Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ballard Power Systems Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2024
FY2025
Revenue
85.3
121
96.6
106
104
105
81.9
102
69.7
99.4
Cost of revenue
61.1
79.7
66.9
83.4
82.9
90.5
95.2
124
91.7
93.9
Gross profit
24.2
41.6
29.7
22.3
21
14
-13.3
-21.8
-22
5.46
Research and development
19.8
25
27
25.3
35.5
62.2
89.7
98.3
94.5
58.7
General and administrative
12.9
12.6
14.8
12.9
16.2
24.7
26.4
23.9
23.5
18.4
Operating income
-18.1
-4.88
-20.8
-25.4
-39.8
-88.1
-145
-163
-183
-103
Interest expense
0.69
0.73
0.5
1.43
1.3
1.29
1.27
1.11
2.15
1.91
Interest income
-0.78
1.78
-0.45
2.66
4.28
Pre-tax income
-21.3
-6.48
-27
-35.3
-49.3
-115
-160
-144
-323
-90.9
Income tax
0.38
1.57
0.37
0.02
0.13
-0.22
0.04
0.16
0.12
0.05
Income from continuing operations
-35.3
-49.5
-114
-160
-144
-324
-90.9
Net income to minority interests
-0.58
0
Net income
-21.1
-8.05
-27.3
-39.1
-51.4
-114
-173
-178
-324
-90.9
EPS, basic
-0.13
-0.05
-0.15
-0.17
-0.21
-0.39
-0.58
-0.59
-1.08
-0.30
EPS, diluted
-0.13
-0.05
-0.15
-0.17
-0.21
-0.39
-0.58
-0.59
-1.08
-0.30
Balance sheet
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
72.6
60.3
192
148
763
1,124
914
751
604
527
Receivables
14.9
23.1
38.5
49.3
56.8
46.4
48.7
58.6
32
24.2
Inventory
17.2
17.3
29.3
30.1
28.5
51.5
58.1
45.9
56.4
43.8
Total current assets
108
103
262
230
854
1,229
1,029
865
699
601
Property, plant and equipment
15.7
15.3
21.6
42.8
49.3
56.1
82.4
Lease right-of-use assets
0
15.1
12.8
12.2
12
14.1
21.4
18.3
Goodwill
40.6
40.6
40.3
40.3
40.3
64.3
64.3
40.3
0
Intangible assets
18.1
18
8.29
5.69
3.76
20.8
5.21
1.41
1.76
0.25
Total assets
183
178
346
340
976
1,441
1,247
1,078
777
682
Accounts payable
17.8
25.2
21.2
31.4
29.9
39.6
40.3
39.7
35.6
28.8
Total current liabilities
43
39.4
47.7
64.5
52.1
83.2
73.2
70.6
75.6
61
Lease liabilities
17.3
15.2
13.9
11.8
13.4
21
18.7
Total liabilities
61.9
57.8
63.5
90.1
74.7
113
88.2
86.3
104
92.5
Total debt
0.52
0
Retained earnings
-1,149
-1,157
-1,184
-1,224
-1,276
-1,388
-1,561
-1,738
-2,061
-2,152
Shareholders' equity
125
120
Minority interests
-3.3
0
Total equity
122
120
283
250
901
1,327
1,159
991
673
590
Total liabilities and equity
183
178
346
340
976
1,441
1,247
1,078
777
682
Cash flow statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2024
FY2025
Net income
-21.7
-8.05
-27.3
-39.1
-51.4
-114
-173
-178
-324
-90.9
Cash from operations
-3.9
-9.77
-31.7
-14.2
-42.9
-80.5
-132
-105
-108
-56.2
Capital expenditures
-2.78
-3.07
-9.85
-13.9
-12.6
-13.2
-33.9
-41.2
-25.8
-9.84
Cash from investing
5.19
-6.48
-23.1
-32.7
-36.4
-85.6
-75.6
-54.3
-36.5
-20.9
Stock issued
695
Dividends paid
-3.4
Cash from financing
31
5.02
186
2.57
697
527
-2.41
-3.68
-1.53
-2.58
Exchange rate effect
0.29
-1.14
0.65
-0.04
-1.56
-0.34
-0.03
-0.07
-1.05
2.8
Net change in cash
32.6
-12.4
132
-44.4
616
360
-210
-163
-147
-76.9
Free cash flow
-6.68
-12.8
-41.5
-28.2
-55.6
-93.6
-166
-146
-134
-66
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.13 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
5.5%
Gross profit / revenue.
Operating margin
-104.1%
Operating income / revenue.
Pre-tax margin
-91.4%
Pre-tax income / revenue.
Net margin
-91.5%
Net income / revenue.
FCF margin
-66.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-56.5%
Cash from operations / revenue.
Return on assets (ROA)
-12.5%
Net income / average total assets.
R&D / revenue
59.1%
Research and development expense / revenue.
Capex / revenue
9.9%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
42.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
6.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-0.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-23.6%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-12.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-18.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-6.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
9.86x
Current assets / current liabilities.
Quick ratio
9.04x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
8.64x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
13.5%
Total liabilities / total assets.
Interest coverage
-54.3x
Operating income / interest expense.
Working capital
$540.4M
Current assets - current liabilities.
Goodwill and intangibles / assets
0.0%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.14x
Revenue / average total assets.
Inventory turnover
1.87x
Cost of revenue / average inventory.
Days inventory
195 days
365 x average inventory / cost of revenue.
Receivables turnover
3.54x
Revenue / average receivables.
Days sales outstanding
103 days
365 x average receivables / revenue.
Days payables
125 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
173 days
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.30
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.30
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$642.2M
Share price x shares outstanding.
Enterprise value
$115.2M
Market cap + total debt - cash - short-term investments.
P/S
6.46x
Market cap / revenue.
EV/Sales
1.16x
Enterprise value / revenue.
FCF yield
-10.3%
Free cash flow / market cap.
Earnings yield
-14.2%
Net income / market cap (the inverse of P/E).
What was Ballard Power Systems Inc.'s revenue in fiscal 2025?
Ballard Power Systems Inc. reported revenue of $99.4M for fiscal 2025, 42.5% higher than the year before.
Was Ballard Power Systems Inc. profitable in fiscal 2025?
No. It reported a net loss of $90.9M.
How much free cash flow did Ballard Power Systems Inc. generate in fiscal 2025?
Cash from operations of $56.2M minus capital expenditures of $9.8M left free cash flow of -$66.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.