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Side-by-side financial comparison of Bloom Energy Corp (BE) and Ballard Power Systems Inc. (BLDP). Click either name above to swap in a different company.
Bloom Energy Corp is the larger business by last-quarter revenue ($772.8M vs $17.7M, roughly 43.5× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs 0.2%, a 994.2% gap on every dollar of revenue.
KR Sridhar is an Indian American engineer, inventor, professor, and entrepreneur. He is the founder, chairman, and chief executive officer (CEO) of Bloom Energy. Prior, Sridhar was a professor of Aerospace and Mechanical Engineering and the Director of the Space Technologies Laboratory (STL) at the University of Arizona. He worked with and advised NASA, and is a member of the National Academy of Engineering.
Ballard Power Systems Inc. is a developer and manufacturer of proton exchange membrane (PEM) fuel cell products for markets such as heavy-duty motive, portable power, material handling as well as engineering services. Ballard has designed and shipped over 400 MW of fuel cell products to date.
BE vs BLDP — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $772.8M | $17.7M |
| Net Profit | $1.4M | $176.5M |
| Gross Margin | 31.0% | — |
| Operating Margin | 11.3% | — |
| Net Margin | 0.2% | 994.4% |
| Revenue YoY | 36.3% | — |
| Net Profit YoY | -98.6% | — |
| EPS (diluted) | $99.91 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $772.8M | — | ||
| Q3 25 | $513.3M | $17.7M | ||
| Q2 25 | $396.3M | $1.8M | ||
| Q1 25 | $319.3M | $937.0K | ||
| Q4 24 | $567.0M | — | ||
| Q3 24 | $321.8M | $-12.3M | ||
| Q2 24 | $326.5M | $689.0K | ||
| Q1 24 | $226.1M | $1.2M |
| Q4 25 | $1.4M | — | ||
| Q3 25 | $-23.0M | $176.5M | ||
| Q2 25 | $-42.2M | $7.2M | ||
| Q1 25 | $-23.4M | $20.0M | ||
| Q4 24 | $105.2M | — | ||
| Q3 24 | $-14.6M | — | ||
| Q2 24 | $-61.2M | — | ||
| Q1 24 | $-56.5M | $1.3M |
| Q4 25 | 31.0% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 27.0% | 2.7% | ||
| Q1 25 | 27.8% | 7.2% | ||
| Q4 24 | 38.7% | — | ||
| Q3 24 | 24.5% | 156.5% | ||
| Q2 24 | 21.0% | — | ||
| Q1 24 | 16.8% | — |
| Q4 25 | 11.3% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | -0.9% | — | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | 18.5% | — | ||
| Q3 24 | -3.0% | — | ||
| Q2 24 | -7.1% | — | ||
| Q1 24 | -21.7% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | -4.5% | 994.4% | ||
| Q2 25 | -10.6% | 390.6% | ||
| Q1 25 | -7.3% | 2137.7% | ||
| Q4 24 | 18.5% | — | ||
| Q3 24 | -4.5% | — | ||
| Q2 24 | -18.7% | — | ||
| Q1 24 | -25.0% | 107.9% |
| Q4 25 | $99.91 | — | ||
| Q3 25 | $-100.00 | — | ||
| Q2 25 | $-0.18 | — | ||
| Q1 25 | $-0.10 | — | ||
| Q4 24 | $0.45 | — | ||
| Q3 24 | $-0.06 | — | ||
| Q2 24 | $-0.27 | — | ||
| Q1 24 | $-0.25 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5B | — |
| Total DebtLower is stronger | $2.6B | — |
| Stockholders' EquityBook value | $768.6M | — |
| Total Assets | $4.4B | — |
| Debt / EquityLower = less leverage | 3.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | — | ||
| Q3 25 | $595.1M | — | ||
| Q2 25 | $574.8M | — | ||
| Q1 25 | $794.8M | — | ||
| Q4 24 | $802.9M | — | ||
| Q3 24 | $495.7M | — | ||
| Q2 24 | $581.7M | — | ||
| Q1 24 | $516.0M | — |
| Q4 25 | $2.6B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $847.9M | — |
| Q4 25 | $768.6M | — | ||
| Q3 25 | $653.1M | — | ||
| Q2 25 | $594.6M | — | ||
| Q1 25 | $578.3M | — | ||
| Q4 24 | $562.5M | — | ||
| Q3 24 | $430.9M | — | ||
| Q2 24 | $423.3M | — | ||
| Q1 24 | $466.1M | — |
| Q4 25 | $4.4B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.3B | — |
| Q4 25 | 3.41× | — | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 1.96× | — | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | 2.62× | — | ||
| Q2 24 | 2.66× | — | ||
| Q1 24 | 1.82× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $418.1M | $5.7M |
| Free Cash FlowOCF − Capex | $395.1M | — |
| FCF MarginFCF / Revenue | 51.1% | — |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | 293.18× | 0.03× |
| TTM Free Cash FlowTrailing 4 quarters | $57.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $418.1M | — | ||
| Q3 25 | $19.7M | $5.7M | ||
| Q2 25 | $-213.1M | $14.8M | ||
| Q1 25 | $-110.7M | $-4.4M | ||
| Q4 24 | $484.2M | — | ||
| Q3 24 | $-69.5M | $-6.6M | ||
| Q2 24 | $-175.5M | $-7.4M | ||
| Q1 24 | $-147.3M | $16.6M |
| Q4 25 | $395.1M | — | ||
| Q3 25 | $7.4M | — | ||
| Q2 25 | $-220.4M | — | ||
| Q1 25 | $-124.9M | — | ||
| Q4 24 | $473.1M | — | ||
| Q3 24 | $-83.8M | — | ||
| Q2 24 | $-187.5M | — | ||
| Q1 24 | $-168.7M | — |
| Q4 25 | 51.1% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | -55.6% | — | ||
| Q1 25 | -39.1% | — | ||
| Q4 24 | 83.4% | — | ||
| Q3 24 | -26.0% | — | ||
| Q2 24 | -57.4% | — | ||
| Q1 24 | -74.6% | — |
| Q4 25 | 3.0% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 9.5% | — |
| Q4 25 | 293.18× | — | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | -0.22× | ||
| Q4 24 | 4.60× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BE
| Products | $638.5M | 83% |
| Installation | $67.3M | 9% |
| Services | $61.7M | 8% |
| Electricity | $10.2M | 1% |
BLDP
Segment breakdown not available.
