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BALLARD POWER SYSTEMS INC (BLDP) Stock Fundamental Analysis

USA - NASDAQ:BLDP - CA0585861085 - Common Stock

3.33 USD
-0.31 (-8.52%)
Last: 10/21/2025, 8:00:48 PM
3.31 USD
-0.02 (-0.6%)
After Hours: 10/21/2025, 8:00:48 PM
Fundamental Rating

2

Overall BLDP gets a fundamental rating of 2 out of 10. We evaluated BLDP against 92 industry peers in the Electrical Equipment industry. While BLDP seems to be doing ok healthwise, there are quite some concerns on its profitability. BLDP is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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0

1. Profitability

1.1 Basic Checks

BLDP had negative earnings in the past year.
In the past year BLDP has reported a negative cash flow from operations.
In the past 5 years BLDP always reported negative net income.
In the past 5 years BLDP always reported negative operating cash flow.
BLDP Yearly Net Income VS EBIT VS OCF VS FCFBLDP 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 worse Return On Assets (-40.33%) than 67.39% of its industry peers.
BLDP's Return On Equity of -46.67% is in line compared to the rest of the industry. BLDP outperforms 51.09% 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 Yearly ROA, ROE, ROICBLDP 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 Yearly Profit, Operating, Gross MarginsBLDP 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.
The number of shares outstanding for BLDP remains at a similar level compared to 1 year ago.
The number of shares outstanding for BLDP has been increased compared to 5 years ago.
Compared to 1 year ago, BLDP has a worse debt to assets ratio.
BLDP Yearly Shares OutstandingBLDP Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
BLDP Yearly Total Debt VS Total AssetsBLDP 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

An Altman-Z score of 2.98 indicates that BLDP is not a great score, but indicates only limited risk for bankruptcy at the moment.
BLDP has a Altman-Z score of 2.98. This is in the better half of the industry: BLDP outperforms 64.13% of its industry peers.
A Debt/Equity ratio of 0.03 indicates that BLDP is not too dependend on debt financing.
BLDP's Debt to Equity ratio of 0.03 is fine compared to the rest of the industry. BLDP outperforms 78.26% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF N/A
Altman-Z 2.98
ROIC/WACCN/A
WACC7.78%
BLDP Yearly LT Debt VS Equity VS FCFBLDP 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.
BLDP has a Current ratio of 9.31. This is amongst the best in the industry. BLDP outperforms 94.57% of its industry peers.
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.
BLDP has a better Quick ratio (8.32) than 94.57% of its industry peers.
Industry RankSector Rank
Current Ratio 9.31
Quick Ratio 8.32
BLDP Yearly Current Assets VS Current LiabilitesBLDP 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 -55.56%.
The Revenue for BLDP has decreased by -30.40% in the past year. This is quite bad
Measured over the past years, BLDP shows a decrease in Revenue. The Revenue has been decreasing by -7.98% on average per year.
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.
Based on estimates for the next years, BLDP will show a very strong growth in Revenue. The Revenue will grow by 23.87% on average per year.
EPS Next Y66.45%
EPS Next 2Y32.18%
EPS Next 3Y21.67%
EPS Next 5Y14.87%
Revenue Next Year14.62%
Revenue Next 2Y17.68%
Revenue Next 3Y18.02%
Revenue Next 5Y23.87%

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 Yearly Revenue VS EstimatesBLDP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 200M 400M 600M
BLDP Yearly EPS VS EstimatesBLDP 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 Price Earnings VS Forward Price EarningsBLDP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 -10 20 30 40

4.2 Price Multiples

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

4.3 Compensation for Growth

A more expensive valuation may be justified as BLDP's earnings are expected to grow with 21.67% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y32.18%
EPS Next 3Y21.67%

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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

NASDAQ:BLDP (10/21/2025, 8:00:48 PM)

After market: 3.31 -0.02 (-0.6%)

3.33

-0.31 (-8.52%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryElectrical Equipment
Earnings (Last)08-11 2025-08-11/bmo
Earnings (Next)11-13 2025-11-13/bmo
Inst Owners31.45%
Inst Owner Change-0.01%
Ins Owners0.19%
Ins Owner ChangeN/A
Market Cap1.00B
Analysts42.22
Price TargetN/A
Short Float %5.11%
Short Ratio2.27
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)0%
EPS NQ rev (3m)-10.94%
EPS NY rev (1m)-2.4%
EPS NY rev (3m)10.44%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-7.81%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-10.44%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 13.8
P/FCF N/A
P/OCF N/A
P/B 1.57
P/tB 1.58
EV/EBITDA N/A
EPS(TTM)-0.98
EYN/A
EPS(NY)-0.27
Fwd EYN/A
FCF(TTM)-0.4
FCFYN/A
OCF(TTM)-0.33
OCFYN/A
SpS0.24
BVpS2.12
TBVpS2.11
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 2.98
F-Score1
WACC7.78%
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 Y66.45%
EPS Next 2Y32.18%
EPS Next 3Y21.67%
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 Year14.62%
Revenue Next 2Y17.68%
Revenue Next 3Y18.02%
Revenue Next 5Y23.87%
EBIT growth 1Y12.46%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year39.15%
EBIT Next 3Y18.12%
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