Right now, the company is fairly expensive, trading at just over 65 times sales. There is a lot of anticipation in Ballard's stock price right now due to the rising interest of fuel cells. This is a company that has been around for a very, very long time and has underperformed for decades.
Fuel cells seem to be finally getting their day in the sun. Whether it comes to fruition or not is hard to say.
The company is not profitable, so I generally turn to what I'm paying in terms of price to sales (revenue) to judge a stocks valuation. 65 times sales is a hefty price to pay, and Ballard will need to grow at a pretty decent clip if it is to maintain this valuation.
Here is my overall take on Ballard. The company has been around forever. So if you're looking for exposure to the fuel cell industry, and if it is to boom like speculators say it will, Ballard is a company with a ton of experience, and is likely to be a frontrunner in the industry. I'm cautiously optimistic in the company right now.