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Buy Day today: Neutral (59) Mixed market breadth · major macro event coming up
BLDP

Ballard Power Systems Inc

Industrials · Electrical Equipment & Parts · listed since 1995

2.60$ +0.0% vs. previous close Closing price · As of: Aug 13, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

There is no basis for a red rating: the balance sheet is healthy, there is no bank debt, no going concern warning and no governance or accounting breach, and cash runway at the current burn rate extends far beyond four quarters. Green is not warranted either, because the business model has yet to prove itself: revenue has been flat for ten years, roughly a third of the new gross margin came from released provisions, and half of sales depend on three customers. That is an open operating question rather than a threat to the company's substance. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Ballard Power is financially sturdier than almost any other company in the hydrogen sector: $505.1 million in liquidity, no bank debt and equity of $559.7 million as of June 30, 2026. Operationally, though, revenue has stood still for a decade ($99.4 million in 2025 against $121.3 million in 2017) while losses have added up to roughly $1.06 billion since 2016. 2026 shows genuine progress — a 20 percent gross margin in the second quarter, operating expenses down 34 percent, a backlog of $156.6 million — yet a third of the new margin came from released provisions, three customers carry half of revenue, and the GeoPura deal costs roughly 17 percent dilution. Not investment advice.

Balance sheet & financial strength

As of June 30, 2026 the balance sheet showed $502.1 million in cash and $505.1 million in total liquidity with no bank debt, against equity of $559.7 million and total liabilities of only $84.2 million. There is no going concern warning, and the self-imposed six-quarter liquidity buffer is exceeded many times over.

Revenue trajectory

Annual revenue of $99.4 million in 2025 came in below the 2017 figure of $121.3 million, having ranged between $69.7 million and $105.7 million in between. Ten years of product development have not produced a durably larger revenue base — the roughly $1.06 billion of losses since 2016 were never caught up by growing sales.

Cost turn & margin

The cost turn is documented: operating expenses down 34 percent to $20.9 million in the second quarter of 2026, half-year operating cash usage halved to $19.2 million, gross margin at 20 percent after negative 8 percent. However, roughly 34 percent of the half-year margin came from released inventory and warranty provisions ($2.331 million of $6.843 million) and does not repeat on its own.

Customer concentration

Three customers accounted for $51.4 million, or roughly 52 percent of 2025 revenue (2025 financial statements, concentration risk note). The management discussion describes the order backlog and twelve-month order book as similarly concentrated and flags possible cancellation, delay and pricing adjustments.

GeoPura acquisition

The deal agreed on June 23, 2026 (£275 million upfront, of which £82.5 million in cash and about 50.8 million new shares at $5.02, enterprise value £301.1 million or roughly $400 million) moves the model toward recurring service revenue — at a cost of roughly 17 percent dilution and a good fifth of the cash. Closing was still pending as of June 30, 2026.

Ownership

Anchor shareholder Weichai Power reported three declining holdings within a single week in May 2026, down to 31,102,826 shares (10.32 percent), and filed on July 6, 2026 to sell a further 15 million shares; both board seats lapsed on May 13, 2026. The Chinese joint venture has been fully written off since 2025 and revenue from China was zero in the first half of 2026.

Worth Noting

This analysis was prompted by our own review of new SEC filings: the GeoPura agreement of June 23, 2026, major shareholder Weichai's Form 144 notice of July 6, 2026 and the half-year report on Form 6-K of July 31, 2026 — not by a screener hit.

Ballard is a Canadian foreign filer: there is no 10-K annual report and no 10-Q quarterly report, only the Form 40-F annual report and Form 6-K interim reports, prepared under IFRS in U.S. dollars. Searching the SEC archive for a 10-K therefore returns nothing.

Valuation figures are dated and evergreen: a market value of roughly $790 million derived from the 301,506,494 shares in the half-year report and the closing price of $2.62 on August 12, 2026; analyst consensus as of August 13, 2026. No daily price is a reason to buy.

Not to be confused: Ballard Power Systems Inc. of Burnaby, Canada is neither the U.S. competitor FuelCell Energy nor Plug Power; the former corporate name attached to today's SEC identifier was 7076991 Canada Inc. (2009).

Read the Full Deep Dive Ballard Power: $502 Million in the Bank, $1.06 Billion Burned — and Now a $400 Million Acquisition Ballard Power has been building fuel cells for buses, trains and off-grid power for more than thirty years. Revenue has moved between $70 million and $121 million for a decade, the losses since 2016 add up to roughly $1.06 billion — and yet on June 30, 2026 the company still held $502.1 million in cash without a single dollar of bank debt. In 2026 gross margin turned positive, the quarterly loss narrowed and the order backlog climbed to $156.6 million. At the same time Ballard is buying UK-based GeoPura for £275 million upfront, issuing about 50.8 million new shares to pay for it. We read what Ballard told the U.S. securities regulator, the SEC — and do the math on how long the money lasts. Read the analysis →

Stock Watch

This analysis is as of August 13, 2026. Stock Watch will tell you what's changed at BLDP since then.

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 1.80 $ to 6.40 $ · Last price: 2.60 $ (As of: August 13, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.8$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. -11.80%
Perf. 3M ?Price performance over the last 3 months. -37.00%
Perf. 6M ?Price performance over the last 6 months. 21.30%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 3.15%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -58.9%
Perf. 1Y ?Price performance over the last 12 months. 40.11%
Perf. 3Y ?Price performance over the last 3 years. -43.29%
Perf. 5Y ?Price performance over the last 5 years. -82.67%
Perf. 10Y ?Price performance over the last 10 years. 44.75%
Perf. Since Inception ?Price performance since the first available trading day (11/08/1995) — with a complete history, that is since the IPO. -30.13%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 3.10$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 3.50$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 3.10$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 38.5
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 69.2%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 81.1%

Calculated from the price history · as of 08/14/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 1.4
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 7.4
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. -62.0%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -12.9%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 86.5%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.01
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 1.43
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 5 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 15.40%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 45.04%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. -70.85%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 38.90%

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (55 out of 100)

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Electrical Equipment & Parts

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Ballard Power Systems Inc BLDP 0.8 – – – -62.0 45.0 40.1
Vertiv Holdings Co VRT 124.0 67.3 36.5 38.0 16.4 27.7 109.2
Bloom Energy Corp BE 67.2 – 173.6 31.7 9.6 37.3 435.9
nVent Electric PLC NVT 27.5 54.9 24.6 37.0 16.0 29.5 88.9
Hubbell Inc HUBB 27.1 29.9 20.5 35.3 17.8 3.8 15.6
Advanced Energy Industries Inc AEIS 14.0 65.8 40.7 39.0 14.3 21.4 103.1
Forgent Power Solutions, Inc. FPS 11.5 1,881.0 – – 10.4 315.4 –
Acuity Brands Inc AYI 10.9 24.1 12.8 48.7 16.1 13.1 10.0
Enersys ENS 7.5 25.1 14.7 29.3 13.4 3.7 98.0
Median of companies shown 14.0 54.9 24.6 37.0 14.3 27.7 93.4

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q3 · 14.8 $M Q3 2024: Q4 · 24.5 $M Q4 2025: Q1 · 15.4 $M Q1 2025: Q2 · 17.8 $M Q2 2025: Q3 · 32.5 $M Q3 2025: Q4 · 33.6 $M Q4 2026: Q1 · 19.4 $M Q1 2026: Q2 · 20.1 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q3 -0.19 -58.30 15 -45.50 -1,389.40 -29 -40
2024: Q4 -0.27 -69.10 25 -48.30 -189.50 -24 -30
2025: Q1 -0.10 28.60 15 6.50 -136.70 -24 -27
2025: Q2 -0.11 -10.00 18 11.50 -136.10 -20 -23
2025: Q3 -0.09 52.60 33 120.30 -86.40 -23 -24
2025: Q4 -0.04 84.20 34 37.20 -52.10 12 8
2026: Q1 -0.04 60.00 19 26.20 -58.70 -8 -8
2026: Q2 -0.07 36.40 20 12.50 -98.40 -11 -12

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 1 of our scanner strategies — each hit links to the scanner.

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Hold 1 = Strong buy … 5 = Strong sell
Analyst Ratings –
Price Target (average) –
Distance to price –

No price target is available for this stock.

AI classification

AI Rating

Neutral

Ballard Power verkauft PEM-Brennstoffzellen; in den geprüften SEC-Einreichungen (40-F 2025 mit Jahresabschluss, MD&A und Annual Information Form, 6-K zum 30.06.2026 mit Zwischenabschluss und MD&A, Ergebnismitteilung Q2 2026) findet sich keine einzige Erwähnung von künstlicher Intelligenz, maschinellem Lernen oder KI-gestützten Produkten — weder als Umsatzquelle noch als operatives Werkzeug noch als Risikofaktor; die einzige KI-nahe Stelle nennt den steigenden Strombedarf von Rechenzentren als möglichen künftigen Absatzmarkt für stationäre Brennstoffzellen, ohne Umsatz oder Auftrag.

View the full file — quotes, sources, reviewed filings
„As power demand from datacenter increases, PEM fuel cell system may support reduced time-to-power and provide complementary or backup power to the grid or to on-site generation."

Mit steigendem Strombedarf von Rechenzentren können PEM-Brennstoffzellensysteme dazu beitragen, die Zeit bis zur Stromverfügbarkeit zu verkürzen, und ergänzende Leistung oder Notstrom für das Netz oder die Erzeugung vor Ort bereitstellen.

40-F · 2026-03-12 · View SEC filing

Filings Reviewed: 40-F 2026-03-12 · 40-F 2026-03-12 · 40-F 2026-03-12 · 6-K 2026-07-31 · 6-K 2026-07-31 · 6-K 2026-07-31

Rated on August 13, 2026 · How the Rating Is Built

The company

About the Company

Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers products for various applications focusing on power products for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications. It also engages in the delivery of services, including technology solutions, after sales services, and training, as well as offers engineering and technology transfer services. The company operates in the United States, Poland, Canada, Germany, the United Kingdom, Egypt, Spain, China, the Netherlands, Denmark, France, and internationally. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.

IPO Year
1995

Data as of: August 13, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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