What is Ballard Power's earnings per share (EPS)?

Ballard Power (BLDP) reported diluted earnings per share of $-0.30 for fiscal year 2025. This represents a 72.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ballard Power Financials

BLDP

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Ballard Power (BLDP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BLDP FY2025 2026-04-22

Ballard’s finances show a cash-funded development model, where equity capital absorbs recurring losses while debt stays almost irrelevant.

The important FY2025 shift is that loss improvement finally matched cash-burn improvement: net loss narrowed sharply versus FY2024, and operating cash outflow nearly halved to $56.2M. With $527.1M of cash against $92.5M of total liabilities, the company is still funding its operations mainly from previously raised equity rather than from creditors.

Across FY2023-FY2025, cash depletion came with only a slight rise in leverage; debt-to-equity stayed near 0.0x even as cash fell to $527.1M. Equity also dropped to $589.9M from $991.2M, showing that repeated losses are being absorbed by shareholders instead of lenders.

FY2025 revenue recovered, but the more revealing fact is that cash conversion remains structurally negative: free cash flow was still -$66.0M while the current ratio stayed very high at 9.9x. The business therefore resembles a lab with a strong treasury—liquid in the near term, but not yet sustained by internally generated cash.

Financial Health Signals

Financial Health Score 59/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ballard Power's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Dilution

Revenue Progress

Burn Trend

Balance Sheet

Piotroski F-Score Partial

4/7

Ballard Power passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.62x

For every $1 of reported earnings, Ballard Power generates $0.62 in operating cash flow (-$56.2M OCF vs -$90.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$99.4M

YoY+42.5%

5Y CAGR-0.9%

Ballard Power generated $99.4M in revenue in fiscal year 2025. This represents an increase of 42.5% from the prior year.

EBITDA

N/A

Net Income

-$90.9M

YoY+72.0%

Ballard Power reported -$90.9M in net income in fiscal year 2025. This represents an increase of 72.0% from the prior year.

EPS (Diluted)

$-0.30

YoY+72.2%

Ballard Power earned $-0.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 72.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$66.0M

YoY+50.7%

Ballard Power generated -$66.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 50.7% from the prior year.

Cash & Debt

$527.1M

YoY-12.7%

5Y CAGR-7.1%

Ballard Power held $527.1M in cash against $18.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

301M

5Y CAGR+1.3%

Ballard Power had 301M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-91.5%

YoY+373.5pp

5Y CAGR-42.0pp

Ballard Power's net profit margin was -91.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 373.5 percentage points from the prior year.

Return on Equity

-15.4%

YoY+32.8pp

5Y CAGR-9.7pp

Ballard Power's ROE was -15.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 32.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$9.8M

YoY-61.9%

5Y CAGR-4.8%

Ballard Power invested $9.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 61.9% from the prior year.

BLDP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$99.4M+42.5%	$69.7M-31.9%	$102.4M+25.1%	$81.9M-21.7%	$104.5M+0.6%	$103.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$51K-57.9%	$121K-23.4%	$158K+276.2%	$42K+119.4%	-$216K-266.2%	$130K
Net Income	-$90.9M+72.0%	-$324.2M-82.5%	-$177.7M-2.4%	-$173.5M-51.9%	-$114.2M-122.3%	-$51.4M
EPS (Diluted)	$-0.30+72.2%	$-1.08-125.0%	$-0.48+11.1%	$-0.54-38.5%	$-0.39-95.0%	$-0.20

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BLDP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$682.4M-12.2%	$777.3M-27.9%	$1.1B-13.6%	$1.2B-13.5%	$1.4B+47.7%	$975.6M
Current Assets	$601.4M-13.9%	$698.9M-19.2%	$864.7M-15.9%	$1.0B-16.3%	$1.2B+43.9%	$854.3M
Cash & Equivalents	$527.1M-12.7%	$603.9M-19.6%	$751.1M-17.8%	$913.7M-18.7%	$1.1B+47.2%	$763.4M
Inventory	$43.8M-22.4%	$56.4M+23.0%	$45.9M-21.0%	$58.0M+12.7%	$51.5M+80.6%	$28.5M
Accounts Receivable	$24.2M-24.3%	$32.0M-45.4%	$58.6M+20.3%	$48.7M+5.0%	$46.4M-18.3%	$56.8M
Goodwill	N/A	$0-100.0%	$40.3M-37.3%	$64.3M0.0%	$64.3M+59.6%	$40.3M
Total Liabilities	$92.5M-11.4%	$104.3M+20.8%	$86.3M-2.1%	$88.2M-21.8%	$112.7M+50.9%	$74.7M
Current Liabilities	$61.0M-19.3%	$75.6M+7.1%	$70.6M-3.5%	$73.2M-12.0%	$83.2M+59.6%	$52.1M
Long-Term Debt	$18.7M-10.8%	$21.0M+56.8%	$13.4M+13.2%	$11.8M-14.7%	$13.9M-8.6%	$15.2M
Total Equity	$589.9M-12.3%	$673.0M-32.1%	$991.2M-14.5%	$1.2B-12.7%	$1.3B+47.3%	$900.9M
Retained Earnings	-$2.2B-4.4%	-$2.1B-18.6%	-$1.7B-11.3%	-$1.6B-12.5%	-$1.4B-8.8%	-$1.3B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$682.4M-12.2%	$777.3M-27.9%	$1.1B-13.6%	$1.2B-13.5%	$1.4B+47.7%	$975.6M+186.7%	$340.3M-1.7%	$346.1M
Current Assets	$601.4M-13.9%	$698.9M-19.2%	$864.7M-15.9%	$1.0B-16.3%	$1.2B+43.9%	$854.3M+272.2%	$229.5M-12.3%	$261.6M
Cash & Equivalents	$527.1M-12.7%	$603.9M-19.6%	$751.1M-17.8%	$913.7M-18.7%	$1.1B+47.2%	$763.4M+416.6%	$147.8M-23.1%	$192.2M
Inventory	$43.8M-22.4%	$56.4M+23.0%	$45.9M-21.0%	$58.0M+12.7%	$51.5M+80.6%	$28.5M-5.2%	$30.1M+2.7%	$29.3M
Accounts Receivable	$24.2M-24.3%	$32.0M-45.4%	$58.6M+20.3%	$48.7M+5.0%	$46.4M-18.3%	$56.8M+15.2%	$49.3M+28.0%	$38.5M
Goodwill	N/A	$0-100.0%	$40.3M-37.3%	$64.3M0.0%	$64.3M+59.6%	$40.3M0.0%	$40.3M0.0%	$40.3M
Total Liabilities	$92.5M-11.4%	$104.3M+20.8%	$86.3M-2.1%	$88.2M-21.8%	$112.7M+50.9%	$74.7M-17.0%	$90.1M+41.8%	$63.5M
Current Liabilities	$61.0M-19.3%	$75.6M+7.1%	$70.6M-3.5%	$73.2M-12.0%	$83.2M+59.6%	$52.1M-19.3%	$64.5M+35.2%	$47.7M
Long-Term Debt	$18.7M-10.8%	$21.0M+56.8%	$13.4M+13.2%	$11.8M-14.7%	$13.9M-8.6%	$15.2M-12.3%	$17.3M	N/A
Total Equity	$589.9M-12.3%	$673.0M-32.1%	$991.2M-14.5%	$1.2B-12.7%	$1.3B+47.3%	$900.9M+260.0%	$250.3M-11.4%	$282.6M
Retained Earnings	-$2.2B-4.4%	-$2.1B-18.6%	-$1.7B-11.3%	-$1.6B-12.5%	-$1.4B-8.8%	-$1.3B-4.2%	-$1.2B-3.3%	-$1.2B

BLDP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$56.2M+48.0%	-$108.1M-3.4%	-$104.6M+20.9%	-$132.2M-64.2%	-$80.5M-87.4%	-$42.9M
Capital Expenditures	$9.8M-61.9%	$25.8M-37.3%	$41.2M+21.5%	$33.9M+157.9%	$13.2M+4.3%	$12.6M
Free Cash Flow	-$66.0M+50.7%	-$133.9M+8.1%	-$145.8M+12.2%	-$166.1M-77.4%	-$93.6M-68.5%	-$55.6M
Investing Cash Flow	-$20.9M+42.6%	-$36.5M+32.7%	-$54.3M+28.2%	-$75.6M+11.8%	-$85.6M-135.3%	-$36.4M
Financing Cash Flow	-$2.6M-68.9%	-$1.5M+58.4%	-$3.7M-52.9%	-$2.4M-100.5%	$526.9M-24.4%	$696.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BLDP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-91.5%+373.5pp	-465.0%-291.4pp	-173.6%+38.3pp	-211.9%-102.6pp	-109.3%-59.9pp	-49.5%
Return on Equity	-15.4%+32.8pp	-48.2%-30.3pp	-17.9%-3.0pp	-15.0%-6.4pp	-8.6%-2.9pp	-5.7%
Return on Assets	-13.3%+28.4pp	-41.7%-25.2pp	-16.5%-2.6pp	-13.9%-6.0pp	-7.9%-2.7pp	-5.3%
Current Ratio	9.86+0.6	9.25-3.0	12.25-1.8	14.06-0.7	14.78-1.6	16.40
Debt-to-Equity	0.030.0	0.03+0.0	0.010.0	0.010.0	0.010.0	0.02
FCF Margin	-66.4%+125.7pp	-192.1%-49.7pp	-142.4%+60.5pp	-202.9%-113.3pp	-89.6%-36.1pp	-53.5%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	9.86+0.6	9.25-3.0	12.25-1.8	14.06-0.7	14.78-1.6	16.40+12.8	3.56-1.9	5.48
Debt-to-Equity	0.030.0	0.03+0.0	0.010.0	0.010.0	0.010.0	0.02-0.1	0.07-0.2	0.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Ballard Power's annual revenue?

Ballard Power (BLDP) reported $99.4M in total revenue for fiscal year 2025. This represents a 42.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ballard Power's revenue growing?

Ballard Power (BLDP) revenue grew by 42.5% year-over-year, from $69.7M to $99.4M in fiscal year 2025.

Is Ballard Power profitable?

No, Ballard Power (BLDP) reported a net income of -$90.9M in fiscal year 2025, with a net profit margin of -91.5%.

How much debt does Ballard Power have?

As of fiscal year 2025, Ballard Power (BLDP) had $527.1M in cash and equivalents against $18.7M in long-term debt.

What is Ballard Power's net profit margin?

Ballard Power (BLDP) had a net profit margin of -91.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ballard Power's return on equity (ROE)?

Ballard Power (BLDP) has a return on equity of -15.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ballard Power's free cash flow?

Ballard Power (BLDP) generated -$66.0M in free cash flow during fiscal year 2025. This represents a 50.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ballard Power's operating cash flow?

Ballard Power (BLDP) generated -$56.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ballard Power's total assets?

Ballard Power (BLDP) had $682.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ballard Power's capital expenditures?

Ballard Power (BLDP) invested $9.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Ballard Power have outstanding?

Ballard Power (BLDP) had 301M shares outstanding as of fiscal year 2025.

What is Ballard Power's current ratio?

Ballard Power (BLDP) had a current ratio of 9.86 as of fiscal year 2025, which is generally considered healthy.

What is Ballard Power's debt-to-equity ratio?

Ballard Power (BLDP) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ballard Power's return on assets (ROA)?

Ballard Power (BLDP) had a return on assets of -13.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ballard Power's cash runway?

Based on fiscal year 2025 data, Ballard Power (BLDP) had $527.1M in cash against an annual operating cash burn of $56.2M. This gives an estimated cash runway of approximately 113 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Ballard Power's Piotroski F-Score?

Ballard Power (BLDP) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ballard Power's earnings high quality?

Ballard Power (BLDP) has an earnings quality ratio of 0.62x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Ballard Power?

Ballard Power (BLDP) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.