Friday 6 November 2026 Export PLUG’s income statement to Excel — free account

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

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1.36 0.10 −6.85%

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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

Plug Power, Inc. (PLUG) Debt to equity

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Plug Power, Inc.'s debt to equity at the end of the quarter to 30 June 2026 was 1.4×, up 0.7× from fiscal 2025 (0.7×). Over the past ten years it has ranged from 0.1× (fiscal 2021) to 100× (fiscal 2018); the current reading is higher than 64% of that period. That is above the Electrical Equipment & Parts industry median of 0.1× and above the Industrials sector median of 0.3×.

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<iframe src="https://stockrow.com/embed/PLUG/debt-to-equity" width="100%" height="360" style="border:0" loading="lazy" title="Plug Power, Inc. debt to equity, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/PLUG/metrics/debt-to-equity">Plug Power, Inc. (PLUG) debt to equity — stockrow.com</a></p>

Period	Debt to equity	Change
FY2025	0.7×	86.51%
FY2024	0.4×	84.35%
FY2023	0.2×	48.36%
FY2022	0.1×	7.92%
FY2021	0.1×	(57.32%)
FY2020	0.3×	(89.26%)
FY2019	2.8×	(97.17%)
FY2018	100×	7,033.28%
FY2017	1.4×	75.30%
FY2016	0.8×	473.38%

Period	Debt to equity	Change
Jun 2026	1.4×	41.07%
Mar 2026	1.0×	36.96%
Dec 2025	0.7×	93.99%
Sep 2025	0.4×	22.25%
42 more quarters	Free account

Against its own ten years

Low 0.1× High 100×

Ten-year median 0.4×

Current reading's percentile 64

Company	Debt to equity
POWL Powell Industries, Inc. compare	0.0×
AMPX Amprius Technologies, Inc. compare	0.0×
PLPC Preformed Line Products Company compare	0.1×
FCEL FuelCell Energy, Inc. compare	0.2×
HAYW Hayward Holdings, Inc. compare	0.6×
PLUG Plug Power, Inc.	1.4×
TE T1 Energy Inc compare	3.7×
ENR Energizer Holdings, Inc. compare	16.3×
FOIL Londian Wason New Energy Tech Inc. - Sponsored ADR compare	—
Electrical Equipment & Parts industry median	0.1×
Industrials sector median	0.3×
Market median	0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

Plug Power, Inc. (PLUG) Debt to equity

Debt to equity, annual

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Against its own ten years

Debt to equity against peers

What Debt to equity is

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Debt to equity, annual

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Against its own ten years

Debt to equity against peers

What Debt to equity is

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