Plug Power Inc. PLUG R2K

Industrials · Electrical Equipment & Parts · United States

https://www.plugpower.com

Plug Power Inc. designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. The company offers GenDrive, a hydrogen fueled PEM fuel cell system, which powers material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment; GenFuel, a liquid hydrogen fueling, delivery, generation, storage, and dispensing system; and GenCare, an Internet of Things based maintenance and on-site service program. It also provides GenKey, a turn-key solution; GenEco electrolyzers for clean hydrogen production; liquefaction systems; cryogenic equipment, such as trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases; GenSure, a stationary fuel cell solution; and liquid hydrogen. The company serves customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications through its direct sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is based in Slingerlands, New York.

Market & Price

Market Cap

$5.51B

Current Price

$3.95

High / Low (52W)

$4.14 / $0.82

Beta

2.06

Valuation

Stock P/E

Industry PE

28.38

Forward P/E

PEG Ratio

0.84

Book Value

$0.54

Price to Book

7.34

P/S

7.45

EV/EBITDA

-10.27

Dividend Yield

Profitability & Returns

ROCE

-82.07%

ROE

-128.79%

ROA

-13.57%

Profit Margin

Op Margin

-63.56%

EPS (Latest Qtr)

$-0.18

EPS (TTM)

$-1.39

Balance Sheet & Liquidity

Debt/Equity

1.31

Quick Ratio

0.90

Current Ratio

2.36

Debt

$1.01B

Total Assets

$2.59B

Current Assets

$1.41B

Working Capital

$799.68M

Ownership

Promoter Holding

4.50%

Chg in Prom Hold

FII / Inst Holding

68.48%

Chg in FII Hold

-0.02%

Financial Snapshot

Enterprise Value

$6.31B

Total Revenue (TTM)

$739.76M

EBITDA

$-613.99M

Free Cash Flow

$-407.41M

Operating Cash Flow

$-580.31M

Shares Outstanding

1.40B

Gross Margin

-31.24%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

0.40%

Profit 5Y

-41.79%

Revenue (YoY)

22.30%

Earnings (YoY)

PROS

In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Earnings shrank at -41.8% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	PLUG Plug Power Inc. R2K	3.95	-	$5.51B	-	-82.07%	-128.79%	0.40%	-41.79%
2	CAT Caterpillar Inc. SPX	875.87	43.66	$403.42B	0.69%	19.42%	51.33%	4.38%	9.83%
3	GE GE Aerospace SPX	323.76	40.17	$338.27B	0.58%	11.89%	45.43%	16.32%	195.89%
4	GEV GE Vernova Inc. SPXAI	968.32	28.33	$260.21B	0.21%	6.30%	75.71%	8.68%	92.84%
5	RTX RTX Corporation SPX	179.66	33.64	$241.95B	1.54%	9.41%	11.57%	9.72%	9.01%
6	UNP Union Pacific Corporation SPX	262.64	21.60	$155.93B	2.10%	16.19%	40.69%	-0.49%	0.66%
7	ETN Eaton Corporation plc SPXAI	400.60	39.20	$155.55B	1.10%	16.23%	20.84%	9.77%	18.41%
8	HON Honeywell International Inc. NDXSPX	237.86	38.00	$150.72B	2.00%	13.57%	24.26%	1.82%	-1.62%
9	DE Deere & Company SPX	542.18	30.67	$146.45B	1.20%	12.82%	18.35%	-4.50%	-11.00%

Quarterly Results

Figures in USD.

Metric	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	31.43M	-	15.33M	20.46M	17.56M	32.58M	15.23M	20.78M	34.59M	33.66M	26.42M	35.23M	53.16M	-	21.58M	57.53M	59.46M	91.61M	40.82M	68.00M	107.05M	-	71.96M	124.56M	143.92M	140.80M	151.27M	188.63M	210.29M	260.18M	198.71M	120.26M	143.35M	-	-	133.67M	173.97M	177.06M	225.22M	163.51M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	207.53M	227.44M	297.22M	219.77M	185.12M
Gross Profit	76.00K	-9.42M	170.00K	384.00K	381.00K	3.01M	-4.48M	-3.54M	-19.41M	-657.00K	-3.98M	-2.31M	4.41M	4.51M	-7.74M	6.14M	4.50M	7.75M	-9.70M	-15.00K	-28.58M	-431.11M	-12.17M	-40.30M	-31.08M	-35.35M	-32.47M	-46.06M	-69.40M	-78.14M	-137.97M	-159.07M	-131.25M	-	-	-73.86M	-53.47M	-120.17M	5.45M	-21.61M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	98.20M	100.09M	126.71M	112.54M	82.32M
Operating Income	-12.26M	-24.12M	-12.95M	-13.38M	-13.26M	-11.94M	-19.62M	-28.07M	-36.38M	-17.72M	-20.94M	-22.98M	-12.64M	-12.92M	-19.97M	-11.08M	-9.46M	-7.11M	-25.59M	-26.53M	-54.31M	-477.77M	-48.28M	-89.64M	-98.66M	-139.16M	-146.91M	-159.75M	-209.80M	-233.84M	-273.97M	-259.41M	-244.67M	-	-	-172.06M	-153.55M	-246.88M	-107.09M	-103.93M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-171.23M	-198.00M	-336.82M	-877.57M	-221.43M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11.49M	15.94M	16.46M	21.24M	17.35M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-196.86M	-228.72M	-363.41M	-904.33M	-246.00M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	12.00K	92.00K	252.00K	41.00K
Net Income	-10.21M	-	-11.75M	-13.13M	-13.39M	-	-24.04M	-42.62M	-40.98M	-	-19.84M	-25.87M	-15.56M	-	-30.55M	-17.34M	-17.82M	-18.04M	-37.43M	-9.40M	-65.22M	-	-60.75M	-99.63M	-106.67M	-156.49M	-173.30M	-170.76M	-206.56M	-236.40M	-283.48M	-295.78M	-262.33M	-	-	-196.66M	-227.10M	-361.87M	-845.97M	-245.30M
Diluted EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.12	-0.18	-0.19	-0.27	-0.30	-0.30	-0.35	-0.40	-0.47	-0.46	-0.36	-0.25	-	-0.21	-0.20	-0.31	-	-0.18
R&D Expense	4.13M	-	4.83M	5.20M	5.00M	-	6.00M	6.62M	7.44M	-	8.65M	8.43M	8.40M	-	3.01M	3.61M	3.56M	4.88M	4.77M	4.87M	7.39M	-	9.74M	11.25M	16.63M	20.46M	23.56M	28.11M	26.54M	29.25M	27.65M	25.28M	18.94M	19.71M	-	17.36M	12.19M	16.12M	-	12.11M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	12.29M	19.47M	27.63M	26.11M	26.60M	64.23M	103.29M	82.82M	100.15M	174.22M	229.97M	-93.24M	-	701.44M	891.34M	628.81M	709.92M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	895.80M	1.40B	1.25B	951.96M
Gross Profit	-	-	-	-	-11.25M	-4.86M	-9.89M	3.95M	-28.09M	-26.00M	10.65M	-469.42M	-	-194.36M	-507.79M	-624.89M	-242.04M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	463.51M	536.21M	453.34M	437.53M
Operating Income	-41.27M	-47.53M	-31.13M	-36.67M	-28.96M	-37.93M	-59.00M	-51.52M	-101.79M	-76.44M	-47.61M	-584.20M	-	-657.86M	-1.04B	-1.08B	-679.57M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-632.53M	-1.26B	-1.98B	-1.58B
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	39.04M	45.20M	46.62M	65.13M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-723.17M	-1.38B	-2.11B	-1.69B
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	839.00K	-7.36M	-2.69M	356.00K
Net Income	-40.71M	-46.96M	-27.45M	-31.86M	-62.67M	-88.49M	-55.69M	-57.49M	-127.08M	-85.61M	-83.74M	-596.15M	-	-724.01M	-1.37B	-2.10B	-1.63B
Diluted EPS	-	-	-	-	-	-	-	-	-	-	-0.36	-1.68	-0.82	-1.25	-2.30	-2.68	-
R&D Expense	16.32M	12.90M	5.66M	5.43M	3.12M	6.47M	14.95M	21.18M	28.69M	12.75M	15.06M	27.85M	64.76M	99.58M	113.75M	77.23M	57.96M

Compounded Sales Growth

5 Years:	0.40%
1 Year:	22.30%

Compounded Profit Growth

5 Years:	-41.79%
1 Year:	-

Stock Price Performance

1 Year:	+348.86%
6 Months:	+102.56%
3 Months:	+120.67%
1 Month:	+15.84%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	59.18M	55.66M	39.46M	35.36M	204.15M	209.46M	240.83M	270.81M	390.33M	360.81M	397.18M	470.30M	659.51M	631.36M	898.72M	1.36B	2.25B	-	5.76B	4.90B	3.60B	2.59B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.31B	1.79B	1.48B	1.41B
Cash & Equivalents	80.84M	14.58M	10.96M	13.86M	9.38M	5.03M	146.21M	63.96M	46.01M	24.83M	38.60M	39.34M	19.84M	43.27M	139.50M	74.34M	152.49M	448.14M	1.31B	-	690.63M	135.03M	205.69M	368.54M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	645.64M	961.25M	682.64M	520.97M
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	129.45M	243.81M	157.24M	134.76M
Total Liabilities	-	-	16.26M	26.62M	24.43M	50.86M	44.72M	83.57M	146.12M	196.46M	355.97M	336.25M	381.34M	463.07M	528.46M	526.26M	664.16M	769.83M	784.36M	-	1.70B	2.00B	1.80B	1.59B
Current Liabilities	-	-	15.02M	17.04M	17.04M	10.87M	25.71M	42.71M	66.48M	115.72M	146.37M	84.54M	93.06M	112.81M	133.96M	133.57M	187.57M	252.21M	222.37M	-	635.27M	964.80M	748.49M	610.59M
Long Term Debt	-	-	-	-	-	-	-	-	20.83M	13.37M	133.00K	-	-	-	-	-	-	-	-	-	468.16M	480.84M	587.31M	624.13M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	898.73M	968.85M	1.08B	997.17M
Total Equity	125.86M	88.27M	42.91M	29.04M	15.03M	-17.87M	158.28M	124.74M	85.09M	70.23M	-3.59M	-7.08M	-15.79M	-19.23M	129.90M	104.39M	234.56M	586.26M	1.47B	-	4.06B	2.90B	1.73B	978.07M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	608.42M	625.31M	934.13M	1.39B

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-	-	-33.31M	-20.16M	-26.88M	-40.78M	-47.27M	-29.64M	-60.18M	-58.35M	-53.32M	-155.48M	-	-828.62M	-1.11B	-728.64M	-535.84M
Investing Cash Flow	-	-	10.32M	-13.92K	3.21M	-965.00K	-2.02M	-58.08M	-44.36M	-19.57M	-14.24M	-95.33M	-	-679.37M	728.05M	-402.36M	-139.01M
Financing Cash Flow	-	-	25.93M	15.70M	19.37M	182.92M	-32.92M	76.67M	71.62M	120.08M	326.97M	1.52B	-	-77.46M	6.12M	983.17M	629.95M
Capital Expenditure	-532.96K	-1.10M	1.33M	-77.53K	-111.00K	-1.41M	-3.52M	-2.74M	-4.09M	-5.14M	-5.68M	-22.53M	-	-463.87M	-696.13M	-334.25M	-125.64M
Free Cash Flow	-	-	-31.98M	-20.24M	-26.99M	-42.19M	-50.79M	-32.38M	-64.27M	-63.49M	-59.01M	-178.00M	-	-1.29B	-1.80B	-1.06B	-661.48M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.79B	-547.80M	51.26M	164.68M
Share Buybacks	534.42K	441.51K	158.49K	-	-6.10M	603.00K	247.00K	182.00K	-	-	-	-	-	-	-	-	-

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-42.3%	-7.6%	-9.6%	4.8%	-28.0%	-14.9%	4.6%	503.5%	-	-27.7%	-57.0%	-99.4%	-34.1%
Operating Margin %	-335.7%	-244.1%	-112.7%	-140.5%	-108.9%	-59.1%	-57.1%	-62.2%	-101.6%	-43.9%	-20.7%	626.6%	-	-93.8%	-117.1%	-171.5%	-95.7%
Net Margin %	-331.2%	-241.2%	-99.4%	-122.0%	-235.6%	-137.8%	-53.9%	-69.4%	-126.9%	-49.1%	-36.4%	639.4%	-	-103.2%	-153.6%	-334.7%	-229.8%
ROE %	-46.1%	-109.4%	-94.6%	-212.0%	350.7%	-55.9%	-44.6%	-67.6%	-181.0%	2,386.0%	-64.5%	-40.6%	-	-17.8%	-47.2%	-121.4%	-166.8%
ROCE %	-	-107.6%	-80.6%	-163.6%	-118.3%	-21.3%	-35.4%	-29.5%	-65.6%	-31.3%	-9.1%	-28.8%	-	-12.8%	-26.5%	-37.8%	-34.3%

Shareholding Pattern

Insiders

4.50%

Institutions

68.48%

Public Float

71.70%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	10.90%	152.09M	$600.77M
2	Vanguard Capital Management LLC	4.48%	62.55M	$247.07M
3	Vanguard Portfolio Management LLC	4.27%	59.60M	$235.44M
4	Shaw D.E. & Co., Inc.	3.51%	48.96M	$193.39M
5	UBS Group AG	2.98%	41.59M	$164.29M
6	State Street Corporation	2.62%	36.55M	$144.37M
7	Geode Capital Management, LLC	2.49%	34.71M	$137.10M
8	Renaissance Technologies, LLC	1.99%	27.74M	$109.57M
9	Two Sigma Investments, LP	1.96%	27.40M	$108.21M
10	Dimensional Fund Advisors LP	1.30%	18.13M	$71.63M

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PLUG · Industrials

Plug Power Inc.

About

Key Facts

Sector	Industrials
Industry	Electrical Equipment & Parts
Headquarters	United States
Employees	2,344
Website	https://www.plugpower.com

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Plug Power Inc. PLUG R2K

Market & Price

Valuation

Profitability & Returns

Balance Sheet & Liquidity

Ownership

Financial Snapshot

Growth (CAGR)

PROS

CONS

Price Chart

Technical Trend

Fundamental Growth

Peer comparison

Quarterly Results

Profit & Loss (Annual)

Compounded Sales Growth

Compounded Profit Growth

Stock Price Performance

Balance Sheet (Annual)

Cash Flows (Annual)

Ratios (Annual)

Shareholding Pattern

Top Institutional Holders

Analyst View

Latest News

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