Ballard Power Systems (BLDP)
Supplies PEM fuel-cell products for heavy-duty mobility and stationary power.
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PEM fuel-cell products and services are sold for heavy-duty mobility, stationary power, and emerging markets. One operating segment spans buses, trucks, rail, marine, material handling, and off-road applications, while China investment has contracted.
PEM fuel-cell products and services serve heavy-duty mobility and stationary-power applications. The mobility scope covers buses, trucks, rail, and marine; emerging markets include material handling and off-road uses.
One Fuel Cell Products and Services segment sells products and related services rather than pursuing direct automotive development. FCgen-LCS stacks, FCmove mobility products, and FCwave marine products frame the current product and market mix.
The China strategy has contracted: no additional significant China or joint-venture investment is planned for the foreseeable future, and the remaining Weichai-Ballard joint-venture investment was fully impaired at year-end 2025. Restructuring actions have included workforce, operations, facility, and capital-project changes.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 10, 2026 | Susquehanna | Reiterate | Rating: —Target: $3.50 | Target: $3 |
| Jul 10, 2026 | Susquehanna | Reiterate | Rating: —Target: $4.25 | Target: $3.50 |
| May 20, 2026 | Susquehanna | Reiterate | Rating: —Target: $3.30 | Target: $4.25 |
| May 5, 2026 | Lake Street | Upgrade | Target: — | Target: $5 |
| Mar 27, 2026 | Wells Fargo | Reiterate | Rating: —Target: $1 | Target: $2 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $504.5M · Total debt $19.7M · Total assets $643.1M · Shareholders' equity $559.1M
- Revenue
- $20.1M
- Operating income
- −$12.5M
- Net income
- −$19.8M
No dividends on record.
| Institutions | ≈ 34.27% | 103.07M ADS | |
|---|---|---|---|
| 184 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Other | ≈ 65.73% | 197.71M ADS | |
| remainder | |||
300.78M ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Morgan StanleyInstitution | 4.12% | 12.39M ADS | as of Jun 30, 2026 |
Two Sigma Investments, LPInstitution | 3.60% | 10.83M ADS | as of Jun 30, 2026 |
D. E. Shaw & Co., Inc.Institution | 3.26% | 9.80M ADS | as of Jun 30, 2026 |
Legal & General Group PLCInstitution | 2.40% | 7.22M ADS | as of Jun 30, 2026 |
Acadian Asset Management LLCInstitution | 1.49% | 4.50M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ballard Power Systems | $2.22 | 0.00% | $669.3M | — | — | 6.3 | +14.0% |
| Cummins | $525.32 | −1.77% | $73.79B | 27.3 | 15.9 | 2.1 | +9.4% |
| Plug Power | $2.09 | 0.00% | $2.92B | — | — | 3.9 | +2.5% |
| Toyota Motor (ADR) | $192.48 | −0.01% | $227.96B | 8.5 | 14.6 | 0.7 | +1.4% |
| Honda (ADR) | $32.46 | −0.22% | $42.21B | — | 36.5 | 0.3 | +3.9% |
| Median | 17.9 | 15.9 | 1.4 | +3.2% |