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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and MODIV INDUSTRIAL, INC. (MDV). 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 $11.1M, roughly 1.6× MODIV INDUSTRIAL, INC.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs 11.0%, a 983.5% 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.
MODIV INDUSTRIAL, INC. is a U.S.-based industrial real estate enterprise focused on acquiring, owning and operating high-quality industrial properties mainly located in key logistics and distribution hubs across North America. It serves tenants from sectors including e-commerce fulfillment, manufacturing and third-party logistics, addressing rising demand for modern supply chain infrastructure.
BLDP vs MDV — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $11.1M |
| Net Profit | $176.5M | $1.2M |
| Gross Margin | — | — |
| Operating Margin | — | 45.8% |
| Net Margin | 994.4% | 11.0% |
| Revenue YoY | — | -5.6% |
| Net Profit YoY | — | -22.0% |
| EPS (diluted) | — | $0.02 |
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 | — | $11.1M | ||
| Q3 25 | $17.7M | $11.7M | ||
| Q2 25 | — | $11.8M | ||
| Q1 25 | — | $11.8M | ||
| Q4 24 | — | $11.7M | ||
| Q3 24 | $-12.3M | $11.7M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $12.0M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $176.5M | $1.0M | ||
| Q2 25 | — | $-2.0M | ||
| Q1 25 | — | $829.0K | ||
| Q4 24 | — | $1.6M | ||
| Q3 24 | — | $-587.0K | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $3.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 156.5% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 45.8% | ||
| Q3 25 | — | 41.4% | ||
| Q2 25 | — | 9.8% | ||
| Q1 25 | — | 40.2% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 42.0% | ||
| Q2 24 | — | 44.6% | ||
| Q1 24 | — | 55.6% |
| Q4 25 | — | 11.0% | ||
| Q3 25 | 994.4% | 9.0% | ||
| Q2 25 | — | -17.1% | ||
| Q1 25 | — | 7.0% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | -5.0% | ||
| Q2 24 | — | 11.6% | ||
| Q1 24 | — | 31.1% |
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.32 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | $0.07 | ||
| Q3 24 | — | $-0.18 | ||
| Q2 24 | — | $0.03 | ||
| Q1 24 | — | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $14.4M |
| Total DebtLower is stronger | — | $261.5M |
| Stockholders' EquityBook value | — | $162.7M |
| Total Assets | — | $476.5M |
| Debt / EquityLower = less leverage | — | 1.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $14.4M | ||
| Q3 25 | — | $8.3M | ||
| Q2 25 | — | $5.8M | ||
| Q1 25 | — | $6.2M | ||
| Q4 24 | — | $11.5M | ||
| Q3 24 | — | $6.8M | ||
| Q2 24 | — | $18.9M | ||
| Q1 24 | — | $18.4M |
| Q4 25 | — | $261.5M | ||
| Q3 25 | — | $279.7M | ||
| Q2 25 | — | $279.7M | ||
| Q1 25 | — | $279.7M | ||
| Q4 24 | — | $279.8M | ||
| Q3 24 | — | $279.7M | ||
| Q2 24 | — | $279.7M | ||
| Q1 24 | — | $279.6M |
| Q4 25 | — | $162.7M | ||
| Q3 25 | — | $164.8M | ||
| Q2 25 | — | $165.6M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $190.1M | ||
| Q3 24 | — | $186.3M | ||
| Q2 24 | — | $187.0M | ||
| Q1 24 | — | $188.0M |
| Q4 25 | — | $476.5M | ||
| Q3 25 | — | $499.6M | ||
| Q2 25 | — | $498.9M | ||
| Q1 25 | — | $506.8M | ||
| Q4 24 | — | $507.8M | ||
| Q3 24 | — | $507.4M | ||
| Q2 24 | — | $519.5M | ||
| Q1 24 | — | $522.5M |
| Q4 25 | — | 1.61× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.50× | ||
| Q1 24 | — | 1.49× |
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 | $15.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.03× | 12.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.0M | ||
| Q3 25 | $5.7M | $4.1M | ||
| Q2 25 | — | $3.9M | ||
| Q1 25 | — | $3.0M | ||
| Q4 24 | — | $18.2M | ||
| Q3 24 | $-6.6M | $5.1M | ||
| Q2 24 | — | $4.7M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | — | 12.34× | ||
| Q3 25 | 0.03× | 3.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.68× | ||
| Q4 24 | — | 11.72× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.55× | ||
| Q1 24 | — | 0.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
