Ballard Power Systems (BLDP) Gross Margin (2009 - 2025)
Ballard Power Systems (BLDP) reported Gross Margin of 16.77% for Q4 2025, up 372.0% year-over-year from 3.55% in Q4 2024, and up 9.84% quarter-over-quarter from 15.27% in Q3 2025.
Ballard Power Systems (BLDP) Gross Margin (2009 - 2025) Analysis & Trends
Ballard Power Systems (BLDP) has 17 years of Gross Margin data on file, last reported at 16.77% in Q4 2025.
- Gross Margin for Q4 2025 came in at 16.77%, up 372.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 5.53% (up 2784.0% YoY), and the FY2025 annual result was 5.53%, down 2601.0% from the prior year.
- Gross Margin advanced to 16.77% in Q4 2025 per BLDP's latest filing, from 15.27% in the prior quarter.
- Over five years, Gross Margin peaked at 3457.25% in Q4 2021 and troughed at 55.68% in Q3 2024.
- A 5-year average of 168.97% and a median of 5.12% in 2021 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2021 and 2022: Gross Margin jumped 343752 bps in 2021, then tumbled 349032 bps in 2022.
- A 5-year view of Gross Margin shows it stood at 3457.25% in 2021, then slumped by 101 bps to 33.08% in 2022, then surged by 242 bps to 47.06% in 2023, then slumped by 72 bps to 13.05% in 2024, then rose by 28 bps to 16.77% in 2025.
- Business Quant data shows BLDP's Gross Margin at 16.77% in Q4 2025, 15.27% in Q3 2025, and 8.38% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Novonix | 395.03 Bn | 394.98 Bn | - | - |
| 2 | Vertiv Holdings | 110.52 Bn | 108.02 Bn | 999.70 Mn | 37.73% |
| 3 | Bloom Energy | 73.12 Bn | 70.66 Bn | 225.54 Mn | 30.03% |
| 4 | nVent Electric | 26.38 Bn | 26.19 Bn | 445.60 Mn | 35.88% |
| 5 | Hubbell | 25.79 Bn | 25.28 Bn | 505.30 Mn | 33.32% |
| 6 | Advanced Energy Industries | 11.69 Bn | 11.69 Bn | 200.90 Mn | 39.32% |
| 7 | Ballard Power Systems | 11.51 Bn | 10.98 Bn | 5.64 Mn | 16.77% |
| 8 | Powell Industries | 10.32 Bn | 9.77 Bn | 87.94 Mn | 29.65% |
| 9 | Acuity Inc. (De) | 9.21 Bn | 8.94 Bn | 520.40 Mn | 49.29% |
| 10 | EnerSys | 8.48 Bn | 8.04 Bn | 290.87 Mn | 29.44% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 16.77% |
| Sep 30, 2025 | 15.27% |
| Jun 30, 2025 | -8.38% |
| Mar 31, 2025 | -23.45% |
| Dec 31, 2024 | 13.05% |
| Sep 30, 2024 | -55.68% |
| Jun 30, 2024 | -32.02% |
| Mar 31, 2024 | -37.47% |
| Dec 31, 2023 | 47.06% |
| Sep 30, 2023 | -10.58% |
| Jun 30, 2023 | 20.90% |
| Mar 31, 2023 | -42.44% |
| Dec 31, 2022 | -33.08% |
| Sep 30, 2022 | 22.49% |
| Jun 30, 2022 | -10.52% |
| Mar 31, 2022 | -0.99% |
| Dec 31, 2021 | 3,457.25% |
| Sep 30, 2021 | 11.23% |
| Jun 30, 2021 | 15.17% |
| Mar 31, 2021 | 14.89% |