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Plug Power, Inc.

PLUG Industrials Electrical Equipment & Parts

Plug Power, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $709.9 million, up 12.9% from fiscal 2024.

Revenue
+2.49%
EPS
+30.0%
Free cash flow
+56.9%
Total debt
+52.6%

Quarter to June 2026, against a year earlier

1.36 0.10 −6.85%
Market cap
$1.9B
P/E
0.0×
Fwd P/E
−3.5×
Dividend yield
—
F-score
4/9
Altman Z
−4.81
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.09
Sold, $m 0.76
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — — — — —
Sell — 1 — — — — 1 — — 2 1 —
Insider Ownership 4.40%

Capital & Financial Ratios $m

Size
Market Cap 1,890.00
Revenue ttm 744.09
Net income ttm (1,704.22)
Free cash flow ttm (522.33)
Net debt Q 495.30
Valuation
P/E 0.00
Forward P/E (3.45) (negative: loss-making)
Price / sales 2.54
Forward P/S Powerpack
Price / FCF 0.00
Price / book 3.22
Financial health
Current ratio Q 2.32 (at or above 1.5: strong)
Debt / equity Q 1.38
Interest coverage Q (3.80)
Growth
Revenue growth Q +2.49% (above 0%: growing)
Operating income growth Q +63.77% (above 0%: growing)
EPS, this year +70.58% (at or above 15%: strong)
EPS, next year A +62.82% (at or above 15%: strong)
Revenue, next year A +15.68% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +60.38% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.2×, against a ten-year median of 4.3×; over the ten years it ranged from −2,771× in 2021 to 609× in 2021.
P/S against its own 10 years 15.32%
10-year low 10-year high
P/B against its own 10 years 55.38%
10-year low 10-year high
EV/Sales against its own 10 years 28.20%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 352 404 555 317
Receivables 244 157 135 126
Inventory 961 683 521 493
Other 126 94 105 103
1,787 1,477 1,410 1,146
2023 2024 2025 Q'26
Payables 258 181 169 144
ST’ Debt 87 84 77 58
Other — — — —
965 748 611 494

Compound Annual Growth %

10y 5y 3y
Sales 21.26% 0.00% 0.40%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 23.18% (7.32%) (37.25%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.08 Actual −0.07

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.13 −0.12 Beat by 0.01
Q4 FY25 −0.10 −0.06 Beat by 0.04
Q1 FY26 −0.09 −0.08 Beat by 0.01
Q2 FY26 −0.08 −0.07 Beat by 0.01
Q3 FY26 −0.07 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.18) (0.14) — — —
’25 (0.21) (0.20) (0.31) (0.63) (1.42)
’24 (0.46) (0.36) (0.25) (1.65) (2.68)
’23 (0.35) (0.40) (0.47) (1.07) (2.30)
’22 (0.27) (0.30) (0.30) (0.38) (1.25)
’21 (0.12) (0.18) (0.19) (0.33) (0.82)
’20 (0.12) (0.03) (0.18) (1.12) (1.58)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 164 178 — — —
’25 134 174 177 225 710
’24 120 143 174 191 629
’23 210 260 199 222 891
’22 141 151 189 221 701
’21 72 125 144 162 502
’20 41 68 107 (309) (93)
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (150) (94) — — —
’25 (106) (192) (90) (149) (536)
’24 (168) (255) (175) (131) (729)
’23 (277) (348) (239) (243) (1,107)
’22 (210) (195) (117) (307) (829)
’21 (117) (130) (102) (10) (358)
’20 (60) (51) (45) 1 (155)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (152) (99) — — —
’25 (146) (230) (118) (153) (647)
’24 (260) (356) (234) (165) (1,015)
’23 (445) (499) (404) (423) (1,771)
’22 (288) (275) (277) (426) (1,265)
’21 (127) (153) (160) (91) (531)
’20 (63) (54) (53) (11) (180)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 83 100 174 230 (93) 502 701 891 629 710 744 +27.0% 821 978 1,186 +18.7%
Gross margin, % 4.76 (28.05) (14.93) 4.63 503.47 (34.10) (27.71) (56.97) (99.38) (34.09) (18.55) (38.8) pt
EBT (58) (127) (95) (84) (627) (476) (723) (1,376) (2,108) (1,693) (1,704) +45.5%
EBT margin, % (69.89) (126.89) (54.47) (36.41) 672.48 (94.79) (103.10) (154.40) (335.17) (238.52) (228.96) (168.6) pt
Net income (57) (127) (86) (84) (596) (460) (724) (1,369) (2,105) (1,694) (1,704) +45.6%
Per share, $
Per share, $ Revenue 0.46 0.46 0.80 0.97 (0.26) 0.90 1.21 1.50 0.80 0.62 0.53 +3.4%
Earnings (0.32) (0.60) (0.36) (0.36) (1.58) (0.82) (1.25) (2.30) (2.68) (1.42) (1.26) +18.0%
Cash flow (0.16) (0.28) (0.27) (0.22) (0.44) (0.64) (1.43) (1.86) (0.93) (0.47) (0.35) +12.3%
Capex (0.02) (0.02) (0.03) (0.03) (0.07) (0.31) (0.75) (1.12) (0.37) (0.10) (0.03) +22.9%
Free cash flow (0.18) (0.30) (0.29) (0.26) (0.51) (0.95) (2.18) (2.97) (1.29) (0.56) (0.38) +13.6%
Book value 0.47 0.34 0.01 0.55 4.13 8.25 7.00 4.87 2.30 0.88 0.42 +7.1%
Shares, m 181 216 219 237 355 558 580 595 785 1,147 1,272 +22.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 2.64 5.23 1.56 3.26 0.00 31.37 10.07 3.07 2.66 3.18 2.54 6.3
P/B 2.57 7.11 100.04 5.77 8.20 3.42 1.74 0.94 0.93 2.25 3.22 13.3
EV/Sales 2.77 5.88 2.80 4.02 (119.07) 24.62 7.58 3.35 3.12 3.41 3.21 (6.2)
EV/FCF (7.09) (9.16) (7.57) (15.03) (61.50) (23.20) (4.19) (1.68) (1.93) (3.75) (4.58) (13.5)
Cash, $m
Cash, $m Operating cash flow (30) (60) (58) (53) (155) (358) (829) (1,107) (729) (536) (483) +37.9%
Capex (3) (4) (6) (8) (24) (173) (437) (664) (287) (111) (40) +50.9%
Free cash flow (32) (64) (64) (61) (180) (531) (1,265) (1,771) (1,015) (647) (522) +39.5%
Balance, $m
Balance, $m Working capital 44 4 9 180 1,381 4,028 2,670 822 729 800 652 +37.9%
Net debt 11 65 217 174 (929) (3,389) (1,747) 252 290 163 495 +34.8%
Shareholders’ equity 85 74 3 130 1,467 4,606 4,060 2,898 1,808 1,003 587 +31.5%
Returns, %
Returns, % ROA (25.58) (50.89) (25.91) (16.30) (40.96) (11.22) (12.36) (25.66) (49.49) (52.65) (59.19) (27.1) pt
ROIC (33.47) (45.89) (21.79) (9.78) (67.92) (22.47) (18.36) (26.66) (60.17) (78.62) (74.22) (45.1) pt
ROE (54.89) (164.02) (224.36) (129.03) (74.67) (15.15) (16.71) (39.34) (89.45) (116.08) (139.62) (61.2) pt
People
People Employees 486 644 685 835 1,285 2,449 3,353 3,868 3,224 2,582 — +20.4%
Revenue/emp, $m 0.17 0.16 0.25 0.28 (0.07) 0.21 0.21 0.23 0.20 0.27 — +5.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Plug Power, Inc. vs peers in Electrical Equipment & Parts (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
POWL Powell Industries, Inc. $4.6B 24.1× 29.1× +8.90% (above 0%: growing) +7.25% (above 0%: growing) +121.73% (above 0%: growing) 30.57% 20.55% Compare
HAYW Hayward Holdings, Inc. $3.4B 20.5× 22.2× +6.47% (above 0%: growing) +38.91% (above 0%: growing) −51.02% (below 0%: shrinking) 47.92% 19.30% Compare
PLUG Plug Power, Inc. $1.9B — (loss-making) — (loss-making) +2.49% (above 0%: growing) n/m +56.89% (above 0%: growing) (0.94%) (35.96%)
ENR Energizer Holdings, Inc. $1.7B 20.5× — (loss-making) +1.21% (above 0%: growing) −73.15% (below 0%: shrinking) −111.39% (below 0%: shrinking) 38.22% 12.22% Compare
PLPC Preformed Line Products Company $1.2B 21.2× 21.9× +17.64% (above 0%: growing) +575.53% (above 0%: growing) +19.45% (above 0%: growing) 33.41% 11.88% Compare
AMPX Amprius Technologies, Inc. $1.1B — (loss-making) — (loss-making) +125.87% (above 0%: growing) n/m +6.24% (above 0%: growing) 27.27% (12.63%) Compare
FOIL Londian Wason New Energy Tech Inc. - Sponsored ADR $977.8M — — — — — — — Compare
FCEL FuelCell Energy, Inc. $714.0M — (loss-making) — (loss-making) −29.40% (below 0%: shrinking) n/m +45.78% (above 0%: growing) (74.25%) (141.39%) Compare
TE T1 Energy Inc $682.9M — (loss-making) — (loss-making) +88.40% (above 0%: growing) n/m −1,334.38% (below 0%: shrinking) 19.63% (9.11%) Compare
Median of peers $1.2B 20.9× 22.2× +8.90% +23.08% +6.24% 30.57% 11.88%

All 55 Electrical Equipment & Parts stocks →

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.40m 5.51m 6.00
2024 2.24m (406.62k) 6.00
2023 7.25m (4.11m) 13.00
2022 766.56k (75.97m) 36.00
2021 52.25m 3.99m 83.00

Ownership

Directors and executive officers, together 1.37%
BlackRock, Inc. 10.54%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Plug Power, Inc. (PLUG) Latest News

29 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · StockStory

20 Oct

Impact 3 · · PR Newswire

19 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · InvestorsHub

18 Oct

Impact 3 · · Simply Wall St.

17 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · The Motley Fool

16 Oct

Impact 3 · · Zacks

15 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

14 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · The Motley Fool

13 Oct

Impact 4 · · Trefis
Impact 3 · · Trefis
Impact 3 · · StockStory

12 Oct

Impact 4 · · Trefis
Impact 4 · · The Motley Fool

9 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

7 Oct

Impact 3 · · 24/7 Wall St.

6 Oct

Impact 3 · · Zacks

2 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

30 Sep

Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks

PLUG metrics, ten years each

stockrow.com/PLUG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com