vs
Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and Montauk Renewables, Inc. (MNTK). Click either name above to swap in a different company.
Montauk Renewables, Inc. is the larger business by last-quarter revenue ($43.4M vs $17.7M, roughly 2.4× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs 5.7%, a 988.7% 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.
Montauk Renewables, Inc. is a US-based renewable energy firm specializing in capturing and converting biogenic methane from landfills and agricultural waste into renewable natural gas (RNG) and low-carbon electricity. It serves utility, commercial, and industrial customers across North America, with operations focused on advancing decarbonization and sustainable energy transition goals.
BLDP vs MNTK — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $43.4M |
| Net Profit | $176.5M | $2.5M |
| Gross Margin | — | — |
| Operating Margin | — | -3.8% |
| Net Margin | 994.4% | 5.7% |
| Revenue YoY | — | 56.7% |
| Net Profit YoY | — | 129.5% |
| EPS (diluted) | — | $0.01 |
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 | — | $43.4M | ||
| Q3 25 | $17.7M | $45.3M | ||
| Q2 25 | — | $45.1M | ||
| Q1 25 | — | $42.6M | ||
| Q4 24 | — | $27.7M | ||
| Q3 24 | $-12.3M | $65.9M | ||
| Q2 24 | — | $43.3M | ||
| Q1 24 | — | $38.8M |
| Q4 25 | — | $2.5M | ||
| Q3 25 | $176.5M | $5.2M | ||
| Q2 25 | — | $-5.5M | ||
| Q1 25 | — | $-464.0K | ||
| Q4 24 | — | $-8.5M | ||
| Q3 24 | — | $17.0M | ||
| Q2 24 | — | $-712.0K | ||
| Q1 24 | — | $1.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 156.5% | 43.8% | ||
| Q2 24 | — | 15.6% | ||
| Q1 24 | — | 22.8% |
| Q4 25 | — | -3.8% | ||
| Q3 25 | — | 9.8% | ||
| Q2 25 | — | -5.2% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | -35.5% | ||
| Q3 24 | — | 34.4% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 6.1% |
| Q4 25 | — | 5.7% | ||
| Q3 25 | 994.4% | 11.5% | ||
| Q2 25 | — | -12.2% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | -30.5% | ||
| Q3 24 | — | 25.9% | ||
| Q2 24 | — | -1.6% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $0.04 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $0.12 | ||
| Q2 24 | — | $-0.01 | ||
| 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 | — | $23.8M |
| Total DebtLower is stronger | — | $126.0M |
| Stockholders' EquityBook value | — | $263.1M |
| Total Assets | — | $435.5M |
| Debt / EquityLower = less leverage | — | 0.48× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.8M | ||
| Q3 25 | — | $6.8M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | — | $45.6M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $42.3M | ||
| Q1 24 | — | $63.3M |
| Q4 25 | — | $126.0M | ||
| Q3 25 | — | $54.9M | ||
| Q2 25 | — | $57.8M | ||
| Q1 25 | — | $40.8M | ||
| Q4 24 | — | $43.8M | ||
| Q3 24 | — | $46.7M | ||
| Q2 24 | — | $49.7M | ||
| Q1 24 | — | $52.7M |
| Q4 25 | — | $263.1M | ||
| Q3 25 | — | $260.7M | ||
| Q2 25 | — | $254.7M | ||
| Q1 25 | — | $258.2M | ||
| Q4 24 | — | $257.4M | ||
| Q3 24 | — | $275.3M | ||
| Q2 24 | — | $255.3M | ||
| Q1 24 | — | $254.3M |
| Q4 25 | — | $435.5M | ||
| Q3 25 | — | $383.3M | ||
| Q2 25 | — | $382.5M | ||
| Q1 25 | — | $354.2M | ||
| Q4 24 | — | $349.0M | ||
| Q3 24 | — | $374.1M | ||
| Q2 24 | — | $362.0M | ||
| Q1 24 | — | $354.7M |
| Q4 25 | — | 0.48× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.17× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.21× |
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 | $337.0K |
| Free Cash FlowOCF − Capex | — | $-41.1M |
| FCF MarginFCF / Revenue | — | -94.7% |
| Capex IntensityCapex / Revenue | — | 95.5% |
| Cash ConversionOCF / Net Profit | 0.03× | 0.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-86.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $337.0K | ||
| Q3 25 | $5.7M | $12.7M | ||
| Q2 25 | — | $8.2M | ||
| Q1 25 | — | $9.1M | ||
| Q4 24 | — | $724.0K | ||
| Q3 24 | $-6.6M | $28.6M | ||
| Q2 24 | — | $193.0K | ||
| Q1 24 | — | $14.3M |
| Q4 25 | — | $-41.1M | ||
| Q3 25 | — | $-17.2M | ||
| Q2 25 | — | $-25.5M | ||
| Q1 25 | — | $-2.5M | ||
| Q4 24 | — | $-8.3M | ||
| Q3 24 | — | $16.0M | ||
| Q2 24 | — | $-18.6M | ||
| Q1 24 | — | $-7.7M |
| Q4 25 | — | -94.7% | ||
| Q3 25 | — | -37.9% | ||
| Q2 25 | — | -56.4% | ||
| Q1 25 | — | -5.8% | ||
| Q4 24 | — | -29.8% | ||
| Q3 24 | — | 24.3% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -19.8% |
| Q4 25 | — | 95.5% | ||
| Q3 25 | — | 65.9% | ||
| Q2 25 | — | 74.6% | ||
| Q1 25 | — | 27.3% | ||
| Q4 24 | — | 32.5% | ||
| Q3 24 | — | 19.1% | ||
| Q2 24 | — | 43.3% | ||
| Q1 24 | — | 56.7% |
| Q4 25 | — | 0.14× | ||
| Q3 25 | 0.03× | 2.43× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.68× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 7.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLDP
Segment breakdown not available.
MNTK
| Natural Gas Environmental Attributes | $28.1M | 65% |
| Natural Gas Commodity | $10.7M | 25% |
| Electric Commodity | $2.7M | 6% |
| Electric Environmental Attributes | $2.0M | 5% |
