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Ballard Power Systems vs Graftech International: revenue, profit, margins and growth compared

Ballard Power Systems brought in $99.4M of revenue in fiscal 2025, Graftech International $504.1M in fiscal 2025. Revenue changed by +42.5% at Ballard Power Systems and -6.4% at Graftech International on the year before, so Ballard Power Systems grew faster. Ballard Power Systems kept -91.5% of its revenue as net profit, Graftech International -43.6%. Free cash flow was -$66M at Ballard Power Systems and -$120.5M at Graftech International.

Side by side, latest fiscal year

BLDPEAF
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$99.4M$504.1M
Revenue growth+42.5%-6.4%
Net income-$90.9M-$219.8M
Net margin-91.5%-43.6%
Free cash flow-$66M-$120.5M
Free cash flow margin-66.4%-23.9%
Earnings per share (diluted)-$0.30-$8.45
Cash$527.1M$138.4M
Debtn/a$1.1B
Price to earningsn/an/a
Market value$642.2M$289.4M
Dividend yieldn/an/a
Rank by revenue in sector#116 of 129 · Energy#94 of 129 · Energy

Over the years

Revenue
BLDP FY2018: $96.6MBLDP FY2019: $105.7MBLDP FY2020: $103.9MBLDP FY2021: $104.5MBLDP FY2022: $81.9MBLDP FY2024: $102.4MBLDP FY2024: $69.7MBLDP FY2025: $99.4MEAF FY2018: $1.9BEAF FY2019: $1.8BEAF FY2020: $1.2BEAF FY2021: $1.3BEAF FY2022: $1.3BEAF FY2023: $620.5MEAF FY2024: $538.8MEAF FY2025: $504.1MFY18FY19FY20FY21FY22FY23FY24FY25
BLDP $99.4MEAF $504.1M
Net income
BLDP FY2018: -$27.3MBLDP FY2019: -$39.1MBLDP FY2020: -$51.4MBLDP FY2021: -$114.2MBLDP FY2022: -$173.5MBLDP FY2024: -$177.7MBLDP FY2024: -$324.2MBLDP FY2025: -$90.9MEAF FY2018: $854.2MEAF FY2019: $744.6MEAF FY2020: $434.4MEAF FY2021: $388.3MEAF FY2022: $383MEAF FY2023: -$255.3MEAF FY2024: -$131.2MEAF FY2025: -$219.8MFY18FY19FY20FY21FY22FY23FY24FY25
BLDP -$90.9MEAF -$219.8M
Net margin
BLDP FY2018: -28.3%BLDP FY2019: -36.9%BLDP FY2020: -49.5%BLDP FY2021: -109.3%BLDP FY2022: -211.9%BLDP FY2024: -173.6%BLDP FY2024: -465.0%BLDP FY2025: -91.5%EAF FY2018: 45.1%EAF FY2019: 41.6%EAF FY2020: 35.5%EAF FY2021: 28.9%EAF FY2022: 29.9%EAF FY2023: -41.1%EAF FY2024: -24.3%EAF FY2025: -43.6%FY18FY19FY20FY21FY22FY23FY24FY25
BLDP -91.5%EAF -43.6%
Revenue growth
BLDP FY2019: +9.5%BLDP FY2020: -1.7%BLDP FY2021: +0.6%BLDP FY2022: -21.7%BLDP FY2024: +25.1%BLDP FY2024: -31.9%BLDP FY2025: +42.5%EAF FY2019: -5.5%EAF FY2020: -31.6%EAF FY2021: +9.9%EAF FY2022: -4.8%EAF FY2023: -51.6%EAF FY2024: -13.2%EAF FY2025: -6.4%FY19FY20FY21FY22FY23FY24FY25
BLDP +42.5%EAF -6.4%
Free cash flow
BLDP FY2018: -$41.5MBLDP FY2019: -$28.2MBLDP FY2020: -$55.6MBLDP FY2021: -$93.6MBLDP FY2022: -$166.1MBLDP FY2024: -$145.8MBLDP FY2024: -$133.9MBLDP FY2025: -$66MEAF FY2018: $768.4MEAF FY2019: $741.2MEAF FY2020: $527.6MEAF FY2021: $384.8MEAF FY2022: $252.5MEAF FY2023: $22.5MEAF FY2024: -$74.4MEAF FY2025: -$120.5MFY18FY19FY20FY21FY22FY23FY24FY25
BLDP -$66MEAF -$120.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ballard Power Systems and Graftech International

Which is bigger by revenue, Ballard Power Systems or Graftech International?

Graftech International is bigger by revenue: $504.1M in fiscal 2025, against $99.4M for Ballard Power Systems in fiscal 2025.

Which keeps more of its revenue as profit, Ballard Power Systems or Graftech International?

Ballard Power Systems had a net margin of -91.5% in fiscal 2025; Graftech International had -43.6% in fiscal 2025.

Which grew revenue faster, Ballard Power Systems or Graftech International?

In their latest fiscal years revenue changed by +42.5% at Ballard Power Systems and -6.4% at Graftech International.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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