.8% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 26.4M
Qual. Beats: 0
Rev. Trend: 17.5%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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: -81.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.07 > 0.02 and ΔFCF/TA 10.72 > 1.0 |
| NWC/Revenue: 511.9% < 20% (prev 849.2%; Δ -337.3% < -1%) |
| CFO/TA -0.06 > 3% & CFO -39.3m > Net Income -81.3m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 10.70 > 1.5 & < 3 |
| Outstanding Shares: last quarter (300.9m) vs 12m ago 0.47% < -2% |
| Gross Margin: 11.44% > 18% (prev -28.55%; Δ 39.99% > 0.5%) |
| Asset Turnover: 14.57% > 50% (prev 9.34%; Δ 5.23% > 0%) |
| Interest Coverage Ratio: -43.07 > 6 (EBIT TTM -79.4m / Interest Expense TTM 1.84m) |
| A: 0.80 (Total Current Assets 583.9m - Total Current Liabilities 54.6m) / Total Assets 663.1m |
| B: -3.26 (Retained Earnings -2.16b / Total Assets 663.1m) |
| C: -0.11 (EBIT TTM -79.4m / Avg Total Assets 709.9m) |
| D: 6.79 (Book Value of Equity 577.9m / Total Liabilities 85.1m) |
| Altman-Z'' = 0.98 = BB |
| DSRI: 0.41 (Receivables 16.7m/28.1m, Revenue 103.4m/70.7m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 1.05 (AQ_t 0.07 / AQ_t-1 0.07) |
| SGI: 1.46 (Revenue 103.4m / 70.7m) |
| TATA: -0.06 (NI -81.3m - CFO -39.3m) / TA 663.1m) |
| Beneish M = -3.16 (Cap -4..+1) = AA |
As of July 12, 2026, the stock is trading at USD 3.08 with a total of 3,750,598 shares traded. Over the past week, the price has changed by -12.50%, over one month by -29.68%, over three months by +9.61% and over the past year by +58.76%.
Current recommended Stop Loss: 2.60 (which is 15.6% or 1.3 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 | 4.5 | 46.8% |
P/E Forward = 98.0392
P/S = 10.2628
P/B = 1.8388
P/EG = 3.517
Revenue TTM = 103.4m USD
EBIT TTM = -79.4m USD
EBITDA TTM = -75.2m USD
Long Term Debt = 17.5m USD (estimated: total debt 20.9m - short term 3.44m)
Short Term Debt = 3.44m USD (from shortTermDebt, last quarter)
Debt = 20.9m USD (from shortLongTermDebtTotal, last quarter) (leases 20.9m already included)
Net Debt = -499.9m USD (calculated: Debt 20.9m - CCE 520.9m)
Enterprise Value = 568.8m USD (1.07b + Debt 20.9m - CCE 520.9m)
Interest Coverage Ratio = -43.07 (Ebit TTM -79.4m / Interest Expense TTM 1.84m)
EV/FCF = -11.98x (Enterprise Value 568.8m / FCF TTM -47.5m)
FCF Yield = -8.35% (FCF TTM -47.5m / Enterprise Value 568.8m)
FCF Margin = -45.93% (FCF TTM -47.5m / Revenue TTM 103.4m)
Net Margin = -78.60% (Net Income TTM -81.3m / Revenue TTM 103.4m)
Gross Margin = 11.44% ((Revenue TTM 103.4m - Cost of Revenue TTM 91.6m) / Revenue TTM)
Gross Margin QoQ = 14.23% (prev 16.66%)
Tobins Q-Ratio = 0.86 (Enterprise Value 568.8m / Total Assets 663.1m)
Interest Expense / Debt = 8.81% (Interest Expense 1.84m / Debt 20.9m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -62.7m (EBIT -79.4m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 10.70 (Total Current Assets 583.9m / Total Current Liabilities 54.6m)
Debt / Equity = 0.04 (Debt 20.9m / totalStockholderEquity, last quarter 577.9m)
Debt / EBITDA = 6.64 (negative EBITDA) (Net Debt -499.9m / EBITDA -75.2m)
Debt / FCF = 10.53 (negative FCF - burning cash) (Net Debt -499.9m / FCF TTM -47.5m)
Total Stockholder Equity = 602.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -11.45% (Net Income -81.3m / Total Assets 663.1m)
RoE = -13.49% (Net Income TTM -81.3m / Total Stockholder Equity 602.4m)
RoCE = -12.80% (EBIT -79.4m / Capital Employed (Equity 602.4m + L.T.Debt 17.5m))
RoIC = -10.33% (negative operating profit) (NOPAT -62.7m / Invested Capital 606.8m)
WACC = 13.82% (E(1.07b)/V(1.09b) * Re(13.95%) + D(20.9m)/V(1.09b) * Rd(8.81%) * (1-Tc(0.21)))
Discount Rate = 13.95% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 64.44 | Cagr: 0.31%
[DCF] Fair Price = unknown (Cash Flow -47.5m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.08 | # QB: 0
Revenue Correlation: 17.46 | Revenue CAGR: 3.45% | SUE: -0.10 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.04 | Chg30d=+6.25% | Revisions=+0% | Analysts=6
EPS next Quarter (2026-09-30): EPS=-0.04 | Chg30d=+9.79% | Revisions=-40% | Analysts=6
EPS current Year (2026-12-31): EPS=-0.17 | Chg30d=+0.00% | Revisions=+62% | GrowthEPS=+40.5% | GrowthRev=+23.8%
EPS next Year (2027-12-31): EPS=-0.15 | Chg30d=+1.61% | Revisions=+0% | GrowthEPS=+7.4% | GrowthRev=+19.3%
[Analyst] Revisions Ratio: +25% (up=6, down=3)