Westport Fuel Systems Inc Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $23.3M-42.7% YoYTTM through 31 Dec 2025
Net Income -$61.6MTTM through 31 Dec 2025
Free Cash Flow $4.5MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | 11.5% |
| EBITDA Margin | -57.9% |
| Operating Margin | -79.5% |
| Net Margin | -264.3% |
Returns
-47.0%ROE
-34.8%ROA
Balance Sheet Health
Debt / Equity0.05x
Current Ratio1.93x
Net Debt-$24.2Mnet cash position
Cash & Equivalents$27.2M
Quality Metrics
Altman Z-Score-16.34
Piotroski F-Score3 / 9
FCF Margin19.3%
Earnings-Beat Rate50.0%
Multi-Year Trend
RevenueFY2025: $23.3M
Diluted EPS-$3.56TTMFY2025: $-3.55
Dividend
No dividend
Capital Allocation
R&D Spend$5.8M
Capex Intensity11.5%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| High-Pressure Controls | $8.3M | -11.7% | View detailsImpacted by a slowdown in the hydrogen industry and the relocation of manufacturing from Italy to Canada and China. Production resumed in late Q4 2025 with efficiency expected to scale in 2026. |
| Heavy-Duty OEM | $15M | -52.1% | View detailsThe decrease in revenue is a result of the transfer of the HPDI business into the Cespira joint venture. The transitional service agreement with Cespira ended in Q2 2025. |
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