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Ballard Power Systems Valuation Multiples
Discover revenue and EBITDA valuation multiples for Ballard Power Systems and similar public comparables like Schoeller-Bleckmann, Zhejiang Netsun, Forum Energy Technologies, Kalyon Güneş Teknolojileri and more.
Ballard Power Systems Overview
About Ballard Power Systems
Ballard Power Systems Inc is engaged in design, development, manufacture, sale and service of proton exchange membrane ("PEM") fuel cell products for a variety of applications, focusing on power products for bus, truck, rail, marine, stationary and emerging market (material handling, off-road and other) applications, as well as the delivery of services, including technology solutions, after sales services and training. A fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity. Key geographical revenue is derived from Poland followed by United States, United Kingdom, and other countries.
Founded
2008
HQ
Employees
887
Website
Financials (LTM)
EV
$148M
Ballard Power Systems Financials
Ballard Power Systems reported last 12-month revenue of $102M and negative EBITDA of ($90M).
In the same LTM period, Ballard Power Systems generated $5M in gross profit, ($90M) in EBITDA losses, and had net loss of ($82M).
Revenue (LTM)
Ballard Power Systems P&L
In the most recent fiscal year, Ballard Power Systems reported revenue of $99M and EBITDA of ($85M).
Ballard Power Systems expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $102M | XXX | $99M | XXX | XXX | XXX |
| Gross Profit | $5M | XXX | $5M | XXX | XXX | XXX |
| Gross Margin | 5% | XXX | 6% | XXX | XXX | XXX |
| EBITDA | ($90M) | XXX | ($85M) | XXX | XXX | XXX |
| EBITDA Margin | (88%) | XXX | (85%) | XXX | XXX | XXX |
| EBIT Margin | (93%) | XXX | (80%) | XXX | XXX | XXX |
| Net Profit | ($82M) | XXX | ($91M) | XXX | XXX | XXX |
| Net Margin | (81%) | XXX | (91%) | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Ballard Power Systems Stock Performance
Ballard Power Systems has current market cap of $653M, and enterprise value of $148M.
Market Cap Evolution
Ballard Power Systems' stock price is $2.17.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $148M | $653M | 0.0% | XXX | XXX | XXX | $-0.30 |
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Start Free TrialBallard Power Systems Valuation Multiples
Ballard Power Systems trades at 1.5x EV/Revenue multiple, and (1.6x) EV/EBITDA.
EV / Revenue (LTM)
Ballard Power Systems Financial Valuation Multiples
As of March 29, 2026, Ballard Power Systems has market cap of $653M and EV of $148M.
Equity research analysts estimate Ballard Power Systems' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Ballard Power Systems has a P/E ratio of (7.9x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $653M | XXX | $653M | XXX | XXX | XXX |
| EV (current) | $148M | XXX | $148M | XXX | XXX | XXX |
| EV/Revenue | 1.5x | XXX | 1.5x | XXX | XXX | XXX |
| EV/EBITDA | (1.6x) | XXX | (1.7x) | XXX | XXX | XXX |
| EV/EBIT | (1.6x) | XXX | (1.9x) | XXX | XXX | XXX |
| EV/Gross Profit | 30.2x | XXX | 27.1x | XXX | XXX | XXX |
| P/E | (7.9x) | XXX | (7.2x) | XXX | XXX | XXX |
| EV/FCF | (2.1x) | XXX | (2.2x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Ballard Power Systems Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Ballard Power Systems Margins & Growth Rates
Ballard Power Systems' revenue in the last 12 month grew by 14%.
Ballard Power Systems' revenue per employee in the last FY averaged $0.1M.
Ballard Power Systems' rule of 40 is (74%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Ballard Power Systems' rule of X is (53%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Ballard Power Systems Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 14% | XXX | 11% | XXX | XXX | XXX |
| EBITDA Margin | (88%) | XXX | (85%) | XXX | XXX | XXX |
| EBITDA Growth | (41%) | XXX | (33%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | (74%) | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | (53%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 8% | XXX | 8% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 18% | XXX | 19% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 54% | XXX | 59% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 86% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Ballard Power Systems Public Comps
See public comps and valuation multiples for other Clean Technology and Energy Equipment comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Schoeller-Bleckmann | XXX | XXX | XXX | XXX | XXX | XXX |
| Zhejiang Netsun | XXX | XXX | XXX | XXX | XXX | XXX |
| Forum Energy Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Kalyon Güneş Teknolojileri | XXX | XXX | XXX | XXX | XXX | XXX |
| Hansen Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Ballard Power Systems M&A Activity
Ballard Power Systems acquired XXX companies to date.
Last acquisition by Ballard Power Systems was on XXXXXXXX, XXXXX. Ballard Power Systems acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Ballard Power Systems
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialBallard Power Systems Investment Activity
Ballard Power Systems invested in XXX companies to date.
Ballard Power Systems made its latest investment on XXXXXXXX, XXXXX. Ballard Power Systems invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Ballard Power Systems
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Ballard Power Systems
| When was Ballard Power Systems founded? | Ballard Power Systems was founded in 2008. |
| Where is Ballard Power Systems headquartered? | Ballard Power Systems is headquartered in Canada. |
| How many employees does Ballard Power Systems have? | As of today, Ballard Power Systems has over 887 employees. |
| Is Ballard Power Systems publicly listed? | Yes, Ballard Power Systems is a public company listed on Nasdaq. |
| What is the stock symbol of Ballard Power Systems? | Ballard Power Systems trades under BLDP ticker. |
| When did Ballard Power Systems go public? | Ballard Power Systems went public in 1995. |
| Who are competitors of Ballard Power Systems? | Ballard Power Systems main competitors are Schoeller-Bleckmann, Zhejiang Netsun, Forum Energy Technologies, Kalyon Güneş Teknolojileri. |
| What is the current market cap of Ballard Power Systems? | Ballard Power Systems' current market cap is $653M. |
| What is the current revenue of Ballard Power Systems? | Ballard Power Systems' last 12 months revenue is $102M. |
| What is the current revenue growth of Ballard Power Systems? | Ballard Power Systems revenue growth (NTM/LTM) is 14%. |
| What is the current EV/Revenue multiple of Ballard Power Systems? | Current revenue multiple of Ballard Power Systems is 1.5x. |
| Is Ballard Power Systems profitable? | No, Ballard Power Systems is not profitable. |
| What is the current EBITDA of Ballard Power Systems? | Ballard Power Systems has negative EBITDA and is not profitable. |
| What is Ballard Power Systems' EBITDA margin? | Ballard Power Systems' last 12 months EBITDA margin is (88%). |
| What is the current EV/EBITDA multiple of Ballard Power Systems? | Current EBITDA multiple of Ballard Power Systems is (1.6x). |
| What is the current FCF of Ballard Power Systems? | Ballard Power Systems' last 12 months FCF is ($69M). |
| What is Ballard Power Systems' FCF margin? | Ballard Power Systems' last 12 months FCF margin is (68%). |
| What is the current EV/FCF multiple of Ballard Power Systems? | Current FCF multiple of Ballard Power Systems is (2.1x). |
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