Companies: 10,795·Total market cap: $144.5T
Ballard Power Systems Inc.

Ballard Power Systems Inc.

BLDP.TOTSXIndustrials● Active
$7.01
+$0.16(+2.34%)
Market Cap$2.1B
P/E Ratio—
52W High$9.08
52W Low$1.86
Free Cash FlowFinancialsRevenue

Ballard Power Systems Inc. (BLDP.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BLDP.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was −$67.2M for FY2025 (fiscal year ending 2025-12-31), up 50.5% year-over-year The FCF margin was -66.4%.

FY2025 Free Cash Flow−$67.2M▲ +50.5% YoY
Trailing 12M (TTM)−$47.5Mtrailing 4 quarters sum
FCF Margin-66.4%−$67.2M ÷ revenue
3-Year CAGRN/AN/A — contains negative FCF
5-Year CAGRN/AN/A — contains negative FCF
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
bldp.to free cash flow history · bldp.to free cash flow chart · bldp.to free cash flow growth rate · bldp.to free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest−$67.2M▲ +50.5%-66.4%
FY2024−$135.7M▲ +7.0%-194.6%
FY2023−$145.9M▲ +12.4%-142.6%
FY2022−$166.7M▼ 75.1%-198.9%
FY2021−$95.2M▼ 70.6%-91.1%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
bldp.to free cash flow 2025 · bldp.to free cash flow 2024 · bldp.to free cash flow 2023 · bldp.to operating cash flow

FCF valuation metrics

Ballard Power Systems Inc. (BLDP.TO) reported negative free cash flow of −$0.07B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)
N/A
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
N/A
TTM FCF ÷ Shares Outstanding
Price / FCF
N/A
Share Price ÷ FCF per Share
EV / FCF (TTM)
N/A
Enterprise Value basis
!

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
bldp.to price to free cash flow · bldp.to free cash flow yield · bldp.to free cash flow per share · bldp.to price to cash flow ratio

Cash flow statement summary

For FY2025, Ballard Power Systems Inc. generated −$57.2M in operating cash flow and spent 10M in capital expenditures, yielding −$67.2M in free cash flow.

Operating Activities
−$57.2M
Cash from core business operations
2025-12-31
Investing Activities
−$21.3M
CapEx, acquisitions & investments
2025-12-31
Financing Activities
−$2.6M
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF (−$57.2M) − |CapEx| (10M) = FCF (−$67.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
bldp.to cash flow statement · bldp.to cash flow statement 2025 · bldp.to operating cash flow · bldp.to cash flow from operations

Free cash flow vs peers (Industrials)

#CompanyFree Cash FlowYoY
#1
Ballard Power Systems Inc.
Ballard Power Systems Inc.YOU
BLDP.TO
−$67.2M+50.5%
#2
Caterpillar Inc.
Caterpillar Inc.
CAT
$10.27B+16.5%#3
RTX Corporation
RTX Corporation
RTX
$7.94B+75.1%#4
GE Aerospace
GE Aerospace
GE
$7.26B+97.5%#5
Union Pacific Corporation
Union Pacific Corporation
UNP
$5.50B-6.7%#6
The Boeing Company
The Boeing Company
BA
−$1.88B+87.0%
Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Ballard Power Systems Inc. (BLDP.TO) reported free cash flow of −$67.2M for FY2025 (fiscal year ending 2025-12-31), up 50.5% year-over-year. The FCF margin was -66.4%.

Ballard Power Systems Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 15 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

BLDP.TO free cash flow · 8 questions

Ballard Power Systems Inc. free cash flow was −$67.2M for FY2025, up 50.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$47.5M.

BLDP.TO free cash flowBLDP.TO FCFBLDP.TO FCF 2025BLDP.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Ballard Power Systems Inc. · Ballard Power Systems Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026