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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. 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%
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 (at or above 1.5: strong)
Debt/Equity 1.38
P/E ratio 0.00
Fwd P/E (9.04) (negative: loss-making)
P/S ratio 2.58
P/B ratio 3.27
Past 5Y EPS Growth —
This Y EPS Growth 70.58% (at or above 15%: strong)
Next Y EPS Growth 62.80% (at or above 15%: strong)
Next Y revenue growth 15.41% (at or above 10%: strong)
Next 5Y EPS Growth 60.32% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.2×, against a ten-year median of 4.4×; over the ten years it ranged from −2,771× in 2021 to 609× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Plug Power, Inc. (PLUG) Latest News

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