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

TSX:BLDP - Toronto Stock Exchange - CA0585861085 - Common Stock - Currency: CAD

2.54  +0.04 (+1.6%)

Fundamental Rating

2

BLDP gets a fundamental rating of 2 out of 10. The analysis compared the fundamentals against 15 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

BLDP had negative earnings in the past year.
BLDP had a negative operating cash flow in the past year.
BLDP had negative earnings in each of the past 5 years.
BLDP had a negative operating cash flow in each of the past 5 years.
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

BLDP has a Return On Assets (-40.18%) which is in line with its industry peers.
BLDP's Return On Equity of -46.49% is fine compared to the rest of the industry. BLDP outperforms 66.67% of its industry peers.
Industry RankSector Rank
ROA -40.18%
ROE -46.49%
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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4

2. Health

2.1 Basic Checks

BLDP does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, BLDP has about the same amount of shares outstanding.
Compared to 5 years ago, BLDP has more shares outstanding
BLDP has a worse debt/assets ratio than last year.
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 -0.24. 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 of -0.24. This is in the lower half of the industry: BLDP underperforms 60.00% of 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.
The Debt to Equity ratio of BLDP (0.03) is better than 66.67% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF N/A
Altman-Z -0.24
ROIC/WACCN/A
WACC14.61%
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

BLDP has a Current Ratio of 9.00. This indicates that BLDP is financially healthy and has no problem in meeting its short term obligations.
BLDP's Current ratio of 9.00 is amongst the best of the industry. BLDP outperforms 86.67% of its industry peers.
BLDP has a Quick Ratio of 8.13. This indicates that BLDP is financially healthy and has no problem in meeting its short term obligations.
With an excellent Quick ratio value of 8.13, BLDP belongs to the best of the industry, outperforming 86.67% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 9
Quick Ratio 8.13
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

BLDP shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -62.90%.
Looking at the last year, BLDP shows a very negative growth in Revenue. The Revenue has decreased by -31.71% in the last year.
BLDP shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -7.98% yearly.
EPS 1Y (TTM)-62.9%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%50%
Revenue 1Y (TTM)-31.71%
Revenue growth 3Y-12.62%
Revenue growth 5Y-7.98%
Sales Q2Q%6.48%

3.2 Future

The Earnings Per Share is expected to grow by 14.87% on average over the next years. This is quite good.
The Revenue is expected to grow by 34.73% on average over the next years. This is a very strong growth
EPS Next Y62.54%
EPS Next 2Y28.91%
EPS Next 3Y20.19%
EPS Next 5Y14.87%
Revenue Next Year20.79%
Revenue Next 2Y22.85%
Revenue Next 3Y23.89%
Revenue Next 5Y34.73%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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.
Also next year BLDP is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
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 10 20 30

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 20.19% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y28.91%
EPS Next 3Y20.19%

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0

5. Dividend

5.1 Amount

BLDP does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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BALLARD POWER SYSTEMS INC

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

2.54

+0.04 (+1.6%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryElectrical Equipment
Earnings (Last)05-06 2025-05-06/bmo
Earnings (Next)08-11 2025-08-11/bmo
Inst Owners25.55%
Inst Owner ChangeN/A
Ins Owners0.17%
Ins Owner ChangeN/A
Market Cap761.57M
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)1
Avg EPS beat(2)9.97%
Min EPS beat(2)-14.08%
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)-54.72%
EPS beat(12)5
Avg EPS beat(12)-39.49%
EPS beat(16)5
Avg EPS beat(16)-40.97%
Revenue beat(2)0
Avg Revenue beat(2)-15.24%
Min Revenue beat(2)-20.95%
Max Revenue beat(2)-9.52%
Revenue beat(4)0
Avg Revenue beat(4)-21.2%
Min Revenue beat(4)-38.59%
Max Revenue beat(4)-9.52%
Revenue beat(8)2
Avg Revenue beat(8)-8.68%
Revenue beat(12)2
Avg Revenue beat(12)-13.88%
Revenue beat(16)4
Avg Revenue beat(16)-9.98%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)8.02%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)-1.07%
Revenue NQ rev (3m)-12.57%
Revenue NY rev (1m)-5.62%
Revenue NY rev (3m)-4.66%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 7.84
P/FCF N/A
P/OCF N/A
P/B 0.85
P/tB 0.85
EV/EBITDA N/A
EPS(TTM)-1.39
EYN/A
EPS(NY)-0.5
Fwd EYN/A
FCF(TTM)-0.62
FCFYN/A
OCF(TTM)-0.52
OCFYN/A
SpS0.32
BVpS3
TBVpS2.99
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -40.18%
ROE -46.49%
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 Turnover0.09
Health
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 240.82%
Cap/Sales 32.28%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 9
Quick Ratio 8.13
Altman-Z -0.24
F-Score1
WACC14.61%
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)-62.9%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%50%
EPS Next Y62.54%
EPS Next 2Y28.91%
EPS Next 3Y20.19%
EPS Next 5Y14.87%
Revenue 1Y (TTM)-31.71%
Revenue growth 3Y-12.62%
Revenue growth 5Y-7.98%
Sales Q2Q%6.48%
Revenue Next Year20.79%
Revenue Next 2Y22.85%
Revenue Next 3Y23.89%
Revenue Next 5Y34.73%
EBIT growth 1Y4.23%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year39.83%
EBIT Next 3Y15.85%
EBIT Next 5Y11.19%
FCF growth 1Y19.92%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y11.44%
OCF growth 3YN/A
OCF growth 5YN/A