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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and FREQUENCY ELECTRONICS INC (FEIM). Click either name above to swap in a different company.
Ballard Power Systems Inc. is the larger business by last-quarter revenue ($17.7M vs $17.1M, roughly 1.0× FREQUENCY ELECTRONICS INC). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs 10.5%, a 983.9% gap on every dollar of revenue.
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.
Ultra Electronics Holdings is a British defence and security company. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by Cobham, which is itself owned by Advent International.
BLDP vs FEIM — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $17.1M |
| Net Profit | $176.5M | $1.8M |
| Gross Margin | — | 38.2% |
| Operating Margin | — | 10.0% |
| Net Margin | 994.4% | 10.5% |
| Revenue YoY | — | 8.3% |
| Net Profit YoY | — | -32.1% |
| EPS (diluted) | — | $0.18 |
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 | — | $17.1M | ||
| Q3 25 | $17.7M | $13.8M | ||
| Q2 25 | — | $20.0M | ||
| Q1 25 | — | $18.9M | ||
| Q4 24 | — | $15.8M | ||
| Q3 24 | $-12.3M | $15.1M | ||
| Q2 24 | — | $15.6M | ||
| Q1 24 | — | $13.7M |
| Q4 25 | — | $1.8M | ||
| Q3 25 | $176.5M | $634.0K | ||
| Q2 25 | — | $3.2M | ||
| Q1 25 | — | $15.4M | ||
| Q4 24 | — | $2.7M | ||
| Q3 24 | — | $2.4M | ||
| Q2 24 | — | $2.6M | ||
| Q1 24 | — | $130.0K |
| Q4 25 | — | 38.2% | ||
| Q3 25 | — | 36.8% | ||
| Q2 25 | — | 37.5% | ||
| Q1 25 | — | 43.8% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | 156.5% | 44.4% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 22.6% |
| Q4 25 | — | 10.0% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | — | 15.7% | ||
| Q2 24 | — | 16.0% | ||
| Q1 24 | — | -3.4% |
| Q4 25 | — | 10.5% | ||
| Q3 25 | 994.4% | 4.6% | ||
| Q2 25 | — | 16.0% | ||
| Q1 25 | — | 81.4% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 16.9% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | — | $0.33 | ||
| Q1 25 | — | $1.60 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $0.25 | ||
| Q2 24 | — | $0.28 | ||
| Q1 24 | — | $0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $58.5M |
| Total Assets | — | $92.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.0M | ||
| Q3 25 | — | $4.5M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $5.5M | ||
| Q4 24 | — | $9.7M | ||
| Q3 24 | — | $16.2M | ||
| Q2 24 | — | $18.3M | ||
| Q1 24 | — | $11.7M |
| Q4 25 | — | $58.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $55.6M | ||
| Q1 25 | — | $51.8M | ||
| Q4 24 | — | $36.2M | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $39.8M | ||
| Q1 24 | — | $36.7M |
| Q4 25 | — | $92.3M | ||
| Q3 25 | — | $93.2M | ||
| Q2 25 | — | $93.7M | ||
| Q1 25 | — | $86.4M | ||
| Q4 24 | — | $77.8M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | — | $83.3M | ||
| Q1 24 | — | $77.7M |
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 | $5.7M | $-523.0K |
| Free Cash FlowOCF − Capex | — | $-1.1M |
| FCF MarginFCF / Revenue | — | -6.6% |
| Capex IntensityCapex / Revenue | — | 3.6% |
| Cash ConversionOCF / Net Profit | 0.03× | -0.29× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-5.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-523.0K | ||
| Q3 25 | $5.7M | $1.2M | ||
| Q2 25 | — | $-155.0K | ||
| Q1 25 | — | $-3.6M | ||
| Q4 24 | — | $3.8M | ||
| Q3 24 | $-6.6M | $-1.5M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | — | $4.2M |
| Q4 25 | — | $-1.1M | ||
| Q3 25 | — | $385.0K | ||
| Q2 25 | — | $-786.0K | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | — | $-1.8M | ||
| Q2 24 | — | $6.7M | ||
| Q1 24 | — | $3.9M |
| Q4 25 | — | -6.6% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | -3.9% | ||
| Q1 25 | — | -20.9% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | — | -11.8% | ||
| Q2 24 | — | 42.8% | ||
| Q1 24 | — | 28.4% |
| Q4 25 | — | 3.6% | ||
| Q3 25 | — | 5.6% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 5.3% | ||
| Q1 24 | — | 2.3% |
| Q4 25 | — | -0.29× | ||
| Q3 25 | 0.03× | 1.83× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | -0.24× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | -0.60× | ||
| Q2 24 | — | 2.85× | ||
| Q1 24 | — | 32.36× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLDP
Segment breakdown not available.
FEIM
| POC Revenue | $14.8M | 86% |
| POT Revenue | $2.3M | 13% |
