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Plug Power Inc (PLUG) stock

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NASDAQ: PLUG Nasdaq Electrical Components & Equipment Next results ~November 9, 2026

D Fundamentals grade

Plug Power Inc is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.8

Forward price-to-sales vs peers

Base case. Range ~$0.8–$2.8. Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Plug Power Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds260 adding, 150 cuttingOf 46 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Plug Power files

Where Plug Power stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $744m, up 10.6% on a year earlier, slower than the 15.2% growth a quarter earlier. Free-cash-flow margin rose to -70.3% from -115.3% a year earlier. Operating margin widened to -172.8% from -278.1%. The diluted share count is up 38.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 7 financial-health checks. Our price-to-sales vs peers value is $0.77 a share, against a share price of $1.44.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Plug Power Inc's trailing-twelve-month revenue grew 10.6% year on year, with a free-cash-flow margin of -70.3%. Where it lags: gross margin of -18.5% ranks 50 of 54 electrical components & equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 32.5% while net income grew 16.7%: a 16pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 105.3 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -172.8%: costs exceed revenue.
  • Burning cash. Free cash flow was -70.3% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 38.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 79% and a beta of 2.2 against the S&P 500.
  • Growth easing. The growth rate is 4.6 points lower than a quarter earlier.
  • Below peers: gross margin. Gross margin of -18.5% ranks 50 of 54 electrical components & equipment companies we cover (median 29.3%).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
-$0.07 against an average estimate of -$0.08: beat by 12.5%
Revenue
$178m, up 2.5% on a year earlier
Share reaction
-4.8% in the first session after the results on October 15, 2026, against -0.8% for the S&P 500
Next report
November 9, 2026; average EPS estimate -$0.06

Plug Power's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.4%
  • 1 week-4.4%
  • 1 month-31.1%
  • This year-33.5%
  • 1 year-51.3%
  • 5 years-96.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$744M
Operating margin
-172.8%
Net margin
-220.6%
EPS (TTM, diluted)
$-1.24

Growth

Revenue growth
+10.6%
Change in growth rate
−4.6 pts
Share count change
+38.1%

Cash

Free cash flow (TTM)
-$523M
FCF margin
-70.3%
Stock pay % of revenue
7.2%

Earnings

Last results
October 15, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Results
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Plug Power Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Plug Power Inc as an operating company, with every model that fits that kind of business. Cost of equity 12.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.8 ~$0.8–$2.8 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.8 ~$0.8–$2.8 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Plug Power Inc with Electrical Components & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$2.11$1.20$2.36$1.24$3.16$33.91$28.23$12.37$4.50$2.13$1.97$1.31
Market value$372m$217m$511m$271m$749m$12.0bn$15.8bn$7.2bn$2.7bn$1.7bn$2.3bn$1.7bn
+ Net debt (− = net cash)−$64m−$22m$7m$116m−$3m−$1.2bn−$2.3bn−$492m$63m$174m$65m$416m
Enterprise value$308m$195m$518m$387m$747m$10.9bn$13.5bn$6.7bn$2.7bn$1.8bn$2.3bn$2.2bn
Multiples
Price / sales 3.6x2.6x5.1x1.6x3.3x—31.4x10.2x3.0x2.7x3.2x2.3x
Price / earnings ————————————
Price / free cash flow ————————————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

12 /100

Weak moat

How hard Plug Power's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -26.6% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median -25.7%, moving by 41.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -96.5%; its worst year was -278.1%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -85.6% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 182.0% over five years; stock-based pay has been a median 8.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, after the close. Analysts expect revenue of $193m and EPS of −$0.06 (range −$0.07 to −$0.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.27 +68% $821m +16%
Next −$0.15 +45% $978m +19%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −12.1% on 90 days ago. In the last 30 days, 4 analysts raised Plug Power Inc's forecast and 1 cut it.

Consensus EPS forecast Plug Power Inc, last 90 days
−$0.40 −$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.31 Current fiscal year, 60 days ago: −$0.27 Current fiscal year, 30 days ago: −$0.27 Current fiscal year, 7 days ago: −$0.27 Current fiscal year, Now: −$0.27 −$0.27 Next fiscal year, 90 days ago: −$0.16 Next fiscal year, 60 days ago: −$0.15 Next fiscal year, 30 days ago: −$0.15 Next fiscal year, 7 days ago: −$0.15 Next fiscal year, Now: −$0.15 −$0.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.31−$0.16
60 days ago −$0.27−$0.15
30 days ago −$0.27−$0.15
7 days ago −$0.27−$0.15
Now −$0.27−$0.15

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.08 −$0.07 +12.5%
Mar 2026 −$0.10 −$0.18 −74.2%
Dec 2025 −$0.11 −$0.06 +44.0%
Sept 2025 −$0.13 −$0.12 +7.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

19 analysts, Oct 2026
Buy526%
Hold1158%
Sell316%

Monthly trend

  1. Oct 2026511319
  2. Sep 2026512320
  3. Aug 2026512320
  4. Jul 2026512320

Counts of recommendations published by analysts covering Plug Power Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.5%
of tradable shares
Days to cover
5.86
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
4.5%
of shares
Employees
2,344
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −51.3%

$2.69 on October 31, 2025 to $1.31

ThenNowEffect
Revenue (last 12 months) $673m $744m +10.6%
P/S multiple 3.8x 2.3x −39.2%
Share count 959m 1324m −27.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PLUG−17%−56%−64%−53%−8%−34%
Industry peers (median)−4%−30%−16%−7%+14%−36%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PLUG42%33%33%33%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PLUG−73%−63%−81%−66%−78%−68%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 99% from January 26, 2021 to May 15, 2025. Getting back needed a 10354% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.31 – $4.14
From 52-week high
−68.4%
vs 50-day average
−28.8%
vs 200-day average
−45.3%
Volatility (1 year)
79%
Beta vs S&P 500
2.24

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±7.1%
After a week
6 up, 6 down
typical move ±8.3%
After a month
4 up, 7 down
typical move ±17.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 15, 2026 −4.8% −0.8% −4.8% —
August 10, 2026 +1.8% −0.3% +4.6% −0.5%
July 13, 2026 +1.8% −0.4% −4.5% −0.4%
May 11, 2026 +14.1% +0.1% +10.6% −8.3%
March 2, 2026 +24.6% −0.8% +21.8% +26.3%
November 10, 2025 −4.5% +1.8% −21.1% −14.7%
August 11, 2025 +2.0% +0.9% +9.9% −4.6%
May 12, 2025 −5.8% +4.0% −8.1% +60.5%
April 28, 2025 +18.5% +0.7% −2.5% +14.8%
March 3, 2025 +0.6% −2.9% +6.2% −18.6%
November 12, 2024 −1.0% −0.3% −3.5% +20.6%
August 8, 2024 −5.3% +2.8% +1.9% −17.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Plug Power Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Plug Power Inc
$600M $700M $800M $900M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $889.9M Revenue (TTM), FY23 Q4: $891.3M Revenue (TTM), FY24 Q1: $801.3M Revenue (TTM), FY24 Q2: $684.5M Revenue (TTM), FY24 Q3: $659.5M Revenue (TTM), FY24 Q4: $628.8M Revenue (TTM), FY25 Q1: $642.2M Revenue (TTM), FY25 Q2: $672.8M Revenue (TTM), FY25 Q3: $676.2M Revenue (TTM), FY25 Q4: $709.9M Revenue (TTM), FY26 Q1: $739.8M Revenue (TTM), FY26 Q2: $744.1M $744.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $889.9M
FY23 Q4 $891.3M
FY24 Q1 $801.3M
FY24 Q2 $684.5M
FY24 Q3 $659.5M
FY24 Q4 $628.8M
FY25 Q1 $642.2M
FY25 Q2 $672.8M
FY25 Q3 $676.2M
FY25 Q4 $709.9M
FY26 Q1 $739.8M
FY26 Q2 $744.1M
Revenue growth, TTM YoY Plug Power Inc
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 38.5% Revenue growth, TTM YoY, FY23 Q4: 27.1% Revenue growth, TTM YoY, FY24 Q1: 3.9% Revenue growth, TTM YoY, FY24 Q2: -22.2% Revenue growth, TTM YoY, FY24 Q3: -25.9% Revenue growth, TTM YoY, FY24 Q4: -29.5% Revenue growth, TTM YoY, FY25 Q1: -19.9% Revenue growth, TTM YoY, FY25 Q2: -1.7% Revenue growth, TTM YoY, FY25 Q3: 2.5% Revenue growth, TTM YoY, FY25 Q4: 12.9% Revenue growth, TTM YoY, FY26 Q1: 15.2% Revenue growth, TTM YoY, FY26 Q2: 10.6% 10.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 38.5%
FY23 Q4 27.1%
FY24 Q1 3.9%
FY24 Q2 -22.2%
FY24 Q3 -25.9%
FY24 Q4 -29.5%
FY25 Q1 -19.9%
FY25 Q2 -1.7%
FY25 Q3 2.5%
FY25 Q4 12.9%
FY26 Q1 15.2%
FY26 Q2 10.6%
Operating margin (TTM) Plug Power Inc
-400% -300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -106.9% Operating margin (TTM), FY23 Q4: -150.7% Operating margin (TTM), FY24 Q1: -173.9% Operating margin (TTM), FY24 Q2: -205.1% Operating margin (TTM), FY24 Q3: -204.1% Operating margin (TTM), FY24 Q4: -321.2% Operating margin (TTM), FY25 Q1: -301.9% Operating margin (TTM), FY25 Q2: -278.1% Operating margin (TTM), FY25 Q3: -296.3% Operating margin (TTM), FY25 Q4: -206.7% Operating margin (TTM), FY26 Q1: -189.0% Operating margin (TTM), FY26 Q2: -172.8% -172.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -106.9%
FY23 Q4 -150.7%
FY24 Q1 -173.9%
FY24 Q2 -205.1%
FY24 Q3 -204.1%
FY24 Q4 -321.2%
FY25 Q1 -301.9%
FY25 Q2 -278.1%
FY25 Q3 -296.3%
FY25 Q4 -206.7%
FY26 Q1 -189.0%
FY26 Q2 -172.8%
FCF margin (TTM) Plug Power Inc
-300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -199.3% FCF margin (TTM), FY23 Q4: -198.8% FCF margin (TTM), FY24 Q1: -198.0% FCF margin (TTM), FY24 Q2: -210.9% FCF margin (TTM), FY24 Q3: -193.2% FCF margin (TTM), FY24 Q4: -161.5% FCF margin (TTM), FY25 Q1: -140.4% FCF margin (TTM), FY25 Q2: -115.3% FCF margin (TTM), FY25 Q3: -97.5% FCF margin (TTM), FY25 Q4: -91.1% FCF margin (TTM), FY26 Q1: -88.3% FCF margin (TTM), FY26 Q2: -70.3% -70.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -199.3%
FY23 Q4 -198.8%
FY24 Q1 -198.0%
FY24 Q2 -210.9%
FY24 Q3 -193.2%
FY24 Q4 -161.5%
FY25 Q1 -140.4%
FY25 Q2 -115.3%
FY25 Q3 -97.5%
FY25 Q4 -91.1%
FY26 Q1 -88.3%
FY26 Q2 -70.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 12 19 28 26 27 64 103 83 100 174 230 −93 502 701 891 629 710 744
Gross profit 5 −4 −3 −12 −11 −5 −10 4 −28 −26 11 −469 −171 −194 −508 −625 −242 −138
EBITDA −38 −43 −29 −35 −27 −36 −57 −47 −93 −76 −36 −570 −416 −649 −1,292 −1,959 −1,430 −1,260
Operating income −41 −48 −31 −37 −29 −38 −59 −52 −102 −76 −48 −584 −437 −680 −1,344 −2,020 −1,467 −1,286
Net income −41 −47 −28 −32 −63 −88 −56 −57 −127 −86 −84 −596 −460 −724 −1,369 −2,105 −1,632 −1,641
Diluted EPS −$1.57 −$1.79 −$0.73 −$0.47 −$0.41 −$0.56 −$0.32 −$0.32 −$0.60 −$0.39 −$0.36 −$1.68 −$0.82 −$1.25 −$2.30 −$2.68 −$1.42 −$1.24
Growth (year on year)
Revenue — +58.4% +41.9% −5.5% +1.9% +141.5% +60.8% −19.8% +20.9% +73.9% +32.0% −140.5% — +39.6% +27.1% −29.5% +12.9% +10.6%
Margins
Gross margin 41.1% −18.7% −11.0% −44.2% −42.3% −7.6% −9.6% 4.8% −28.0% −14.9% 4.6% — −34.1% −27.7% −57.0% −99.4% −34.1% −18.5%
EBITDA margin −306.2% −218.6% −105.0% −132.5% −101.7% −56.0% −55.2% −56.6% −92.5% −43.7% −15.5% 611.1% −82.9% −92.5% −144.9% −311.5% −201.4% −169.3%
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% −87.1% −96.9% −150.7% −321.2% −206.7% −172.8%
Net margin −331.2% −241.4% −99.5% −122.0% −235.6% −137.8% −53.9% −69.4% −126.9% −49.1% −36.4% 639.4% −91.6% −103.2% −153.6% −334.7% −229.8% −220.6%
Free-cash-flow margin −315.3% −215.0% −115.8% −77.5% −101.5% −65.7% −49.2% −39.1% −64.2% −36.4% −25.7% 190.9% −105.6% −180.4% −198.8% −161.5% −91.1% −70.3%
Cash flow
Cash from operations −38 −41 −33 −20 −27 −41 −47 −30 −60 −58 −53 −155 −358 −829 −1,107 −729 −536 −483
Capital spending 1 1 −1 0 0 1 4 3 4 5 6 23 172 437 665 287 111 41
Free cash flow −39 −42 −32 −20 −27 −42 −51 −32 −64 −63 −59 −178 −530 −1,265 −1,772 −1,016 −647 −523
Stock-based pay 2 1 1 2 2 4 8 9 9 9 11 17 76 180 163 82 51 53
Free cash flow after stock pay −41 −43 −33 −22 −29 −46 −59 −42 −73 −72 −70 −195 −607 −1,445 −1,935 −1,098 −698 −577
Balance sheet
Cash 15 11 14 9 5 146 64 46 25 39 139 1,312 2,481 691 135 206 369 162
Total debt 0 0 0 3 0 0 0 24 32 154 137 136 223 199 198 379 434 578
Net debt (negative = net cash) −15 −11 −14 −6 −5 −146 −64 −22 7 116 −3 −1,176 −2,258 −492 63 174 65 416
Diluted shares — 26m 38m 69m 153m 159m 176m 181m 216m 219m 237m 355m 558m 580m 595m 785m 1,147m 1,324m
Returned to shareholders
Buybacks 1 0 0 — −6 1 0 0 — — — — — — — — — —
Total returned 1 0 0 — −6 1 0 0 — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $2.2bn
Short-term assets $1.1bnLonger-term assets $1.0bn
What it owes, and who funded it · $2.2bn
Short-term liabilities $494mLonger-term liabilities $1.1bnShareholders' equity $582m
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $494m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.1bn short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $162m of cash against $578m of debt.
  • Debt below 40% of shareholders' equity Debt is 99% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 4% to 99% over five years.
  • A year's operating cash flow covers at least 20% of debt −$483m of operating cash flow against $578m of debt.
  • Operating profit covers interest at least five times over Operating income of −$1.3bn against $72m of interest.

From Plug Power Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+38.1%
year over year
R&D spending
7.2%
of revenue
Sales & admin spending
41.7%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated PLUG PLPC LYTS SHLS ALNT VICR Median
Revenue, last 12 months $744m $772m $689m $588m $575m $561m $154m
Revenue growth, last 12 months 10.6% 16.3% 20.2% 46.9% 10.6% 27.0% 10.6%
Revenue growth, 3-year average −5.4% 3.6% 11.5% 12.8% 1.0% 10.3% 9.2%
Revenue growth, latest quarter 2.5% 17.6% 51.3% 47.4% 10.2% 78.5% 10.2%
Gross margin −18.5% 32.4% 25.1% 31.9% 33.3% 60.6% 29.3%
Operating margin −172.8% 10.1% 5.6% 10.6% 8.4% 24.9% −17.7%
Operating margin, 3-year average −218.7% 8.8% 6.5% 10.8% 7.1% 13.7% −32.6%
Net margin −220.6% 7.6% 3.3% 5.4% 5.0% 32.2% −23.4%
Cash from operations / revenue −64.9% 11.7% 6.4% −3.3% 6.7% 17.1% −6.5%
Free-cash-flow margin −70.3% 4.7% 5.7% −8.8% 4.8% 9.1% −11.0%
Free-cash-flow margin, 3-year average −132.2% 6.2% 6.6% 5.0% 7.2% 15.0% −6.8%
Stock pay / revenue 7.2% 1.1% 0.6% 2.1% 0.6% 3.2% 2.5%
Change in share count 38.1% −0.2% 9.3% 1.2% 1.0% 4.0% 10.0%

Median of all 57 companies we cover in electrical components & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 electrical components & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 10.6% 10.6% 29 of 57
Change in growth rate Growth -4.6pp +0.0pp 37 of 57
Gross margin Profitability -18.5% 29.3% 50 of 54
Operating margin Profitability -172.8% -20.0% 49 of 53
Net margin Profitability -220.6% -23.4% 50 of 57
Free-cash-flow margin Cash generation -70.3% -8.8% 47 of 56
Stock pay as % of revenue Cash generation 7.2% 2.8% 36 of 50
Long-term debt as % of assets Balance sheet 26.4% 17.8% 28 of 40
Change in share count Balance sheet 38.1% 10.0% 40 of 46
Days sales outstanding Balance sheet 62 days 72 days 21 of 50

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Sales of Equipment and Related Infrastructure $371M 52.2% ▼ 4.9%
Sale of Electrolyzers $188M 50.6% ▲ 38.6%
Services Performed On Fuel Cell Systems and Related Infrastructure $94.5M 25.5% ▲ 81.1%
Sales of Fuel Cell Systems $54M 14.6% ▲ 3.6%
Sale of Hydrogen Infrastructure $26.8M 7.2% ▼ 61.3%
Sale of Engineered Equipment $6.9M 1.8% ▼ 69.0%
Fuel Delivered To Customers and Related Equipment $133M 18.8% ▲ 36.3%
Power Purchase Agreements $108M 15.1% ▲ 38.2%
Sale of Cryogenic Equipment $95.7M 13.5% ▼ 14.2%
Other Product and Services $3.4M 0.5% ▼ 67.9%
Geography
Region Revenue Share YoY
United States $536M 75.5% ▲ 25.2%
Outside the US $174M 24.5% ▼ 13.3%

From Plug Power Inc's 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.2B
Institutions reporting
500
Shares held vs prior quarter
▲ 8.0%
Positions opened / closed
77 / 42

Top buyers and sellers, Q2 2026: 260 institutions bought and 150 sold ; the biggest buyer was Blackrock, Inc (+31.9M shares) and the biggest seller D. E. Shaw & Co., Inc (−27.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $499M 184.0M 22.6% ▲ 21.0%
Vanguard Portfolio Management LLC $179M 66.2M 8.1% ▲ 11.0%
Vanguard Capital Management LLC $171M 62.9M 7.7% ▲ 0.6%
State Street Corp $105M 38.8M 4.8% ▲ 6.1%
Geode Capital Management, LLC $99.1M 36.6M 4.5% ▲ 5.3%
UBS Group AG $89.8M 33.1M 4.1% ▼ 20.4%
Citadel Advisors LLC $65.4M 24.1M 3.0% ▲ 2712.4%
Two Sigma Investments, LP $61.3M 22.6M 2.8% ▼ 17.5%
D. E. Shaw & Co., Inc. $59.5M 21.9M 2.7% ▼ 55.2%
Dimensional Fund Advisors LP $52.8M 19.5M 2.4% ▲ 7.5%
Handelsbanken Fonder AB $51.5M 19.0M 2.3% ▲ 446.9%
Millennium Management LLC $37.1M 13.7M 1.7% ▲ 34.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Plug Power Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $87,282 1 trade by 1 insider, last 12 months Insider sales History → $874,897 8 trades by 2 insiders · 100% under pre-set plans
Net ▼ $787,615 net selling
Insider Date Trade Shares Price Value
Haycraft Benjamin CSO & GM EMEA October 15, 2026 Sell pre-set plan 9,375 $1.41 $13,219
Haycraft Benjamin CSO & GM EMEA September 18, 2026 Sell pre-set plan 200,000 $2.14 $428,000
Haycraft Benjamin CSO & GM EMEA September 15, 2026 Sell pre-set plan 18,750 $2.06 $38,625
Haycraft Benjamin CSO & GM EMEA September 11, 2026 Sell pre-set plan 13,810 $2.14 $29,553
Helmer Maureen O Director June 8, 2026 Sell pre-set plan 50,000 $3.23 $161,500
Haycraft Benjamin CSO & GM EMEA January 12, 2026 Sell pre-set plan 40,000 $2.17 $86,800
Crespo Jose Luis See Remarks December 15, 2025 Buy pre-set plan 37,300 $2.34 $87,282
Haycraft Benjamin CSO & GM EMEA December 10, 2025 Sell pre-set plan 40,000 $2.20 $88,000
Haycraft Benjamin CSO & EVP of EMEA Region November 10, 2025 Sell pre-set plan 10,000 $2.92 $29,200

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 16 trades and filings

No trades in Plug Power Inc disclosed in the last 12 months; 16 earlier trades on record.

  • Austin Scott(R-GA 8):Sale (full), $1,001 - $15,000, traded July 31, 2024, filed August 13, 2025
  • Daniel S. Goldman(D-NY 10):Purchase, $15,001 - $50,000, traded April 10, 2023, filed May 19, 2023
  • Daniel S. Goldman(D-NY 10):Sale (full), $15,001 - $50,000, traded March 6, 2023, filed April 17, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • October 15, 2026
  • August 10, 2026
  • July 13, 2026
  • May 11, 2026
  • March 2, 2026
  • November 10, 2025

Recent SEC filings

Data status

When each part of this page on Plug Power Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Plug Power Inc in brief

What does Plug Power Inc do?
Plug Power Inc is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is Plug Power Inc's stock ticker?
Plug Power Inc trades under the ticker PLUG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Plug Power Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Plug Power Inc reported revenue of $744M, 10.6% higher than a year earlier, according to its SEC filings.
What is Plug Power Inc's free cash flow?
Plug Power Inc's free-cash-flow margin is -70.3% of revenue over the trailing twelve months, ranking 47 of the 56 electrical components & equipment companies we cover.
Who are Plug Power Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Plug Power Inc's market cap?
On November 2, 2026, Plug Power Inc's market capitalisation was about $1.7B and net debt of $416M. Market figures come from third-party market data and may be delayed.
How much debt does Plug Power Inc have?
Plug Power Inc's debt-to-equity ratio is 99.4%, from its latest balance sheet (4.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Plug Power Inc's competitors?
In our Electrical Components & Equipment peer group, the companies closest to Plug Power Inc are Preformed Line Products Co, LSI Industries Inc, Shoals Technologies Group, Inc., Allient Inc and Vicor Corp. The side-by-side comparison below sets their revenue, margins and growth against Plug Power Inc's.
Are insiders buying or selling Plug Power Inc stock?
Over the last 12 months, Plug Power Inc's directors and officers reported 1 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Plug Power Inc's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Plug Power Inc announces its own schedule.