BLDP Ballard Power Systems, Inc. - Common Shares
NASDAQ · Electrical Equipment · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Mar 12, 2026
$2.05
· of 52w range
· above low
· to high
$1.9252w low
$6.5752w high
P/E
-8.5
EPS
$-0.30
your badges
52W Range
$2–$7
Analyst Rating
SELL
Price Target
$4
P/E
-8.5
ROE
-14.4%
Net Profit Margin
·
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BLDP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.05
P/E
-8.5
EPS
$-0.30
ROE
-14.4%
52W Range
$2–$7
BLDP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| June 3, 1998 | 3-for-1 | Forward |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue·2016-12-31 → 2017-12-31
EPS$-0.302020-12-31 → 2025-12-31
Free Cash Flow$-66M2017-12-31 → 2025-12-31
Net margin·2017-12-31 → 2017-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | BLDP | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -8.55Y avg ≈-11.3 | ≈-11.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | BLDP | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -12.5%5Y avg ≈-17.0% | ≈-17.0% | · | · | |
| ROE | -14.4%5Y avg ≈-18.8% | ≈-18.8% | · | · | |
| ROIC | -17.5%5Y avg ≈-16.3% | ≈-16.3% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | BLDP | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio | 9.95Y avg ≈12.0 | ≈12.0 | · | · | |
| Quick Ratio | 9.05Y avg ≈11.2 | ≈11.2 | · | · | |
| Interest Coverage | -54.35Y avg ≈-95.9 | ≈-95.9 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | BLDP | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Inventory Turnover | 1.95Y avg ≈2.0 | ≈2.0 | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
7.9%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $-0.07 | $-0.04 | -57.7% | |
| March 31, 2026 | $-0.04 | $-0.06 | 29.1% | |
| Dec. 31, 2025 | $-0.06 | $-0.08 | 25.3% | |
| Sept. 30, 2025 | $-0.09 | $-0.11 | 20.0% | |
| June 30, 2025 | $-0.08 | $-0.10 | 18.6% | |
| March 31, 2025 | $-0.07 | $-0.11 | 34.0% | |
| Dec. 31, 2024 | $-0.15 | $-0.13 | -14.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | · | · | $121M | $85M | |
| Cost of Revenue | $94M | $92M | $124M | $95M | $90M | $83M | $83M | $67M | $80M | $61M | |
| Gross Profit | $5M | $-22M | $-22M | $-13M | $14M | $21M | $22M | $30M | $42M | $24M | |
| R&D Expense | $59M | $94M | $98M | $90M | $62M | $36M | $25M | $27M | $25M | $20M | |
| Operating Income | $-103M | $-183M | $-163M | $-145M | $-88M | $-40M | $-25M | $-21M | $-5M | $-18M | |
| Interest Expense | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $503.0K | $732.0K | $686.0K | |
| Interest Income | · | · | · | · | · | $4M | $3M | $-449.0K | $2M | $-777.0K | |
| Pretax Income | $-91M | $-323M | $-144M | $-160M | $-115M | $-49M | $-35M | $-27M | $-6M | $-21M | |
| Income Tax | $51.0K | $121.0K | $158.0K | $42.0K | $-216.0K | $130.0K | $20.0K | $370.0K | $2M | $381.0K | |
| Net Income | $-91M | $-324M | $-178M | $-173M | $-114M | $-51M | $-39M | $-27M | $-8M | $-21M | |
| EPS (Basic) | $-0.30 | $-1.08 | $-0.59 | $-0.58 | $-0.39 | $-0.21 | · | · | · | · | |
| EPS (Diluted) | $-0.30 | $-1.08 | $-0.59 | $-0.58 | $-0.39 | $-0.21 | · | · | · | · | |
| Shares (Basic) | 300,156,023 | 299,310,384 | 298,661,041 | 298,093,270 | 295,293,438 | 248,481,027 | 232,820,675 | 185,836,596 | 176,270,305 | 163,449,737 | |
| EBITDA | $-103M | $-183M | $-163M | $-159M | $-88M | $-40M | $-27M | $-21M | $-5M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $527M | $604M | $751M | $914M | $1.12B | $763M | $148M | $192M | $60M | $73M | |
| Receivables | $24M | $32M | $59M | $49M | $46M | $57M | $49M | $39M | $23M | $15M | |
| Inventory | $44M | $56M | $46M | $58M | $52M | $29M | $30M | $29M | $17M | $17M | |
| Current Assets | $601M | $699M | $865M | $1.03B | $1.23B | $854M | $230M | $262M | $103M | $108M | |
| PP&E (Net) | · | · | · | $82M | $56M | $49M | $43M | $22M | $15M | $16M | |
| Goodwill | · | $0 | $40M | $64M | $64M | $40M | $40M | $40M | $41M | $41M | |
| Intangibles | $248.0K | $2M | $1M | $5M | $21M | $4M | $6M | $8M | $18M | $18M | |
| Total Assets | $682M | $777M | $1.08B | $1.25B | $1.44B | $976M | $340M | $346M | $178M | $183M | |
| Accounts Payable | $29M | $36M | $40M | $40M | $40M | $30M | $31M | $21M | $25M | $18M | |
| Current Liabilities | $61M | $76M | $71M | $73M | $83M | $52M | $65M | $48M | $39M | $43M | |
| Total Liabilities | $92M | $104M | $86M | $88M | $113M | $75M | $90M | $64M | $58M | $62M | |
| Retained Earnings | $-2.15B | $-2.06B | $-1.74B | $-1.56B | $-1.39B | $-1.28B | $-1.22B | $-1.18B | $-1.16B | $-1.15B | |
| Stockholders' Equity | $590M | $673M | $991M | $1.16B | $1.33B | $901M | $250M | $283M | $120M | $122M |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-56M | $-108M | $-105M | $-132M | $-80M | $-43M | $-14M | $-32M | $-10M | $-4M | |
| CapEx | $10M | $26M | $41M | $34M | $13M | $13M | $14M | $10M | $3M | $3M | |
| Investing Cash Flow | $-21M | $-37M | $-54M | $-76M | $-86M | $-36M | $-33M | $-23M | $-6M | $5M | |
| Financing Cash Flow | $-3M | $-2M | $-4M | $-2M | $527M | $697M | $3M | $186M | $5M | $31M | |
| Free Cash Flow | $-66M | $-134M | $-146M | $-166M | $-94M | $-56M | $-28M | $-42M | $-13M | · | |
| Levered FCF | $-68M | $-136M | $-147M | $-167M | $-95M | $-57M | $-30M | $-42M | $-14M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | · | 34.3% | · | |
| Operating Margin | · | · | · | · | · | · | · | · | -4.0% | · | |
| Net Margin | · | · | · | · | · | · | · | · | -6.6% | · | |
| Pretax Margin | · | · | · | · | · | · | · | · | -5.3% | · | |
| EBITDA Margin | · | · | · | · | · | · | · | · | -4.0% | · | |
| ROA | -12.5% | -35.0% | -15.3% | -12.9% | -9.4% | -7.8% | -11.4% | -10.4% | -4.5% | · | |
| ROE | -14.4% | -39.0% | -16.5% | -14.0% | -10.2% | -8.9% | -14.7% | -13.6% | -6.7% | · | |
| ROIC | -17.5% | -27.3% | -16.4% | -13.4% | -6.6% | -4.4% | -10.9% | -7.5% | -5.1% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.9 | 9.2 | 12.3 | 14.1 | 14.8 | 16.4 | 3.6 | 5.5 | 2.6 | · | |
| Quick Ratio | 9.0 | 8.4 | 11.5 | 13.2 | 14.1 | 15.7 | 3.1 | 4.8 | 2.1 | · | |
| Interest Coverage | -54.3 | -85.4 | -147.4 | -124.2 | -68.1 | -30.5 | -19.1 | -41.3 | -6.7 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | · | · | 0.7 | · | |
| Inventory Turnover | 1.9 | 1.8 | 2.4 | 1.8 | 2.3 | 2.8 | 2.8 | 2.9 | 4.6 | · | |
| Receivables Turnover | · | · | · | · | · | · | · | · | 6.4 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EPS (TTM) | $-0.30 | $-1.08 | $-0.59 | $-0.58 | $-0.39 | $-0.21 | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | · | · | · | · | · | · | · | $121M | · | |
| Net Income TTM | $-91M | $-324M | $-178M | $-173M | $-114M | $-51M | $-39M | $-27M | $-8M | · | |
| P/E | -8.5 | -1.5 | -6.3 | -8.3 | -32.2 | -111.4 | · | · | · | · | |
| Earnings Yield | -11.8% | -65.1% | -16.0% | -12.1% | -3.1% | -0.90% | · | · | · | · |
Per Share
| Metric | Trend | Q4 2025 | Q4 2024 | Q4 2023 | Q4 2018 | Q4 2016 | Q4 2015 | Q4 2014 | Q4 2013 | Q4 2012 | Q4 2011 | Q4 2010 | Q4 2009 | Q4 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPS (TTM) | $-0.30 | $-1.08 | $-0.59 | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q4 2025 | Q4 2024 | Q4 2023 | Q4 2018 | Q4 2016 | Q4 2015 | Q4 2014 | Q4 2013 | Q4 2012 | Q4 2011 | Q4 2010 | Q4 2009 | Q4 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | · | · | · | $85M | · | · | · | · | · | · | · | · | |
| Net Income TTM | $-91M | $-324M | $-178M | $-27M | $-21M | · | · | · | · | · | · | · | · | |
| P/E | -8.5 | -1.5 | -6.3 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -11.8% | -65.1% | -16.0% | · | · | · | · | · | · | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-91M | $-324M | $-178M | $-173M | $-114M |
| Diluted EPS | $-0.30 | $-1.08 | $-0.59 | $-0.58 | $-0.39 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 9.9 | 9.2 | 12.3 | 14.1 | 14.8 |
| Quick Ratio | 9.0 | 8.4 | 11.5 | 13.2 | 14.1 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-66M | $-134M | $-146M | $-166M | $-94M |
Institutional owners (13F) 192 filers · $407.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
192
Value held
$407.8M
New positions
50
Exited positions
19
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 50 (+22 vs prior Q) | 19 (+6 vs prior Q) | 64 (+19 vs prior Q) | 39 (-4 vs prior Q) | +21.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| MORGAN STANLEY | $48,202,930 | 12,391,499 | 11.82% | Shares |
| TWO SIGMA INVESTMENTS, LP | $42,128,809 | 10,830,028 | 10.33% | Shares |
| D. E. Shaw & Co., Inc. | $38,149,940 | 9,804,394 | 9.36% | Shares |
| Legal & General Group Plc | $28,144,411 | 7,221,949 | 6.90% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $16,898,926 | 4,344,197 | 4.14% | Shares |
| STATE STREET CORP | $16,682,568 | 4,288,578 | 4.09% | Shares |
| TWO SIGMA ADVISERS, LP | $15,854,680 | 6,242,000 | 3.89% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $12,195,247 | 3,145,643 | 2.99% | Shares |
| UBS Group AG | $11,421,074 | 2,936,009 | 2.80% | Shares |
| JANE STREET GROUP, LLC | $11,400,209 | 2,930,645 | 2.80% | Shares |
| CITADEL ADVISORS LLC | $10,729,316 | 2,758,179 | 2.63% | Shares |
| Invesco Ltd. | $10,355,605 | 2,662,109 | 2.54% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $7,804,896 | 2,006,400 | 1.91% | Call option |
| DIMENSIONAL FUND ADVISORS LP | $7,777,620 | 1,999,388 | 1.91% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $7,212,787 | 1,854,187 | 1.77% | Shares |
| VAN ECK ASSOCIATES CORP | $6,758,395 | 1,738,171 | 1.66% | Shares |
| Hillsdale Investment Management Inc. | $6,592,381 | 1,692,500 | 1.62% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,472,668 | 1,663,694 | 1.59% | Shares |
| Qube Research & Technologies Ltd | $6,293,678 | 1,617,912 | 1.54% | Shares |
| Nuveen, LLC | $4,777,335 | 1,225,650 | 1.17% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $4,651,553 | 1,193,380 | 1.14% | Shares |
| Man Group plc | $4,629,368 | 1,190,069 | 1.14% | Shares |
| GOLDMAN SACHS GROUP INC | $4,502,115 | 1,157,356 | 1.10% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $3,537,722 | 909,440 | 0.87% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $3,392,251 | 872,044 | 0.83% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,230,844 | 830,551 | 0.79% | Shares |
| FIRST TRUST ADVISORS LP | $3,146,356 | 808,832 | 0.77% | Shares |
| Trexquant Investment LP | $2,528,080 | 649,892 | 0.62% | Shares |
| Aquatic Capital Management LLC | $2,288,864 | 588,397 | 0.56% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $2,070,320 | 531,170 | 0.51% | Shares |
| Swiss National Bank | $2,005,714 | 515,900 | 0.49% | Shares |
| MYDA Advisors LLC | $1,945,000 | 500,000 | 0.48% | Call option |
| JPMORGAN CHASE & CO | $1,777,875 | 476,642 | 0.44% | Shares |
| AMERICAN CENTURY COMPANIES INC | $1,752,795 | 449,530 | 0.43% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $1,723,943 | 443,173 | 0.42% | Shares |
| TD Asset Management Inc | $1,582,209 | 405,924 | 0.39% | Shares |
| ALPS ADVISORS INC | $1,575,154 | 404,924 | 0.39% | Shares |
| MACKENZIE FINANCIAL CORP | $1,567,545 | 283,462 | 0.38% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $1,552,048 | 398,984 | 0.38% | Shares |
| CITADEL ADVISORS LLC | $1,531,104 | 393,600 | 0.38% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $1,511,881 | 388,681 | 0.37% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,509,304 | 387,996 | 0.37% | Shares |
| ROYAL BANK OF CANADA | $1,464,000 | 376,485 | 0.36% | Shares |
| Gotham Asset Management, LLC | $1,420,881 | 365,265 | 0.35% | Shares |
| CIBC WORLD MARKET INC. | $1,357,396 | 348,431 | 0.33% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,320,348 | 339,421 | 0.32% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,205,211 | 309,823 | 0.30% | Shares |
| Counterpoint Mutual Funds LLC | $1,180,693 | 303,520 | 0.29% | Shares |
| XTX Topco Ltd | $1,167,965 | 300,248 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,096,253 | 281,813 | 0.27% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Weichai Power Hong Kong International Development Co., Limited, Weichai Power Co., Ltd., Shandong Heavy Industry Group Co., Ltd. ×4 filings | May 19, 2026 | 10.32% | Amendment | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 10 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PBW · Invesco Exchange-Traded Fund Trust | 1.38% | 2,300,521 SH | Oct. 2, 2026 | Daily |
| PBD · Invesco Exchange-Traded Fund Trust … | 0.75% | 426,536 SH | Oct. 2, 2026 | Daily |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.46% | 51,931 SH | Oct. 2, 2026 | Daily |
| IBAT · iShares Trust | 0.12% | 36,722 SH | Sept. 11, 2026 | Daily |
| ERTH · Invesco Exchange-Traded Fund Trust | 0.09% | 51,513 SH | Oct. 2, 2026 | Daily |
| ESIM · Strategy Shares | 0.07% | 4,428 NS | July 31, 2026 | N-PORT |
| CCSO · Tidal Trust II | 0.06% | 9,686 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 15,557 SH | Sept. 11, 2026 | Daily |
| IDEV · iShares Trust | 0.00% | 271,382 SH | Sept. 11, 2026 | Daily |
| IXUS · iShares Trust | 0.00% | 465,206 SH | Sept. 11, 2026 | Daily |
BLDP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 9 analysts
SELL
Median target
$3.55
+73.2%
0 0.0%
Strong Buy
0 0.0%
Buy
3 33.3%
Hold
4 44.4%
Sell
2 22.2%
Strong Sell
12-Month Price Target
10 analysts · 2026-09-28Mean target $4.02 +96.2%
← Below all targets
Current price $2.05
Low$2.10
Mean$4.02
High$6.50
Latest News Recent headlines mentioning this company
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Source: SEC 40-F filed Mar 12, 2026