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Ballard Power Systems Inc
TSX:BLDP

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Ballard Power Systems Inc
TSX:BLDP
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Price: 4.585 CAD -0.76% Market Closed
Market Cap: CA$1.4B

EV/S

4.8
Current
120%
More Expensive
vs 3-y average of 2.2

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
4.8
=
Enterprise Value
CA$324.8m
/
Revenue
$99.4m

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
4.8
=
Enterprise Value
CA$324.8m
/
Revenue
$99.4m

Valuation Scenarios

Ballard Power Systems Inc is trading above its 3-year average

If EV/S returns to its 3-Year Average (2.2), the stock would be worth CA$2.09 (55% downside from current price).

Statistics
Positive Scenarios
1/4
Maximum Downside
-55%
Maximum Upside
+12%
Average Downside
32%
Scenario EV/S Value Implied Price Upside/Downside
Current Multiple 4.8 CA$4.59
0%
3-Year Average 2.2 CA$2.09
-55%
5-Year Average 5.4 CA$5.16
+12%
Industry Average 2.6 CA$2.51
-45%
Country Average 2.9 CA$2.78
-39%

Forward EV/S
Today’s price vs future revenue

Today's Enterprise Value Revenue Forward EV/S
CA$324.8m
/
Jan 2026
$99.4m
=
4.8
Current
CA$324.8m
/
Dec 2026
$113.8m
=
2.9
Forward
CA$324.8m
/
Dec 2027
$134.3m
=
2.4
Forward
CA$324.8m
/
Dec 2028
$153.5m
=
2.1
Forward
CA$324.8m
/
Dec 2029
$191.9m
=
1.7
Forward
CA$324.8m
/
Dec 2030
$266.2m
=
1.2
Forward
CA$324.8m
/
Dec 2031
$332.5m
=
1
Forward

Forward EV/S shows whether today’s EV/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
EV/S
P/E
All Countries
Close
Market Cap EV/S P/E
CA
Ballard Power Systems Inc
TSX:BLDP
1.4B CAD 4.8 -10.9
CN
Contemporary Amperex Technology Co Ltd
SZSE:300750
2T CNY 3.9 26.4
FR
Schneider Electric SE
PAR:SU
155.2B EUR 4.2 37.3
CH
Abb Ltd
SIX:ABBN
141.8B CHF 5.3 36.4
IE
Eaton Corporation PLC
NYSE:ETN
164.4B USD 6.3 40.2
US
Vertiv Holdings Co
NYSE:VRT
124.2B USD 11.5 79.7
US
Emerson Electric Co
NYSE:EMR
79.4B USD 4.7 34.4
KR
LG Energy Solution Ltd
KRX:373220
112.6T KRW 5.4 -104.9
JP
Fujikura Ltd
TSE:5803
10T JPY 9.3 69.4
US
AMETEK Inc
NYSE:AME
53.4B USD 7.3 36
FR
Legrand SA
PAR:LR
39.9B EUR 4.6 32.1
P/E Multiple
Earnings Growth PEG
CA
Ballard Power Systems Inc
TSX:BLDP
Average P/E: 43.5
Negative Multiple: -10.9
N/A N/A
CN
Contemporary Amperex Technology Co Ltd
SZSE:300750
26.4
22%
1.2
FR
Schneider Electric SE
PAR:SU
37.3
23%
1.6
CH
Abb Ltd
SIX:ABBN
36.4
13%
2.8
IE
Eaton Corporation PLC
NYSE:ETN
40.2
19%
2.1
US
Vertiv Holdings Co
NYSE:VRT
79.7
43%
1.9
US
Emerson Electric Co
NYSE:EMR
34.4
25%
1.4
KR
LG Energy Solution Ltd
KRX:373220
Negative Multiple: -104.9 N/A N/A
JP
Fujikura Ltd
TSE:5803
69.4
44%
1.6
US
AMETEK Inc
NYSE:AME
36
14%
2.6
FR
Legrand SA
PAR:LR
32.1
14%
2.3

Market Distribution

In line with most companies in Canada
Percentile
66th
Based on 2 384 companies
66th percentile
4.8
Low
0 — 1.7
Typical Range
1.7 — 5.7
High
5.7 —
Distribution Statistics
Canada
Min 0
30th Percentile 1.7
Median 2.9
70th Percentile 5.7
Max 15 639 353.3

Ballard Power Systems Inc
Glance View

Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. The company is headquartered in Burnaby, British Columbia and currently employs 1,367 full-time employees. The firm is focused on the power product markets of Heavy-Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer, and the license and sale of the Company’s intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. The Company’s fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity.

BLDP Intrinsic Value
0.91 CAD
Overvaluation 80%
Intrinsic Value
Price CA$4.585
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