Ballard Power Systems Inc.

NasdaqGM:BLDP 주식 리포트

시가총액: US$1.4b

Ballard Power Systems 향후 성장

Future 기준 점검 1/6

Ballard Power Systems (는) 각각 연간 18.9% 및 14.9% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 22.1% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 -8% 로 예상됩니다.

핵심 정보

18.9%

이익 성장률

22.08%

EPS 성장률

Electrical 이익 성장18.0%
매출 성장률14.9%
향후 자기자본이익률-8.02%
애널리스트 커버리지

Good

마지막 업데이트05 May 2026

최근 향후 성장 업데이트

Recent updates

Seeking Alpha May 07

Ballard Power: I See Progress, Not A Buyable Inflection Point

Summary Ballard Power Systems manufactures fuel cell engines for hydrogen-powered vehicles, targeting heavy-duty applications where batteries are less effective. BLDP generates revenue through engine sales, service and replacement parts, and engineering/licensing agreements with vehicle manufacturers. The company benefits from surging momentum, with shares up 295% over the past year and 90% of that gain occurring this month. Hydrogen infrastructure immaturity remains a key challenge, but BLDP is positioned as a core supplier as the sector develops. Read the full article on Seeking Alpha
Seeking Alpha Mar 14

Ballard Power: Strong Bookings Quarter But Prospects Remain Muted - Hold

Summary While Ballard Power Systems reported Q4 2024 results slightly below expectations, order intake surprised to the upside. Total backlog increased by more than 40% on a quarter-over-quarter basis due to persistent strength in the company's bus vertical and a recent surge in rail orders. However, management remained cautious on near-term industry prospects due to ongoing delays in hydrogen fuel cell adoption. Even after recent cost reduction initiatives, Ballard Power Systems will continue to burn sizable amounts of cash. However, liquidity remains sufficient to carry the company into the next decade. While BLDP stock trades at a 35% discount to its $600+ million cash position, investor sentiment is not likely to improve anytime soon. Reiterating "Hold" rating. Read the full article on Seeking Alpha
Seeking Alpha Nov 19

Ballard Power: Investors Need To Hope For A Sale Or Change In Strategic Focus - Hold

Summary Leading Canadian fuel cell systems developer Ballard Power Systems reported abysmal Q3/2024 results, with revenues and profitability missing consensus expectations by a mile. Consolidated gross margin of -55.6% represented a new all-time low due to an apparent lack of pricing power in the company's core fuel cell bus vertical. With a 12-month backlog of just $58.2 million, the company's 2025 revenues are not likely to be anywhere close to current consensus estimates. At least in my opinion, BLDP management should consider putting the company up for sale or change strategic focus to the AI data center opportunity. With the current share price representing a 35% discount to the company's sizeable cash position, I am reiterating my "Hold" rating on the stock. Read the full article on Seeking Alpha
Seeking Alpha Aug 13

Ballard Power Systems Q2: Poor Results And Weak Near-Term Prospects, Hold

Summary Ballard Power Systems Inc. reported weak Q2/2024 results with poor margins and revenues coming in well below expectations. Order intake deteriorated to new multi-year lows as a number of customers pushed out anticipated orders. On the conference call, management warned of delayed market adoption for its fuel cell applications, particularly in the truck vertical. In response, management is cutting back on near-term investments, which might very well result in the company abandoning its ambitious U.S. expansion plans later this year. While lower cash outflows are likely to extend Ballard Power's liquidity runway until the end of the decade, the industry's bleak near-term prospects should keep investors sidelined, even with the stock trading at a meaningful discount to the company's cash position of $2.25 per share. Read the full article on Seeking Alpha
Seeking Alpha Jul 17

Ballard Power Systems: Not Even A Dead Cat Bounce

Summary Today, we take a deeper look at fuel cell manufacturer Ballard Power Systems. The stock has gone nowhere despite a large cash balance and a growing order backlog.  Revenues are also expected to surge next fiscal year. An analysis around Ballard Power Systems follows in the paragraphs below. Read the full article on Seeking Alpha
Seeking Alpha May 08

Ballard Power Systems: Strong Q1 Order Intake But Outlook Still Murky

Summary Leading Canadian fuel cell systems developer Ballard Power Systems reported weak Q1/2024 results, with revenues and profitability below consensus expectations. Order intake was strong, mostly as the company secured a number of multi-year supply agreements with existing customers. During Q1, the company used $29.5 million in cash and finished the quarter with $720.7 million in cash and cash equivalents. Ballard Power Systems continues to have no debt. With the required investment in the proposed U.S. gigafactory shortening the company's cash runway by approximately one year, BLDP might be required to raise additional capital by 2027 at the latest point. In sum, with no clear path to sustained growth and profitability, there's still little to get excited about at Ballard Power Systems. Read the full article on Seeking Alpha
Seeking Alpha May 01

Delicious Runway For Patient Ballard Power Shareholders

Summary Ballard Power has been a disappointment for investors, but it may be a good speculative buy at this point. The company's financial performance has been lackluster, with declining margins and continued losses. However, Ballard has a strong balance sheet and significant cash reserves, which makes it a turnaround candidate for patient long-term investors. Read the full article on Seeking Alpha
Seeking Alpha Mar 12

Ballard Power Systems: Mixed Q4 Results And Another Mediocre Year Ahead, Hold

Summary Ballard Power reported mixed Q4 results, as material sales outperformance and record order intake was more than offset by the negative impact from financial challenges at one large customer. Based on management's directional guidance, 2024 might be a year with no or even negative sales growth for the company as worldwide fuel cell adoption remains slow. Ballard Power finished the year with $751.1 million in cash and cash equivalents or approximately $2.50 per share and no debt. At the current rate of cash usage, liquidity will be sufficient for at least another four years. While I don't see a compelling reason for initiating or adding to existing positions, the company's strong cash position is keeping me from outright downgrading BLDP shares to "Sell". Read the full article on Seeking Alpha
Seeking Alpha Sep 30

Ballard to establish new China headquarters, manufacturing facility

Ballard Power Systems (NASDAQ:BLDP) has announced plans to establish a new China headquarters, R&D center and membrane electrode assembly (MEA) manufacturing facility. The company will spend $130M over the next three years to establish its new site at the Jiading Hydrogen Port in Shanghai. Ballard expects the investment to reduce MEA manufacturing costs and strengthen its position in hydrogen fuel cell demonstration cluster regions and China's post-subsidy market. The MEA facility will have a production capacity of around 13M assemblies annually, which will supply around 20,000 engines. It will be operational by 2025 and Ballard will pursue significant capacity expansion in future phases. The facility will also have space to assemble ~600 engines annually to support production and sale of Ballard engines in China's rail, marine, off-road and stationary markets, along with export markets. Ballard's new site will meet market demand in China, especially from the Weichai-Ballard joint venture for the bus, truck and forklift markets. This joint venture's facility in Weifang, Shandong has an annual production capacity of around 40,000 stacks and 20,000 engines. Weichai Power plans will make a 2% equity investment in Ballard's new MEA manufacturing company as well.
Seeking Alpha Sep 19

Ballard Power Systems deepens strategic partnership with Quantron AG

Ballard Power Systems (NASDAQ:BLDP) notifies a minority equity investment in Quantron AG, a global electric vehicle integrator and an emerging specialty OEM, to accelerate fuel cell truck adoption. As part of Quantron's financing round of up to €50M and per the terms of a joint development pact, Ballard's investment proceeds will be used by Quantron to develop their truck fuel cell vehicle platforms. Ballard will be the exclusive fuel cell supplier to Quantron for these platforms. Under the alliance, Quantron committed to purchase 140 FCmoveTM modules totaling approximately 17MW, with an option to purchase an additional 50 units. The fuel cell modules are expected to be delivered in 2023 and 2024. The zero-emission fuel cell electric vehicle platforms developed by Quantron will integrate Ballard fuel cell products for various truck applications in Europe and the US. Pursuant to its strategic investment, Ballard will have the right to appoint a representative to Quantron's board.
Seeking Alpha Aug 23

Ballard Power: Things Just Keep Getting Worse

Company reports another disappointing quarter with both the top and bottom line missing consensus expectations by a wide margin. In addition, new order intake was weak. Gross margins moved further into negative territory while quarterly cash usage of $65 million represented a new all-time high. Management lowered projections for both capital expenditures and operating expenses due to a challenging macro environment. Even after a series of downward revisions over the past couple of months, current consensus expectations are still too high, particularly given the weakness of the company's near-term order book. With no catalysts in sight, even fuel cell and hydrogen enthusiasts should avoid the shares for the time being. Note: I have covered Ballard Power Systems (BLDP) previously, so investors should view this as an update to my earlier articles on the company. Earlier this month, leading Canadian fuel cell systems developer Ballard Power Systems ("Ballard" or "Ballard Power") reported another set of disappointing quarterly results: Company Press Release The company missed consensus expectations on both the top and the bottom line while gross margins moved further into negative territory: We saw continued gross margin compression in the quarter and anticipate continued pressure throughout 2022, but we are confident in our plan to expand margins in the mid- to long-term as we transition to commercial scale production. On the conference call, management attributed the ongoing margin deterioration to discounted product pricing in combination with inflationary pressures which resulted in already competitively priced backlog orders becoming unprofitable on a gross margin basis. In the question-and-answer session, at least one analyst appeared perplexed by management's admittance to material pricing concessions for its latest generation product platform: Jeff Osborne (...) I'm not sort of following, Randy, maybe I haven't had enough coffee, but the move towards the new platforms, why do you need to discount? (...) I'm just trying to understand why when a platform gets more energy dense, you need to lower the cost? Randy MacEwen Yes. No. It's a discussion we've had with -- particularly with the bus OEMs for some time, of leaning forward on the cost structure to make sure that the total value proposition for the bus operators and the OEMs work as well. And it's not just us that's been doing that, we've been seeing other participants in the value chain supporting this to get the demonstration fleets out in the marketplace. So I would say that's part of it. The other is just there is a cost required for these operators to transition from one product to the next product, and part of the way to help incentive them to move to that next product is the pricing strategy. While quarterly cash usage of $65.0 million represented a new all-time high, the company still has approximately $1 billion in cash and cash equivalents, sufficient to fund the business for up to five years at the current pace of cash burn. New order intake was highly disappointing as the company's book-to-bill ratio dropped from approximately 1.3 in the first quarter to below 0.6 sequentially. In Q2, Ballard delivered $20.9 million in revenue and secured new orders totaling $12.3 million. This activity translates to an order backlog of $91.2 million at the end of Q2. This is softer than planned, as a number of expected sizable orders have shifted out. On the conference call, management blamed delays in fuel cell bus orders, as well as rail and stationary power applications but expected most of these opportunities to close over the next 12 months. As a result, total order backlog was down by almost 10% quarter-over-quarter to $91.2 million, while the 12-month backlog decreased from $65.8 million to $61.4 million sequentially. Even after a series of downward revisions over the past couple of months, the current 2022 consensus revenue estimate of $103.1 million appears way too high, particularly given the weakness of the near-term order book. Quite frankly, I would be surprised to see sales exceeding $90 million this year which would calculate to an almost 15% year-over-year decrease. In China, the company's joint venture with Weichai Power (WEICF, WEICY) continues to suffer from a lack of clarity regarding the country's new subsidy regime which has been exacerbated by COVID-related restrictions and lockdowns.
Seeking Alpha Aug 06

Ballard Power Systems Q2 2022 Preview: Not Even Close To Fair Value

Ballard Power Systems is an intriguing business, but its fundamentals are an issue. Revenue isn't really growing and cash flows are worsening, making the company somewhat risky long-term. Its cash position is strong and can keep it going for a while, but the firm would need to stage a remarkable degree of improvement to justify its current pricing. The modern era is incredibly complex. There are many working parts, ranging from large pieces of machinery to small gadgets, that all require some form of power in order to function. One company that's dedicated to helping address the power needs for certain market segments is Ballard Power Systems (BLDP). For years, this enterprise has struggled to gain traction from a revenue perspective. This comes even as management has embarked on a number of transactions aimed at achieving growth in some way or another. To make matters worse, profitability for the company has gotten really bad in recent years, making the years leading up to this look good by comparison. The good news for investors is that the firm does have a significant amount of cash on hand, leaving it with a great deal of time that it can burn through that capital prior to facing any real risk of failure. But given the way that things are going, shares may not be the best to consider at this time. A niche power play According to the management team at Ballard Power Systems, the company's primary aim is to design, develop, produce, and sell and service its proton exchange membrane fuel cell and related products. For context, a fuel cell is a device that combines hydrogen fuel with oxygen that is extracted from the air in order to produce electricity. The hydrogen fuel in question can be obtained from a number of resources, such as natural gas, kerosene, methanol, or hydrogen carbon fuels. It can even be taken from water through the electrolysis process. The end goal here is to create a fuel cell that can deliver relatively clean and more or less infinite energy for the foreseeable future. The management team at Ballard Power Systems claims that they are fuel cell products feature high fuel efficiency, low operating temperature, low noise, and low vibration. They are generally compact in size and can be flexible when there are rapid changes in electrical demand and modular size. The company's secret sauce is a stack of unit cells that are designed by its own proprietary technology that, in turn, includes membrane electrode assemblies, catalysts, plates, and other related components. Over the years, Ballard Power Systems has focused on making a number of transactions aimed at improving its chance of success. Most recently, for instance, back in November of last year, it announced the acquisition of Arcola Energy, a UK-based systems engineering company that specializes in hydrogen fuel cell powertrain and vehicle systems integration. Total consideration there could be up to $40 million over the next few years. Just one month prior to that, the company announced the signing of a memorandum of understanding for a strategic partnership with Forsee Power with the end goal of developing a fully integrated fuel cell and battery solution that's focused on heavy-duty hydrogen mobility applications. A search of the company's financial statements will also reveal a number of similar deals and transactions in recent years. Although the company seems to have its hands in a number of things, including some operations that are located overseas, its primary focus is what management calls its Fuel Cell Products and Services segment. This unit consists of the sale and service of its proton exchange membrane fuel cell products for the heavy-duty motive, and material handling and stationary power generation Power products markets. The heavy-duty motive space consists of bus, truck, rail, and marine applications. Meanwhile, the material handling and stationary power generation category is more centered around industrial vehicles like forklifts, automated guided vehicles, and ground support equipment, as well as offering backup power products for organizations like data centers. The company also has a Technology Solutions unit that provides customized, bundled technology solutions, largely centered around managing difficult technical and business challenges in a customer's proton exchange membrane fuel cell program. Author - SEC EDGAR Data You would expect a company that is on the cutting edge of technology to be growing at a nice pace. But that has not been the case here. Between 2017 and 2021, revenue has remained in a fairly narrow range of between $96.6 million and $121.3 million. No clear trend is visible here. This alone might be fine if it weren't for the fact that profitability is getting worse by the year. The company went from generating a net loss of $8 million in 2017 to a loss of $114.4 million in 2021. Other profitability metrics have performed similarly. Operating cash flow went from a negative $9.8 million to a negative $80.5 million. Meanwhile, EBITDA worsened as well, turning from a positive $3.3 million to a negative $82.2 million. Author - SEC EDGAR Data When it comes to the current fiscal year, things are not looking much better. Revenue rose in the latest quarter, coming in at $21 million. That compares to the $17.6 million generated in the first quarter of 2021. However, the company's net loss has widened from $17.8 million to $40.4 million. This took the loss per share from $0.06 to $0.14. The operating cash flow of the company went from negative $15.7 million to negative $41.7 million. Meanwhile, the EBITDA for the firm turned from negative $14 million to negative $27.5 million. The company does have a chance to finally prove the skeptics wrong when the business reports financial results for the second quarter. But if analysts are correct, things aren't likely to get much better. The current expectation is for the company to generate revenue of around $24.2 million. That would actually be down from the $25 million reported one year earlier. Meanwhile, the company's net loss should be around $0.12 per share. That stacks up against the $0.07 per share loss, totaling $21.9 million, scene in the second quarter of 2021. It's also likely that other profitability metrics will worsen. After all, the operating cash flow for the company was negative by $33.5 million in the second quarter of last year, while its EBITDA is negative by $19.7 million.
Seeking Alpha May 11

Ballard Power - No Light At The End Of The Tunnel

Company reports another disappointing quarter with both the top and bottom line missing consensus expectations. Gross margin turned negative for the first time in recent history while cash usage remained at elevated levels. On the conference call, management admitted to a persistent lack of concrete policy support. Even after a series of downward revisions over the past couple of months, current consensus expectations are still too high particularly given the weakness of the company's near-term order book. With no catalysts in sight, investors should continue to avoid the shares.
Seeking Alpha Mar 11

Ballard Power Struggles: Hydrogen, What's Real And What's Not

The hydrogen economy may be a solution to a problem already being solved. Manufacture of “green” hydrogen involves losses at every step, raising the question “why not use the green electricity instead of turning it into hydrogen and then back to electricity?" Ballard Power is a significant fuel cell manufacturer, but markets for fuel cells are not cost competitive and they address markets already solved with other (cheaper) technologies. Investors interested in Ballard Power might look carefully at what hydrogen offers before investing. The hype around hydrogen is intense; read the fine print.
Seeking Alpha Feb 20

Ballard Power Is Losing Power

Ballard is not getting any piece of the hydrogen ecosystem pie in China. Amongst other regions, only the EU nations show some potential market for Ballard. Revenues are stagnant, costs of goods are increasing, and promises and expectations are not coming true. Time to get out.
Seeking Alpha Nov 18

Ballard Power - Lack Of Progress In China Likely To Result In Another Year Without Growth

Company reports disappointing third quarter results with consolidated gross margin of just 11.2% and weak order intake. Chinese market continues to be paralyzed by the central government's new subsidy policy. With Shandong province not having been selected for the first batch of supported city clusters, the company's joint venture with Weichai Power is facing competitive disadvantages. Given the company's weak near-term prospects, consensus expectations for more than 40% revenue growth in FY2022 remain way too high. Investors should continue to avoid shares until the Chinese overhang has lifted. Even a short sale might still yield decent results as the majority of analysts still needs to revise expectations.
Seeking Alpha Aug 09

Ballard Power - Improved Results, But Near-Term Prospects Remain Bleak - Avoid The Shares

Company reports improved quarterly results but margin performance continues to disappoint. Book-to-bill ratio slightly above 1 for the first time in many quarters but backlog still way too low to support analyst expectations for almost 50% year-over-year growth in FY2022. Industry participants in China still awaiting further clarification on the new central government's subsidy policy. With Shandong province unlikely to be among the first batch of supported city clusters, the company's joint venture with Weichai Power is facing competitive disadvantages. Given the company's weak near-term prospects, consensus expectations for almost 50% revenue growth in FY2022 are still too high. Investors should continue to avoid the shares until the Chinese overhang has lifted.

이익 및 매출 성장 예측

NasdaqGM:BLDP - 애널리스트 향후 추정치 및 과거 재무 데이터 (USD Millions)
날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수
12/31/2028153-43-35-286
12/31/2027146-53-41-3212
12/31/2026117-53-50-4311
3/31/2026103-81-48-40N/A
12/31/202599-91-66-56N/A
9/30/202590-120-104-92N/A
6/30/202573-296-120-98N/A
3/31/202571-303-135-113N/A
12/31/202470-324-136-108N/A
9/30/202492-326-131-102N/A
6/30/2024104-156-120-95N/A
3/31/2024104-153-125-88N/A
12/31/2023102-144-146-105N/A
9/30/202374-117-156-107N/A
6/30/202368-125-164-116N/A
3/31/202374-152-169-127N/A
12/31/202282-160-167-132N/A
9/30/2022100-183-167-142N/A
6/30/2022104-171-147-126N/A
3/31/2022108-137-122-106N/A
12/31/2021105-114-95-80N/A
9/30/202196-85-69-56N/A
6/30/202197-65-66-53N/A
3/31/202198-54-62-49N/A
12/31/2020104-49-56-43N/A
9/30/2020117-45-46-32N/A
6/30/2020116-40-46-30N/A
3/31/2020114-36-29-14N/A
12/31/2019106-35N/A-14N/A
9/30/201992-37N/A-18N/A
6/30/201990-36N/A-16N/A
3/31/201993-34N/A-35N/A
12/31/201897-27N/A-32N/A
9/30/2018108-19N/A-33N/A
6/30/2018119-14N/A-33N/A
3/31/2018119-11N/A-14N/A
12/31/2017121-8N/A-10N/A
9/30/2017112-6N/A-1N/A
6/30/2017100-9N/A6N/A
3/31/201792-14N/A0N/A
12/31/201685-21N/A-4N/A
9/30/201675-21N/A-22N/A
6/30/201670-21N/A-26N/A
3/31/201664-23N/A-27N/A
12/31/201556-6N/A-25N/A
9/30/201552-22N/A-23N/A
6/30/201557-20N/A-22N/A

애널리스트 향후 성장 전망

수입 대 저축률: BLDP 향후 3년 동안 수익성이 없을 것으로 예상됩니다.

수익 vs 시장: BLDP 향후 3년 동안 수익성이 없을 것으로 예상됩니다.

고성장 수익: BLDP 향후 3년 동안 수익성이 없을 것으로 예상됩니다.

수익 대 시장: BLDP 의 수익(연간 14.9%)이 US 시장(연간 11.5%)보다 빠르게 성장할 것으로 예상됩니다.

고성장 매출: BLDP 의 수익(연간 14.9%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.


주당순이익 성장 예측


향후 자기자본이익률

미래 ROE: BLDP는 3년 뒤에도 수익성이 없을 것으로 전망됩니다.


성장 기업 찾아보기

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/07 13:32
종가2026/05/07 00:00
수익2026/03/31
연간 수익2025/12/31

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드YouTube 튜토리얼도 제공합니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

Ballard Power Systems Inc.는 28명의 분석가가 다루고 있습니다. 이 중 12명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
MacMurray WhaleATB Cormark
NEIL BEVERIDGEBernstein
Ameet ThakkarBMO Capital Markets Equity Research