Ballard Power Systems Inc. (TSX:BLDP)

Ballard Power Systems Ratios and Metrics

Market cap in millions CAD. Fiscal year is January - December.

Total Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 6, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Market Capitalization	1,032	1,053	716	1,467	1,933	4,730
Market Cap Growth	-30.20%	47.09%	-51.21%	-24.14%	-59.13%	-43.66%
Enterprise Value	343	349	-108	432	641	3,203
Last Close Price	2.94	3.50	2.39	4.91	6.48	15.89

Price Ratios

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 6, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Forward PE	-	217.77	217.77	217.77	217.77	217.77
PS Ratio	6.85	7.73	7.13	10.85	17.45	35.77
PB Ratio	1.30	1.30	0.74	1.12	1.23	2.81
P/TBV Ratio	1.30	1.30	0.74	1.17	1.31	3.01
PEG Ratio	-	5.44	5.44	5.44	5.44	5.44

EV Ratios

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 6, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
EV/Sales Ratio	2.27	2.56	-	3.20	5.78	24.22

Financial Efficiency

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 6, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Debt / Equity Ratio	0.04	0.04	0.04	0.02	0.01	0.01
Net Debt / Equity Ratio	-0.87	-0.86	-0.86	-0.74	-0.78	-0.84
Net Debt / EBITDA Ratio	9.74	6.34	3.66	4.83	6.84	14.04
Net Debt / FCF Ratio	13.04	7.71	4.35	5.04	5.42	11.85
Asset Turnover	0.15	0.14	0.08	0.09	0.06	0.09
Inventory Turnover	1.60	1.88	1.79	2.39	1.74	2.26
Quick Ratio	10.32	9.11	8.44	11.50	13.18	14.11
Current Ratio	11.19	9.86	9.25	12.25	14.06	14.78
Return on Equity (ROE)	-12.92%	-14.40%	-38.88%	-13.41%	-12.90%	-10.26%
Return on Assets (ROA)	-4.55%	-6.89%	-11.21%	-8.64%	-6.61%	-4.45%
Return on Capital Employed (ROCE)	-8.50%	-13.00%	-23.70%	-16.00%	-12.10%	-6.30%

Yields

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 6, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Earnings Yield	-10.63%	-11.84%	-65.19%	-16.00%	-12.14%	-3.06%
FCF Yield	-5.12%	-8.60%	-26.93%	-13.13%	-11.63%	-2.50%
Buyback Yield / Dilution	-0.46%	-0.28%	-0.22%	-0.19%	-0.95%	-18.84%

Data Source: S&P Global Market Intelligence Last updated: Jul 31, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Oct 6, 2026

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