Ballard Power Systems, Inc. (BLDP)

Nasdaq: BLDP · Electrical Industrial Apparatus · filing with the SEC since 2009

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Grade5.8

◀ Past 5.8● Present 5.2▶ Future 6.7

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Ballard Power Systems, Inc.

Nine metrics read from its own filings, by tense

Headline grade

5.8/10

◀ Past5.830% of the headline

● Present5.240% of the headline

▶ Future6.730% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.8/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

8.3/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 33% of this tense · 83rd percentile among 9 sector filers · read for itself

From the record

Ballard Power Systems, Inc.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

3.6/10

What has it actually done, year after year?

-2.5% a year over 9 filed years; profitable in 0 of 9.

weight 45% of this tense · 36th percentile among 7 sector filers · read for its customers

From the record

Ballard Power Systems, Inc.'s 9 filed years say what it did: revenue went from $121 million in fiscal 2017 to $99 million in fiscal 2025, down 2.5% a year; it rose in 4 of 8 years; the deepest fall was 43% from fiscal 2017 to fiscal 2024; net income was positive in 0 of 9 of those years (its annual reports).

What it rests on

revenue growth over the filed span-2.5%bottom 8% of its family
the share of years revenue rosetop 50% of its family
the share of filed years with a profitbottom 36% of its family
the deepest fall from a revenue peak42.5%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

6.4/10

How has it treated the people who own it?

SI estimate 6.4/10, confidence 35 of 100 (one part).

weight 22% of this tense · 64th percentile among 8 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the top 36% of 8 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 8 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Ballard Power Systems, Inc.'s shareholder treatment is put at 6.4 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 36% of 8 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.2/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

7.0/10

Is it financially healthy right now?

ROE -15%: lost 15¢ per shareholder dollar. Leverage 14%: owes 14¢ per asset dollar.

weight 45% of this tense · 70th percentile among 8 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Ballard Power Systems, Inc. lost about 15 cents for every dollar of shareholders' money, and gross profitability: its products earned about 1 cents per dollar of everything the company owns. Leverage: it owed about 14 cents per dollar of assets, and net share issuance: its share count grew 0.3% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 6% of its family
return on equitytop 50% of its family
gross profit against assetstop 44% of its family
the share count against the year beforetop 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

3.1/10

How strong is its position in its industry?

bottom 31% of 7 in its family; net margin -91.5%.

weight 33% of this tense · 31st percentile among 7 sector filers · read for its customers

From the record

Ballard Power Systems, Inc.'s standing among 7 graded names in its industry family: revenue of $99 million in fiscal 2025 ranks in the bottom 7% by size; a net margin of -91.5% ranks in the bottom 36%; revenue growth of 6.7% a year over the last 3 filed years ranks in the top 50% (its annual reports).

What it rests on

revenue against the family$99.4Mbottom 7% of its family
net margin-91.5%bottom 36% of its family
three-year revenue growth6.7%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.9/10

What are the people in charge doing?

SI estimate 4.9/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 6 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 6 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 6 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Ballard Power Systems, Inc.'s leadership is put at 4.9 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 6 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.7/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

6.8/10

How much room does it have to grow?

top 32% of 7 in its family for room to expand.

weight 45% of this tense · 68th percentile among 7 sector filers · read for itself

From the record

Ballard Power Systems, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $527 million against no long-term debt tagged leaves 77.2% of its assets as net cash, top 6% of its family; cash from operations less capital spending is -66.4% of revenue (bottom 36%); a gross margin of 5.5% (top 50%); research spending of 59.1% of revenue (top 8%) (its annual report).

What it rests on

cash less debt against assets77.2%top 6% of its family
cash from operations less capital spending against revenue-66.4%bottom 36% of its family
gross margin5.5%top 50% of its family
research spending against revenue59.1%top 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.7/10

What could actually drive growth from here?

top 43% of 7 in its family for growth drivers.

weight 33% of this tense · 57th percentile among 7 sector filers · read for its customers

From the record

Ballard Power Systems, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 6.7% a year over the last three filed years against -2.5% over all 9, speeding up (top 8% of its family); the newest year grew 42.5% (top 8%); research spending grew -13.2% a year (bottom 21%); capital spending grew -33.8% a year (bottom 21%) (its annual reports). Ballard Power Systems, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span+9.1 points a yeartop 8% of its family
the newest year's revenue growth42.5%top 8% of its family
three-year growth of research spending-13.2%bottom 21% of its family
three-year growth of capital spending-33.8%bottom 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

8.1/10

Did its newest year beat what its own record pointed to?

top 19% of 6 in its family for expectations against reality.

weight 22% of this tense · 81st percentile among 6 sector filers · read for its shareholders

From the record

Ballard Power Systems, Inc.'s newest year against its own record: revenue of $99 million in fiscal 2025 came in 54.4% above the $64 million its prior three years' pace pointed to (top 8% of its family); net income of $91 million against a prior three-year average of $225 million (top 42%); a net margin of -91.5% against losses larger than its revenue before (top 8%) (its annual reports).

What it rests on

revenue against the prior three years' pace54.4%top 8% of its family
net income against the prior three years' average+60%top 42% of its family
net margin against its prior averageup more than 100 pointstop 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BLDP · research, not advice