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Ballard Power Systems Inc. (BLDP) 10-Year Financial Performance & Capital Metrics

BLDP • • Industrial / General
IndustrialsIndustrial MachineryPower Generation & Energy EquipmentClean Energy Technologies
AboutBallard 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.Show more
  • Revenue $70M -31.9%
  • EBITDA -$171M -14.7%
  • Net Income -$324M -82.5%
  • EPS (Diluted) -1.08 -77.0%
  • Gross Margin -31.52% -47.8%
  • EBITDA Margin -245.7% -68.4%
  • Operating Margin -262.87% -65.2%
  • Net Margin -464.99% -167.8%
  • ROE -38.97% -135.7%
  • ROIC -78.35% -66.4%
  • Debt/Equity 0.04 +96.6%
  • Interest Coverage -85.41 +36.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Momentum leader: RS Rating 85 (top 15%)
  • ✓Trading at only 1.2x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 1/9
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Sales declining 8.0% over 5 years
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.15%
5Y-7.99%
3Y-12.62%
TTM-2.56%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM63.73%

EPS CAGR

10Y-
5Y-
3Y-
TTM64.54%

ROCE

10Y Avg-11.98%
5Y Avg-12.66%
3Y Avg-16.32%
Latest-21.46%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
AMSCAmerican Superconductor Corporation1.48B31.08194.2552.99%5.69%4.43%1.75%0.02
GTLSChart Industries, Inc.9.31B207.0650.5024.1%1.55%1.98%4.11%1.25
BLDPBallard Power Systems Inc.811.99M2.70-2.50-31.88%-132.8%-19.75%0.04
NPWRNET Power Inc.210.64M2.51-3.7542.86%-196.76%-101.86%0.00
XCHXCHG Limited American Depositary Share43.5M1.06-5.329.59%-17.86%-40.46%0.35
NNENano Nuclear Energy Inc1.68B33.38-31.49-15.25%0.01

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+56.46M85.27M121.29M96.59M105.72M103.88M104.5M83.8M102.37M69.73M
Revenue Growth %-0.18%0.51%0.42%-0.2%0.09%-0.02%0.01%-0.2%0.22%-0.32%
Cost of Goods Sold+46.49M61.09M79.69M66.91M83.39M82.89M90.49M96.88M124.2M91.71M
COGS % of Revenue0.82%0.72%0.66%0.69%0.79%0.8%0.87%1.16%1.21%1.32%
Gross Profit+9.97M24.18M41.6M29.67M22.34M20.98M14.01M-13.08M-21.83M-21.98M
Gross Margin %0.18%0.28%0.34%0.31%0.21%0.2%0.13%-0.16%-0.21%-0.32%
Gross Profit Growth %-0.03%1.42%0.72%-0.29%-0.25%-0.06%-0.33%-1.93%-0.67%-0.01%
Operating Expenses+34.62M40.32M45.92M50.21M47.78M60.74M101.99M145.8M141.07M161.32M
OpEx % of Revenue0.61%0.47%0.38%0.52%0.45%0.58%0.98%1.74%1.38%2.31%
Selling, General & Admin18.42M20.49M20.9M23.17M20.64M24.85M37.88M41.79M38.98M37.02M
SG&A % of Revenue0.33%0.24%0.17%0.24%0.2%0.24%0.36%0.5%0.38%0.53%
Research & Development16.21M19.83M25.02M27.04M25.26M35.52M62.16M95.95M98.31M94.49M
R&D % of Revenue0.29%0.23%0.21%0.28%0.24%0.34%0.59%1.15%0.96%1.36%
Other Operating Expenses-103K-52K19K-62K1.89M376K1.95M8.05M3.78M29.81M
Operating Income+-24.88M-18.07M-4.88M-20.8M-25.45M-39.76M-87.97M-158.9M-162.9M-183.3M
Operating Margin %-0.44%-0.21%-0.04%-0.22%-0.24%-0.38%-0.84%-1.9%-1.59%-2.63%
Operating Income Growth %0.11%0.27%0.73%-3.26%-0.22%-0.56%-1.21%-0.81%-0.03%-0.13%
EBITDA+-20.51M-13.58M369.12K-16.04M-17.93M-32.2M-78.31M-147.71M-149.38M-171.33M
EBITDA Margin %-0.36%-0.16%0%-0.17%-0.17%-0.31%-0.75%-1.76%-1.46%-2.46%
EBITDA Growth %0.09%0.34%1.03%-44.45%-0.12%-0.8%-1.43%-0.89%-0.01%-0.15%
D&A (Non-Cash Add-back)4.38M4.49M5.25M4.76M7.51M7.56M9.67M11.19M13.53M11.97M
EBIT-5.23M-20.37M-5.95M-25.1M-33.51M-47.76M-96.32M-158.88M-135.25M-321.26M
Net Interest Income+-794K-686K-732K-503K-1.76M-128.44K2.43M17.61M-1.21M-2.15M
Interest Income00003.49M1.24M3.71M18.83M00
Interest Expense794K686K732K503K1.47M1.37M1.28M1.21M1.21M2.15M
Other Income/Expense18.52M-3.24M-1.6M-6.16M-9.82M-9.58M-26.51M-15M18.85M-140.11M
Pretax Income+-6.36M-21.31M-6.48M-26.95M-35.27M-49.34M-114.61M-177.03M-144.05M-323.41M
Pretax Margin %-0.11%-0.25%-0.05%-0.28%-0.33%-0.47%-1.1%-2.11%-1.41%-4.64%
Income Tax+211K381K1.57M370K20K130K-216K-3.54M158K121K
Effective Tax Rate %0.91%1.02%1.24%1.01%1.11%1.04%1%0.98%1.23%1%
Net Income+-5.82M-21.69M-8.05M-27.32M-39.05M-51.38M-114.4M-173.49M-177.72M-324.25M
Net Margin %-0.1%-0.25%-0.07%-0.28%-0.37%-0.49%-1.09%-2.07%-1.74%-4.65%
Net Income Growth %0.79%-2.73%0.63%-2.4%-0.43%-0.32%-1.23%-0.52%-0.02%-0.82%
Net Income (Continuing)-6.57M-21.69M-8.05M-27.32M-35.29M-49.47M-114.4M-160.37M-144.21M-323.53M
Discontinued Operations0000-3.76M-1.91M164K-13.12M-33.51M-715K
Minority Interest-2.84M-3.3M00000000
EPS (Diluted)+-0.04-0.13-0.05-0.15-0.17-0.20-0.39-0.58-0.61-1.08
EPS Growth %0.81%-2.14%0.65%-2.28%-0.13%-0.18%-0.95%-0.49%-0.05%-0.77%
EPS (Basic)-0.04-0.13-0.05-0.15-0.17-0.20-0.39-0.58-0.61-1.08
Diluted Shares Outstanding140.39M163.45M176.27M185.84M232.82M248.48M295.29M298.09M298.66M299.31M
Basic Shares Outstanding140.39M163.45M176.27M185.84M232.82M248.48M295.29M298.09M298.66M299.31M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+87.57M107.75M102.8M261.59M229.53M854.32M1.23B1.03B864.74M698.88M
Cash & Short-Term Investments40.05M72.63M60.26M192.24M147.79M765.43M1.13B915.74M753.24M606.05M
Cash Only40.05M72.63M60.26M192.24M147.79M763.43M1.12B913.73M751.13M603.95M
Short-Term Investments000002M3M2.01M2.11M2.1M
Accounts Receivable25.48M11.03M23.08M38.52M49.32M56.8M46.33M38.59M58.56M31.98M
Days Sales Outstanding164.7447.269.46145.58170.26199.56161.82168.1208.82167.41
Inventory20.37M17.23M17.29M29.31M30.1M28.52M51.45M58.05M45.87M56.42M
Days Inventory Outstanding159.92102.9479.2159.89131.75125.59207.52218.7134.8224.53
Other Current Assets03.9M002.32M04.37M8.9M7.06M4.43M
Total Non-Current Assets+73.76M75.69M74.86M84.51M110.79M121.28M211.47M218.57M212.8M78.43M
Property, Plant & Equipment16.73M15.7M15.31M21.62M42.84M49.33M55.99M82.36M116.33M30.42M
Fixed Asset Turnover3.38x5.43x7.92x4.47x2.47x2.11x1.87x1.02x0.88x2.29x
Goodwill40.56M40.56M40.56M40.29M40.29M40.28M64.18M64.27M40.28M0
Intangible Assets16.33M18.08M17.95M8.29M5.69M3.76M20.76M5.21M1.41M1.76M
Long-Term Investments6K1.19M681K13.99M21.65M27.57M70.2M66.36M54.25M45.75M
Other Non-Current Assets135K156K348K321K336K343K347.53K370K547K495K
Total Assets+161.33M183.45M177.66M346.1M340.32M975.6M1.44B1.25B1.08B777.31M
Asset Turnover0.35x0.46x0.68x0.28x0.31x0.11x0.07x0.07x0.10x0.09x
Asset Growth %0.26%0.14%-0.03%0.95%-0.02%1.87%0.47%-0.13%-0.14%-0.28%
Total Current Liabilities+30.19M43.05M39.42M47.71M64.52M52.09M83.05M73.17M70.59M75.59M
Accounts Payable9.03M5.97M13.18M6.92M14.88M9.07M13.67M20.44M13.72M12.3M
Days Payables Outstanding70.935.6760.3737.7765.1539.9455.1477.0140.3348.95
Short-Term Debt504K521K002.44M03.23M000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K01000K
Other Current Liabilities13.56M15.37M17.51M40.15M14.05M30.44M37.34M40.8M33.22M35.99M
Current Ratio2.90x2.50x2.61x5.48x3.56x16.40x14.78x14.06x12.25x9.25x
Quick Ratio2.23x2.10x2.17x4.87x3.09x15.85x14.16x13.26x11.60x8.50x
Cash Conversion Cycle253.77114.4788.29267.7236.86285.22314.2309.79303.29342.99
Total Non-Current Liabilities+19.53M18.86M18.38M15.79M25.54M22.62M29.53M15M15.74M28.73M
Long-Term Debt0000000000
Capital Lease Obligations6.72M6.43M6.23M5.06M17.31M15.18M13.86M11.84M13.39M21M
Deferred Tax Liabilities6.08M17.86M12.7M16.61M03.94M3.57M000
Other Non-Current Liabilities2.9M9.03M9.17M8.16M6.08M1.76M10.77M2.26M1.86M2.68M
Total Liabilities49.72M61.9M57.8M63.5M90.06M74.71M112.57M88.17M86.33M104.32M
Total Debt+8.24M7.52M6.88M5.7M19.75M17.87M17.1M15.73M17.9M23.89M
Net Debt-31.81M-65.11M-53.37M-186.54M-128.04M-745.56M-1.11B-898M-733.23M-580.05M
Debt / Equity0.07x0.06x0.06x0.02x0.08x0.02x0.01x0.01x0.02x0.04x
Debt / EBITDA--18.64x-------
Net Debt / EBITDA---144.60x-------
Interest Coverage-31.34x-26.34x-6.66x-41.35x-17.34x-28.98x-68.59x-130.79x-134.19x-85.41x
Total Equity+111.61M121.54M119.86M282.6M250.26M900.89M1.33B1.16B991.22M672.99M
Equity Growth %0.41%0.09%-0.01%1.36%-0.11%2.6%0.47%-0.13%-0.14%-0.32%
Book Value per Share0.800.740.681.521.073.634.493.893.322.25
Total Shareholders' Equity114.46M124.84M119.86M282.6M250.26M900.89M1.33B1.16B991.22M672.99M
Common Stock948.21M977.71M986.5M1.17B1.18B1.88B2.41B2.42B2.43B2.43B
Retained Earnings-1.13B-1.15B-1.16B-1.18B-1.22B-1.28B-1.39B-1.56B-1.74B-2.06B
Treasury Stock0000000000
Accumulated OCI567K718K204K851K813K907K1.72M-1.49M-2.96M-4.76M
Minority Interest-2.84M-3.3M00000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-25.36M-3.9M-9.77M-31.69M-14.23M-42.93M-80.48M-132.17M-104.57M-108.1M
Operating CF Margin %-0.45%-0.05%-0.08%-0.33%-0.13%-0.41%-0.77%-1.58%-1.02%-1.55%
Operating CF Growth %-0.23%0.85%-1.5%-2.24%0.55%-2.02%-0.87%-0.64%0.21%-0.03%
Net Income-6.57M-21.69M-8.05M-27.32M-39.05M-51.38M-114.23M-173.49M-177.72M-324.25M
Depreciation & Amortization4.38M4.54M5.06M5.01M7.51M7.56M9.75M13.77M13.53M11.97M
Stock-Based Compensation2.95M3.02M3.13M2.9M3.56M6.24M9.67M9.41M10.96M7.46M
Deferred Taxes-18.72M2.25M2.63M6.1M14.24M12.6M-300K-3.58M00
Other Non-Cash Items-1.34M-542K-270K-1.1M-392K-832K26.24M39.66M65.75M191.48M
Working Capital Changes-6.05M8.51M-12.27M-17.28M-107K-17.12M-11.6M-17.94M-17.09M4.98M
Change in Receivables377.61K-761.73K-9.72M-11.11M-14.83M-2.2M9.64M-2.94M-12.91M13.35M
Change in Inventory-5.55M-2.34M-572K-12.93M-787K1.35M-23M-11.14M-898K-16.95M
Change in Payables-1.24M997.85K7.1M-5.29M11.34M-4.46M0000
Cash from Investing+23.28M5.19M-6.48M-23.11M-32.75M-36.39M-85.63M-75.56M-54.28M-36.51M
Capital Expenditures-3.89M-6.88M-6.44M-9.85M-13.93M-12.87M-13.16M-33.93M-41.21M-25.85M
CapEx % of Revenue0.07%0.08%0.05%0.1%0.13%0.12%0.13%0.4%0.4%0.37%
Acquisitions----------
Investments----------
Other Investing29.48M12.25M-2.35M1.34M2.14M-1.01M-1.54M-550K-154K1.4M
Cash from Financing+18.09M31M5.02M186.14M2.57M696.53M526.91M-2.41M-3.68M-1.53M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing556K3.84M5.62M3.06M4.62M4.44M2.42M916K335K1.8M
Net Change in Cash----------
Free Cash Flow+-29.25M-10.79M-16.21M-41.54M-28.16M-55.8M-95.18M-166.65M-145.94M-135.72M
FCF Margin %-0.52%-0.13%-0.13%-0.43%-0.27%-0.54%-0.91%-1.99%-1.43%-1.95%
FCF Growth %-0.17%0.63%-0.5%-1.56%0.32%-0.98%-0.71%-0.75%0.12%0.07%
FCF per Share-0.21-0.07-0.09-0.22-0.12-0.22-0.32-0.56-0.49-0.45
FCF Conversion (FCF/Net Income)4.36x0.18x1.21x1.16x0.36x0.84x0.70x0.76x0.59x0.33x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-6.09%-18.6%-6.67%-13.58%-14.66%-8.93%-10.27%-13.96%-16.53%-38.97%
Return on Invested Capital (ROIC)-25.54%-19.89%-5.95%-19.19%-17.49%-21.49%-35.05%-49.44%-47.09%-78.35%
Gross Margin17.66%28.36%34.3%30.72%21.13%20.2%13.41%-15.61%-21.33%-31.52%
Net Margin-10.3%-25.43%-6.64%-28.29%-36.94%-49.46%-109.47%-207.03%-173.61%-464.99%
Debt / Equity0.07x0.06x0.06x0.02x0.08x0.02x0.01x0.01x0.02x0.04x
Interest Coverage-31.34x-26.34x-6.66x-41.35x-17.34x-28.98x-68.59x-130.79x-134.19x-85.41x
FCF Conversion4.36x0.18x1.21x1.16x0.36x0.84x0.70x0.76x0.59x0.33x
Revenue Growth-17.84%51.02%42.24%-20.37%9.46%-1.75%0.6%-19.81%22.16%-31.88%

Revenue by Segment

2017201820212022
Heavy Duty Motive-39.46M51.66M38.91M
Heavy Duty Motive Growth--30.91%-24.68%
Technology Solutions-39.58M36.49M27.6M
Technology Solutions Growth---7.81%-24.35%
Material Handling-8.01M8.14M6.35M
Material Handling Growth--1.62%-21.95%
Back Up Power-2.43M8.21M-
Back Up Power Growth--238.58%-
Portable Power-7.11M--
Portable Power Growth----

Revenue by Geography

2017201820212022
UNITED STATES14.88M23.5M17.54M24.05M
UNITED STATES Growth-57.95%-25.39%37.16%
GERMANY18.98M28.68M22.06M13.69M
GERMANY Growth-51.10%-23.09%-37.97%
CHINA76.56M30.79M38.82M9.13M
CHINA Growth--59.78%26.07%-76.49%
FRANCE1.75M276K1.83M6.9M
FRANCE Growth--84.27%561.96%277.83%
CANADA551K366K3.06M4.52M
CANADA Growth--33.58%736.89%47.57%
AUSTRALIA---3.71M
AUSTRALIA Growth----
BELGIUM308K3.53M2.12M3.43M
BELGIUM Growth-1046.43%-39.93%61.72%
DENMARK808K1.89M3.03M2.53M
DENMARK Growth-133.79%60.19%-16.42%
POLAND2.46M213K541K1.77M
POLAND Growth--91.32%153.99%226.99%
Other Countries230K266K417K976K
Other Countries Growth-15.65%56.77%134.05%
SPAIN-168K926K763K
SPAIN Growth--451.19%-17.60%
INDIA--439K656K
INDIA Growth---49.43%
TAIWAN---640K
TAIWAN Growth----
NORWAY-187K2.52M591K
NORWAY Growth--1248.13%-76.56%
JAPAN2.58M3.9M954K541K
JAPAN Growth-51.26%-75.54%-43.29%
TAIWAN, PROVINCE OF CHINA483K287K912K-
TAIWAN, PROVINCE OF CHINA Growth--40.58%217.77%-
UKRAINE--244K-
UKRAINE Growth----
SWEDEN--129K-
SWEDEN Growth----
NETHERLANDS374K892K--
NETHERLANDS Growth-138.50%--

Frequently Asked Questions

Growth & Financials

Ballard Power Systems Inc. (BLDP) reported $90.3M in revenue for fiscal year 2024. This represents a 19% increase from $76.0M in 2011.

Ballard Power Systems Inc. (BLDP) saw revenue decline by 31.9% over the past year.

Ballard Power Systems Inc. (BLDP) reported a net loss of $119.9M for fiscal year 2024.

Dividend & Returns

Ballard Power Systems Inc. (BLDP) has a return on equity (ROE) of -39.0%. Negative ROE indicates the company is unprofitable.

Ballard Power Systems Inc. (BLDP) had negative free cash flow of $104.3M in fiscal year 2024, likely due to heavy capital investments.

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