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Stocks · Technology · Electrical Industrial Apparatus

Ballard Power Systems Inc.

BLDP Clue Score42
Fiscal year ends December CIK 0001453015
$1.77 -3.28% Close, 13 Oct 2026
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Price $1.77 −89.02% Close, 13 Oct 2026

Closing prices at the end of each trading day, from 14 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue85.3Operating income−18.1Net income−21.1Fiscal year 2017Revenue121.3 +42.2%Operating income−4.9Net income−8.0Fiscal year 2018Revenue96.6 −20.4%Operating income−20.8Net income−27.3Fiscal year 2019Revenue105.7 +9.5%Operating income−25.4Net income−39.1Fiscal year 2020Revenue103.9 −1.7%Operating income−39.8Net income−51.4EPS, diluted−0.21Fiscal year 2021Revenue104.5 +0.6%Operating income−88.1Net income−114.2EPS, diluted−0.39Fiscal year 2022Revenue81.9 −21.7%Operating income−145.3Net income−173.5EPS, diluted−0.58Fiscal year 2023Revenue102.4 +25.1%Operating income−162.9Net income−177.7EPS, diluted−0.59Fiscal year 2024Revenue69.7 −31.9%Operating income−183.3Net income−324.2EPS, diluted−1.08Fiscal year 2025Revenue99.4 +42.5%Operating income−103.5Net income−90.9EPS, diluted−0.30
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 85.3 121.3 96.6 105.7 103.9 104.5 81.9 102.4 69.7 99.4
Growth +42.2% −20.4% +9.5% −1.7% +0.6% −21.7% +25.1% −31.9% +42.5%
Operating income −18.1 −4.9 −20.8 −25.4 −39.8 −88.1 −145.3 −162.9 −183.3 −103.5
Net income −21.1 −8.0 −27.3 −39.1 −51.4 −114.2 −173.5 −177.7 −324.2 −90.9
Growth
EPS, diluted n/a n/a n/a n/a −0.21 −0.39 −0.58 −0.59 −1.08 −0.30
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin28.4%Operating margin−21.2%Net margin−24.8%Free cash flow margin−7.8%Fiscal year 2017Gross margin34.3%Operating margin−4.0%Net margin−6.6%Free cash flow margin−10.6%Fiscal year 2018Gross margin30.7%Operating margin−21.5%Net margin−28.3%Free cash flow margin−43.0%Fiscal year 2019Gross margin21.1%Operating margin−24.1%Net margin−36.9%Free cash flow margin−26.6%Fiscal year 2020Gross margin20.2%Operating margin−38.3%Net margin−49.5%Free cash flow margin−53.5%Fiscal year 2021Gross margin13.4%Operating margin−84.3%Net margin−109.3%Free cash flow margin−89.6%Fiscal year 2022Gross margin−16.3%Operating margin−177.5%Net margin−211.9%Free cash flow margin−202.9%Fiscal year 2023Gross margin−21.3%Operating margin−159.1%Net margin−173.6%Free cash flow margin−142.4%Fiscal year 2024Gross margin−31.5%Operating margin−262.9%Net margin−465.0%Free cash flow margin−192.1%Fiscal year 2025Gross margin5.5%Operating margin−104.1%Net margin−91.5%Free cash flow margin−66.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 28.4% 34.3% 30.7% 21.1% 20.2% 13.4% −16.3% −21.3% −31.5% 5.5%
Operating margin −21.2% −4.0% −21.5% −24.1% −38.3% −84.3% −177.5% −159.1% −262.9% −104.1%
Net margin −24.8% −6.6% −28.3% −36.9% −49.5% −109.3% −211.9% −173.6% −465.0% −91.5%
Free cash flow margin −7.8% −10.6% −43.0% −26.6% −53.5% −89.6% −202.9% −142.4% −192.1% −66.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−3.9Capital expenditure−2.8Free cash flow−6.7Dividends paid−3.4Fiscal year 2017Operating cash flow−9.8Capital expenditure−3.1Free cash flow−12.8Fiscal year 2018Operating cash flow−31.7Capital expenditure−9.9Free cash flow−41.5Fiscal year 2019Operating cash flow−14.2Capital expenditure−13.9Free cash flow−28.2Fiscal year 2020Operating cash flow−42.9Capital expenditure−12.6Free cash flow−55.6Fiscal year 2021Operating cash flow−80.5Capital expenditure−13.2Free cash flow−93.6Fiscal year 2022Operating cash flow−132.2Capital expenditure−33.9Free cash flow−166.1Fiscal year 2023Operating cash flow−104.6Capital expenditure−41.2Free cash flow−145.8Fiscal year 2024Operating cash flow−108.1Capital expenditure−25.8Free cash flow−133.9Fiscal year 2025Operating cash flow−56.2Capital expenditure−9.8Free cash flow−66.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −3.9 −9.8 −31.7 −14.2 −42.9 −80.5 −132.2 −104.6 −108.1 −56.2
Capital expenditure −2.8 −3.1 −9.9 −13.9 −12.6 −13.2 −33.9 −41.2 −25.8 −9.8
Free cash flow −6.7 −12.8 −41.5 −28.2 −55.6 −93.6 −166.1 −145.8 −133.9 −66.0
Growth
Dividends paid −3.4 n/a n/a n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash and securities
Fiscal year 2016Cash and securities72.6Shareholders’ equity124.8Fiscal year 2017Cash and securities60.3Shareholders’ equity119.9Fiscal year 2018Cash and securities192.2Shareholders’ equity282.6Fiscal year 2019Cash and securities147.8Shareholders’ equity250.3Fiscal year 2020Cash and securities763.4Shareholders’ equity900.9Fiscal year 2021Cash and securities1,123.9Shareholders’ equity1,327.0Fiscal year 2022Cash and securities913.7Shareholders’ equity1,158.9Fiscal year 2023Cash and securities751.1Shareholders’ equity991.2Fiscal year 2024Cash and securities603.9Shareholders’ equity673.0Fiscal year 2025Cash and securities527.1Shareholders’ equity589.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash and securities 72.6 60.3 192.2 147.8 763.4 1,123.9 913.7 751.1 603.9 527.1
Shareholders’ equity 124.8 119.9 282.6 250.3 900.9 1,327.0 1,158.9 991.2 673.0 589.9

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
28.4% 34.3% 30.7% 21.1% 20.2% 13.4% −16.3% −21.3% −31.5% 5.5%
−21.2% −4.0% −21.5% −24.1% −38.3% −84.3% −177.5% −159.1% −262.9% −104.1%
−25.0% −5.3% −27.9% −33.4% −47.5% −109.7% −195.9% −140.7% −463.8% −91.4%
−24.8% −6.6% −28.3% −36.9% −49.5% −109.3% −211.9% −173.6% −465.0% −91.5%
−7.8% −10.6% −43.0% −26.6% −53.5% −89.6% −202.9% −142.4% −192.1% −66.4%
Spending
23.3% 20.6% 28.0% 23.9% 34.2% 59.5% 109.6% 96.0% 135.5% 59.1%
3.3% 2.5% 10.2% 13.2% 12.1% 12.6% 41.5% 40.3% 37.1% 9.9%
Returns
−16.9% −6.7% −9.7% −15.6% −5.7% −8.6% −15.0% −17.9% −48.2% −15.4%
−11.5% −4.5% −7.9% −11.5% −5.3% −7.9% −13.9% −16.5% −41.7% −13.3%
Balance and payout
33.7% 32.5% 18.3% 26.5% 7.7% 7.8% 7.1% 8.0% 13.4% 13.5%