Ballard Power Systems Inc.

NasdaqGM:BLDP Stock Report

Market Cap: US$423.3m

Ballard Power Systems Valuation

Is BLDP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BLDP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate BLDP's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate BLDP's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BLDP?

Key metric: As BLDP is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BLDP. This is calculated by dividing BLDP's market cap by their current revenue.
What is BLDP's PS Ratio?
PS Ratio4.3x
SalesUS$91.96m
Market CapUS$423.31m

Price to Sales Ratio vs Peers

How does BLDP's PS Ratio compare to its peers?

The above table shows the PS ratio for BLDP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1x
ALNT Allient
0.8x1.5%US$414.1m
LYTS LSI Industries
1.1x7.9%US$606.6m
CHPT ChargePoint Holdings
0.7x17.5%US$349.4m
PLPC Preformed Line Products
1.2xn/aUS$691.7m
BLDP Ballard Power Systems
4.3x26.2%US$604.8m

Price-To-Sales vs Peers: BLDP is expensive based on its Price-To-Sales Ratio (4.3x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does BLDP's PS Ratio compare vs other companies in the US Electrical Industry?

24 CompaniesPrice / SalesEstimated GrowthMarket Cap
FLNC Fluence Energy
0.4x20.6%US$1.27b
BW Babcock & Wilcox Enterprises
0.1x-0.03%US$131.10m
ZEO Zeo Energy
0.4xn/aUS$112.32m
STEM Stem
0.3x27.7%US$92.88m
BLDP 4.3xIndustry Avg. 1.9xNo. of Companies24PS0246810+
24 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BLDP is expensive based on its Price-To-Sales Ratio (4.3x) compared to the US Electrical industry average (1.9x).

Price to Sales Ratio vs Fair Ratio

What is BLDP's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BLDP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.3x
Fair PS Ratio0.3x

Price-To-Sales vs Fair Ratio: BLDP is expensive based on its Price-To-Sales Ratio (4.3x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BLDP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$1.32
US$1.50
+13.9%
37.5%US$2.00US$0.71n/a3
Feb ’26US$1.36
US$1.50
+10.6%
37.5%US$2.00US$0.71n/a3
Jan ’26US$1.66
US$1.50
-9.4%
37.5%US$2.00US$0.71n/a3
Dec ’25US$1.49
US$1.49
-0.08%
32.8%US$2.00US$0.71n/a4
Nov ’25US$1.62
US$2.23
+37.5%
29.6%US$3.27US$1.46n/a4
Oct ’25US$1.76
US$2.23
+26.5%
29.6%US$3.27US$1.46n/a4
Sep ’25US$1.84
US$2.85
+55.0%
40.3%US$4.50US$1.46n/a4
Aug ’25US$2.14
US$3.23
+50.7%
25.9%US$4.50US$2.19n/a4
Jul ’25US$2.23
US$3.23
+44.6%
25.9%US$4.50US$2.19n/a4
Jun ’25US$3.09
US$3.23
+4.4%
25.9%US$4.50US$2.19n/a4
May ’25US$2.66
US$3.33
+25.1%
21.6%US$4.50US$2.60n/a4
Apr ’25US$3.27
US$3.33
+1.8%
21.6%US$4.50US$2.60n/a4
Mar ’25US$3.22
US$3.70
+15.0%
16.3%US$4.50US$2.99n/a4
Feb ’25US$3.35
US$3.70
+10.5%
16.3%US$4.50US$2.99US$1.364
Jan ’25US$3.70
US$3.59
-3.0%
20.9%US$4.50US$2.54US$1.664
Dec ’24US$3.71
US$3.79
+2.0%
24.5%US$4.83US$2.54US$1.494
Nov ’24US$3.29
US$4.10
+24.7%
14.4%US$4.83US$3.35US$1.624
Oct ’24US$3.67
US$4.10
+11.8%
14.4%US$4.83US$3.35US$1.764
Sep ’24US$4.23
US$4.10
-3.0%
14.4%US$4.83US$3.35US$1.844
Aug ’24US$4.75
US$4.13
-13.0%
14.5%US$4.89US$3.37US$2.144
Jul ’24US$4.36
US$4.01
-8.1%
16.1%US$4.89US$3.37US$2.233
Jun ’24US$4.30
US$4.32
+0.4%
25.7%US$5.88US$3.37US$3.093
May ’24US$4.26
US$4.40
+3.2%
23.8%US$5.88US$3.66US$2.663
Apr ’24US$5.57
US$5.31
-4.6%
44.1%US$8.62US$3.66US$3.273
Mar ’24US$5.67
US$5.59
-1.3%
38.7%US$8.62US$3.71US$3.223
Feb ’24US$6.73
US$5.59
-16.9%
38.7%US$8.62US$3.71US$3.353
Analyst Price Target
Consensus Narrative from 3 Analysts
US$1.50
Fair Value
12.1% undervalued intrinsic discount
3
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/11 11:37
End of Day Share Price 2025/02/11 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Ballard Power Systems Inc. is covered by 45 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ameet ThakkarBMO Capital Markets Equity Research
Walter Brooks IdletCFRA Equity Research
Hamir PatelCIBC Capital Markets