Last 47 quarters of trend data · Industrials · Industrial - Machinery
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -15.67 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 13.98 | 5.50 | 6.29 | 6.68 | 5.35 | 5.07 | 9.13 | 10.52 | 14.38 | 5.83 | 10.13 | 21.26 | 31.38 |
| — | +8.6% | -31.1% | -36.5% | -62.8% | -13.1% | -9.8% | -50.5% | -54.2% | -66.6% | -52.6% | -5.2% | -23.8% | |
| P/B Ratio | 2.42 | 1.26 | 1.35 | 0.75 | 0.50 | 0.74 | 0.75 | 0.73 | 0.87 | 1.12 | 1.06 | 1.19 | 1.47 |
| — | +70.3% | +79.8% | +2.6% | -42.4% | -34.1% | -29.4% | -38.5% | -40.7% | -9.1% | -31.4% | -22.0% | -45.4% | |
| P/FCF | — | 23.63 | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Ballard Power Systems Inc.'s operating margin was -35.1% in Q4 2025, up 57.0 pp QoQ and up 113.3 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of -125.5% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 226.6% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.4% | 16.7% | 15.3% | -8.4% | -23.4% | -13.2% | -55.7% | -32.0% | -37.5% | -26.7% | -10.6% | -20.8% | -42.4% |
| — | +226.6% | +127.4% | +73.8% | +37.4% | +50.7% | -426.4% | -54.1% | +11.7% | +7.6% | +52.6% | -97.4% | -4194.0% | |
| Operating Margin | -80.6% | -35.1% | -92.1% | -186.1% | -188.8% | -148.4% | -427.5% | -258.4% | -293.9% | -86.9% | -138.8% | -253.1% | -313.0% |
| — | +76.3% | +78.5% | +28.0% | +35.7% | -70.8% | -208.0% | -2.1% | +6.1% | +58.6% | +33.8% | -30.3% | -115.9% | |
| Net Margin | -91.4% | -52.1% | -86.4% | -136.1% | -136.7% | -189.5% | -1389.4% | -196.6% | -285.7% | -111.1% | -230.8% | -196.5% | -256.1% |
| — | +72.5% | +93.8% | +30.8% | +52.2% | -70.6% | -502.0% | -0.0% | -11.6% | +34.0% | -14.9% | +26.3% | -33.4% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -14.7% | -2.9% | -4.5% | -3.8% | -3.2% | -6.7% | -25.0% | -3.4% | -4.3% | -5.2% | -5.9% | -2.7% | -3.0% |
| — | +56.1% | +81.9% | -12.0% | +25.6% | -28.0% | -325.8% | -24.2% | -43.7% | -77.2% | -65.1% | +38.9% | +4.2% | |
| ROA | -12.7% | -2.5% | -3.9% | -3.3% | -2.7% | -5.8% | -22.1% | -3.0% | -3.9% | -4.8% | -5.4% | -2.5% | -2.8% |
| — | +56.4% | +82.5% | -7.0% | +29.5% | -20.4% | -307.7% | -20.6% | -41.1% | -76.1% | -65.6% | +38.5% | +3.4% | |
| ROIC | -68.8% | -9.4% | -21.1% | -23.7% | -22.5% | -26.6% | -24.6% | -11.7% | -12.3% | -11.6% | -9.9% | -10.1% | -11.5% |
| — | +64.7% | +14.6% | -103.3% | -82.8% | -129.0% | -149.7% | -15.3% | -7.0% | +8.2% | +27.3% | +20.1% | -14.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has improved 6.6% YoY to 9.86x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 |
| — | +5.7% | -2.8% | +22.7% | +16.3% | +96.6% | +116.2% | +137.6% | +131.9% | +33.0% | +33.8% | -9.3% | -1.1% | |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 9.86 | 9.86 | 8.33 | 9.31 | 9.00 | 9.25 | 9.01 | 10.90 | 11.66 | 12.25 | 12.57 | 13.81 | 14.24 |
| — | +6.6% | -7.5% | -14.6% | -22.8% | -24.5% | -28.3% | -21.0% | -18.1% | -12.8% | -13.0% | -8.9% | -7.2% | |
| Quick Ratio | 9.14 | 9.14 | 7.53 | 8.32 | 8.13 | 8.50 | 8.19 | 10.05 | 10.88 | 11.60 | 11.59 | 12.73 | 13.31 |
| — | +7.6% | -8.1% | -17.2% | -25.2% | -26.7% | -29.3% | -21.1% | -18.3% | -12.5% | -15.1% | -11.4% | -8.9% | |
| Interest Coverage | -42.05 | -37.80 | -60.96 | -47.71 | -39.77 | -85.18 | -345.25 | -68.89 | -98.25 | -146.82 | -120.18 | -119.80 | -141.31 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Ballard Power Systems Inc.'s current P/E is -15.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Ballard Power Systems Inc.'s current operating margin is -80.6%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Ballard Power Systems Inc.'s business trajectory between earnings reports.