Ballard Power Systems Inc. logo BLDP - Ballard Power Systems Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 4
HOLD 17
SELL 5
STRONG
SELL
0
| PRICE TARGET: $3.60 DETAILS
HIGH: $5.00
LOW: $2.00
MEDIAN: $3.70
CONSENSUS: $3.60
DOWNSIDE: 35.02%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 101.1 69.7 102.4 83.8 104.5 103.9 105.7 96.6 121.3 85.3 56.5 68.7 61.3 43.7 76.0 65.0 46.7 59.6 65.5 49.8 53.7 81.4 119.6 90.9 60.7 27.4 22.9 16.2 16.9 18.8 15.4 13.7 10.9
Cost of Revenue 98.7 91.7 124.2 96.9 90.5 82.9 83.4 66.9 79.7 61.1 46.5 58.5 44.5 36.3 62.1 54.8 40.8 47.4 25.1 21.2 31.3 59.6 76.1 67.1 33.4 30.2 16.0 10 13.7 15.4 8.6 8.6 9.9
Gross Profit 2.4 (22.0) (21.8) (13.1) 14.0 21.0 22.3 29.7 41.6 24.2 10.0 10.2 16.8 7.4 13.9 10.2 5.9 12.2 40.5 28.6 22.4 21.8 43.5 23.8 27.3 (2.8) 6.8 6.2 3.2 3.4 6.8 5.1 0.9
Operating Expenses
R&D Expenses 57.5 94.5 98.3 96.0 62.2 35.5 25.3 27.0 25.0 19.8 16.2 14.3 17.1 19.3 25.5 23.8 26.6 37.2 58.5 52.3 75.5 91.7 103.9 113.7 82.7 57.7 42.8 23.5 12.7 0 0 0 2.0
SG&A Expenses 26.5 37.0 39.0 41.8 37.9 24.9 20.6 23.2 20.9 20.5 18.4 18.0 19.4 19.2 22.0 22.2 18.0 20.1 28.0 20.5 25.6 25.7 27.2 32.0 18.5 11.6 10.1 6.9 5.8 15.5 13.5 7.6 1.8
Other Expenses (0.1) 29.8 3.8 8.1 1.9 0.4 1.9 (0.1) 0.0 (0.1) (0.1) (0.1) 0 (0.0) 0 6.5 6.6 6.0 15.7 16.4 26.1 40.1 46.4 44.6 5.0 9.7 7.4 5.7 3.1 1.5 1 1 0.8
Operating Expenses 83.9 161.3 141.1 145.8 102.0 60.7 47.8 50.2 45.9 40.3 34.6 32.3 36.5 38.5 47.5 52.4 51.2 63.3 102.3 89.2 127.1 157.5 177.4 190.4 106.2 79.0 60.2 36.1 21.6 17 14.5 8.6 4.5
Operating Income
Operating Income (81.5) (183.3) (162.9) (158.9) (88.0) (39.8) (25.4) (20.8) (4.9) (18.1) (24.9) (28.1) (19.4) (31.1) (33.6) (42.8) (52.0) (51.1) (61.8) (60.5) (104.7) (135.8) (142.8) (194.1) (82.6) (81.8) (53.4) (29.9) (18.4) (13.6) (7.7) (3.5) (3.6)
Interest Expense 1.9 2.1 1.2 1.2 1.3 1.4 1.5 0.5 0.7 0.7 0.8 0.9 1.5 1.7 1.4 1.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.1 0.1 0.2
Interest Income 25.0 0 0 18.8 3.7 1.2 3.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28.6 16.5 24.5 29.6 0 0 0 0 0 0 0
Profitability
EBITDA (77.4) (309.3) (122.3) (145.1) (86.7) (40.2) (26.0) (20.3) (0.7) (15.9) (1.1) (22.5) (13.6) (36.2) (32.5) (26.8) 6.8 (43.0) (43.7) (37.4) (59.1) (90.4) (79.5) (116.0) (88.7) (68.6) (46.4) (24.5) (15.3) (12.1) (6.7) (2.5) (2.9)
EBIT (81.5) (321.3) (135.3) (158.9) (96.3) (47.8) (33.5) (25.1) (6.0) (20.4) (5.2) (28.2) (19.8) (42.0) (38.4) (34.6) (3.5) (51.0) (61.8) (60.5) (88.3) (135.8) (133.9) (166.6) (103.4) (77) (53.4) (30.1) (18.4) (13.6) (7.7) (3.5) (3.6)
Income Before Tax (92.5) (323.4) (144.1) (177.0) (114.6) (49.3) (35.3) (27.0) (6.5) (21.3) (6.4) (29.3) (21.2) (43.4) (35.8) (38.8) (3.3) 34.1 (56.9) (58.4) (86.8) (175.0) (124.3) (146.5) (95.3) (55.9) (50.7) 1.3 1.9 (4.3) (5.3) (3.7) (2.3)
Income Tax Expense 0.1 0.1 0.2 (3.5) (0.2) 0.1 0.0 0.4 1.6 0.4 0.2 0.4 0.5 11.0 0.4 0.0 (0.0) 0.0 (0.1) (1.4) 0.2 0.4 0.7 1.2 0.9 1.3 0.5 0.8 0.5 0.2 0.1 0 (1.3)
Net Income (92.5) (324.2) (177.7) (173.5) (114.4) (51.4) (39.0) (27.3) (8.0) (21.7) (5.8) (27.9) (20.0) (42.1) (33.4) (34.9) (3.3) 34.1 (57.3) (181.1) (87.0) (175.4) (125.1) (147.7) (96.2) (57.2) (51.2) 0.5 1.4 (4.5) (5.4) (3.7) (2.3)
Per Share Data
EPS (Basic) -0.31 -1.08 -0.61 -0.58 -0.39 -0.20 -0.17 -0.15 -0.05 -0.13 -0.04 -0.22 -0.20 -0.48 -0.40 -0.42 -0.04 0.37 -0.50 -1.60 -0.73 -1.48 -1.07 -1.40 -1.05 -0.65 -0.62 -0.00 0.03 -0.10 -0.17 -0.14 -0.11
EPS (Diluted) -0.30 -1.08 -0.61 -0.58 -0.39 -0.20 -0.17 -0.15 -0.05 -0.13 -0.04 -0.22 -0.20 -0.48 -0.40 -0.42 -0.04 0.37 -0.50 -1.60 -0.71 -1.48 -1.07 -1.40 -1.05 -0.65 -0.62 -0.00 0.03 -0.10 -0.17 -0.14 -0.11
Shares Outstanding 303.0 299.3 298.7 298.1 295.3 248.5 232.8 185.8 176.3 163.4 140.4 127.4 100.0 87.6 84.4 84.1 83.6 84.9 114.6 113.4 119.7 118.5 117.4 105.4 91.4 88.2 82.5 70 40 45 31.8 26.4 22.1
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 526.1 603.9 751.1 913.7 1,122.4 763.4 147.8 192.2 60.3 72.6 43.3 54.1 188.7 278.1 237.2 140.8 192.5 59.7 225.1 101.1 49.4 15.3 7.6 6.2
Short-Term Investments 4.2 2.1 2.1 2.0 3.0 2 0 0 0 0 38.9 31.3 51.5 49.0 139.6 280.5 320.7 187.9 0 0 0 0 0 0
Net Receivables 24.2 32.0 58.6 38.6 46.3 56.8 49.3 38.5 23.1 11.0 12.9 18.9 10.3 22.6 28.3 17.3 15.4 18.6 8.9 15 7.8 4.8 5.5 3.2
Inventory 43.7 56.4 45.9 58.0 51.4 28.5 30.1 29.3 17.3 17.2 9.2 10.4 12.3 26.3 26.1 28.0 11.8 6.0 4.3 0.9 1.8 2 0.9 1.1
Other Current Assets 2.2 4.4 7.1 8.9 4.4 0 2.3 0 0 3.9 0 0 13.0 0 0 0 0.4 0.8 60.5 18.1 6.5 6.5 11.8 8.5
Total Current Assets 600.3 698.9 864.7 1,028.5 1,227.5 854.3 229.5 261.6 102.8 107.8 106.4 116.1 278.2 378.5 433.3 467.5 540.9 272.9 298.8 135.1 65.5 28.6 25.8 19.0
Non-Current Assets
Property, Plant & Equipment 32.1 30.4 116.3 82.4 56.0 49.3 42.8 21.6 15.3 15.7 39.3 38.8 66.8 85.7 97.9 109.0 57.9 44.5 29.3 16.2 12.7 6.9 3 2.3
Goodwill 0 0 40.3 64.3 64.2 40.3 40.3 40.3 40.6 40.6 48.1 48.1 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0.2 1.8 1.4 5.2 20.8 3.8 5.7 8.3 17.9 18.1 0.8 3.7 217.2 353.7 356.7 355.4 28.5 32.1 0 0 0 0 0 0
Long-Term Investments 47.9 45.8 54.2 66.4 70.2 27.6 21.6 14.0 0.7 1.2 0.6 1.8 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 0.5 0.5 0.5 0.4 0.3 0.3 0.3 0.3 0.3 0.2 0.1 1.8 96.8 17.0 29.9 27.4 79.4 77.3 117.9 87 0 (0.1) 0 0.1
Total Non-Current Assets 80.8 78.4 212.8 218.6 211.5 121.3 110.8 84.5 74.9 75.7 88.9 92.4 380.9 456.4 484.5 491.8 165.8 153.9 147.2 103.2 12.7 6.8 3 2.3
Total Assets 681.1 777.3 1,077.5 1,247.1 1,439.0 975.6 340.3 346.1 177.7 183.4 195.3 208.4 659.2 834.8 917.8 959.3 706.7 426.8 446 238.3 78.2 35.4 28.8 21.3
Current Liabilities
Account Payables 12.0 12.3 13.7 20.4 13.7 9.1 14.9 6.9 13.2 6.0 6.7 6.3 24.6 42.9 46.7 17.9 19.4 15.1 14.4 10 8 6.1 3.6 2.2
Short-Term Debt 3.4 0 0 0 3.2 0 2.4 0 0 0.5 0 0 0 0 0 0 0.1 0.1 0.1 0.1 0.9 0 1.6 0.9
Deferred Revenue 8.4 6.6 0 8.0 12.1 9.9 20.2 16.7 8.1 20.6 1.6 0.9 2.7 3.9 4.5 1.9 0 0 0 0 0 0 0 0
Other Current Liabilities 25.1 36.0 33.2 40.8 37.3 30.4 14.0 40.2 17.5 15.4 5.2 0 14.7 0 0 41.4 17.9 17.3 14.6 11.5 3.9 3.5 7.6 3.9
Total Current Liabilities 60.9 75.6 70.6 73.2 83.0 52.1 64.5 47.7 39.4 43.0 30.1 26.6 69.2 79.8 76.9 77.9 37.4 32.5 29.1 21.6 12.8 9.6 12.8 7.0
Non-Current Liabilities
Long-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.1 0.2 0.3 0.4 0.4 0.8 1 1.4
Deferred Tax Liabilities 0 0 0 0 3.6 3.9 0 16.6 12.7 17.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 2.8 2.7 1.9 2.3 10.8 1.8 6.1 8.2 9.2 9.0 4.6 16.3 10.9 13.4 11.4 7.7 4.0 0 0 (0.1) 0 0.1 0 0.1
Total Non-Current Liabilities 31.4 28.7 15.7 15.0 29.5 22.6 25.5 15.8 18.4 18.9 6.4 20.5 14.9 13.4 11.4 7.7 4.1 0.2 0.3 0.3 0.4 0.9 1 1.5
Total Liabilities 92.3 104.3 86.3 88.2 112.6 74.7 90.1 63.5 57.8 61.9 36.4 47.1 84.1 93.1 88.3 85.6 41.5 32.7 29.4 21.9 13.2 10.5 13.8 8.5
Stockholders' Equity
Common Stock 2,428.8 2,428.6 2,425.6 2,420.4 2,413.0 1,884.7 1,182.7 1,174.9 986.5 977.7 835.4 832.7 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings (2,147.8) (2,060.8) (1,737.5) (1,560.8) (1,385.7) (1,275.5) (1,223.8) (1,184.4) (1,157.4) (1,149.1) (960.7) (954.6) (663.3) (487.9) (362.1) (214.4) (125.5) (70.8) (18.3) (20.4) (22.7) (18.3) (12.6) (9.3)
Accumulated Other Comprehensive Income (1.6) (4.8) (3.0) (1.5) 1.7 0.9 0.8 0.9 0.2 0.7 (0.2) (0.2) (0.2) (0.2) (0.2) (0.2) (18.8) (12.8) (7.7) (5.3) (3.4) (3.1) (3.6) (2.7)
Total Stockholders' Equity 588.9 673.0 991.2 1,158.9 1,326.4 900.9 250.3 282.6 119.9 124.8 158.9 161.3 575.1 741.7 824.8 837.2 654.2 386.2 405.5 216 64.6 24.9 15 12.7
Total Liabilities & Equity 681.1 777.3 1,077.5 1,247.1 1,439.0 975.6 340.3 346.1 177.7 183.4 195.3 208.4 659.2 834.8 917.8 959.3 706.7 426.8 446 238.3 78.2 35.4 28.8 21.3
Debt Metrics
Total Debt 22.1 23.9 17.9 15.7 17.1 17.9 19.8 5.7 6.9 7.5 2.1 0 0 0 0 0 0.2 0.3 0.4 0.5 1.3 0.8 2.6 2.3
Net Debt (504.0) (580.1) (733.2) (898.0) (1,105.3) (745.6) (128.0) (186.5) (53.4) (65.1) (41.2) (54.1) (188.7) (278.1) (237.2) (140.8) (192.3) (59.4) (224.7) (100.6) (48.1) (14.5) (5) (3.8)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income (92.5) (324.2) (177.7) (173.5) (114.2) (51.4) (39.0) (27.3) (8.0) (21.7) (87.0) (175.4) (125.1) (147.7) (96.2) (57.2) (51.2) 0.5 1.4 (4.5) (5.4) (3.7) (2.3)
Depreciation & Amortization 4.1 12.0 13.5 13.8 9.8 7.6 7.5 5.0 5.1 4.5 29.2 45.3 54.4 50.6 14.6 9.0 7.0 5.5 3.1 1.5 1 1 0.8
Stock-Based Compensation 0 7.5 11.0 9.4 9.7 6.2 3.6 2.9 3.1 3.0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital 18.4 5.0 (17.1) (17.9) (11.6) (17.1) (0.1) (17.3) (12.3) 8.5 (17.3) 4.1 9.7 (16.5) 14.1 6.7 (9.4) 10.6 3.2 0.2 (2.9) 2.9 3.6
Other Non-Cash Items 12.9 191.5 65.7 39.7 26.2 (0.8) (0.4) (1.1) (0.3) (0.5) (1.6) 47.7 18.2 (12.8) 12.6 1.8 8.2 (18.3) (17.5) (7.3) (1.5) (0.1) (0.2)
Operating Cash Flow (57.2) (108.1) (104.6) (132.2) (80.5) (42.9) (14.2) (31.7) (9.8) (3.9) (76.7) (78.3) (42.8) (126.4) (54.8) (39.7) (45.4) (1.7) (9.8) (10.1) (8.8) 0.1 1.9
Investing Activities
Capital Expenditure (10.0) (27.6) (41.4) (34.5) (14.7) (12.9) (13.9) (9.9) (6.4) (6.9) (6.6) (7.1) (5.7) (20.3) (18.3) (21.4) (17.7) (17.5) (7.5) (7.3) (5.3) (1.9) (0.7)
Acquisitions 0.1 (0.1) (2) (24.2) (19.5) (22.5) (20.9) (14.6) (1.0) (0.2) 0 0 (1.9) (0.3) (27.7) 0 0 0 0 0 0 0 0
Purchases of Investments (11.0) (12.0) (11.9) (17.9) (51.8) (25.8) (21.4) (13.9) (0.0) (0.2) (33.3) (5.2) (2.0) (2.6) (14.4) (139.3) (123.7) (43.7) (11.5) (0.4) 0 (3.6) (8.4)
Sales/Maturities of Investments 0 0 1 1.0 0.3 25.8 21.4 0 3.4 0 0 0 90.6 140.8 21.5 0 0 0 0 0 5.7 0 0
Other Investing Activities 0 1.4 (0.2) (0.6) (1.5) (1.0) 2.1 1.3 (2.3) 12.3 25.1 0.0 1.1 4.2 3.8 (27.8) 0 (47.8) (90) 0 0 0 (0.1)
Investing Cash Flow (21.3) (36.5) (54.3) (75.6) (85.6) (36.4) (32.7) (23.1) (6.5) 5.2 (14.8) (12.3) 82.1 121.7 (35.1) (188.5) (141.4) (109) (109) (7.7) 0.4 (5.5) (9.1)
Financing Activities
Net Debt Issuance (3.0) (3.3) (4.0) (3.3) (2.8) (2.5) (2.1) (0.6) (0.6) (1.0) 0 0 0 0 0 (0.1) (0.1) (0.1) (0.8) 0 0.8 0.7 (0.8)
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (0.1) 1.8 0.3 0.9 2.4 4.4 4.6 3.1 5.6 3.8 1.1 (0.0) (0.0) (0.1) (0.1) 0.0 2.0 5.7 14.9 0.4 0 (0.2) 0.1
Financing Cash Flow (2.6) (1.5) (3.7) (2.4) 526.9 696.5 2.6 186.1 5.0 31 51.7 1.2 1.5 101.2 49.6 363.1 5.9 242.5 172.6 51.9 15.8 7.2 9.2
Cash Position
Net Change in Cash (77.5) (147.2) (162.6) (210.2) 360.5 615.6 (44.4) 132.0 (12.4) 32.6 (39.8) (89.4) 40.9 96.5 (40.5) 134.9 (180.9) 131.7 53.8 34.1 7.4 1.8 2.0
Cash at Beginning 603.6 751.1 913.7 1,123.9 763.4 147.8 192.2 60.3 72.6 40.0 188.7 278.1 237.2 140.8 181.3 57.7 240.6 93.4 47.3 15.2 7.8 5.8 4.1
Cash at End 526.1 603.9 751.1 913.7 1,123.9 763.4 147.8 192.2 60.3 72.6 148.9 188.7 278.1 237.2 140.8 192.5 59.7 225.1 101.1 49.3 15.2 7.6 6.1
Free Cash Flow (67.2) (135.7) (145.9) (166.7) (95.2) (55.8) (28.2) (41.5) (16.2) (10.8) (83.3) (85.3) (48.5) (146.8) (73.1) (61.1) (63.1) (19.2) (17.3) (17.4) (14.1) (1.8) 1.2
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 101.1 69.7 102.4 83.8 104.5 103.9 105.7 96.6 121.3 85.3 56.5 68.7 61.3 43.7 76.0 65.0 46.7 59.6 65.5 49.8 53.7 81.4 119.6 90.9 60.7 27.4 22.9 16.2 16.9 18.8 15.4 13.7 10.9
Gross Profit 2.4 (22.0) (21.8) (13.1) 14.0 21.0 22.3 29.7 41.6 24.2 10.0 10.2 16.8 7.4 13.9 10.2 5.9 12.2 40.5 28.6 22.4 21.8 43.5 23.8 27.3 (2.8) 6.8 6.2 3.2 3.4 6.8 5.1 0.9
Operating Income (81.5) (183.3) (162.9) (158.9) (88.0) (39.8) (25.4) (20.8) (4.9) (18.1) (24.9) (28.1) (19.4) (31.1) (33.6) (42.8) (52.0) (51.1) (61.8) (60.5) (104.7) (135.8) (142.8) (194.1) (82.6) (81.8) (53.4) (29.9) (18.4) (13.6) (7.7) (3.5) (3.6)
Net Income (92.5) (324.2) (177.7) (173.5) (114.4) (51.4) (39.0) (27.3) (8.0) (21.7) (5.8) (27.9) (20.0) (42.1) (33.4) (34.9) (3.3) 34.1 (57.3) (181.1) (87.0) (175.4) (125.1) (147.7) (96.2) (57.2) (51.2) 0.5 1.4 (4.5) (5.4) (3.7) (2.3)
EPS (Diluted) -0.30 -1.08 -0.61 -0.58 -0.39 -0.20 -0.17 -0.15 -0.05 -0.13 -0.04 -0.22 -0.20 -0.48 -0.40 -0.42 -0.04 0.37 -0.50 -1.60 -0.71 -1.48 -1.07 -1.40 -1.05 -0.65 -0.62 -0.00 0.03 -0.10 -0.17 -0.14 -0.11
Balance Sheet
Cash & Equivalents 526.1 603.9 751.1 913.7 1,122.4 763.4 147.8 192.2 60.3 72.6 43.3 54.1 188.7 278.1 237.2 140.8 192.5 59.7 225.1 101.1 49.4 15.3 7.6 6.2
Total Assets 681.1 777.3 1,077.5 1,247.1 1,439.0 975.6 340.3 346.1 177.7 183.4 195.3 208.4 659.2 834.8 917.8 959.3 706.7 426.8 446 238.3 78.2 35.4 28.8 21.3
Total Debt 22.1 23.9 17.9 15.7 17.1 17.9 19.8 5.7 6.9 7.5 2.1 0 0 0 0 0 0.2 0.3 0.4 0.5 1.3 0.8 2.6 2.3
Stockholders' Equity 588.9 673.0 991.2 1,158.9 1,326.4 900.9 250.3 282.6 119.9 124.8 158.9 161.3 575.1 741.7 824.8 837.2 654.2 386.2 405.5 216 64.6 24.9 15 12.7
Cash Flow
Operating Cash Flow (57.2) (108.1) (104.6) (132.2) (80.5) (42.9) (14.2) (31.7) (9.8) (3.9) (76.7) (78.3) (42.8) (126.4) (54.8) (39.7) (45.4) (1.7) (9.8) (10.1) (8.8) 0.1 1.9
Capital Expenditure (10.0) (27.6) (41.4) (34.5) (14.7) (12.9) (13.9) (9.9) (6.4) (6.9) (6.6) (7.1) (5.7) (20.3) (18.3) (21.4) (17.7) (17.5) (7.5) (7.3) (5.3) (1.9) (0.7)
Free Cash Flow (67.2) (135.7) (145.9) (166.7) (95.2) (55.8) (28.2) (41.5) (16.2) (10.8) (83.3) (85.3) (48.5) (146.8) (73.1) (61.1) (63.1) (19.2) (17.3) (17.4) (14.1) (1.8) 1.2