Skip to content
stoqly
en

Popular

All languages

Figures come from SEC filings, which are in English. Company and industry names stay as filed.

$ USD

Popular

All currencies

Data is in US dollars, converted at the ECB reference rate of Oct 23, 2026.

Ballard Power Systems Inc.

BLDP Nasdaq Electrical Industrial Apparatus Financials FY2016โ€“FY2025

Revenue Total sales reported in the income statement.
$99.4M
42.5% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’104.1%
158.8ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$90.9M
Free cash flow Cash from operations minus capital spending.
โˆ’$66.0M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.30 EPS (TTM)

What Ballard Power Systems Inc. does

No business description yet.

Legal name
Ballard Power Systems Inc.
Fiscal year ends
December 31, 2025
Latest annual report
40-F ยท Mar 12, 2026
Accession ยท CIK
0001628280-26-017045
0001453015

Revenue and margins

Ballard Power Systems Inc. had $99.4M of revenue in fiscal 2025, up 42.5% on the year before.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$66.0M in fiscal 2025, โˆ’66.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ballard Power Systems Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 0.3%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Ballard Power Systems Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$914M$751M$604M$527M
Interest coverage โˆ’68.1xโˆ’114.9xโˆ’147.4xโˆ’85.4xโˆ’54.3x
Current ratio 14.8x14.1x12.3x9.2x9.9x
Quick ratio 14.2x13.3x11.6x8.5x9.1x
Total assets $1.4B$1.2B$1.1B$777M$682M
Total liabilities $113M$88.2M$86.3M$104M$92.5M
Shareholders' equity $1.3B$1.2B$991M$673M$590M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ“ โœ• โœ• โœ“ โœ• โœ• โœ• โœ• โœ“
Cash from operations exceeds net income โœ“ โœ• โœ• โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โœ“ โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ“ โœ“ โœ• โœ“ โœ• โœ• โœ• โœ• โœ“
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โœ“ โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ“
Revenue rose relative to assets โ€” โœ“ โœ• โœ“ โœ• โœ• โœ• โœ“ โœ• โœ“
F-score โ€” / 35 / 91 / 82 / 83 / 81 / 81 / 82 / 81 / 85 / 8
Accruals ratio โˆ’9.4%1.0%1.7%โˆ’7.2%โˆ’1.3%โˆ’2.8%โˆ’3.1%โˆ’6.3%โˆ’23.3%โˆ’4.8%
Altman Z'' โˆ’16.65โˆ’16.90โˆ’2.83โˆ’6.1313.5214.0313.9610.621.810.60

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $85.3M $121M $96.6M $106M $104M $105M $81.9M $102M $69.7M $99.4M
Gross profit $24.2M $41.6M $29.7M $22.3M $21.0M $14.0M โˆ’$13.3M โˆ’$21.8M โˆ’$22.0M $5.5M
Research and development $19.8M $25.0M $27.0M $25.3M $35.5M $62.2M $89.7M $98.3M $94.5M $58.7M
Operating income โˆ’$18.1M โˆ’$4.9M โˆ’$20.8M โˆ’$25.4M โˆ’$39.8M โˆ’$88.1M โˆ’$145M โˆ’$163M โˆ’$183M โˆ’$103M
Interest expense $0.7M $0.7M $0.5M $1.4M $1.3M $1.3M $1.3M $1.1M $2.1M $1.9M
Pretax income โˆ’$21.3M โˆ’$6.5M โˆ’$27.0M โˆ’$35.3M โˆ’$49.3M โˆ’$115M โˆ’$160M โˆ’$144M โˆ’$323M โˆ’$90.9M
Income tax $0.4M $1.6M $0.4M $0.0M $0.1M โˆ’$0.2M $0.0M $0.2M $0.1M $0.1M
Net income โˆ’$21.1M โˆ’$8.0M โˆ’$27.3M โˆ’$39.1M โˆ’$51.4M โˆ’$114M โˆ’$173M โˆ’$178M โˆ’$324M โˆ’$90.9M
Net income to common โˆ’$21.1M โˆ’$8.0M โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Diluted EPS โˆ’$0.13 โˆ’$0.05 โˆ’$0.15 โˆ’$0.17 โˆ’$0.21 โˆ’$0.39 โˆ’$0.58 โˆ’$0.59 โˆ’$1.08 โˆ’$0.30
Diluted shares 0.16B 0.18B 0.19B 0.23B 0.25B 0.30B 0.30B 0.30B 0.30B 0.30B
Cash flow
Cash from operations โˆ’$3.9M โˆ’$9.8M โˆ’$31.7M โˆ’$14.2M โˆ’$42.9M โˆ’$80.5M โˆ’$132M โˆ’$105M โˆ’$108M โˆ’$56.2M
Capital expenditure $2.8M $3.1M $9.9M $13.9M $12.6M $13.2M $33.9M $41.2M $25.8M $9.8M
Free cash flow โˆ’$6.7M โˆ’$12.8M โˆ’$41.5M โˆ’$28.2M โˆ’$55.6M โˆ’$93.6M โˆ’$166M โˆ’$146M โˆ’$134M โˆ’$66.0M
Depreciation and amortization $4.5M $5.1M $5.0M $7.5M $7.6M $9.8M $13.8M $13.5M $12.0M $4.1M
Stock-based compensation $3.0M $3.1M $2.9M $3.6M $6.2M $9.7M $9.4M $11.0M $7.5M $6.3M
Acquisitions $1.0M $0.0M โ€” โ€” $0.0M $7.2M โ€” โ€” โ€” โ€”
Dividends paid $3.4M โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Dividends and buybacks $3.4M โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Balance sheet
Cash and short-term investments $72.6M $60.3M $192M $148M $763M $1.1B $914M $751M $604M $527M
Total debt $0.5M $0.0M โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current assets $108M $103M $262M $230M $854M $1.2B $1.0B $865M $699M $601M
Current liabilities $43.0M $39.4M $47.7M $64.5M $52.1M $83.2M $73.2M $70.6M $75.6M $61.0M
Inventory $17.2M $17.3M $29.3M $30.1M $28.5M $51.5M $58.1M $45.9M $56.4M $43.8M
Property and equipment, net $15.7M $15.3M $21.6M $42.8M $49.3M $56.1M $82.4M โ€” โ€” โ€”
Goodwill $40.6M $40.6M $40.3M $40.3M $40.3M $64.3M $64.3M $40.3M $0.0M โ€”
Intangible assets $18.1M $18.0M $8.3M $5.7M $3.8M $20.8M $5.2M $1.4M $1.8M $0.2M
Total assets $183M $178M $346M $340M $976M $1.4B $1.2B $1.1B $777M $682M
Total liabilities $61.9M $57.8M $63.5M $90.1M $74.7M $113M $88.2M $86.3M $104M $92.5M
Shareholders' equity $125M $120M $283M $250M $901M $1.3B $1.2B $991M $673M $590M
Margins
Gross margin 28.4% 34.3% 30.7% 21.1% 20.2% 13.4% โˆ’16.3% โˆ’21.3% โˆ’31.5% 5.5%
Operating margin โˆ’21.2% โˆ’4.0% โˆ’21.5% โˆ’24.1% โˆ’38.3% โˆ’84.3% โˆ’177.5% โˆ’159.1% โˆ’262.9% โˆ’104.1%
EBITDA margin โˆ’15.9% 0.2% โˆ’16.3% โˆ’17.0% โˆ’31.0% โˆ’75.0% โˆ’160.7% โˆ’145.9% โˆ’245.7% โˆ’100.0%
Net margin โˆ’24.8% โˆ’6.6% โˆ’28.3% โˆ’36.9% โˆ’49.5% โˆ’109.3% โˆ’211.9% โˆ’173.6% โˆ’465.0% โˆ’91.5%
FCF margin โˆ’7.8% โˆ’10.6% โˆ’43.0% โˆ’26.6% โˆ’53.5% โˆ’89.6% โˆ’202.9% โˆ’142.4% โˆ’192.1% โˆ’66.4%
Returns
Return on capital โˆ’27.1% โˆ’6.5% โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Return on capital employed โˆ’12.9% โˆ’3.5% โˆ’7.0% โˆ’9.2% โˆ’4.3% โˆ’6.5% โˆ’12.4% โˆ’16.2% โˆ’26.1% โˆ’16.6%
Return on equity โˆ’16.9% โˆ’6.6% โˆ’13.6% โˆ’14.7% โˆ’8.9% โˆ’10.3% โˆ’14.0% โˆ’16.5% โˆ’39.0% โˆ’14.4%
Return on assets โˆ’11.5% โˆ’4.5% โˆ’10.4% โˆ’11.4% โˆ’7.8% โˆ’9.5% โˆ’12.9% โˆ’15.3% โˆ’35.0% โˆ’12.5%
Return on tangible equity โˆ’31.9% โˆ’13.1% โˆ’11.7% โˆ’19.1% โˆ’6.0% โˆ’9.2% โˆ’15.9% โˆ’18.7% โˆ’48.3% โˆ’15.4%
Growth
Revenue growth โ€” 42.2% โˆ’20.4% 9.5% โˆ’1.7% 0.6% โˆ’21.7% 25.1% โˆ’31.9% 42.5%
Share count change โ€” 7.8% 5.4% 25.3% 6.7% 18.8% 0.9% 0.2% 0.2% 0.3%
Financial health
Net debt / EBITDA โ€” โˆ’322.2x โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Debt / equity 0.0x 0.0x โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Interest coverage โˆ’26.3x โˆ’6.7x โˆ’41.3x โˆ’17.7x โˆ’30.5x โˆ’68.1x โˆ’114.9x โˆ’147.4x โˆ’85.4x โˆ’54.3x
Current ratio 2.5x 2.6x 5.5x 3.6x 16.4x 14.8x 14.1x 12.3x 9.2x 9.9x
Quick ratio 2.1x 2.2x 4.9x 3.1x 15.9x 14.2x 13.3x 11.6x 8.5x 9.1x
Capital allocation
Capex / revenue 3.3% 2.5% 10.2% 13.2% 12.1% 12.6% 41.5% 40.3% 37.1% 9.9%
Stock comp / revenue 3.5% 2.6% 3.0% 3.4% 6.0% 9.3% 11.5% 10.7% 10.7% 6.4%
Quality scores
Piotroski F-score โ€” 5.0 1.0 2.0 3.0 1.0 1.0 2.0 1.0 5.0
Altman Z'' โˆ’16.7 โˆ’16.9 โˆ’2.8 โˆ’6.1 13.5 14.0 14.0 10.6 1.8 0.6
Accruals ratio โˆ’9.4% 1.0% 1.7% โˆ’7.2% โˆ’1.3% โˆ’2.8% โˆ’3.1% โˆ’6.3% โˆ’23.3% โˆ’4.8%

Source: SEC EDGAR XBRL filings (CIK 0001453015). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

โ†‘ โ†“ to move ยท โ†ต to open