Comparing Clean Energy Players: BLDP and BE in the Hydrogen Economy Race

The transition toward sustainable energy sources has put hydrogen fuel cells in the spotlight. As corporations accelerate decarbonization efforts, two major technology providers—Ballard Power Systems (BLDP) and Bloom Energy (BE)—are positioning themselves as key players in this emerging market. Understanding how these companies stack up can help investors identify which stock may deliver stronger returns through 2026.

The Hydrogen Opportunity and Market Dynamics

Hydrogen fuel cells address critical infrastructure needs across multiple sectors. Their zero-emission profile, operational efficiency, and compatibility with existing transportation and industrial systems make them attractive alternatives to fossil fuel-based solutions. Government support through subsidies, carbon pricing and dedicated hydrogen strategies is accelerating the transition, while improvements in electrolyzer technology and renewable energy affordability are creating favorable market conditions.

Both BLDP and BE operate in this growth space but serve different market segments. Ballard Power specializes in proton exchange membrane (PEM) fuel cells designed for heavy-duty applications like buses, trucks, rail and shipping. Bloom Energy focuses on solid-oxide fuel cell systems for on-site power generation, serving data centers and enterprise customers seeking reliable, low-carbon electricity independent of grid constraints. Strong order backlogs at both companies reflect rising market confidence in fuel cell adoption.

Financial Performance and Growth Trajectories

When examining forward earnings projections, the two companies show distinctly different momentum patterns.

Earnings Growth Outlook

Ballard Power’s earnings per share is expected to expand 43.86% year-over-year in 2025, followed by 25.78% growth in 2026. These gains reflect scaling operations and improving unit economics as the company captures market share in transportation applications.

Bloom Energy projects more aggressive earnings acceleration, with 85.71% growth expected in 2025 and 78.75% in 2026. The steeper trajectory suggests stronger demand for its on-site power solutions and reflects the company’s operational improvements.

Revenue Expansion Comparison

Revenue growth estimates reveal a significant divergence. BLDP is forecasted to grow revenues by just 3.03% year-over-year in 2026, suggesting a slowdown in market expansion or market saturation concerns in its core segments. By contrast, BE’s revenues are projected to rise 37.74% in 2026, indicating robust demand and broader commercial traction for its technology platform.

Valuation and Capital Efficiency Metrics

On a Price-to-Sales forward twelve-month basis, Bloom Energy trades at 8.02X while Ballard Power trades at 7.85X—a narrow premium that doesn’t fully capture the performance gap between the two.

A more revealing metric is Return on Invested Capital (ROIC), which measures how effectively a company deploys capital. BE’s current ROIC stands at 5.22%, demonstrating positive capital deployment and efficient operations. BLDP’s ROIC is negative at 16.75%, suggesting the company is still in a capital-intensive growth phase without yet generating returns on invested funds. This disparity highlights BE’s operational maturity advantage.

Stock Performance and Market Sentiment

Over the past six months, the market has shown differing confidence in these companies’ trajectories. Ballard Power shares gained 59.6%, reflecting recovery and growing interest in the PEM fuel cell segment. However, Bloom Energy has significantly outpaced BLDP, with shares rallying 299.5% during the same period—a strong signal of market enthusiasm for its commercial execution and market opportunity.

The Investment Case: Which Stock Moves the Needle?

Both companies have earned Zacks Rank #2 (Buy) ratings, indicating institutional confidence in their long-term prospects. However, the metrics tell a more nuanced story.

Bloom Energy demonstrates superior near-term momentum, with stronger earnings acceleration, substantial revenue growth, positive capital returns and impressive price appreciation. The company’s solid-oxide fuel cell technology is gaining acceptance in data centers and enterprise applications—high-margin customer segments with significant pricing power.

Ballard Power remains a viable long-term play on hydrogen transportation infrastructure. The proton exchange membrane technology is technically sound, and the heavy-duty transport segment represents a massive addressable market. However, the modest revenue growth forecast and negative ROIC suggest the company faces headwinds in near-term profitability and market expansion.

For investors seeking exposure to hydrogen fuel cell technology with stronger near-term catalysts and operational performance, Bloom Energy appears to have the edge heading into 2026. That said, both companies remain positioned to benefit as the hydrogen economy develops globally.