Ballard Power Systems Inc.

BLDPNASDAQIndustrials● Active

$5.10

+$0.18(+3.56%)

Market Cap$1.5B

P/E Ratio—

52W High$6.57

52W Low$1.36

Avg Volume7.3M

Open$5.09

Beta1.90

Free Cash Flow Financials Revenue

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

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

BLDP · free cash flow · updated Jun 8, 2026

Core FCF metrics

BLDP · FCF · TTM · margin & CAGR

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

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BLDP · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$57.2M(10M)−$67.2M▲ +50.5%-66.4%

FY2024−$108.1M(28M)−$135.7M▲ +7.0%-194.6%

FY2023−$104.6M(41M)−$145.9M▲ +12.4%-142.6%

FY2022−$132.2M(34M)−$166.7M▼ 75.1%-198.9%

FY2021−$80.5M(15M)−$95.2M▼ 70.6%-91.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BLDP · P/FCF · FCF yield · FCF per share

Ballard Power Systems Inc. (BLDP) 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

Cash flow statement summary

BLDP · cash flow statement · operating / investing / financing

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 →

Free cash flow vs peers (Industrials)

BLDP vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Ballard Power Systems Inc.YOU

BLDP

−$67.2M+50.5%-66.4%

Loss

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Ballard Power Systems Inc. (BLDP) 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.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BLDP 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 free cash flowBLDP FCFBLDP FCF 2025BLDP 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