Ballard Power Systems Stock Forecast

Stock Price Forecast

According to 12 analysts polled by S&P Global, Ballard Power Systems stock has a consensus rating of "Hold" and an average price target of $4.52. The average 1-year stock price forecast is 24.86% higher than the current stock price, while the lowest is $2.10 (-41.99%) and the highest is $6.50 (+79.56%).

Price Target: $4.52 (+24.86%)

Analyst Consensus: Hold

Target	Low	Average	Median	High
Price	$2.10	$4.52	$4.25	$6.50
Change	-41.99%	+24.86%	+17.40%	+79.56%

* Price targets were last updated on May 20, 2026.

Analyst Ratings

The average analyst rating for Ballard Power Systems stock is "Hold". This means that analysts believe this stock is likely to perform similarly to the overall market.

Recommendation Trends

Rating	Jan '26	Feb '26	Mar '26	Apr '26	May '26	Jun '26
Strong Buy	1	1	1	1	2	2
Buy	0	0	0	0	0	0
Hold	11	10	10	9	8	8
Sell	0	1	1	1	1	1
Strong Sell	2	2	2	2	1	1
Total	14	14	14	13	12	12

Latest Forecasts

Analyst	Firm	Rating	Rating	Action	Price Target	Upside	Date
Charles Minervino Susquehanna	Susquehanna	Hold Maintains $2.6 → $4.25	Hold	Maintains	$2.6 → $4.25	+17.40%	May 20, 2026
Ameet Thakkar BMO Capital	BMO Capital	Sell Maintains $1.7 → $2.1	Sell	Maintains	$1.7 → $2.1	-41.99%	May 6, 2026
Macmurray Whale ATB Cormark Capital Markets	ATB Cormark Capital Markets	Hold Maintains $3.5 → $4.3	Hold	Maintains	$3.5 → $4.3	+18.78%	May 6, 2026
Sangita Jain KeyBanc	KeyBanc	Hold Maintains n/a	Hold	Maintains	n/a	n/a	May 6, 2026
Jeff Osborne TD Cowen	TD Cowen	Hold Reiterates $2.5 → $4.25	Hold	Reiterates	$2.5 → $4.25	+17.40%	May 5, 2026

More Analyst Ratings

Financial Forecast

Revenue This Year

121.84M

from 99.37M

22.61%

from 99.37M

Revenue Next Year

140.88M

from 121.84M

15.63%

from 121.84M

EPS This Year

-0.17

from -0.28

EPS Next Year

-0.14

from -0.17

Fiscal Year	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026
Period Ending	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024	Dec 31, 2025	Dec 31, 2026
Revenue	104.51M	81.86M	102.37M	69.73M	99.37M	121.84M
Revenue Growth	0.61%	-21.67%	25.05%	-31.88%	42.50%	22.61%
Gross Profit	14.01M	-13.31M	-21.83M	-21.98M	5.46M	10.39M
Gross Margin	13.41%	-16.26%	-21.33%	-31.52%	5.50%	8.53%
Operating Income	-86.08M	-142.18M	-160.62M	-166.27M	-80.52M	-55.79M
Net Income	-114.23M	-173.49M	-177.72M	-324.25M	-90.91M	-51.07M
EPS	-	-	-	-	-0.28	-0.17
Free Cash Flow	-32.77M	-122.50M	-120.08M	-88.11M	-46.12M	-59.55M
No. Analysts	-	-	-	-	-	8

EPS and Forward PE are based on non-GAAP adjusted numbers.

Revenue Forecast

Revenue	2026	2027	2028
High	150.7M
Avg	121.8M
Low	96.8M

Revenue Growth

Revenue Growth	2026	2027	2028
High	51.7%
Avg	22.6%
Low	-2.6%

EPS Forecast

EPS	2026	2027	2028
High	-0.14
Avg	-0.17
Low	-0.20

EPS Growth

EPS Growth	2026	2027	2028
High	-
Avg	-
Low	-