Ballard Power Systems (BLDP) Gross Margin (2009 - 2026)
Ballard Power Systems (BLDP) posted quarterly 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 - 2026) Analysis & Trends
Ballard Power Systems (BLDP) has reported Gross Margin for 17 consecutive years, with 16.77% the latest figure, recorded in Q4 2025.
- In Q4 2025, Gross Margin rose 372.0% year-over-year to 16.77%; the TTM figure through Dec 2025 stood at 5.53% (up 2784.0% YoY), while the FY2025 annual figure was 5.53%, down 2601.0% from the prior year.
- Gross Margin rose to 16.77% in Q4 2025 per BLDP's latest filing, from 15.27% in the prior quarter.
- Across five years, Gross Margin topped out at 3457.25% in Q4 2021 and bottomed at 55.68% in Q3 2024.
- Historically, Gross Margin has averaged 168.97% across 5 years, with a median of 5.12% in 2021.
- Annual changes were most pronounced in 2021 — Gross Margin jumped 343752 bps — and 2022, when it tumbled 349032 bps.
- Ballard Power Systems' Gross Margin stood at 3457.25% in 2021, then tumbled by 101 bps to 33.08% in 2022, then soared by 242 bps to 47.06% in 2023, then tumbled by 72 bps to 13.05% in 2024, then gained 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 | Vertiv Holdings | 101.35 Bn | 98.24 Bn | 1.23 Bn | 37.71% |
| 2 | Bloom Energy | 58.17 Bn | 55.50 Bn | 355.57 Mn | 33.38% |
| 3 | nVent Electric | 24.99 Bn | 24.74 Bn | 558.00 Mn | 37.93% |
| 4 | Hubbell | 24.90 Bn | 24.51 Bn | 613.00 Mn | 35.81% |
| 5 | Advanced Energy Industries | 11.37 Bn | 9.96 Bn | 236.10 Mn | 41.13% |
| 6 | Acuity Inc. (De) | 10.36 Bn | 9.95 Bn | 606.40 Mn | 50.62% |
| 7 | Powell Industries | 7.22 Bn | 6.58 Bn | 95.30 Mn | 30.57% |
| 8 | EnerSys | 6.93 Bn | 6.40 Bn | 313.36 Mn | 33.49% |
| 9 | Hayward Holdings | 3.18 Bn | 2.70 Bn | 155.05 Mn | 48.70% |
| 10 | Ballard Power Systems | 716.03 Mn | 210.88 Mn | 4.08 Mn | 19.81% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 19.81% |
| 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% |