Ballard Power Systems vs Plug Power: revenue, profit, margins and growth compared
Ballard Power Systems brought in $99.4M of revenue in fiscal 2025, Plug Power $709.9M in fiscal 2025. Revenue changed by +42.5% at Ballard Power Systems and +12.9% at Plug Power on the year before, so Ballard Power Systems grew faster. Ballard Power Systems kept -91.5% of its revenue as net profit, Plug Power -229.8%. Free cash flow was -$66M at Ballard Power Systems and -$647M at Plug Power.
Fiscal years as each company reports them; the two may end in different months.
Questions about Ballard Power Systems and Plug Power
Which is bigger by revenue, Ballard Power Systems or Plug Power?
Plug Power is bigger by revenue: $709.9M 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 Plug Power?
Ballard Power Systems had a net margin of -91.5% in fiscal 2025; Plug Power had -229.8% in fiscal 2025.
Which grew revenue faster, Ballard Power Systems or Plug Power?
In their latest fiscal years revenue changed by +42.5% at Ballard Power Systems and +12.9% at Plug Power.
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.