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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and NEKTAR THERAPEUTICS (NKTR). Click either name above to swap in a different company.
NEKTAR THERAPEUTICS is the larger business by last-quarter revenue ($21.8M vs $17.7M, roughly 1.2× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs -165.4%, a 1159.9% 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.
NEKTAR THERAPEUTICSNKTREarnings & Financial Report
Nektar Therapeutics is an American biopharmaceutical company. The company was founded in 1990 and is based in San Francisco, California. The company develops new drug candidates by applying its proprietary PEGylation and advanced polymer conjugate technologies to modify chemical structure of substances, which improves drug characteristics like retention and solubility. It is a technology supplier to a number of pharmaceutical companies including Affymax, Amgen, Merck, Pfizer and UCB Pharma, e...
BLDP vs NKTR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $21.8M |
| Net Profit | $176.5M | $-36.1M |
| Gross Margin | — | — |
| Operating Margin | — | -126.9% |
| Net Margin | 994.4% | -165.4% |
| Revenue YoY | — | -25.3% |
| Net Profit YoY | — | -596.9% |
| EPS (diluted) | — | $-4.67 |
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 | — | $21.8M | ||
| Q3 25 | $17.7M | $11.8M | ||
| Q2 25 | — | $11.2M | ||
| Q1 25 | — | $10.5M | ||
| Q4 24 | — | $29.2M | ||
| Q3 24 | $-12.3M | $24.1M | ||
| Q2 24 | — | $23.5M | ||
| Q1 24 | — | $21.6M |
| Q4 25 | — | $-36.1M | ||
| Q3 25 | $176.5M | $-35.5M | ||
| Q2 25 | — | $-41.6M | ||
| Q1 25 | — | $-50.9M | ||
| Q4 24 | — | $7.3M | ||
| Q3 24 | — | $-37.1M | ||
| Q2 24 | — | $-52.4M | ||
| Q1 24 | — | $-36.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.7% | ||
| Q3 24 | 156.5% | 81.6% | ||
| Q2 24 | — | 58.5% | ||
| Q1 24 | — | 60.6% |
| Q4 25 | — | -126.9% | ||
| Q3 25 | — | -268.6% | ||
| Q2 25 | — | -324.2% | ||
| Q1 25 | — | -425.8% | ||
| Q4 24 | — | 49.2% | ||
| Q3 24 | — | -142.4% | ||
| Q2 24 | — | -211.9% | ||
| Q1 24 | — | -163.7% |
| Q4 25 | — | -165.4% | ||
| Q3 25 | 994.4% | -301.3% | ||
| Q2 25 | — | -372.2% | ||
| Q1 25 | — | -486.4% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | -153.6% | ||
| Q2 24 | — | -222.9% | ||
| Q1 24 | — | -170.1% |
| Q4 25 | — | $-4.67 | ||
| Q3 25 | — | $-1.87 | ||
| Q2 25 | — | $-2.95 | ||
| Q1 25 | — | $-0.24 | ||
| Q4 24 | — | $-2.07 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | — | $-3.76 | ||
| Q1 24 | — | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $15.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $89.8M |
| Total Assets | — | $280.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.1M | ||
| Q3 25 | — | $41.0M | ||
| Q2 25 | — | $43.0M | ||
| Q1 25 | — | $38.9M | ||
| Q4 24 | — | $44.3M | ||
| Q3 24 | — | $30.1M | ||
| Q2 24 | — | $27.9M | ||
| Q1 24 | — | $48.6M |
| Q4 25 | — | $89.8M | ||
| Q3 25 | — | $85.1M | ||
| Q2 25 | — | $-24.2M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $60.7M | ||
| Q3 24 | — | $48.9M | ||
| Q2 24 | — | $79.7M | ||
| Q1 24 | — | $126.7M |
| Q4 25 | — | $280.4M | ||
| Q3 25 | — | $301.3M | ||
| Q2 25 | — | $207.5M | ||
| Q1 25 | — | $256.2M | ||
| Q4 24 | — | $303.9M | ||
| Q3 24 | — | $308.0M | ||
| Q2 24 | — | $343.3M | ||
| Q1 24 | — | $396.0M |
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 | $-65.0M |
| Free Cash FlowOCF − Capex | — | $-65.0M |
| FCF MarginFCF / Revenue | — | -298.0% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 0.03× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-208.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-65.0M | ||
| Q3 25 | $5.7M | $-48.8M | ||
| Q2 25 | — | $-45.7M | ||
| Q1 25 | — | $-49.1M | ||
| Q4 24 | — | $-46.2M | ||
| Q3 24 | $-6.6M | $-43.9M | ||
| Q2 24 | — | $-37.7M | ||
| Q1 24 | — | $-47.9M |
| Q4 25 | — | $-65.0M | ||
| Q3 25 | — | $-48.9M | ||
| Q2 25 | — | $-45.8M | ||
| Q1 25 | — | $-49.1M | ||
| Q4 24 | — | $-46.6M | ||
| Q3 24 | — | $-44.6M | ||
| Q2 24 | — | $-37.9M | ||
| Q1 24 | — | $-48.0M |
| Q4 25 | — | -298.0% | ||
| Q3 25 | — | -414.5% | ||
| Q2 25 | — | -409.6% | ||
| Q1 25 | — | -469.0% | ||
| Q4 24 | — | -159.9% | ||
| Q3 24 | — | -184.9% | ||
| Q2 24 | — | -161.3% | ||
| Q1 24 | — | -222.0% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.7% |
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.36× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
