Ballard Power Systems Inc. balance sheet

At the end of fiscal 2025, Ballard Power Systems Inc. had total assets of $682m, total liabilities of $92.5m and shareholders' equity of $590m. It held $527m in cash against $0 of debt: net cash of $527m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ballard Power Systems Inc.: balance sheet, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	73	60	192	148	763	1,124	914	751	604	527
Receivables	15	23	39	49	57	46	49	59	32	24
Inventory	17	17	29	30	29	52	58	46	56	44
Total current assets	108	103	262	230	854	1,229	1,029	865	699	601
Goodwill	41	41	40	40	40	64	64	40	0	—
Total assets	183	178	346	340	976	1,441	1,247	1,078	777	682
Total current liabilities	43	39	48	65	52	83	73	71	76	61
Total debt	1	0	0	0	0	0	0	0	0	0
Total liabilities	62	58	64	90	75	113	88	86	104	92
Shareholders' equity	125	120	283	250	901	1,327	1,159	991	673	590
Net debt (negative = net cash)	−72	−60	−192	−148	−763	−1,124	−914	−751	−604	−527
Shares outstanding	—	—	—	—	—	—	298m	299m	299m	301m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Ballard Power Systems Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ballard Power Systems Inc.