BLDPNasdaqElectrical Industrial ApparatusFiscal year ends December 31
Ballard Power Systems Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 12, 2026
$1.52−0.05 (-3.18%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
5.5%−14.7 pts over 5 years
Operating margin
-104.1%−65.8 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +42.5% | +6.7% | -0.9% | – | |
| Gross profit | – | – | -23.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | 2.50 | 16.40 | 9.86 | |
| Interest coverage | -26.3× | -30.5× | -54.3× | |
| Inventory turnover | – | 2.8× | 1.9× | |
| Capex to revenue | 3.3% | 12.1% | 9.9% | |
| Diluted shares | 163M | 248M | 300M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ballard Power Systems generated $481.48M from operations and spent $124.00M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$481.48M
Used
$124.00M
Capital expenditure$124.00M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-6.6%
×Asset turnover0.67×
×Equity multiplier1.48×
=Return on equity, FY2017-6.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2017 | -6.6% | 0.67× | 1.48× | -6.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero-$56.17M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income-$56.17M vs –
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose9.25 → 9.86
- No dilutionShare count did not rise299M → 300M
- Gross margin improvedGross margin up on the prior year-31.52% → 5.50%
- More efficientAsset turnover rose0.06 → 0.13