Plug Power Inc. PLUG

IndustrialsRenewable EnergyUnited States of America

Last close 1.31 USD on Nov 2, 2026, −33.5% year to date

Quant rating

Quant rating D Rank 392 of 486 in Industrials

Growth B 124 of 486
Valuation D 405 of 486
Quality D 350 of 486
Revisions C 198 of 486
Momentum D 473 of 486

Wall Street consensus Hold (2.86)Average target 3.14 USD +139.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.8B
Enterprise value: 2.5B
52-week range: 1.30 – 4.33
3-year range: 0.70 – 6.62
Dividend yield: –
Beta (5 years): 2.15
Shares outstanding: 1,397M
Next earnings: Nov 9, 2026

About the company

Plug Power Inc. is engaged in providing an end-to-end hydrogen ecosystem, from production, storage, and delivery to energy generation. The Company is focused on delivering hydrogen solutions. Its vertically integrated, end-to-end hydrogen solutions are designed to fit customer needs, including hydrogen production equipment and the delivery of hydrogen fuel, including fuel cells, proton exchange membrane (PEM) electrolyzers, hydrogen liquefiers, liquid hydrogen cryogenic solutions, and hydrogen production. Its product and service portfolio includes GenDrive, GenFuel, GenCare, GenKey, GenEco Electrolyzers, Liquefaction Systems, Cryogenic Equipment, GenSure, and Liquid Hydrogen. GenDrive is a hydrogen fueled PEM fuel cell system, providing power to material handling electric vehicles (EVs), including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment. GenFuel is a liquid hydrogen fueling, delivery, generation, storage, and dispensing system.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	710	629	891	701	502	–
Revenue growth	12.9%	−29.5%	27.1%	39.6%	63.9%	18.3%
EPS (basic, normalized)	−1.37	−2.68	−2.30	−1.25	−0.72	–
EPS growth	–	–	–	–	–	–
Gross margin	−34.1%	−99.4%	−57.0%	−27.7%	−34.1%	−50.4%
Net margin	−229.8%	−334.7%	−153.6%	−103.2%	−91.6%	−182.6%
ROE	−120.3%	−90.9%	−39.3%	−16.7%	−15.1%	−56.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	162
Current ratio	2.32x
Long-term debt (mil)	755
Net debt (mil)	666
Total equity (mil)	582
Net debt / equity	1.14x
Net debt / EBITDA	−1.05x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	710	+12.9%	3.5x	−635	+14.1%	−3.9x	−1.37	+48.9%	−1.0x
2026	889	+25.3%	2.8x	−189	+70.2%	−13.2x	−0.34	+74.9%	−3.8x
2027	975	+9.6%	2.6x	−83.9	+55.6%	−29.7x	−0.15	+55.1%	−8.5x
2028	1,166	+19.7%	2.1x	87.9	+204.7%	28.4x	−0.09	+42.7%	−14.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	889	+8.5%	+9.3%	+11.0%	−0.34	−0.5%	−31.5%	−10.3%
2027	975	+0.4%	+1.1%	+2.7%	−0.15	−2.8%	+10.0%	+25.4%
2028	1,166	+0.3%	+0.9%	+1.4%	−0.09	−8.1%	+34.8%	+62.6%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	120	143	174	191	134	174	177	225	164	178
Sales mean (mil)	158	185	210	263	132	158	180	218	141	169
Surprise	−23.7%	−22.5%	−17.4%	−27.2%	+1.1%	+10.1%	−1.4%	+3.4%	+15.8%	+5.3%
EPS reported	−0.46	−0.36	−0.25	−1.65	−0.21	−0.20	−0.12	−0.64	−0.08	−0.07
EPS mean	−0.33	−0.29	−0.24	−0.23	−0.19	−0.15	−0.12	−0.10	−0.09	−0.08
Surprise	−39.2%	−23.0%	−3.3%	−626.6%	−9.9%	−29.6%	+2.9%	−523.8%	+14.9%	+9.2%

Peer comparison Renewable Energy

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PLUG Plug Power Inc.	1.8B	−1.05x	−229.8%	3.15x	−3.8x	−8.5x	−13.2x	−29.7x
FSLR First Solar, Inc.	19.6B	−0.70x	29.3%	1.80x	10.4x	7.9x	6.8x	5.6x
NXT Nextpower Inc	13.8B	−1.21x	16.5%	5.23x	19.1x	15.8x	13.8x	11.4x
ENPH Enphase Energy, Inc.	3.7B	−0.75x	11.7%	2.98x	16.4x	16.8x	12.3x	14.8x
SEDG SolarEdge Technologies, Inc.	1.9B	1.56x	−34.2%	4.51x	−82.9x	33.5x	118.9x	17.7x
RUN Sunrun Inc	2.0B	27.04x	15.2%	0.57x	6.1x	22.5x	22.6x	18.4x
Mean		4.15x	−31.9%	3.04x	−5.8x	14.7x	26.9x	6.4x
Median		−0.72x	13.5%	3.06x	8.2x	16.3x	13.0x	13.1x

Technical analysis

1M−31.1%
3M−36.4%
1Y−51.3%
3Y−79.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Plug Power Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	710	629	891	701	502	306
Cost of revenue	952	1,254	1,399	896	674	376
Gross profit	−242	−625	−508	−194	−171	−69.7
Selling, general & administrative expenses	380	376	422	364	180	79.3
Research & development	58.0	77.2	114	99.6	64.8	27.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	843	974	269	6.2	10.2	388
Other operating expenses	−23.5	−15.8	30.0	16.5	11.2	1.2
Operating income	−1,499	−2,036	−1,344	−681	−437	−567
Net interest income (expense)	−134	−51.5	−32.5	−41.5	−38.2	−60.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−60.8	−20.0	−0.1	−1.1	−0.6	0
Net income before taxes	−1,693	−2,108	−1,376	−723	−476	−627
Provision for taxes	0.4	−2.7	−7.4	0.8	−16.2	−30.8
Minority interest	62.1	0.2	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−1,632	−2,105	−1,369	−724	−460	−596
Extraordinary items	–	–	–	–	–	–
Net income	−1,632	−2,105	−1,369	−724	−460	−596
EBIT, normalized	−656	−1,062	−1,074	−674	−427	−178
EBITDA, normalized	−611	−978	−1,003	−623	−404	−163
Basic EPS, normalized	−1.37	−2.68	−2.30	−1.25	−0.72	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Plug Power Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	369	206	135	2,024	3,722	1,312
Receivables	240	251	370	192	131	43.0
Total inventory	521	683	961	646	269	139
Prepaid expenses	94.0	140	104	150	59.9	44.3
Other current assets	187	198	217	294	267	64.0
Total current assets	1,410	1,477	1,787	3,305	4,449	1,603
Property, plant & equipment	631	1,280	2,005	1,223	574	273
Goodwill	–	0	0	249	220	72.4
Intangibles	29.2	84.7	189	208	158	39.3
Long-term investments	46.9	85.5	63.8	31.2	12.9	–
Note receivable	24.1	24.0	29.7	41.8	0.1	–
Other long-term assets	453	651	829	706	536	263
Total assets	2,595	3,603	4,903	5,764	5,950	2,251
Liabilities
Accounts payable	169	181	258	192	92.3	50.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	198	174	264	205	110	60.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	90.3	155	96.2	72.2	62.0	59.0
Other current liabilities	153	238	347	166	156	52.8
Total current liabilities	611	748	965	635	421	222
Long-term debt	642	610	517	506	542	389
Minority interest	25.2	73.6	–	–	–	–
Other liabilities	339	437	523	563	382	173
Total liabilities	1,616	1,869	2,005	1,704	1,344	784
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	13.9	9.3	6.3	6.1	5.9	4.7
Additional paid-in capital	9,186	8,431	7,495	7,297	7,071	3,447
Retained earnings (accumulated deficit)	−8,226	−6,594	−4,490	−3,121	−2,397	−1,946
Treasury stock	−2.9	−109	−106	−96.3	−72.5	−40.4
Other equity	6.8	−2.5	−6.8	−26.0	−1.5	2.5
Total equity	978	1,734	2,898	4,060	4,606	1,467
Total liabilities & shareholders' equity	2,595	3,603	4,903	5,764	5,950	2,251

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Plug Power Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−1,694	−2,105	−1,369	−724	−460	−596
Depreciation, depletion & amortization	44.6	84.6	71.1	51.6	23.4	15.6
Deferred taxes	0	−3.2	−8.5	0.2	−16.2	−30.8
Non-cash items	1,141	1,302	662	241	168	481
Changes in working capital	−28.0	−7.1	−462	−398	−73.8	−24.7
Cash from operations	−536	−729	−1,107	−829	−358	−155
Investing activities
Capital expenditures	−126	−334	−696	−464	−193	−50.2
Other investing cash flows	−13.4	−68.1	1,424	−215	−1,548	−45.1
Cash from investing	−139	−402	728	−679	−1,741	−95.3
Financing activities
Financing cash flow items	357	−11.7	−20.1	−26.4	−33.6	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	273	995	26.2	−51.1	3,631	1,516
Cash from financing	630	983	6.1	−77.5	3,598	1,516
Foreign exchange effects	−1.8	19.4	−7.8	2.6	−0.8	0.1
Net change in cash	−46.7	−128	−380	−1,583	1,498	1,265
Free cash flow	−661	−1,063	−1,803	−1,292	−551	−206

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.