Plug Power Inc (PLUG)
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.
- Symbol
- PLUG
- Exchange
- Nasdaq
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Market cap
- $2.94B
- 52 week range
- 1.7 - 4.58
Valuation
- Share price
- $2.04 (close of 2026-09-23)
- P/E (TTM)
- -1.59x
- Price to book
- 5.00x
- Price to free cash flow
- -5.61x
- Enterprise value
- $3.81B
- Book value per share
- $0.42
Price performance
| Period | Change |
|---|
| 1 day | -3.32% |
| 5 days | +0.99% |
| 1 month | -10.13% |
| 3 months | -24.72% |
| 6 months | -11.69% |
| Year to date | +3.55% |
| 1 year | -19.37% |
| 3 years | -72.54% |
| 5 years | -92.65% |
| 10 years | +25.15% |
| All time | -98.72% |
Profitability and growth
- Return on equity
- -162.62%
- Return on invested capital
- -89.92%
- Return on assets
- -62.88%
- Return on capital employed
- -73.96%
- Gross margin
- -34.09%
- Net margin
- -229.83%
- EBITDA margin
- -201.40%
- Revenue growth
- 12.90%
- Net income growth
- 22.48%
- Free cash flow growth
- 36.30%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -17.83%
- Current ratio
- 2.32x
- Net debt to EBITDA
- -0.55x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $709.92M
- Cost of revenue
- $951.96M
- Gross profit
- $-242.04M
- EBITDA
- $-1.43B
- Net income
- $-1.63B
- Earnings per share
- $-1.42
- Research and development
- $57.96M
- Interest expense
- $65.13M
- Shares outstanding
- 1.15B
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $709.92M | $-242.04M | $-1.63B | $-1.42 |
| 2024-12-31 | $628.81M | $-624.89M | $-2.10B | $-2.68 |
| 2023-12-31 | $891.34M | $-507.79M | $-1.37B | $-2.30 |
| 2022-12-31 | $701.44M | $-194.36M | $-724.01M | $-1.25 |
| 2021-12-31 | $502.34M | $-171.31M | $-459.96M | $-0.82 |
| 2020-12-31 | $-93.24M | $-469.42M | $-596.15M | $-1.68 |
| 2019-12-31 | $229.97M | $10.65M | $-83.74M | $-0.36 |
| 2018-12-31 | $174.22M | $-26.00M | $-85.61M | $-0.39 |
| 2017-12-31 | $100.15M | $-28.09M | $-127.08M | $-0.60 |
| 2016-12-31 | $82.82M | $3.95M | $-57.49M | $-0.32 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | -34.09% | -229.83% | -162.62% | -89.92% |
| 2024-12-31 | -99.38% | -334.71% | -116.43% | -75.25% |
| 2023-12-31 | -56.97% | -153.57% | -47.23% | -35.80% |
| 2022-12-31 | -27.71% | -103.22% | -17.83% | -15.92% |
| 2021-12-31 | -34.10% | -91.56% | -9.99% | -16.82% |
| 2020-12-31 | 503.47% | 639.40% | -40.64% | -116.59% |
| 2019-12-31 | 4.63% | -36.41% | -64.47% | -59.91% |
| 2018-12-31 | -14.93% | -49.14% | 2385.95% | -55.97% |
| 2017-12-31 | -28.05% | -126.89% | -180.95% | -131.29% |
| 2016-12-31 | 4.76% | -69.41% | -67.56% | -81.33% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $368.54M | - |
| 2024-12-31 | $205.69M | - |
| 2023-12-31 | $135.03M | $3.90M |
| 2022-12-31 | $690.63M | $9.00M |
| 2021-12-31 | $2.48B | $128.00M |
| 2020-12-31 | $1.31B | $175.40M |
| 2019-12-31 | $139.50M | - |
| 2018-12-31 | $38.60M | $133.00K |
| 2017-12-31 | $24.83M | $13.37M |
| 2016-12-31 | $46.01M | $20.83M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $-647.00M | $50.55M |
| 2024-12-31 | $-1.02B | $82.20M |
| 2023-12-31 | $-1.77B | $162.91M |
| 2022-12-31 | $-1.27B | $179.63M |
| 2021-12-31 | $-530.34M | $76.47M |
| 2020-12-31 | $-178.00M | $17.14M |
| 2019-12-31 | $-59.01M | $10.89M |
| 2018-12-31 | $-63.49M | $8.77M |
| 2017-12-31 | $-64.27M | $9.21M |
| 2016-12-31 | $-32.38M | $9.29M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-09
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-10 | Jun/2026 | - |
| 2026-05-11 | - | - |
| 2026-03-02 | - | - |
| 2025-11-10 | - | - |
| 2025-08-11 | - | - |
| 2025-05-12 | - | - |
| 2025-03-03 | - | - |
| 2024-11-12 | - | - |
Filings and sources
- Company website
- plugpower.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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