Ballard Power Systems Inc.: what the price is pricing in

The price implies an owner-earnings margin of 2.8%; the company has kept -136.5%. That gap is wide enough for a short position this quarter. Switch lens below to see the same question asked of earnings, growth, sales and book value.

No published rating for Ballard Power Systems Inc.: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet. The readings below run our models backwards for research and show how trading the gap would have done; they are not a valuation or a rating. The valuation page shows the models and their status.

What profit margin is the price paying for?

The price implies an owner-earnings margin of 2.8%; the company has kept -136.5%.

Market more optimistic than our model: short this quarter

What the price implies What the company delivered

Quarters with a position130 long, 13 short, since March 31, 2020

Beat the S&P 5009 of 1369.2% of quarters held

Strategy against the index−66.8%cumulative; worst fall -88.7%

$10,000 became$12,883S&P 500 bought and held: $18,690

Over time

The owner-earnings margin (free cash flow after stock pay, as a share of revenue) the price requires at our model's growth, against the margin the company has delivered over three years.

Margin delivered Margin the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

StrategyS&P 500, buy and hold Hypothetical, before costs. The strategy holds the S&P 500 and only changes on a signal: it switches into BLDP in long quarters and adds a short of BLDP in short quarters. The gap between the lines is what the signal added or lost.

Skill or luck?

In plain English: Across 13 quarters with a position, this lens beat the S&P 500 in 9, by +2.6% a quarter on average. That could easily be chance. One company is a small sample: the results across all companies are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	0	—	—	—	—	—	—
Shorts	13	69.2%	+2.6%	+11.0%	−28.8%	0.25	No reliable evidence
All positions	13	69.2%	+2.6%	+11.0%	−28.8%	0.25	No reliable evidence

Each position is measured against the S&P 500 over the same quarter: a long earns the stock's return minus the index's, a short the index's minus the stock's. "A year" compounds the per-quarter results. Evidence: strong at a t-statistic of 2 or more, some from 1.5; "worse" when the result is that far below zero; one company's history is a small sample, so read these alongside the results across all companies.

Every quarter (14)

From	Price paid	Margin the price implies	Margin delivered	Position	BLDP	S&P 500
September 30, 2026 (open)	$2.04	2.8%	-136.5%	Short	−25.5%	−0.8%
June 30, 2026	$3.89	20.8%	-136.5%	Short	−47.6%	+2.4%
March 31, 2026	$2.42	6.5%	-136.5%	Short	+60.7%	+15.1%
September 30, 2025	$2.72	16.2%	-186.5%	Short	−6.6%	+2.7%
March 31, 2024	$2.78	3.1%	-150.8%	Short	−19.1%	+4.4%
September 30, 2023	$3.67	11.8%	-117.3%	Short	+0.8%	+11.6%
June 30, 2023	$4.36	25.3%	-117.3%	Short	−15.8%	−3.2%
March 31, 2023	$5.57	49.0%	-117.3%	Short	−21.7%	+8.7%
September 30, 2022	$6.12	39.4%	-62.7%	Short	−21.7%	+7.6%
June 30, 2022	$6.30	42.5%	-62.7%	Short	−2.9%	−4.9%
March 31, 2022	$11.64	133.4%	-62.7%	Short	−45.9%	−16.1%
September 30, 2020	$15.10	132.9%	-28.5%	Short	+55.0%	+12.1%
June 30, 2020	$15.40	135.6%	-28.5%	Short	−1.9%	+9.0%
March 31, 2020	$7.61	64.1%	-28.5%	Short	+102.4%	+20.2%

Price paid: the closing price that day as traded, before any later share split.

What return on equity is the price paying for?

The price implies a return on equity of 8.7%; the company earned -14.4%.

Market more optimistic than our model: short this quarter

What the price implies What the company delivered

Quarters with a position170 long, 17 short, since March 31, 2020

Beat the S&P 50012 of 1770.6% of quarters held

Strategy against the index−86.2%cumulative; worst fall -90.8%

$10,000 became$10,723S&P 500 bought and held: $34,235

Over time

The return on equity that justifies the price-to-book ratio, (P/B)(r − g) + g with an 8.5% required return and 2.5% long-run growth, against the return the company delivered last year.

Return on equity delivered Return on equity the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

Skill or luck?

In plain English: Across 17 quarters with a position, this lens beat the S&P 500 in 12, by −0.3% a quarter on average. That could easily be chance. One company is a small sample: the results across all companies are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	0	—	—	—	—	—	—
Shorts	17	70.6%	−0.3%	+11.0%	−37.3%	-0.03	No reliable evidence
All positions	17	70.6%	−0.3%	+11.0%	−37.3%	-0.03	No reliable evidence

Every quarter (18)

From	Price paid	Return on equity the price implies	Return on equity delivered	Position	BLDP	S&P 500
September 30, 2026 (open)	$2.04	8.7%	-14.4%	Short	−25.5%	−0.8%
June 30, 2026	$3.89	14.4%	-14.4%	Short	−47.6%	+2.4%
March 31, 2026	$2.42	9.9%	-14.4%	Short	+60.7%	+15.1%
September 30, 2025	$2.72	9.8%	-39.0%	Short	−6.6%	+2.7%
June 30, 2025	$1.59	6.7%	-39.0%	Short	+71.1%	+8.1%
March 31, 2025	$1.10	5.4%	-39.0%	Short	+44.5%	+10.8%
September 30, 2024	$1.80	5.8%	-16.5%	Short	−7.8%	+2.5%
June 30, 2024	$2.25	6.6%	-16.5%	Short	−20.0%	+5.8%
March 31, 2024	$2.78	7.5%	-16.5%	Short	−19.1%	+4.4%
September 30, 2023	$3.67	8.2%	-14.0%	Short	+0.8%	+11.6%
June 30, 2023	$4.36	9.2%	-14.0%	Short	−15.8%	−3.2%
March 31, 2023	$5.57	11.1%	-14.0%	Short	−21.7%	+8.7%
September 30, 2021	$14.05	25.8%	-8.9%	Short	−10.6%	+11.1%
June 30, 2021	$18.12	32.5%	-8.9%	Short	−22.5%	+0.6%
March 31, 2021	$24.34	42.8%	-8.9%	Short	−25.6%	+8.4%
September 30, 2020	$15.10	86.8%	-14.7%	Short	+55.0%	+12.1%
June 30, 2020	$15.40	88.5%	-14.7%	Short	−1.9%	+9.0%
March 31, 2020	$7.61	45.0%	-14.7%	Short	+102.4%	+20.2%

Price paid: the closing price that day as traded, before any later share split.

How the test works

At each quarter end since March 2010 we rebuild the models from Ballard Power Systems Inc.'s quarters ending at least 90 days earlier (and no more than 200 days before that), using the figures as later filed, including any restatement, and value them at that day's close, adjusted for later share splits and spin-offs so that price and share count are on the same basis. A wide enough gap is a long or a short for one quarter (growth 10 points; margin and return on equity 5 points; a PEG under 0.75 or over 3), measured on total return against the S&P 500. The rules were set before the test. No trading or borrowing costs; today's list of companies. Not investment advice. All companies and the results across them.

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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.