Latest Ratios: P/E Ratio -11.5x · EV/EBITDA N/A · ROE -14.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $770M | $497M | $1.1B | $1.4B | $3.7B | $5.8B | $1.7B | $444M | $777M | $270M |
| Enterprise Value | $539M | $266M | $-83198763 | $372M | $530M | $2.6B | $5.1B | $1.5B | $258M | $724M | $205M |
| P/E Ratio → | -11.53 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 10.31 | 7.61 | 7.13 | 10.79 | 17.04 | 35.49 | 55.97 | 15.81 | 4.60 | 6.41 | 3.16 |
| P/B Ratio | 1.78 | 1.31 | 0.74 | 1.11 | 1.23 | 2.80 | 6.45 | 6.68 | 1.57 | 6.49 | 2.22 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.63 | -1.19 | 3.63 | 6.32 | 24.91 | 48.80 | 14.60 | 2.67 | 5.97 | 2.40 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | 1961.38 | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.4% | 2.4% | -31.5% | -21.3% | -15.6% | 13.4% | 20.2% | 21.1% | 30.7% | 34.3% | 28.4% |
| Operating Margin | -80.6% | -80.6% | -262.9% | -159.1% | -189.6% | -84.2% | -38.3% | -24.1% | -21.5% | -4.0% | -21.2% |
| Net Profit Margin | -91.4% | -91.4% | -465.0% | -173.6% | -207.0% | -109.5% | -49.5% | -36.9% | -28.3% | -6.6% | -25.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -14.7% | -14.7% | -39.0% | -16.5% | -14.0% | -10.3% | -8.9% | -14.7% | -13.6% | -6.7% | -18.6% |
| ROA | -12.7% | -12.7% | -35.0% | -15.3% | -12.9% | -9.5% | -7.8% | -11.4% | -10.4% | -4.5% | -12.6% |
| ROIC | -68.8% | -68.8% | -78.4% | -47.1% | -49.4% | -35.1% | -21.5% | -17.5% | -19.2% | -6.0% | -19.9% |
| ROCE | -12.3% | -12.3% | -21.5% | -14.9% | -12.6% | -7.7% | -6.6% | -8.9% | -9.5% | -3.5% | -13.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.02 | 0.01 | 0.01 | 0.02 | 0.08 | 0.02 | 0.06 | 0.06 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | 18.64 | — |
| Net Debt / Equity | — | -0.86 | -0.86 | -0.74 | -0.77 | -0.83 | -0.83 | -0.51 | -0.66 | -0.45 | -0.54 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -144.60 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -42.05 | -42.05 | -149.70 | -111.41 | -130.77 | -75.10 | -34.82 | -22.84 | -49.90 | -8.13 | -29.70 |
Net cash position: cash ($526M) exceeds total debt ($22M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.86 | 9.86 | 9.25 | 12.25 | 14.06 | 14.78 | 16.40 | 3.56 | 5.48 | 2.61 | 2.50 |
| Quick Ratio | 9.14 | 9.14 | 8.50 | 11.60 | 13.26 | 14.16 | 15.85 | 3.09 | 4.87 | 2.17 | 2.10 |
| Cash Ratio | 8.71 | 8.71 | 8.02 | 10.67 | 12.52 | 13.55 | 14.69 | 2.29 | 4.03 | 1.53 | 1.69 |
| Asset Turnover | — | 0.15 | 0.09 | 0.10 | 0.07 | 0.07 | 0.11 | 0.31 | 0.28 | 0.68 | 0.46 |
| Inventory Turnover | 2.26 | 2.26 | 1.63 | 2.71 | 1.67 | 1.76 | 2.91 | 2.77 | 2.28 | 4.61 | 3.55 |
| Days Sales Outstanding | — | 87.18 | 167.41 | 208.82 | 168.10 | 161.82 | 199.56 | 170.26 | 145.58 | 69.46 | 47.20 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $303M | $299M | $299M | $298M | $295M | $248M | $233M | $186M | $176M | $163M |
Persistent operational cash burn
According to current market data, Ballard trades at a price-to-sales multiple of 10.79, a valuation that appears to price in significant future growth rather than current fundamental performance, given the company's negative P/E of -12.07 and the absence of meaningful forward-looking earnings visibility.
The elevated P/S ratio suggests that investors are valuing Ballard as a technology call option on the hydrogen economy rather than an industrial manufacturer. This valuation warrants caution, as it implies a high degree of confidence in future market adoption that is not currently supported by the company's stagnant revenue or negative margins.
As reported in financial statements, Ballard's ROIC has consistently languished in negative territory, reaching -11.7% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investments in fuel cell stack research and manufacturing capacity.
The persistent negative return on capital reflects the structural challenge of high R&D and fixed-cost overhead relative to the company's limited revenue base. Investors should monitor whether future scale can eventually drive these returns toward positive territory, though current trends suggest a long and difficult path to capital efficiency.
Based on the provided quarterly data, Ballard's cash conversion cycle remains highly inefficient, peaking at 470 days in 2024Q1 and settling at 260 days in 2026Q1, which highlights the significant time and capital tied up in inventory and receivables before cash is finally realized.
The extended CCC is driven by high days-inventory-outstanding, suggesting that the company struggles to move its fuel cell stacks through the production cycle efficiently. This inefficiency places additional pressure on the company's cash reserves, as capital remains trapped in the manufacturing pipeline for extended periods.
According to recent balance sheet filings, Ballard maintains a current ratio of 10.70 as of 2026Q1, which provides a substantial liquidity cushion that appears sufficient to fund the company's ongoing operational losses for the foreseeable future despite the lack of positive cash flow generation.
While the high current ratio suggests a low risk of immediate insolvency, it also indicates a significant amount of capital sitting in relatively unproductive assets. This liquidity position is a critical survival mechanism, allowing the company to continue its R&D efforts while waiting for the broader hydrogen market to reach commercial viability.
Investors frequently misapply price-to-sales multiples to Ballard, which obscures the company's underlying lack of gross margin profitability and the high cost of revenue associated with its current fuel cell stack manufacturing and engineering service business model.
Using P/S ratios ignores the fact that a significant portion of Ballard's revenue may be low-margin or project-based, failing to account for the high variable costs of platinum and specialized materials. A more appropriate metric for this business would be an enterprise-value-to-gross-profit or a focus on unit-level contribution margins to better assess the company's true path to operational sustainability.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BLDP stock.
Ballard Power Systems Inc.'s current P/E ratio is -11.5x. The historical average is 3.1x.
Ballard Power Systems Inc.'s return on equity (ROE) is -14.7%. The historical average is -17.2%.
Based on historical data, Ballard Power Systems Inc. is trading at a P/E of -11.5x. Compare with industry peers and growth rates for a complete picture.
Ballard Power Systems Inc. has 2.4% gross margin and -80.6% operating margin.