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Industrials - Industrial - Machinery - NASDAQ - CA
$ 1.89
2.72 %
$ 567 M
Market Cap
-1.87
P/E
1. INTRINSIC VALUE

This DCF valuation model was last updated on Jun, 21, 2025.

The intrinsic value of one BLDP stock under the worst case scenario is HIDDEN Compared to the current market price of 1.89 USD, Ballard Power Systems Inc. is HIDDEN

This DCF valuation model was last updated on Jun, 21, 2025.

The intrinsic value of one BLDP stock under the base case scenario is HIDDEN Compared to the current market price of 1.89 USD, Ballard Power Systems Inc. is HIDDEN

This DCF valuation model was last updated on Jun, 21, 2025.

The intrinsic value of one BLDP stock under the best case scenario is HIDDEN Compared to the current market price of 1.89 USD, Ballard Power Systems Inc. is HIDDEN

2. FUNDAMENTAL ANALYSIS

Price Chart BLDP

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$2.0$2.0$1.9$1.9$1.8$1.8$1.7$1.7$1.6$1.6$1.5$1.5$1.4$1.4$1.3$1.3$1.2$1.2$1.1$1.1$1.0$1.020252025Feb '25Feb '25Mar '25Mar '25Apr '25Apr '25May '25May '25Jun '25Jun '25Jul '25Jul '25
FINANCIALS
69.7 M REVENUE
-31.88%
-183 M OPERATING INCOME
-12.52%
-324 M NET INCOME
-82.45%
-108 M OPERATING CASH FLOW
-3.37%
-36.5 M INVESTING CASH FLOW
32.75%
-1.53 M FINANCING CASH FLOW
58.40%
15.4 M REVENUE
-37.24%
-29.1 M OPERATING INCOME
20.14%
-21 M NET INCOME
54.73%
-24.4 M OPERATING CASH FLOW
0.01%
-2.74 M INVESTING CASH FLOW
55.19%
-689 K FINANCING CASH FLOW
-83.41%
Balance Sheet Ballard Power Systems Inc.
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Current Assets 699 M
Cash & Short-Term Investments 606 M
Receivables 32 M
Other Current Assets 60.8 M
Non-Current Assets 78.4 M
Long-Term Investments 45.8 M
PP&E 30.4 M
Other Non-Current Assets 2.25 M
77.97 %4.11 %7.83 %5.89 %3.91 %Total Assets$777.3m
Current Liabilities 75.6 M
Accounts Payable 12.3 M
Short-Term Debt 2.9 M
Other Current Liabilities 60.4 M
Non-Current Liabilities 28.7 M
Long-Term Debt 21 M
Other Non-Current Liabilities 7.74 M
11.79 %2.78 %57.89 %20.13 %7.42 %Total Liabilities$104.3m
EFFICIENCY
Earnings Waterfall Ballard Power Systems Inc.
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Revenue 69.7 M
Cost Of Revenue 91.7 M
Gross Profit -22 M
Operating Expenses 161 M
Operating Income -183 M
Other Expenses 141 M
Net Income -324 M
100m100m50m50m00(50m)(50m)(100m)(100m)(150m)(150m)(200m)(200m)(250m)(250m)(300m)(300m)(350m)(350m)70m(92m)(22m)(161m)(183m)(141m)(324m)RevenueRevenueCost Of RevenueCost Of RevenueGross ProfitGross ProfitOperating ExpensesOperating ExpensesOperating IncomeOperating IncomeOther ExpensesOther ExpensesNet IncomeNet Income
RATIOS
-31.52% GROSS MARGIN
-31.52%
-262.87% OPERATING MARGIN
-262.87%
-464.99% NET MARGIN
-464.99%
-48.18% ROE
-48.18%
-41.71% ROA
-41.71%
-26.02% ROIC
-26.02%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Ballard Power Systems Inc.
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00(20m)(20m)(40m)(40m)(60m)(60m)(80m)(80m)(100m)(100m)(120m)(120m)(140m)(140m)(160m)(160m)(180m)(180m)20162016201720172018201820192019202020202021202120222022202320232024202420252025
Net Income -324 M
Depreciation & Amortization 12 M
Capital Expenditures -27.6 M
Stock-Based Compensation 7.46 M
Change in Working Capital 4.98 M
Others 200 M
Free Cash Flow -136 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Ballard Power Systems Inc.
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Wall Street analysts predict an average 1-year price target for BLDP of $1.44 , with forecasts ranging from a low of $1 to a high of $2 .
BLDP Lowest Price Target Wall Street Target
1 USD -47.09%
BLDP Average Price Target Wall Street Target
1.44 USD -23.72%
BLDP Highest Price Target Wall Street Target
2 USD 5.82%
Price
Max Price Target
Min Price Target
Average Price Target
33332222222222111111Aug '24Aug '24Oct '24Oct '24Nov '24Nov '2420252025Feb '25Feb '25Apr '25Apr '25Jun '25Jun '25Aug '25Aug '25Oct '25Oct '25Nov '25Nov '2520262026Feb '26Feb '26Apr '26Apr '26Jun '26Jun '26
4. DIVIDEND ANALYSIS
5. COMPETITION
slide 2 of 13
6. Ownership
Insider Ownership Ballard Power Systems Inc.
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Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
0 USD 0
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
7. News
Verdagy Announces CEO Transition to Lead Company's Next Phase of Growth President of Verdagy, Rahul Bammi appointed CEO MOSS LANDING, Calif. , June 17, 2025 /PRNewswire/ -- Verdagy, a leading green hydrogen electrolysis company, today announced a strategic leadership transition to accelerate its commercial expansion. prnewswire.com - 1 month ago
Ballard announces leadership transition VANCOUVER, BC , June 16, 2025 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced a planned leadership transition. After more than a decade of transformative leadership, Randy MacEwen will step down as President and Chief Executive Officer, with Marty Neese assuming the position effective July 7, 2025. prnewswire.com - 1 month ago
Ballard Files Base Shelf Prospectus to Replace Existing Shelf Prospectus VANCOUVER, BC , June 12, 2025 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) has announced the filing of a final short form base shelf prospectus dated June 11 (the "Prospectus") in each of the provinces and territories of Canada together with a corresponding shelf registration statement on Form F-10 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC"). The Prospectus qualifies the issuance of common shares, preferred shares, warrants to purchase common shares, debt securities and units comprised of one or more of any of the foregoing securities (all of the foregoing collectively, the "Securities") from time to time over a 25-month period. prnewswire.com - 1 month ago
Ballard Power Systems Inc. (NASDAQ:BLDP) Shares Sold by Squarepoint Ops LLC Squarepoint Ops LLC lowered its stake in shares of Ballard Power Systems Inc. (NASDAQ:BLDP – Free Report) (TSE:BLD) by 72.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,516 shares of the technology company’s stock after selling 49,828 shares during the period. Squarepoint Ops LLC’s holdings in Ballard Power Systems were worth $31,000 as of its most recent SEC filing. Other large investors have also made changes to their positions in the company. Portolan Capital Management LLC purchased a new position in Ballard Power Systems during the fourth quarter worth about $2,508,000. Millennium Management LLC raised its holdings in shares of Ballard Power Systems by 79.9% in the 4th quarter. Millennium Management LLC now owns 2,652,624 shares of the technology company’s stock worth $4,404,000 after purchasing an additional 1,177,718 shares during the period. Two Sigma Investments LP raised its holdings in shares of Ballard Power Systems by 58.4% in the 4th quarter. Two Sigma Investments LP now owns 1,793,296 shares of the technology company’s stock worth $2,977,000 after purchasing an additional 661,413 shares during the period. Van ECK Associates Corp raised its holdings in shares of Ballard Power Systems by 35.4% in the 4th quarter. Van ECK Associates Corp now owns 2,466,084 shares of the technology company’s stock worth $4,094,000 after purchasing an additional 644,861 shares during the period. Finally, Two Sigma Advisers LP raised its holdings in shares of Ballard Power Systems by 104.6% in the 4th quarter. Two Sigma Advisers LP now owns 975,100 shares of the technology company’s stock worth $1,619,000 after purchasing an additional 498,600 shares during the period. Institutional investors and hedge funds own 28.02% of the company’s stock. Ballard Power Systems Stock Performance NASDAQ:BLDP opened at $1.67 on Wednesday. The stock has a fifty day moving average price of $1.28 and a 200-day moving average price of $1.40. The company has a market cap of $500.75 million, a price-to-earnings ratio of -1.52 and a beta of 1.68. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.19 and a current ratio of 9.01. Ballard Power Systems Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.94. Ballard Power Systems (NASDAQ:BLDP – Get Free Report) (TSE:BLD) last issued its earnings results on Tuesday, May 6th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.05. The business had revenue of $14.76 million during the quarter, compared to analysts’ expectations of $16.82 million. Ballard Power Systems had a negative return on equity of 19.96% and a negative net margin of 357.78%. As a group, equities analysts anticipate that Ballard Power Systems Inc. will post -0.54 EPS for the current fiscal year. Analyst Ratings Changes A number of equities analysts have recently commented on the company. National Bankshares cut their price objective on Ballard Power Systems from $2.60 to $2.00 and set a “sector perform” rating on the stock in a report on Friday, March 14th. Wells Fargo & Company set a $1.00 target price on Ballard Power Systems in a report on Thursday, March 13th. Wall Street Zen upgraded Ballard Power Systems to a “sell” rating in a report on Thursday, May 8th. National Bank Financial upgraded Ballard Power Systems to a “hold” rating in a report on Sunday. Finally, Raymond James dropped their target price on Ballard Power Systems from $2.50 to $2.00 and set a “market perform” rating on the stock in a report on Friday, March 14th. Seven research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $2.09. Read Our Latest Stock Report on BLDP Ballard Power Systems Profile (Free Report) Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications. https://www.defenseworld.net - 1 month ago
Graphite One ($GPHOF) | Lucid Motors ($LCID) | Ballard Power Systems ($BLDP) | Cipher Mining ($CIFR) Welcome to the Green Stock News brief for Thursday June 5th. Here are today's top headlines: Graphite One (OTC: GPHOF) has entered into a second supply agreement to provide natural graphite anode active materials for future electric vehicles to Lucid Motors (NASDAQ: LCID) and their battery cell providers. youtube.com - 1 month ago
Ballard announces 1.5 MW fuel cell engine order for Sierra Northern Railway VANCOUVER, BC , June 5, 2025 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced the signing of a new supply agreement with California-based rail operator Sierra Northern Railway (https://www.sierranorthern.com) for the supply of 1.5 MW of fuel cell engines, expected to be delivered in 2025. As part of Sierra Northern Railway's efforts to decarbonize its operations across California, 12 Ballard FCmove®-XD engines will be supplied to convert three diesel switching locomotives to hydrogen-fueled, zero-emission locomotives. prnewswire.com - 1 month ago
Ballard Power announces results of 2025 Annual General Meeting of Shareholders VANCOUVER, BC , June 5, 2025 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced results of its 2025 Annual General Meeting, which was held on June 4 th. All nominees listed in the Management Proxy Circular dated April 7 th, 2025 were elected as directors of the Company. prnewswire.com - 1 month ago
Ballard (BLDP) May Find a Bottom Soon, Here's Why You Should Buy the Stock Now After losing some value lately, a hammer chart pattern has been formed for Ballard (BLDP), indicating that the stock has found support. This, combined with an upward trend in earnings estimate revisions, could lead to a trend reversal for the stock in the near term. zacks.com - 2 months ago
All You Need to Know About Ballard (BLDP) Rating Upgrade to Buy Ballard (BLDP) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term. zacks.com - 2 months ago
Ballard Power: Weak Prospects Reflected In Discounted Valuation - Hold Ballard Power Systems reported first quarter 2025 results slightly below expectations. In addition, weak order intake resulted in backlog declining by almost 10% sequentially. While recent restructuring initiatives have resulted in lower operating expenses and decreased cash usage, free cash flow remains deeply negative. However, at current cash burn levels, Ballard Power should make it into the next decade without the requirement to raise additional capital. seekingalpha.com - 2 months ago
Ballard Power Systems Inc. (BLDP) Q1 2025 Earnings Call Transcript Ballard Power Systems Inc. (NASDAQ:BLDP ) Q1 2025 Earnings Conference Call May 6, 2025 11:00 AM ET Company Participants Sumit Kundu - Manager, Investor Relations Randy MacEwen - President and Chief Executive Officer Kate Igbalode - Chief Financial Officer Conference Call Participants Saumya Jain - UBS Rob Brown - Lake Street Capital Markets Rupert Merer - National Bank Henry Robert - Truist Securities Operator Thank you for standing by. This is the conference operator. seekingalpha.com - 2 months ago
Ballard Power Systems (BLDP) Reports Q1 Loss, Lags Revenue Estimates Ballard Power Systems (BLDP) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to loss of $0.14 per share a year ago. zacks.com - 2 months ago
8. Profile Summary

Ballard Power Systems Inc. BLDP

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COUNTRY CA
INDUSTRY Industrial - Machinery
MARKET CAP $ 567 M
Dividend Yield 0.00%
Description Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product markets, consisting of heavy-duty motives, such as bus, truck, rail, and marine applications; material handling; and backup power. It also provides technology solutions, including engineering and technology transfer, as well as licenses and sells intellectual property portfolio and fundamental knowledge for various PEM fuel cell applications; and hydrogen fuel cell powertrain and vehicle systems integration solutions. It operates in China, Germany, the United States, the United Kingdom, Canada, Denmark, Norway, Belgium, Japan, France, Spain, Taiwan, Poland, India, Ukraine, Sweden, and internationally. The company has a strategic alliance with Linamar Corporation for the co-development and sale of fuel cell powertrains and components for class 1 and 2 vehicles in North America and Europe. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.
Contact 9000 Glenlyon Parkway, Burnaby, BC, V5J 5J8 https://www.ballard.com
IPO Date Nov. 8, 1995
Employees 887
Officers Mr. R. Randall MacEwen BA, LLB Chief Executive Officer, President & Non-Independent Director Mr. Kerry Brent Hillier General Counsel & Corporate Secretary Mr. Lee Sweetland Senior Vice President & Chief Operating Officer Mr. David Mucciacciaro Senior Vice President & Chief Commercial Officer Mr. Nicolas Pocard Vice President of Marketing & Strategic Partnerships Ms. Kate Igbalode Senior Vice President & Chief Financial Officer Dr. Mircea Gradu Ph.D. Senior Vice President & Chief Engineering Officer Kate Charlton Vice President Corporate Finance & Investor Relations Dr. Kevin Colbow Senior Vice President & Chief Technology Officer Ms. Sarbjot Sidhu Senior Vice President and Chief People & Culture Officer