BLDP Nasdaq Electrical Industrial Apparatus Financials FY2016βFY2025
Ballard Power Systems Inc. had $99.4M of revenue in fiscal 2025, up 42.5% on the year before. Over five years, revenue changed β0.9% a year on average.
Hi! I read Ballard Power Systems Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+42.5%
Yes. Sales grew 42.5% last year.
Does it make a profit?
β91.5%
No. It lost money last year.
Does profit turn into cash?
β66.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Ballard Power Systems Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 16, 2026
Monday Β· in 21 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Mar 12, 2026 | Period ended Dec 31, 2025 | Before the market opens | 40-F β |
| Mar 13, 2025 | Period ended Dec 31, 2024 | Before the market opens | 40-F β |
| Mar 11, 2024 | Period ended Dec 31, 2023 | Before the market opens | 40-F β |
| Mar 17, 2023 | Period ended Dec 31, 2022 | Before the market opens | 40-F β |
| Mar 14, 2022 | Period ended Dec 31, 2021 | After the market closes | 40-F β |
| Mar 11, 2021 | Period ended Dec 31, 2020 | During market hours | 40-F β |
| Mar 5, 2020 | Period ended Dec 31, 2019 | During market hours | 40-F β |
| Mar 7, 2019 | Period ended Dec 31, 2018 | During market hours | 40-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Ballard Power Systems Inc. had $99.4M of revenue in fiscal 2025, up 42.5% on the year before. Over five years, revenue changed β0.9% a year on average. Its operating margin was β104.1%, up 158.8Β pts: of every 100 in sales, about β104 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Ballard Power Systems Inc. lost $90.9M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$66.0M in fiscal 2025, β66.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Ballard Power Systems Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $914M | $751M | $604M | $527M |
| Interest coverage | β68.1x | β114.9x | β147.4x | β85.4x | β54.3x |
| Current ratio | 14.8x | 14.1x | 12.3x | 9.2x | 9.9x |
| Quick ratio | 14.2x | 13.3x | 11.6x | 8.5x | 9.1x |
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Ballard Power Systems Inc. passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 5 / 9 | 1 / 8 | 2 / 8 | 3 / 8 | 1 / 8 | 1 / 8 | 2 / 8 | 1 / 8 | 5 / 8 |
| Accruals ratio | β9.4% | 1.0% | 1.7% | β7.2% | β1.3% | β2.8% | β3.1% | β6.3% | β23.3% | β4.8% |
| Altman Z'' | β16.65 | β16.90 | β2.83 | β6.13 | 13.52 | 14.03 | 13.96 | 10.62 | 1.81 | 0.60 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$13.3M | β$21.8M | β$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 | β$18.1M | β$4.9M | β$20.8M | β$25.4M | β$39.8M | β$88.1M | β$145M | β$163M | β$183M | β$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 | β$21.3M | β$6.5M | β$27.0M | β$35.3M | β$49.3M | β$115M | β$160M | β$144M | β$323M | β$90.9M |
| Income tax | $0.4M | $1.6M | $0.4M | $0.0M | $0.1M | β$0.2M | $0.0M | $0.2M | $0.1M | $0.1M |
| Net income | β$21.1M | β$8.0M | β$27.3M | β$39.1M | β$51.4M | β$114M | β$173M | β$178M | β$324M | β$90.9M |
| Net income to common | β$21.1M | β$8.0M | β | β | β | β | β | β | β | β |
| Diluted EPS | β$0.13 | β$0.05 | β$0.15 | β$0.17 | β$0.21 | β$0.39 | β$0.58 | β$0.59 | β$1.08 | β$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 | β$3.9M | β$9.8M | β$31.7M | β$14.2M | β$42.9M | β$80.5M | β$132M | β$105M | β$108M | β$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 | β$6.7M | β$12.8M | β$41.5M | β$28.2M | β$55.6M | β$93.6M | β$166M | β$146M | β$134M | β$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 | β | β | $0.0M | $7.2M | β | β | β | β |
| Dividends paid | $3.4M | β | β | β | β | β | β | β | β | β |
| Dividends and buybacks | $3.4M | β | β | β | β | β | β | β | β | β |
| 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 | β | β | β | β | β | β | β | β |
| 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 | β | β | β |
| Goodwill | $40.6M | $40.6M | $40.3M | $40.3M | $40.3M | $64.3M | $64.3M | $40.3M | $0.0M | β |
| 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% | β16.3% | β21.3% | β31.5% | 5.5% |
| Operating margin | β21.2% | β4.0% | β21.5% | β24.1% | β38.3% | β84.3% | β177.5% | β159.1% | β262.9% | β104.1% |
| EBITDA margin | β15.9% | 0.2% | β16.3% | β17.0% | β31.0% | β75.0% | β160.7% | β145.9% | β245.7% | β100.0% |
| Net margin | β24.8% | β6.6% | β28.3% | β36.9% | β49.5% | β109.3% | β211.9% | β173.6% | β465.0% | β91.5% |
| FCF margin | β7.8% | β10.6% | β43.0% | β26.6% | β53.5% | β89.6% | β202.9% | β142.4% | β192.1% | β66.4% |
| Returns | ||||||||||
| Return on capital | β27.1% | β6.5% | β | β | β | β | β | β | β | β |
| Return on capital employed | β12.9% | β3.5% | β7.0% | β9.2% | β4.3% | β6.5% | β12.4% | β16.2% | β26.1% | β16.6% |
| Return on equity | β16.9% | β6.6% | β13.6% | β14.7% | β8.9% | β10.3% | β14.0% | β16.5% | β39.0% | β14.4% |
| Return on assets | β11.5% | β4.5% | β10.4% | β11.4% | β7.8% | β9.5% | β12.9% | β15.3% | β35.0% | β12.5% |
| Return on tangible equity | β31.9% | β13.1% | β11.7% | β19.1% | β6.0% | β9.2% | β15.9% | β18.7% | β48.3% | β15.4% |
| Growth | ||||||||||
| Revenue growth | β | 42.2% | β20.4% | 9.5% | β1.7% | 0.6% | β21.7% | 25.1% | β31.9% | 42.5% |
| Share count change | β | 7.8% | 5.4% | 25.3% | 6.7% | 18.8% | 0.9% | 0.2% | 0.2% | 0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β322.2x | β | β | β | β | β | β | β | β |
| Debt / equity | 0.0x | 0.0x | β | β | β | β | β | β | β | β |
| Interest coverage | β26.3x | β6.7x | β41.3x | β17.7x | β30.5x | β68.1x | β114.9x | β147.4x | β85.4x | β54.3x |
| 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 | β | 5.0 | 1.0 | 2.0 | 3.0 | 1.0 | 1.0 | 2.0 | 1.0 | 5.0 |
| Altman Z'' | β16.7 | β16.9 | β2.8 | β6.1 | 13.5 | 14.0 | 14.0 | 10.6 | 1.8 | 0.6 |
| Accruals ratio | β9.4% | 1.0% | 1.7% | β7.2% | β1.3% | β2.8% | β3.1% | β6.3% | β23.3% | β4.8% |
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 β not investment advice. Check the original filings before relying on any figure.
