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BLDP 
Ballard Power Systems Inc (BLDP)
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Upturn Advisory Summary
01/09/2026: BLDP (3-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Moderate Performance
These Stocks/ETFs, based on Upturn Advisory, typically align with the market average, offering steady but unremarkable returns.
Number of Analysts
17 Analysts rated it
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $2.99
1 Year Target Price $2.99
| 2 | Strong Buy |
| 0 | Buy |
| 11 | Hold |
| 1 | Sell |
| 3 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 23.97% | Avg. Invested days 26 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 01/09/2026 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 821.02M USD | Price to earnings Ratio - | 1Y Target Price 2.99 |
Price to earnings Ratio - | 1Y Target Price 2.99 | ||
Volume (30-day avg) 17 | Beta 1.62 | 52 Weeks Range 1.00 - 4.10 | Updated Date 01/8/2026 |
52 Weeks Range 1.00 - 4.10 | Updated Date 01/8/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.4 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -132.8% | Operating Margin (TTM) -37.93% |
Management Effectiveness
Return on Assets (TTM) -8.45% | Return on Equity (TTM) -18.07% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 315297325 | Price to Sales(TTM) 9.1 |
Enterprise Value 315297325 | Price to Sales(TTM) 9.1 | ||
Enterprise Value to Revenue 3.49 | Enterprise Value to EBITDA -4.56 | Shares Outstanding 300738656 | Shares Floating 254376785 |
Shares Outstanding 300738656 | Shares Floating 254376785 | ||
Percent Insiders 15.47 | Percent Institutions 31.48 |
Upturn AI SWOT
Ballard Power Systems Inc
Company Overview
History and Background
Ballard Power Systems Inc. was founded in 1979 in Vancouver, British Columbia, Canada. It initially focused on lithium battery technology before pivoting to fuel cell technology in the early 1990s. Key milestones include developing proton exchange membrane (PEM) fuel cells, establishing partnerships with major automotive and industrial companies, and becoming a publicly traded company on NASDAQ and the TSX. Ballard has evolved into a leading developer and manufacturer of fuel cell technology for motive, stationary, and portable power applications.
Core Business Areas
- Proton Exchange Membrane (PEM) Fuel Cell Technology: Ballard designs, manufactures, and sells PEM fuel cell products and components for various applications, including heavy-duty trucks, buses, trains, and material handling equipment. They also provide fuel cell solutions for backup power and emerging markets.
- Fuel Cell Solutions and Services: This encompasses engineering services, product development, and ongoing support for their fuel cell systems, ensuring optimal performance and integration for their customers.
Leadership and Structure
Ballard Power Systems Inc. is led by a management team with extensive experience in the fuel cell industry and technology sectors. The company operates with a functional organizational structure, emphasizing research and development, engineering, manufacturing, sales, and customer support.
Top Products and Market Share
Key Offerings
- MEP-1200 Fuel Cell Module: A high-power density fuel cell stack designed for demanding motive applications like heavy-duty trucks and buses. Competitors include Plug Power, Cummins, and Bloom Energy (though Bloom primarily focuses on stationary power).
- FCvelocityu00ae-HD85 Fuel Cell Module: A robust fuel cell engine for transit buses and other heavy-duty vehicles. Competitors are similar to the MEP-1200.
- CLP Fuel Cell Stacks: Components and stacks for various stationary power applications, including backup power for telecommunications and data centers. Competitors include Hydrogenics (now part of Cummins), Bloom Energy, and Ceres Power.
Market Dynamics
Industry Overview
The fuel cell industry is experiencing significant growth driven by the global push for decarbonization and the transition to cleaner energy sources. Key drivers include government regulations, increasing demand for zero-emission transportation, and advancements in hydrogen infrastructure. The industry is characterized by rapid technological development, strategic partnerships, and substantial investment from both public and private sectors.
Positioning
Ballard Power Systems Inc. is a pioneer and established leader in the PEM fuel cell market, particularly in the heavy-duty transportation sector. Its competitive advantages lie in its long-standing expertise, established intellectual property, strong partnerships, and a comprehensive product portfolio. However, the market is becoming increasingly competitive with new entrants and established players expanding their fuel cell offerings.
Total Addressable Market (TAM)
The total addressable market for fuel cells is projected to be in the hundreds of billions of dollars over the next decade, encompassing transportation (light-duty, medium-duty, heavy-duty, marine, rail), stationary power (backup power, distributed generation), and portable power. Ballard is well-positioned to capture a significant share of this TAM, especially within its core focus areas of heavy-duty mobility and stationary power solutions, leveraging its established technological leadership and customer relationships.
Upturn SWOT Analysis
Strengths
- Pioneering technology and extensive patent portfolio in PEM fuel cells.
- Established market presence and strong relationships in heavy-duty transportation.
- Proven track record and reputation as a leading fuel cell provider.
- Experienced management team and skilled workforce.
- Strategic partnerships with major players in automotive and energy sectors.
Weaknesses
- Reliance on external funding and ongoing investment to support growth.
- Profitability has been inconsistent due to significant R&D and market development costs.
- Scalability of manufacturing to meet rapidly growing demand could be a challenge.
- Dependence on hydrogen infrastructure development and adoption.
Opportunities
- Increasing global demand for zero-emission vehicles and clean energy solutions.
- Government incentives and supportive policies for hydrogen and fuel cell technologies.
- Expansion into new markets and applications (e.g., aviation, material handling).
- Growing interest in green hydrogen production and its integration with fuel cells.
- Potential for strategic acquisitions or joint ventures to accelerate growth.
Threats
- Intensifying competition from established players and new entrants.
- Technological advancements in alternative clean energy solutions (e.g., advanced batteries).
- Volatility in the price and availability of hydrogen.
- Regulatory changes or delays in implementation of supportive policies.
- Economic downturns impacting capital expenditure by potential customers.
Competitors and Market Share
Key Competitors
- Cummins Inc. (CMI)
- Plug Power Inc. (PLUG)
- Bloom Energy Corporation (BE)
- FuelCell Energy, Inc. (FCEL)
Competitive Landscape
Ballard's advantage lies in its early mover status and specialized focus on PEM technology, particularly for heavy-duty applications. Competitors like Cummins offer a broader portfolio including engine technologies, while Plug Power is strong in hydrogen infrastructure and material handling. Bloom Energy excels in solid oxide fuel cells for stationary power. Ballard needs to continually innovate and scale production efficiently to maintain its competitive edge.
Growth Trajectory and Initiatives
Historical Growth: Ballard has demonstrated consistent revenue growth over the past several years, largely attributable to increased adoption of its fuel cell solutions in the commercial transportation sector and strategic partnerships. The company has successfully expanded its product offerings and market reach.
Future Projections: Analyst projections for Ballard Power Systems Inc. generally indicate continued revenue growth, driven by expanding market penetration in commercial vehicles, stationary power, and emerging applications. Expectations are for improving gross margins as production scales and for potential profitability in the medium to long term as market adoption accelerates.
Recent Initiatives: Recent initiatives include strategic collaborations with leading automotive manufacturers and energy companies, expansion of manufacturing capacity, and continued investment in next-generation fuel cell technologies. The company has also been focused on securing new orders and expanding its global sales and service network.
Summary
Ballard Power Systems Inc. is a leading innovator in PEM fuel cell technology, with strong positioning in the growing zero-emission transportation sector. The company benefits from its established expertise and strategic partnerships. However, it faces challenges related to profitability, manufacturing scalability, and increasing competition. Continued investment in R&D and effective market penetration are crucial for its long-term success.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company Investor Relations Filings (SEC, SEDAR)
- Financial News and Analysis Websites (e.g., Reuters, Bloomberg, Yahoo Finance)
- Market Research Reports on the Fuel Cell Industry
- Industry Publications and Expert Opinions
Disclaimers:
The information provided is for informational purposes only and does not constitute financial advice. Market share data and competitor analysis are estimates and can vary depending on the source and definition of the market. Financial performance metrics are subject to change. Investors should conduct their own due diligence before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Ballard Power Systems Inc
Exchange NASDAQ | Headquaters Burnaby, BC, Canada | ||
IPO Launch date 1995-11-08 | CEO, President & Independent Director Mr. Marty T. Neese J.D. | ||
Sector Industrials | Industry Electrical Equipment & Parts | Full time employees 887 | Website https://www.ballard.com |
Full time employees 887 | Website https://www.ballard.com | ||
Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary power, and emerging market, such as material handling, off-road, and other applications. It also engages in the delivery of services, including technology solutions, after sales services, and training services; and provision of engineering services, product and systems integration services, and related technology transfer for various PEM fuel cell applications. It operates in the United States, Germany, Canada, China, Poland, the United Kingdom, the Netherlands, France, Denmark, Belgium, India, Taiwan, Korea, Spain, Norway, Australia, Japan, and internationally. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.
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