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Canadian maker of hydrogen fuel cells for buses, trucks, trains, marine vessels and stationary power.
Canadian maker of hydrogen fuel cells for buses, trucks, trains, marine vessels and stationary power.
Sells fuel-cell modules and stacks to bus, truck and rail makers who build them into vehicles, so volume depends on a small number of customers' hydrogen vehicle programmes and the subsidies behind them. It also earns from service work and technology licensing. China's Weichai Power is its largest shareholder and a partner.
In one line: Canada's Plug Power / Bloom Energy for mobility fuel cells.
Moat: narrow (IP / patents, process know-how). Long fuel-cell engineering track record, but the technology remains pre-scale and capital-intensive.
Headquarters: Burnaby, British Columbia, Canada · Founded: 1979 · Employees: 492
Size Ballard Power Systems (BLDP.TO) is a Canada Industrials company (Electrical Products) with a market value of $541M, the 330th largest of 420 Canada companies the cockpit tracks. Shares closed at C$2.16 on 6 Nov 2026.
Performance Over six months the shares fell 66.3%, against -26.2% for the median peer and +5.2% for the Canada market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 45.1% over the last twelve months (peer median +11.1%); the operating margin is -47.5% (peer median 4.9%).
Valuation It trades at 0.5× enterprise value to sales against a peer median of 2.2× (2nd cheapest of 20).
Capital Return on invested capital runs 60.7 points below its cost of capital (12.1% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$147M | C$139M | C$95.5M | C$138M | C$107M |
| Revenue growth | — | +45% | -31% | +30% | — |
| Gross profit | C$21.6M | C$3.30M | -C$39.7M | -C$41.0M | -C$26.2M |
| EBITDA | -C$64.1M | -C$106M | -C$213M | -C$201M | -C$169M |
| Net income | -C$107M | -C$127M | -C$444M | -C$240M | -C$226M |
| Free cash flow | -C$51.0M | -C$92.2M | -C$184M | -C$197M | -C$216M |
| Capital expenditure | C$9.14M | C$14.2M | C$37.8M | C$55.8M | C$44.9M |
| Total debt | C$27.9M | C$30.3M | C$34.4M | C$23.6M | C$21.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ballard Power Systems BLDP.TO | $541M | -66% | +45% | -47% | 0.5× | n/a |
| Plug Power PLUG | $2.03B | -54% | +11% | -68% | 3.7× | n/a |
| Bloom Energy BE | $51.2B | -21% | +111% | 15% | 13.5× | n/a |
| Cummins CMI | $62.0B | -34% | +3% | 11% | 1.9× | 11.6% |
| Toyota Motor 7203.T | $251B | +10% | +7% | 7% | 1.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BLDP.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.5% | -12.6% | 4th lowest of 21 |
| 6-month return | -66.3% | -26.2% | lowest of 21 |
| Distance from 52-week high | -76.2% | -49.3% | 2nd lowest of 21 |
| Revenue growth (TTM) | +45.1% | +11.1% | 3rd highest of 21 |
| Operating margin | -47.5% | 4.9% | 2nd lowest of 20 |
| EV / Sales | 0.5× | 2.2× | 2nd cheapest of 20 |
| ROIC minus cost of capital | -60.7 pp | -3.5 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ballard Power Systems BLDP.TO | Canada | $541M | -66% | +45% | -47% | 0.5× | n/a | n/a |
| Sanyou 300932.SZ | China | $544M | -21% | +14% | 6% | 1.7× | n/a | n/a |
| Zhejiang Mustang Battery 605378.SS | China | $544M | -32% | -11% | 2% | 2.6× | n/a | n/a |
| Ceepower 300062.SZ | China | $532M | -27% | +19% | -7% | 3.3× | 6.6% | +4.1% |
| Shenyu Communication Technology 300563.SZ | China | $529M | -40% | +2% | 7% | 3.8× | 16.2% | +6.4% |
| Shanghai Smart Control 001266.SZ | China | $528M | -16% | +25% | 5% | 3.5× | 24.4% | +6.1% |
| Cinderson Tech (Suzhou) 603344.SS | China | $555M | -30% | +7% | 6% | 1.0× | 7.0% | +9.3% |
| SEBANG GLOBAL BATTERY 004490.KS | South Korea | $525M | -18% | -2% | 6% | 0.2× | n/a | n/a |
| Weihai Honglin Electronic 301439.SZ | China | $559M | -24% | +18% | 5% | 1.1× | n/a | n/a |
| Qingdao Topscomm Communication 603421.SS | China | $523M | -35% | -39% | -50% | 3.0× | 5.8% | -6.5% |
| Veken Technology 600152.SS | China | $523M | -56% | +15% | -7% | 2.2× | n/a | n/a |
| L.G. Balakrishnan & Bros LGBBROSLTD.NS | India | $562M | -4% | +21% | 11% | 1.6× | n/a | n/a |
| Zaptec ZAP.OL | Norway | $519M | +31% | +34% | 10% | 2.3× | -2.8% | +47.5% |
| Shijiazhuang Tonhe Electronics Technologies 300491.SZ | China | $566M | -18% | +33% | 1% | 2.1× | n/a | n/a |
| Centiel CNTL.SW | Switzerland | $570M | +45% | -100% | n/a | n/a | n/a | n/a |
| Guoxia Technology 2655.HK | Hong Kong | $513M | -66% | +78% | 9% | 1.3× | n/a | n/a |
| Harbin Jiuzhou 300040.SZ | China | $513M | -26% | -3% | 9% | 5.3× | 17.6% | +2.6% |
| Ram Ratna Wires RAMRAT.NS | India | $508M | +13% | +72% | 4% | 0.8× | n/a | n/a |
| Shenzhen UUGreenPower 301590.SZ | China | $507M | -55% | -12% | -11% | 2.1× | n/a | n/a |
| Shaanxi Baoguang Vacuum Electronic Apparatus 600379.SS | China | $580M | -30% | +7% | 5% | 3.1× | 37.9% | +7.0% |
| Nanjing Quanxin Cable Technology 300447.SZ | China | $581M | -35% | +8% | 4% | 4.4× | 29.2% | +3.3% |