Zacks Investment Research·6 days ago
Bloom Energy vs. Ballard Power: Which Hydrogen Stock Should You Buy?BE gains an edge over BLDP, backed by stronger price appreciation, upbeat growth estimates and demand for clean onsite power solutions.
Ballard Power Systems Inc.(BLDP)Earnings, Financials & Key Ratios
BLDP•NASDAQ
$3.46
Price updated Jul 6, 2026
AboutBallard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product markets, consisting of heavy-duty motives, such as bus, truck, rail, and marine applications; material handling; and backup power. It also provides technology solutions, including engineering and technology transfer, as well as licenses and sells intellectual property portfolio and fundamental knowledge for various PEM fuel cell applications; and hydrogen fuel cell powertrain and vehicle systems integration solutions. It operates in China, Germany, the United States, the United Kingdom, Canada, Denmark, Norway, Belgium, Japan, France, Spain, Taiwan, Poland, India, Ukraine, Sweden, and internationally. The company has a strategic alliance with Linamar Corporation for the co-development and sale of fuel cell powertrains and components for class 1 and 2 vehicles in North America and Europe. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.Show more
- Revenue$101M+45.0%
- EBITDA-$77M+54.8%
- Net Income-$92M+71.5%
- EPS (Diluted)-0.30+72.2%
- Gross Margin2.37%+107.5%
- EBITDA Margin-76.51%+68.9%
- Operating Margin-80.59%+69.3%
- Net Margin-91.45%+80.3%
- ROE-14.66%+62.4%
BLDP Price & Volume
Ballard Power Systems Inc. (BLDP) stock price & volume — 10-year historical chart
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Persistent Operational Losses Challenge Fuel Cell Scalability
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Healthy
Cash Flow:Burning
Primary Risk:Persistent operational cash burn
Key Thesis Takeaways
- Ballard Power Systems faces a challenging path to profitability as it struggles to transition from lumpy, project-based revenue to consistent commercial scale.
- While the company maintains a substantial liquidity buffer of $516.8 million, the persistent erosion of equity to $577.9 million and the accumulation of $2.2 billion in retained earnings highlight significant structural risks.
- Investors should monitor whether the company can achieve sustainable unit-level margins, which have historically fluctuated between a -55.7% low and a 16.7% high, before the current cash burn rate exhausts the remaining balance sheet runway.
Verdict Logic
the company continues to exhibit persistent operational cash burn and a negative ROIC of -11.7% as of 2026Q1, suggesting that the current business model has yet to demonstrate a clear path to sustainable profitability.
BLDP Growth Metrics
Ballard Power Systems Inc. (BLDP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years6%
5 Years-0.53%
3 Years6.47%
TTM46.32%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM73.27%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM73.1%
Return on Capital
10 Years-11.08%
5 Years-13.8%
3 Years-16.24%
Last Year-12.33%
BLDP Recent Earnings
Ballard Power Systems Inc. (BLDP) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 5, 2026Metric
Actual
Est
EPS
$0.04+33.3%
$0.06
Rev
$19M-4.5%
$20M
Q2 2026
Mar 12, 2026Metric
Actual
Est
EPS
$0.06+14.3%
$0.07
Rev
$33M+3.6%
$32M
Q4 2025
Nov 13, 2025Metric
Actual
Est
EPS
$0.09+18.2%
$0.11
Rev
$33M+1.3%
$32M
Q3 2025
Aug 11, 2025Metric
Actual
Est
EPS
$0.08+20.0%
$0.10
Rev
$18M-29.5%
$25M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.04vs $0.06+33.3% | $19Mvs $20M-4.5% |
| Q2 2026 | Mar 12, 2026 | $0.06vs $0.07+14.3% | $33Mvs $32M+3.6% |
| Q4 2025 | Nov 13, 2025 | $0.09vs $0.11+18.2% | $33Mvs $32M+1.3% |
| Q3 2025 | Aug 11, 2025 | $0.08vs $0.10+20.0% | $18Mvs $25M-29.5% |
Based on last 12 quarters of dataView full earnings history →
Latest BLDP News
Recent stock market news and headlines for Ballard Power Systems Inc. (BLDP)
PRNewsWire·Jun 24, 2026
BALLARD GIBT DIE ÜBERNAHME DES BRITISCHEN UNTERNEHMENS GEOPURA BEKANNT, WAS DAS ZUKÜNFTIGE WACHSTUM ANKURBELT UND BALLARD ZU EINEM INTEGRIERTEN ANBIETER VON WASSERSTOFF-ÖKOSYSTEMEN MACHTWegweisende Übernahme eines schnell wachsenden Marktführers für groß angelegte, emissionsfreie stationäre Stromversorgungslösungen auf Wasserstoffbasis
Seeking Alpha·Jun 23, 2026
Ballard Power Systems Inc. (BLDP:CA) M&A Call TranscriptBallard Power Systems Inc. (BLDP:CA) M&A Call Transcript
PRNewsWire·Jun 23, 2026
BALLARD ANNOUNCES ACQUISITION OF UK-BASED GEOPURA, POWERING FUTURE GROWTH AND TRANSFORMING BALLARD INTO AN INTEGRATED HYDROGEN ECOSYSTEM PROVIDERTransformative acquisition of a rapidly growing market leader of large-scale zero-emission hydrogen-based stationary power solutions Expands Ballard's business model to include an energy-as-a-service solution with a bundled offering combining hydrogen production, distribution, logistics, refueling, fuel cells, and stationary power generation to drive higher revenue per megawatt and highly recurring revenue potential Builds upon a longstanding and proven partnership with GeoPura, where Ballard supplies fuel cell engines to GeoPura's Hydrogen Power Units Expands addressable market into high-growth end-markets in a capitally efficient manner, supported by secured hydrogen supply and government policy backing Maintains Ballard's path to profitability by 2028, unlocking US$25 million in annual run-rate EBITDA synergies VANCOUVER, BC, June 23, 2026 /PRNewswire/ - Ballard Power Systems Inc. (NASDAQ: BLDP) (TSX: BLDP) ("Ballard", the "Company"), a global leader in hydrogen fuel cell technology, today announced that it has entered into a definitive agreement (the "Agreement") to acquire GeoPura Limited ("GeoPura"), a zero-emission hydrogen-based power solutions provider (the "Transaction"). The Transaction consists of an upfront equity purchase price of £275.0 million ("Upfront Consideration"), funded through a combination of £82.5 million in Ballard cash on hand and the issuance of ~50.8 million Ballard common shares to GeoPura shareholders, at US$5.02 per share, based on Ballard's 30-day volume-weighted average share price.
GuruFocus·Jun 16, 2026
Ballard announces order for 15 MW in the stationary power marketBallard announces order for 15 MW in the stationary power market PR Newswire VANCOUVER, BC, June 15, 2026
Peers Comparison
Key metrics vs top competitors for Ballard Power Systems Inc. (BLDP)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $3.46 | $1.04B | -11.53 | 45.04% | -91.45% | -14.66% | — | |
| $2.64 | $3.03B | -1.87 | 12.9% | -227.13% | -133.36% | — | |
| $29.73 | $1.58B | -4.01 | 41.05% | -132.72% | -31.29% | — | |
| $23.49 | $2.15B | -24.99 | — | — | -65.73% | — | |
| $295.05 | $70.93B | -797.43 | 37.33% | 0.25% | 0.79% | — | |
| $2.79 | $5.05M | -2.00 | 762.68% | -657.1% | -298.09% | — |
Compare BLDP vs Peers
Ballard Power Systems Inc. (BLDP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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BLDP Frequently Asked Questions
Ballard Power Systems Inc. (BLDP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Ballard Power Systems Inc.'s revenue?
Ballard Power Systems Inc. (BLDP) reported $103.4M in revenue for fiscal year 2025. This represents a 450% increase from $18.8M in 1996.
How fast is Ballard Power Systems Inc. growing?
Ballard Power Systems Inc. (BLDP) grew revenue by 45.0% over the past year. This is strong growth.
Is BLDP profitable?
Ballard Power Systems Inc. (BLDP) reported a net loss of $81.3M for fiscal year 2025.
Dividend & Returns
What is BLDP's return on equity?
Ballard Power Systems Inc. (BLDP) has a return on equity (ROE) of -14.7%. Negative ROE indicates the company is unprofitable.
What is Ballard Power Systems Inc.'s free cash flow?
Ballard Power Systems Inc. (BLDP) had negative free cash flow of $47.5M in fiscal year 2025, likely due to heavy capital investments.