A Business at a Glance
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PLUG POWER INC
PLUG
$2.4B
Mkt Cap
$2.09
-4.57%
PLUG POWER INC (PLUG) has a 5-year average return on invested capital (ROIC) of -54.1%. This is below average and may indicate limited pricing power.
PLUG POWER INC (PLUG) has a market capitalization of $2.4B. It is classified as a mid-cap stock.
PLUG POWER INC (PLUG) does not currently pay a regular dividend.
PLUG POWER INC (PLUG) operates in the Electrical Industrial Apparatus industry, within the Industrials sector.
PLUG POWER INC (PLUG) generated $-661 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
PLUG POWER INC (PLUG) has a debt-to-equity ratio of 0.55. This indicates moderate leverage.
PLUG POWER INC (PLUG) reported earnings per share (EPS) of $-1.42 in its most recent fiscal year.
Item 1. Business Plug is building an end-to-end clean hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cells, the Company has deployed more than 74,000 fuel cell systems, primarily through material handling applications, and operates more than 275 fueling stations. Plug intends to deliver its hydrogen solutions directly to its customers, and through joint venture partners into multiple environments, including material handling, supply chain and logistics, e-mobility, stationary power generation and industrial applications. Plug is focused on delivering a suite of hydrogen solutions to its customers.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Sales of equipment, related infrastructure and other | $393M | $559M | $711M | $390M | $371M | 34% |
Sales of electrolyzers | — | $28M | $83M | $136M | $188M | 17% |
Fuel delivered to customers and related equipment | $47M | $57M | $66M | $98M | $133M | 12% |
Power purchase agreements | $35M | $47M | $64M | $78M | $108M | 10% |
Sales of cryogenic equipment and other | $8M | $88M | $232M | $112M | $96M | 9% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | - | - | 891M | 701M | 502M |
| Net Income | -1.6B | -1.6B | -2.1B | -1.4B | -724M | -460M |
| EPS | $-1.42 | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 |
| Free Cash Flow | -661M | -661M | -1.1B | -1.8B | -1.3B | -551M |
| ROIC | -100.9% | -109.5% | -90.4% | -39.3% | -16.7% | -14.9% |
| Gross Margin | - | - | - | -57.0% | -27.7% | -34.1% |
| Debt/Equity | 0.55 | 0.55 | 0.37 | 0.19 | 0.13 | 0.09 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -1.5B | -1.5B | -2.0B | -1.3B | -680M | -437M |
| Operating Margin | 0.0% | - | - | -150.7% | -96.9% | -87.1% |
| ROE | -166.8% | -120.3% | -90.9% | -39.3% | -16.7% | -15.1% |
| Shares Outstanding | 1,149M | 1,149M | 785M | 595M | 579M | 561M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 64M | 103M | 83M | 100M | 174M | 230M | N/A | 502M | 701M | 891M | N/A | N/A | 0 |
| Gross Margin | -7.6% | -9.6% | 4.8% | -28.0% | -14.9% | 4.6% | N/A | -34.1% | -27.7% | -57.0% | N/A | N/A | N/A |
| R&D | 6.5M | 15M | 21M | 29M | 13M | 15M | 28M | 65M | 100M | 114M | 77M | 58M | 58M |
| SG&A | 27M | 34M | 34M | 45M | 38M | 43M | 79M | 180M | 364M | 422M | 376M | 380M | 380M |
| EBIT | -38M | -59M | -52M | -102M | -76M | -48M | -584M | -437M | -680M | -1.3B | -2.0B | -1.5B | -1.5B |
| Op. Margin | -59.1% | -57.1% | -62.2% | -101.6% | -43.9% | -20.7% | N/A | -87.1% | -96.9% | -150.7% | N/A | N/A | 0.0% |
| Net Income | -89M | -56M | -58M | -127M | -86M | -86M | -596M | -460M | -724M | -1.4B | -2.1B | -1.6B | -1.6B |
| Net Margin | -138.0% | -54.0% | -69.5% | -126.9% | -49.2% | -37.2% | N/A | -91.6% | -103.2% | -153.6% | N/A | N/A | 0.0% |
| Non-Recurring | -78K | 0 | -41K | 0 | 0 | -212K | 0 | 0 | -268K | 249M | 955M | 811M | 811M |
| Returns on Capital | |||||||||||||
| ROIC | -124.0% | -37.4% | -46.9% | -134.1% | N/M | -69.7% | -65.7% | -14.9% | -16.7% | -39.3% | -90.4% | -109.5% | -100.9% |
| ROE | -126.3% | -39.4% | -54.9% | -163.6% | -257.1% | -135.5% | -74.7% | -15.1% | -16.7% | -39.3% | -90.9% | -120.3% | -166.8% |
| ROA | -74.0% | -27.0% | -25.6% | -49.7% | -25.9% | -16.3% | -41.0% | -11.2% | -12.4% | -25.7% | -49.5% | -52.7% | -62.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -41M | -47M | -30M | -60M | -58M | -53M | -155M | -358M | -829M | -1.1B | -729M | -536M | -536M |
| Free Cash Flow | -42M | -51M | -88M | -105M | -77M | -66M | -204M | -551M | -1.3B | -1.8B | -1.1B | -661M | -661M |
| Owner Earnings | -47M | -57M | -44M | -79M | -67M | -82M | -195M | -464M | -1.1B | -1.4B | -853M | -610M | -610M |
| CapEx | 1.4M | 3.5M | 58M | 44M | 19M | 12M | 48M | 192M | 464M | 696M | 334M | 126M | 126M |
| Maint. CapEx | 1.9M | 2.0M | 4.6M | 9.2M | 300K | 17M | 22M | 29M | 48M | 81M | 42M | 24M | 24M |
| Growth CapEx | 0 | 1.5M | 53M | 35M | 18M | 0 | 26M | 163M | 416M | 615M | 292M | 102M | 102M |
| D&A | 1.9M | 2.0M | 4.6M | 9.2M | 300K | 17M | 22M | 29M | 48M | 81M | 42M | 24M | 24M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 603K | 247K | 182K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.1% | 0.1% | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.2M | 7.8M | 9.3M | 9.2M | 8.8M | 11M | 17M | 76M | 180M | 163M | 82M | 51M | 51M |
| Debt Repayment | 0 | 0 | 25M | 12M | 16M | 25M | 27M | 40M | 121M | 6.0M | 3.5M | 264M | 264M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -48M | 1.5M | 8.3M | 25M | 67M | -1.0B | -3.3B | -1.5B | 416M | 429M | 171M | 171M |
| Cash & Equiv. | 146M | 64M | 46M | 25M | 39M | 139M | 1.3B | 2.5B | 691M | 135M | 206M | 369M | 369M |
| Long-Term Debt | N/A | 15M | 21M | 13M | 133K | 119M | 99M | 15M | 9.0M | 3.9M | 23M | 264M | 264M |
| Debt/Equity | 0.28 | 0.13 | 0.56 | 0.47 | -17.63 | 1.59 | 0.18 | 0.09 | 0.13 | 0.19 | 0.37 | 0.55 | 0.55 |
| Interest Coverage | -94.8 | -151.3 | -6.2 | -11.6 | -5.9 | -1.3 | -9.7 | -10.1 | -17.4 | -29.7 | -43.3 | -22.5 | -22.5 |
| Equity | 158M | 125M | 85M | 70M | -3.6M | 130M | 1.5B | 4.6B | 4.1B | 2.9B | 1.7B | 978M | 978M |
| Total Assets | 204M | 209M | 241M | 271M | 390M | 660M | 2.3B | 6.0B | 5.8B | 4.9B | 3.6B | 2.6B | 2.6B |
| Total Liabilities | 45M | 84M | 146M | 196M | 356M | 528M | 784M | 1.3B | 1.7B | 2.0B | 1.8B | 1.6B | 1.6B |
| Intangibles | 1.5M | 4.6M | 3.9M | 3.8M | 3.9M | 5.5M | 39M | 158M | 208M | 189M | 85M | 29M | 29M |
| Retained Earnings | -938M | -994M | -1.1B | -1.2B | -1.3B | -1.4B | -1.9B | -2.4B | -3.1B | -4.5B | -6.6B | -8.2B | -8.2B |
| Working Capital | 167M | 89M | 44M | 3.9M | 9.2M | 180M | 1.4B | 4.0B | 2.7B | 822M | 729M | 800M | 800M |
| Current Assets | 193M | 131M | 111M | 120M | 156M | 314M | 1.6B | 4.4B | 3.3B | 1.8B | 1.5B | 1.4B | 1.4B |
| Current Liabilities | 26M | 43M | 66M | 116M | 146M | 134M | 222M | 421M | 635M | 965M | 748M | 611M | 611M |
| Per Share Data | |||||||||||||
| EPS | -0.56 | -0.32 | -0.32 | -0.60 | -0.39 | -0.36 | -1.68 | -0.82 | -1.25 | -2.30 | -2.68 | -1.42 | -1.42 |
| Owner EPS | -0.30 | -0.33 | -0.24 | -0.37 | -0.31 | -0.34 | -0.55 | -0.83 | -1.82 | -2.27 | -1.09 | -0.53 | -0.53 |
| Book Value | 1.00 | 0.72 | 0.47 | 0.33 | -0.02 | 0.55 | 4.13 | 8.21 | 7.01 | 4.87 | 2.21 | 0.85 | 0.85 |
| Cash Flow/Share | -0.26 | -0.27 | -0.16 | -0.28 | -0.27 | -0.22 | -0.44 | -0.64 | -1.43 | -1.86 | -0.93 | -0.47 | -1.40 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 158.3M | 174.4M | 180.0M | 211.8M | 219.6M | 237.7M | 354.9M | 560.9M | 579.2M | 595.1M | 785.3M | 1.1B | 1.1B |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1.5 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 3.1 | 3.1 | 2.7 | 7.3 | N/A | 5.6 | 8.1 | 3.5 | 1.7 | 1.0 | 1.1 | 2.4 | 2.5 |
| Price/Sales | 11.6 | 4.2 | 3.8 | 4.2 | 2.4 | 2.5 | N/A | 39.5 | 17.4 | 6.4 | N/A | N/A | N/A |
| FCF Yield | -8.7% | -13.0% | -38.1% | -20.3% | -26.6% | -9.0% | -1.7% | -3.5% | -19.1% | -64.3% | -56.9% | -27.8% | -27.5% |
| Market Cap | 488M | 391M | 230M | 515M | 290M | 732M | 11.9B | 15.9B | 6.8B | 2.8B | 1.9B | 2.4B | 2.4B |
| Avg. Price | 4.71 | 2.47 | 1.74 | 2.00 | 1.91 | 2.39 | 10.35 | 35.38 | 21.05 | 9.64 | 2.75 | 1.81 | 2.09 |
| Year-End Price | 3.08 | 2.24 | 1.28 | 2.43 | 1.32 | 3.08 | 33.57 | 28.33 | 11.71 | 4.71 | 2.38 | 2.07 | 2.09 |
PLUG POWER INC passes 0 of 9 quality checks, indicating weak fundamentals.
PLUG POWER INC (PLUG) has a return on equity (ROE) of -120.3%. A negative ROE may indicate losses or negative equity.
PLUG POWER INC (PLUG) has a 5-year average gross margin of -39.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for PLUG POWER INC (PLUG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PLUG POWER INC (PLUG) has a book value per share of $0.85, based on its most recent annual SEC filing.