BLDP
Ballard Power Systems
Is BLDP Halal?
Hydrogen fuel-cell technology is generally permissible, but the latest annual financial screen fails on liquidity and investment-income ratios.
What You Should Know
Ballard Power Systems' December 31, 2025 Form 40-F reports $682.388 million of assets, $2.092 million of borrowings, $527.052 million of cash, $24.202 million of receivables and $99.370 million of revenue. Debt/assets is 0.31%, but liquidity/assets is 77.24% and receivables-plus-cash/assets is 80.78%; investment income was $24.534 million, or 24.69% of revenue, used as a conservative upper bound. Hydrogen fuel cells remain a generally permissible core activity, while pre-profit execution and government end uses require qualitative review.
⚠️ Concerns
- •Liquidity/assets of 77.24% exceeds the examined limits
- •Receivables-plus-cash/assets of 80.78% exceeds the examined limits
- •Investment income is 24.69% of annual revenue on a conservative upper-bound basis
- •Pre-profit and cash-burn risk
- •Government and transportation end uses require qualitative review
Current quantitative Sharia screen
Based on 40-F figures for the period ended 2025-12-31; calculated 2026-07-15.
2.092 / 682.388
527.052 / 682.388
551.254 / 682.388
24.534 / 99.37
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 77.24% and receivables-plus-cash/assets is 80.78%, above the examined limits; conservative investment income is 24.69% of revenue.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 77.24% and receivables-plus-cash/assets is 80.78%, above the examined MSCI limits.
- Financial
- Fails
- Overall
- Fails
Identifiable cash and liquidity are above the examined Malaysia ratio limit; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed and reproducible historical market-cap series is not stored.
Business-activity disclosure
Ballard develops hydrogen fuel-cell products for mobility and stationary power. Clean-energy technology is generally permissible, while government contracts, product deployment and investment income require continuing qualitative review.
Limitation: The filing does not provide a universal prohibited-revenue numerator across customers, contracts and end uses.
Purification
Investment income is disclosed, but no scholar-approved purification percentage or complete prohibited-revenue numerator is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from Ballard's December 31, 2025 Form 40-F financial statements.
- The filing reports approximately $2.092 million of borrowings; lease liabilities are not added to interest-bearing debt without a comparable carrying-value presentation.
- Cash and cash equivalents are $527.052 million; no separate interest-bearing securities balance is identified.
- Trade and other current receivables are $24.202 million and annual revenue is $99.370 million.
- Investment income of $24.534 million is used as a conservative upper-bound income numerator; it includes investment results beyond pure interest.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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