BLDP
Ballard Power Systems Inc.
BLDP offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
CAT
Caterpillar Inc.
CAT has the edge over BLDP overall, supported by lower modeled downside and stronger modeled upside.
BLDP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
BLDP's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
BLDP PE Valuation
BLDP has no meaningful PE right now: it lost money over the past year.
CAT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $380 | -37% |
| Fair | 18x | $461 | -24% |
| Forward | 20x | $605 | — |
| Current | 24x | $605 | — |
| Expensive | 33x | $840 | +39% |
Historical ranges are pointers, not guarantees.
CAT's PE is in its expensive range at 24x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its fair range.
BLDP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect BLDP's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
BLDP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.26 | +$0.72 |
| Q1 2026 | -$0.27 | +$0.74 |
| Q4 2025 | -$0.30 | +$0.78 |
| Q3 2025 | -$0.39 | +$0.72 |
| Q2 2025 | -$0.98 | -$0.34 |
| Q1 2025 | -$1.01 | -$0.38 |
| Q4 2024 | -$1.08 | -$0.48 |
| Q3 2024 | -$1.11 | -$0.57 |
BLDP is still losing money, but far less than before: $0.26 per share over the past year, against $1.11 at its worst in late 2024.
CAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $30.32 | +19% |
| Q3 2026 | $25.48 | +31% |
| Q2 2026 | $23.23 | +18% |
| Q1 2026 | $20.08 | -2% |
| Q4 2025 | $18.81 | -15% |
| Q3 2025 | $19.46 | -9.7% |
| Q2 2025 | $19.64 | -10% |
| Q1 2025 | $20.50 | -7.4% |
| Q4 2024 | $22.05 | +9.6% |
CAT has the edge over BLDP on earnings quality, reporting a profit while its opponent remains loss making.
BLDP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $20.1M | +13% |
| Q1 2026 | $19.4M | +26% |
| Q4 2025 | $33.6M | +37% |
| Q3 2025 | $32.5M | +120% |
| Q2 2025 | $17.8M | +11% |
| Q1 2025 | $15.4M | +6.5% |
| Q4 2024 | $24.5M | -47% |
| Q3 2024 | $14.8M | -45% |
BLDP's revenue is recovering but still below its 2023 peak: $20M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -62% | +124 points |
| Q1 2026 | -67% | +122 points |
| Q4 2025 | -35% | +113 points |
| Q3 2025 | -92% | +335 points |
| Q2 2025 | -186% | +72 points |
| Q1 2025 | -189% | +105 points |
| Q4 2024 | -148% | -62 points |
| Q3 2024 | -428% | -289 points |
BLDP's operating margin was −62% last quarter, up 124 points from the same quarter a year ago.
CAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.7B | +17% |
| Q2 2026 | $20.5B | +24% |
| Q1 2026 | $17.4B | +22% |
| Q4 2025 | $19.1B | +18% |
| Q3 2025 | $17.6B | +9.5% |
| Q2 2025 | $16.6B | -0.7% |
| Q1 2025 | $14.2B | -9.8% |
| Q4 2024 | $16.2B | -5% |
CAT's revenue has grown year over year for five quarters in a row: $20.7B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +3.1 points |
| Q2 2026 | 21% | +3.6 points |
| Q1 2026 | 18% | -0.4 points |
| Q4 2025 | 14% | -4.1 points |
| Q3 2025 | 17% | -2.2 points |
| Q2 2025 | 17% | -3.6 points |
| Q1 2025 | 18% | -4.2 points |
| Q4 2024 | 18% | -0.3 points |
CAT has the edge over BLDP on profitability, with a higher operating margin.
BLDP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$12.2M | +$10.4M |
| Q1 2026 | -$8.4M | +$18.7M |
| Q4 2025 | $7.8M | +$38.2M |
| Q3 2025 | -$24.3M | +$16M |
| Q2 2025 | -$22.7M | +$15M |
| Q1 2025 | -$27.1M | +$396K |
| Q4 2024 | -$30.3M | -$4.4M |
| Q3 2024 | -$40.2M | -$11.2M |
BLDP has burned cash in almost every quarter: −$37M over the past year, against −$120M the year before.
CAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +19% |
| Q2 2026 | $3.8B | +47% |
| Q1 2026 | $1.1B | +97% |
| Q4 2025 | $2.7B | +0.1% |
| Q3 2025 | $3.1B | -1.5% |
| Q2 2025 | $2.6B | -4.2% |
| Q1 2025 | $579M | -63% |
| Q4 2024 | $2.7B | -22% |
CAT has the edge over BLDP on cash generation, producing positive trailing cash flow while its opponent burns cash.
BLDP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +560K shares |
| 1 year | +0.5% | +1.6M shares |
| 3 years | +0.9% | +2.8M shares |
| 5 years | +1.3% | +3.9M shares |
| Available history | +29% | +68.7M shares |
BLDP has 301M diluted shares, up 0.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
BLDP hasn't bought back shares in the past year.
CAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -1.6M shares |
| 1 year | -2.1% | -9.9M shares |
| 3 years | -10% | -51.7M shares |
| 5 years | -16% | -86.7M shares |
| Available history | -19% | -107M shares |
CAT has the edge over BLDP on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.2B |
| Q2 2026 | $1.5B |
| Q1 2026 | $5B |
| Q4 2025 | $340M |
| Q3 2025 | $362M |
| Q2 2025 | $828M |
| Q1 2025 | $3.7B |
| Q4 2024 | $640M |
CAT spent $8.1B buying back its own shares over the past year, up 47% from the year before.
BLDP Net Leverage
BLDP's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
CAT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.4x | Net Cash |
| Q1 2025 | -0.3x | Net Cash |
| Q4 2024 | 1.6x | Healthy |
CAT has more cash than debt.
BLDP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.4 | Neutral |
| Stochastic | 6.1 | Oversold |
BLDP's weekly RSI is 31 (neutral) and its Stochastic is 6 (oversold).
CAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.7 | Neutral |
| Stochastic | 6.7 | Oversold |
CAT's weekly RSI is 33 (neutral) and its Stochastic is 7 (oversold).
BLDP PE vs Industrials Sector
BLDP has no meaningful PE right now: it lost money over the past year.
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.3% below |
| PE % | 69 | 58 | 11 pts above |
CAT is trading at 24x earnings, in line with the Industrials sector's median of 24x.
BLDP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.70 | 18% below |
| 20 week MA | $2.26 | 38% below |
| 50 week MA | $2.79 | 50% below |
| 100 week MA | $2.35 | 40% below |
| 200 week MA | $2.90 | 52% below |
BLDP is in a downtrend: it's below all five of its weekly moving averages, and 52% below its 200-week average.
CAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $709.0 | 15% below |
| 20 week MA | $797.0 | 24% below |
| 50 week MA | $771.3 | 22% below |
| 100 week MA | $586.7 | 3.2% above |
| 200 week MA | $443.1 | 37% above |
CAT has the edge over BLDP on trend strength, trading above more of its moving averages.
BLDP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.94 | $23.5 | +238% |
| 2021 | $23.5 | $12.7 | -46% |
| 2022 | $12.7 | $4.79 | -62% |
| 2023 | $4.79 | $3.70 | -23% |
| 2024 | $3.70 | $1.69 | -54% |
| 2025 | $1.69 | $2.63 | +56% |
| 2026 YTD | $2.63 | $1.40 | -47% |
BLDP's yearly returns have swung widely, from +238% in 2020 to −62% in 2022. It's down 47% so far in 2026.
CAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $148.3 | $179.6 | +21% |
| 2021 | $179.6 | $206.2 | +15% |
| 2022 | $206.2 | $239.9 | +16% |
| 2023 | $239.9 | $295.7 | +23% |
| 2024 | $295.7 | $364.9 | +23% |
| 2025 | $364.9 | $583.0 | +60% |
| 2026 YTD | $583.0 | $605.3 | +3.8% |
CAT has the edge over BLDP on returns for 2026, with the stronger performance.