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BALLARD POWER SYSTEMS INC (BLDP.CA) Stock Fundamental Analysis

TSX:BLDP - CA0585861085 - Common Stock

2.75 CAD
-0.06 (-2.14%)
Last: 8/29/2025, 7:00:00 PM
Fundamental Rating

3

Taking everything into account, BLDP scores 3 out of 10 in our fundamental rating. BLDP was compared to 16 industry peers in the Electrical Equipment industry. The financial health of BLDP is average, but there are quite some concerns on its profitability. While showing a medium growth rate, BLDP is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

In the past year BLDP has reported negative net income.
In the past year BLDP has reported a negative cash flow from operations.
BLDP had negative earnings in each of the past 5 years.
In the past 5 years BLDP always reported negative operating cash flow.
BLDP.CA Yearly Net Income VS EBIT VS OCF VS FCFBLDP.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -100M -200M -300M

1.2 Ratios

Looking at the Return On Assets, with a value of -40.33%, BLDP is in the better half of the industry, outperforming 62.50% of the companies in the same industry.
The Return On Equity of BLDP (-46.67%) is better than 68.75% of its industry peers.
Industry RankSector Rank
ROA -40.33%
ROE -46.67%
ROIC N/A
ROA(3y)-24.04%
ROA(5y)-17.06%
ROE(3y)-27.03%
ROE(5y)-19.08%
ROIC(3y)N/A
ROIC(5y)N/A
BLDP.CA Yearly ROA, ROE, ROICBLDP.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -10 -20 -30 -40

1.3 Margins

BLDP does not have Profit Margin and Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
BLDP.CA Yearly Profit, Operating, Gross MarginsBLDP.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -100 -200 -300 -400

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5

2. Health

2.1 Basic Checks

BLDP does not have a ROIC to compare to the WACC, probably because it is not profitable.
BLDP has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, BLDP has more shares outstanding
The debt/assets ratio for BLDP is higher compared to a year ago.
BLDP.CA Yearly Shares OutstandingBLDP.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
BLDP.CA Yearly Total Debt VS Total AssetsBLDP.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B

2.2 Solvency

BLDP has an Altman-Z score of 0.02. This is a bad value and indicates that BLDP is not financially healthy and even has some risk of bankruptcy.
BLDP has a Altman-Z score (0.02) which is in line with its industry peers.
BLDP has a Debt/Equity ratio of 0.03. This is a healthy value indicating a solid balance between debt and equity.
BLDP has a Debt to Equity ratio of 0.03. This is in the better half of the industry: BLDP outperforms 68.75% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF N/A
Altman-Z 0.02
ROIC/WACCN/A
WACC8.01%
BLDP.CA Yearly LT Debt VS Equity VS FCFBLDP.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B

2.3 Liquidity

A Current Ratio of 9.31 indicates that BLDP has no problem at all paying its short term obligations.
With an excellent Current ratio value of 9.31, BLDP belongs to the best of the industry, outperforming 87.50% of the companies in the same industry.
BLDP has a Quick Ratio of 8.32. This indicates that BLDP is financially healthy and has no problem in meeting its short term obligations.
Looking at the Quick ratio, with a value of 8.32, BLDP belongs to the top of the industry, outperforming 87.50% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 9.31
Quick Ratio 8.32
BLDP.CA Yearly Current Assets VS Current LiabilitesBLDP.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

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4

3. Growth

3.1 Past

The earnings per share for BLDP have decreased strongly by -55.56% in the last year.
Looking at the last year, BLDP shows a very negative growth in Revenue. The Revenue has decreased by -30.40% in the last year.
The Revenue has been decreasing by -7.98% on average over the past years.
EPS 1Y (TTM)-55.56%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%27.27%
Revenue 1Y (TTM)-30.4%
Revenue growth 3Y-12.62%
Revenue growth 5Y-7.98%
Sales Q2Q%11.23%

3.2 Future

BLDP is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 14.87% yearly.
The Revenue is expected to grow by 23.87% on average over the next years. This is a very strong growth
EPS Next Y67.24%
EPS Next 2Y32.5%
EPS Next 3Y21.49%
EPS Next 5Y14.87%
Revenue Next Year13.96%
Revenue Next 2Y17.15%
Revenue Next 3Y16.21%
Revenue Next 5Y23.87%

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
BLDP.CA Yearly Revenue VS EstimatesBLDP.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 200M 400M 600M
BLDP.CA Yearly EPS VS EstimatesBLDP.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 2031 0 -0.5 -1

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1

4. Valuation

4.1 Price/Earnings Ratio

BLDP reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for BLDP. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
BLDP.CA Price Earnings VS Forward Price EarningsBLDP.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 40 60

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
BLDP.CA Per share dataBLDP.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 -1 2

4.3 Compensation for Growth

BLDP's earnings are expected to grow with 21.49% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y32.5%
EPS Next 3Y21.49%

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0

5. Dividend

5.1 Amount

No dividends for BLDP!.
Industry RankSector Rank
Dividend Yield N/A

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BALLARD POWER SYSTEMS INC

TSX:BLDP (8/29/2025, 7:00:00 PM)

2.75

-0.06 (-2.14%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryElectrical Equipment
Earnings (Last)08-11 2025-08-11/bmo
Earnings (Next)11-03 2025-11-03/bmo
Inst Owners25.55%
Inst Owner ChangeN/A
Ins Owners0.17%
Ins Owner ChangeN/A
Market Cap826.60M
Analysts42.22
Price TargetN/A
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)26.32%
Min EPS beat(2)18.62%
Max EPS beat(2)34.01%
EPS beat(4)2
Avg EPS beat(4)-93.57%
Min EPS beat(4)-412.82%
Max EPS beat(4)34.01%
EPS beat(8)4
Avg EPS beat(8)-54.84%
EPS beat(12)6
Avg EPS beat(12)-33.86%
EPS beat(16)6
Avg EPS beat(16)-38.39%
Revenue beat(2)0
Avg Revenue beat(2)-5.31%
Min Revenue beat(2)-9.52%
Max Revenue beat(2)-1.11%
Revenue beat(4)0
Avg Revenue beat(4)-17.54%
Min Revenue beat(4)-38.59%
Max Revenue beat(4)-1.11%
Revenue beat(8)2
Avg Revenue beat(8)-8.08%
Revenue beat(12)2
Avg Revenue beat(12)-11.96%
Revenue beat(16)3
Avg Revenue beat(16)-10.83%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)-10.94%
EPS NQ rev (3m)-15.18%
EPS NY rev (1m)12.53%
EPS NY rev (3m)12.53%
Revenue NQ rev (1m)-8.49%
Revenue NQ rev (3m)-5.02%
Revenue NY rev (1m)-5.65%
Revenue NY rev (3m)-10.95%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 8.29
P/FCF N/A
P/OCF N/A
P/B 0.95
P/tB 0.95
EV/EBITDA N/A
EPS(TTM)-1.35
EYN/A
EPS(NY)-0.36
Fwd EYN/A
FCF(TTM)-0.55
FCFYN/A
OCF(TTM)-0.45
OCFYN/A
SpS0.33
BVpS2.91
TBVpS2.9
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -40.33%
ROE -46.67%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM N/A
FCFM N/A
ROA(3y)-24.04%
ROA(5y)-17.06%
ROE(3y)-27.03%
ROE(5y)-19.08%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score1
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 342.58%
Cap/Sales 31.1%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 9.31
Quick Ratio 8.32
Altman-Z 0.02
F-Score1
WACC8.01%
ROIC/WACCN/A
Cap/Depr(3y)264.88%
Cap/Depr(5y)223.12%
Cap/Sales(3y)40.71%
Cap/Sales(5y)29.72%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-55.56%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%27.27%
EPS Next Y67.24%
EPS Next 2Y32.5%
EPS Next 3Y21.49%
EPS Next 5Y14.87%
Revenue 1Y (TTM)-30.4%
Revenue growth 3Y-12.62%
Revenue growth 5Y-7.98%
Sales Q2Q%11.23%
Revenue Next Year13.96%
Revenue Next 2Y17.15%
Revenue Next 3Y16.21%
Revenue Next 5Y23.87%
EBIT growth 1Y12.46%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year39.83%
EBIT Next 3Y15.85%
EBIT Next 5Y12.75%
FCF growth 1Y26.72%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y15.55%
OCF growth 3YN/A
OCF growth 5YN/A