Saturday 17 October 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. In the quarter to June 2026, revenue grew 2.49%, EPS grew 30.0%, free cash flow grew 56.9% and total debt rose 52.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

1.38 0.11 −7.38%

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Market cap: $2.1B
P/E: 0.0×
Fwd P/E: −9.0×
Dividend yield: —
F-score: 4/9
Altman Z: −4.81
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.09

Total sells 0.77

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	1	—	—	—	—	—	—	—	—	—	—
Sell	1	—	1	—	—	—	—	1	—	—	2	—

Insider Ownership 4.40%

Capital & Financial Ratios $m

Market Cap 2,070.00

Revenue 744.09

Net Income (1,704.22)

Free Cash Flow (522.33)

Net Debt 495.30

Current Ratio 2.32

Debt/Equity 1.38

P/E ratio 0.00

Fwd P/E (9.04)

P/S ratio 2.58

P/B ratio 3.27

Past 5Y EPS Growth —

This Y EPS Growth 70.58%

Next Y EPS Growth 62.80%

Next Y revenue growth 15.41%

Next 5Y EPS Growth 60.32%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 16.63%

10-year low 10-year high

P/B against its own 10 years 55.89%

10-year low 10-year high

EV/Sales against its own 10 years 28.95%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	1.18	0.83	0.99	1.23	2.53	18.47	11.49	3.22	1.60	0.69	Analyst estimates 2026–2028 Powerpack
	High	2.28	3.21	2.44	4.04	37.51	75.49	32.05	18.88	5.14	4.58
People
People	Employees	486	644	685	835	1,285	2,449	3,353	3,868	3,224	2,582
	Revenue/emp, $m	0.17	0.16	0.25	0.28	(0.07)	0.21	0.21	0.23	0.20	0.27
Income, $m
Income, $m	Revenue	83	100	174	230	(93)	502	701	891	629	710
	Gross margin, %	4.76	(28.05)	(14.93)	4.63	503.47	(34.10)	(27.71)	(56.97)	(99.38)	(34.09)
	EBT	(58)	(127)	(95)	(84)	(627)	(476)	(723)	(1,376)	(2,108)	(1,693)
	EBT margin, %	(69.89)	(126.89)	(54.47)	(36.41)	672.48	(94.79)	(103.10)	(154.40)	(335.17)	(238.52)
	Net income	(57)	(127)	(86)	(84)	(596)	(460)	(724)	(1,369)	(2,105)	(1,694)
	Depreciation	7	11	19	22	33	36	55	67	82	46
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
	Earnings	(0.32)	(0.60)	(0.36)	(0.36)	(1.58)	(0.82)	(1.25)	(2.30)	(2.68)	(1.42)
	Cash flow	(0.16)	(0.28)	(0.27)	(0.22)	(0.44)	(0.64)	(1.43)	(1.86)	(0.93)	(0.47)
	Capex	(0.02)	(0.02)	(0.03)	(0.03)	(0.07)	(0.31)	(0.75)	(1.12)	(0.37)	(0.10)
	Free cash flow	(0.18)	(0.30)	(0.29)	(0.26)	(0.51)	(0.95)	(2.18)	(2.97)	(1.29)	(0.56)
	Book value	0.47	0.34	0.01	0.55	4.13	8.25	7.00	4.87	2.30	0.88
	Shares, m	181	216	219	237	355	558	580	595	785	1,147
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	2.64	5.23	1.56	3.26	0.00	31.37	10.07	3.07	2.66	3.18
	P/B	2.57	7.11	100.04	5.77	8.20	3.42	1.74	0.94	0.93	2.25
	EV/Sales	2.77	5.88	2.80	4.02	(119.07)	24.62	7.58	3.35	3.12	3.41
	EV/FCF	(7.09)	(9.16)	(7.57)	(15.03)	(61.50)	(23.20)	(4.19)	(1.68)	(1.93)	(3.75)
Cash, $m
Cash, $m	Operating cash flow	(30)	(60)	(58)	(53)	(155)	(358)	(829)	(1,107)	(729)	(536)
	Capex	(3)	(4)	(6)	(8)	(24)	(173)	(437)	(664)	(287)	(111)
	Free cash flow	(32)	(64)	(64)	(61)	(180)	(531)	(1,265)	(1,771)	(1,015)	(647)
Balance, $m
Balance, $m	Working capital	44	4	9	180	1,381	4,028	2,670	822	729	800
	Total debt	68	104	273	369	447	599	570	604	694	719
	Net debt	11	65	217	174	(929)	(3,389)	(1,747)	252	290	163
	Shareholders’ equity	85	74	3	130	1,467	4,606	4,060	2,898	1,808	1,003
Returns, %
Returns, %	ROA	(25.58)	(50.89)	(25.91)	(16.30)	(40.96)	(11.22)	(12.36)	(25.66)	(49.49)	(52.65)
	ROIC	(33.47)	(45.89)	(21.79)	(9.78)	(67.92)	(22.47)	(18.36)	(26.66)	(60.17)	(78.62)
	ROE	(54.89)	(164.02)	(224.36)	(129.03)	(74.67)	(15.15)	(16.71)	(39.34)	(89.45)	(116.08)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ATKR Atkore Inc.	$3.2B	— (loss-making)	— (loss-making)	+8.13% (above 0%: growing)	−98.41% (below 0%: shrinking)	−1,006.00% (below 0%: shrinking)	22.18%	8.05%	Compare
HAYW Hayward Holdings, Inc.	$2.5B	15.7×	19.2×	+6.27% (above 0%: growing)	0.00%	+66.86% (above 0%: growing)	48.70%	23.87%	Compare
PLUG Plug Power, Inc.	$2.1B	— (loss-making)	— (loss-making)	+2.49% (above 0%: growing)	n/m	+56.89% (above 0%: growing)	(0.94%)	(35.96%)
PLPC Preformed Line Products Company	$1.8B	39.6×	37.2×	+25.40% (above 0%: growing)	+74.81% (above 0%: growing)	−1.41% (below 0%: shrinking)	34.33%	13.12%	Compare
ENR Energizer Holdings, Inc.	$1.5B	18.2×	— (loss-making)	+1.21% (above 0%: growing)	−73.15% (below 0%: shrinking)	−111.39% (below 0%: shrinking)	38.22%	12.22%	Compare
AMPX Amprius Technologies, Inc.	$1.2B	— (loss-making)	— (loss-making)	+125.87% (above 0%: growing)	n/m	+6.24% (above 0%: growing)	27.27%	(12.63%)	Compare
FCEL FuelCell Energy, Inc.	$1.1B	— (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	$877.5M	— (loss-making)	— (loss-making)	+88.40% (above 0%: growing)	n/m	−1,334.38% (below 0%: shrinking)	19.63%	(9.11%)	Compare
EOSE Eos Energy Enterprises, Inc.	$786.6M	— (loss-making)	2.3×	+351.40% (above 0%: growing)	n/m	−46.84% (below 0%: shrinking)	(70.96%)	(121.86%)	Compare
Median of peers	$1.4B	18.2×	19.2×	+16.77%	−36.57%	−24.12%	24.73%	(0.53%)

All 52 Electrical Equipment & Parts stocks →

Plug Power, Inc. (PLUG) key facts

Strength: Plug Power, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $709.9 million, up 12.9% from fiscal 2024.
Plug Power, Inc. (PLUG) is an Electrical Equipment & Parts company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, PLUG traded at $1.38, a market capitalization of $2.1 billion.
Return on equity was −116.1% and debt-to-equity 1.38.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −4.81 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.