# Ballard Power Systems Inc. (BLDP.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Industrials / Machinery. Price C$3.25, market value C$980 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Ballard Power Systems Inc. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 6.7×**. Each dollar of revenue is priced at 6.7×.
- **Price / book: 1.3×**. The shares trade at 1.3× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: -5.2%** (5-yr avg -9.2%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 15.4%**. Ballard Power Systems Inc. keeps 15.4% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: -64.4%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -91.4%**. The company reported a net loss over the last twelve months.
- **Return on equity: -15.7%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -85.2%**. Return on all capital, debt included, is -85.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -11.4%**. Each dollar of assets produces -11.4% of profit.

## Growth
- **Revenue growth (1 yr): 45.0%** (3-yr 6.5%/yr, 5-yr -0.5%/yr). Revenue grew 45.0% over the last year, against -0.5% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 71.3%**. Earnings per share rose 71.3%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 0.04**. Debt is 0.04 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 7.4×**. It would take 7.4 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: -38.8×**. Operating profit covers interest only -38.8×: fragile.
- **Current ratio: 9.86** (quick 9.14). Current assets cover the next year's liabilities 9.86 times.
- **Altman Z-score: 8.28**. A Z-score of 8.28 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Ballard Power Systems Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: hold** (2 analysts). 2 analysts cover Ballard Power Systems Inc.; the consensus is hold, with an average price target of C$4.53 (+40% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 26.5%** (YTD -7.1%, 3-mo -52.6%). The shares are up 26.5% over twelve months including dividends.
- **From 52-week high: -64.2%** (26.0% above the low). Trading 64% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 40**. An RSI of 40 is neutral.
- **Beta (1 yr): 2.37** (volatility 83%). Beta of 2.37 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BLDP.TO · Page: https://foliofundamentals.com/stocks/bldp.to

Not investment advice.