Ballard Power Systems (BLDP) Gross Margin (2009 - 2026)
Ballard Power Systems (BLDP) recorded Gross Margin of 19.81% in the quarter ended Jun 30, 2026, up 28.19 percentage points from -8.38% a year earlier and up 5.58 percentage points from the prior quarter.
Ballard Power Systems (BLDP) Gross Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Ballard Power Systems' Gross Margin came in at 16.40% as of Jun 30, 2026, up 30.35 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at 5.50%, up 37.02 percentage points from the prior year.
- Annual Gross Margin has a five-year change of -14.70 percentage points (years ended Dec 2020 to Dec 2025).
- Across earlier years, Gross Margin came in at -31.52% in the year ended Dec 31, 2024 (-10.20 pp), -21.33% in the year ended Dec 31, 2023 (-5.07 pp), -16.26% in the year ended Dec 31, 2022 (-29.67 pp) and 13.41% in the year ended Dec 31, 2021 (-6.79 pp).
- The figure for the quarter ended Jun 30, 2026 is the highest quarterly Gross Margin since the quarter ended Dec 31, 2023.
- On a year-over-year basis, Gross Margin has increased for six consecutive quarters, with an average year-over-year change of +15.53 percentage points over the last eight quarters.
- Peak year-over-year performance for Gross Margin in the last five years was a gain of 85.41 percentage points in the quarter ended Dec 31, 2021, against a drop of 52.91 percentage points in the quarter ended Jun 30, 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at 14.23% (quarter ended Mar 31, 2026), 16.66% (quarter ended Dec 31, 2025) and 15.27% (quarter ended Sep 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 240.69 Bn | 200.60 Bn | 2.36 Bn | 21.25% |
| 2 | Bloom Energy | 63.75 Bn | 55.54 Bn | 355.57 Mn | 33.38% |
| 3 | First Solar | 18.91 Bn | 9.87 Bn | 605.00 Mn | 57.28% |
| 4 | BWX Technologies | 12.42 Bn | 10.72 Bn | 202.31 Mn | 22.44% |
| 5 | Nextpower | 11.95 Bn | 7.85 Bn | 335.85 Mn | 35.91% |
| 6 | Generac Holdings | 11.53 Bn | 10.36 Bn | 521.81 Mn | 44.47% |
| 7 | EnerSys | 6.19 Bn | 4.38 Bn | 313.36 Mn | 33.49% |
| 8 | Enphase Energy | 4.22 Bn | -641.59 Mn | 175.01 Mn | 59.97% |
| 9 | Mirion Technologies | 3.73 Bn | 1.57 Bn | 133.10 Mn | 49.89% |
| 10 | Ballard Power Systems | 457.74 Mn | -1.63 Bn | 4.08 Mn | 19.81% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 19.81% |
| Mar 31, 2026 | 14.23% |
| Dec 31, 2025 | 16.66% |
| 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 | 21.82% |
| 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 | 13.00% |
| Sep 30, 2021 | 11.23% |
Ballard Power Systems Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=BLDP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "BLDP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=BLDP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();