Ballard Power Systems Inc.
BLDP Nasdaq· Electrical Industrial Apparatus
KIRA · Stoqly’s AI analyst, in plain words
- Ballard Power Systems Inc. had $99.4M of revenue in fiscal 2025, up 42.5% on the year before. Over five years, revenue changed −0.9% a year on average.
- Its operating margin was −104.1%, up 158.8 pts: of every 100 in sales, about −104 is left after running the business.
- Ballard Power Systems Inc. lost $90.9M in fiscal 2025.
- Free cash flow was −$66.0M in fiscal 2025, −66.4% of revenue.
Market cap
—
P/E
—
Revenue
$99.4M
Net income
−$90.9M
Free cash flow
−$66.0M
Operating margin
−104.1%
Ballard Power Systems Inc. in 30 seconds · fiscal 2025
Are sales growing?
+42.5%
Yes. Sales grew 42.5% last year.
Does it make a profit?
−91.5%
No. It lost money last year.
Does profit turn into cash?
−66.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
What Ballard Power Systems Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 40-F · Mar 12, 2026
- Legal name
- Ballard Power Systems Inc.
- CIK
- 0001453015
Ballard Power Systems Inc. · BLDP
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $105M | $81.9M | $102M | $69.7M | $99.4M |
| Revenue growth | 0.6% | −21.7% | 25.1% | −31.9% | 42.5% |
| Gross margin | 13.4% | −16.3% | −21.3% | −31.5% | 5.5% |
| Operating margin | −84.3% | −177.5% | −159.1% | −262.9% | −104.1% |
| Net income | −$114M | −$173M | −$178M | −$324M | −$90.9M |
| Net margin | −109.3% | −211.9% | −173.6% | −465.0% | −91.5% |
| Diluted EPS | −$0.39 | −$0.58 | −$0.59 | −$1.08 | −$0.30 |
| Cash | |||||
| Cash from operations | −$80.5M | −$132M | −$105M | −$108M | −$56.2M |
| Capital expenditure | $13.2M | $33.9M | $41.2M | $25.8M | $9.8M |
| Free cash flow | −$93.6M | −$166M | −$146M | −$134M | −$66.0M |
| FCF margin | −89.6% | −202.9% | −142.4% | −192.1% | −66.4% |
| Share count change | 18.8% | 0.9% | 0.2% | 0.2% | 0.3% |
| Debt and strength | |||||
| Cash and short-term investments | $1.1B | $914M | $751M | $604M | $527M |
| Shareholders' equity | $1.3B | $1.2B | $991M | $673M | $590M |
| Current ratio | 14.8x | 14.1x | 12.3x | 9.2x | 9.9x |
| Interest coverage | −68.1x | −114.9x | −147.4x | −85.4x | −54.3x |
| Returns and quality | |||||
| Return on equity | −10.3% | −14.0% | −16.5% | −39.0% | −14.4% |
| Return on tangible equity | −9.2% | −15.9% | −18.7% | −48.3% | −15.4% |
| Piotroski F-score | 1 | 1 | 2 | 1 | 5 |
| Altman Z'' | 14.0 | 14.0 | 10.6 | 1.8 | 0.6 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Ballard Power Systems Inc. · BLDP
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Source: SEC EDGAR XBRL filings (CIK 0001453015). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.