Ballard Power Systems Inc. (BLDP) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 40-F for FY2025, filed Mar 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BLDP SEC filings page.
Ballard Power Systems Inc. (BLDP) reported $99.4M in revenue for fiscal year 2025, up 42.5% from the prior fiscal year. This page shows its 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).
Ballard’s 2025 rebound improved cash conversion, but shrinking assets and continuing losses show a business still funded ahead of scale.
Revenue recovered42.5% from FY2024 while the net loss narrowed71.9% , suggesting FY2024’s deterioration was not a permanent revenue break. Operating cash flow improved48.0% and free cash flow improved50.7% , indicating the earnings recovery was accompanied by less cash consumption rather than being purely accounting-driven.
Debt-to-equity was 0.0x and the current ratio was 9.9x, so near-term obligations are not driving the financing structure. Yet total assets contracted
Capital spending fell from
Financial Health Signals
Ballard Power Systems Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Ballard Power Systems Inc. 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.
Ballard Power Systems Inc. reported a net loss of $90.9M while operations used $56.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Ballard Power Systems Inc. held $527.1M in cash against $18.7M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
BLDP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
BLDP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2540-F | Q4'2440-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| 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+94.8% |
| 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+154.5% |
| 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+219.0% |
| 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+69.5% |
| 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+66.9% |
| 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-0.7% |
| 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+9.9% |
| 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+21.0% |
| Non-Current Liabilities | $31.5M+9.5% | $28.7M+82.5% | $15.7M+4.9% | $15.0M-49.3% | $29.6M+30.7% | $22.6M-11.4% | $25.5M+61.7% | $15.8M-14.1% |
| 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+135.8% |
| 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-2.3% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
BLDP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
BLDP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Ballard Power Systems Inc. BLDP | FY2025 | $99.4M | -$90.9M | -91.5% | $642.5M | — |
| Serve Robotics Inc. SERV | FY2025 | $2.7M | -$101.4M | N/A | $339.5M | 57/100 |
| Graham Corporation GHM | FY2026 | $245.3M | $12.5M | 5.1% | $954.0M | 49/100 |
| THERMON GROUP HOLDINGS, INC. THR | FY2026 | $536.3M | $44.6M | 8.3% | $2.0B | 65/100 |
| Park-Ohio Holdings Corp PKOH | FY2025 | $1.6B | $23.8M | 1.5% | $700.2M | 41/100 |
| Helios Technologies, Inc. HLIO | FY2025 | $839.0M | $48.4M | 5.8% | $2.3B | 55/100 |
Where Ballard Power Systems Inc. Ranks
Frequently Asked Questions
What is Ballard Power Systems Inc.'s annual revenue?
Ballard Power Systems Inc. (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 Systems Inc.'s revenue growing?
Ballard Power Systems Inc. (BLDP) revenue grew by 42.5% year-over-year, from $69.7M to $99.4M in fiscal year 2025.
Is Ballard Power Systems Inc. profitable?
No, Ballard Power Systems Inc. (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 Systems Inc. have?
As of fiscal year 2025, Ballard Power Systems Inc. (BLDP) had $527.1M in cash and equivalents against $18.7M in long-term debt.
What is Ballard Power Systems Inc.'s net profit margin?
Ballard Power Systems Inc. (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 Systems Inc.'s return on equity (ROE)?
Ballard Power Systems Inc. (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 Systems Inc.'s free cash flow?
Ballard Power Systems Inc. (BLDP) recorded an outflow of $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 Systems Inc.'s operating cash flow?
Ballard Power Systems Inc. (BLDP) recorded an outflow of $56.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ballard Power Systems Inc.'s total assets?
Ballard Power Systems Inc. (BLDP) had $682.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ballard Power Systems Inc.'s capital expenditures?
Ballard Power Systems Inc. (BLDP) invested $9.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ballard Power Systems Inc.'s current ratio?
Ballard Power Systems Inc. (BLDP) had a current ratio of 9.86 as of fiscal year 2025, which is generally considered healthy.
What is Ballard Power Systems Inc.'s debt-to-equity ratio?
Ballard Power Systems Inc. (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 Systems Inc.'s return on assets (ROA)?
Ballard Power Systems Inc. (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 Systems Inc.'s P/E ratio?
Ballard Power Systems Inc. (BLDP) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $642.5M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Ballard Power Systems Inc.'s price-to-sales ratio?
Ballard Power Systems Inc. (BLDP) trades at 6.5x sales, its market capitalization divided by revenue of $99.4M revenue, FY2025. The market capitalization is $642.5M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Ballard Power Systems Inc.'s Piotroski F-Score?
Ballard Power Systems Inc. (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 Systems Inc.'s earnings high quality?
Ballard Power Systems Inc. (BLDP) reported a net loss of $90.9M while operations used $56.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.