Ballard Power Systems

BLDP

Electrical Equipment & Parts · Industrials

Also trades as: BLDP.TO

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Ballard Power Systems is a Canadian company that makes hydrogen fuel cells — devices that turn hydrogen gas into electricity without burning anything. Its main products are fuel cell engines used to power buses, trucks, trains, and ships. Customers include transit agencies and commercial vehicle makers in North America, Europe, and China.

Ballard earns revenue by selling fuel cell modules and systems, and by licensing its technology to partners. The company is headquartered in Burnaby, British Columbia, and operates globally, with China being a significant market. Ballard has spent decades building expertise in proton exchange membrane fuel cell technology, giving it a technical head start over newer rivals. However, the company is not yet profitable — its operating margin was deeply negative in recent periods — and its main risk is that hydrogen infrastructure is still developing slowly, which limits how fast demand for its products can grow.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+19.1% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

11.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$547M cash & investments at current burn rate

Growth context

Ballard Power Systems is growing revenue at 13% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

19.8%

Thin — 19.8% gross margin

Profit after running costs

Operating Margin

-62.0%

Losing money on operations — -62.0%

Return on the money invested

ROCE

-12.0%

Weak — -12.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+45.7%

Fast-growing sales (+45.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-34.8%

Burning cash (-34.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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