Ballard Power Systems vs Orion Energy Systems
Ballard Power Systems is the larger business, with $99.4m of revenue in fiscal 2025 against $86.3m for Orion Energy Systems (1.2 times as much). Ballard Power Systems grew faster (42.5% against 8.3%). Orion Energy Systems kept more of each dollar of sales as profit: a net margin of -3.7% against -91.5%. Ballard Power Systems carries less debt relative to equity (0.0% against 35.9%).
| Latest fiscal year | Ballard Power SystemsBLDP, 2025 | Orion Energy SystemsOESX, 2026 |
|---|---|---|
| Revenue | $99.4m | $86.3m |
| Revenue growth | 42.5% | 8.3% |
| Net income | −$90.9m | −$3.2m |
| Operating margin | -104.1% | -1.9% |
| Net margin | -91.5% | -3.7% |
| Return on equity | -14.4% | -22.2% |
| Free cash flow | −$66.0m | −$1.2m |
| Cash | $527m | $3.3m |
| Total debt | $0 | $6.0m |
| Debt to equity | 0.0% | 35.9% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | 174 |
| Market value | $451m | $81.1m |
| Price vs our value range | — | — |
| Moat score | — | 32 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 5 buys, 0 sales |