Industrials · Electrical Equipment & Parts
Price
$2.54
Market Cap
$2.9B
Employees
3,224
Beta
2.12
Avg Volume
74,319,962
CEO
Jose Luis Crespo
Business Description
Plug Power Inc. specializes in providing comprehensive clean hydrogen and zero-emission fuel cell solutions. These innovative offerings cater to various sectors, including supply chain and logistics, on-road electric vehicles, and stationary power generation, with operations spanning North America and international markets. The company is actively constructing an end-to-end green hydrogen ecosystem, encompassing its production, efficient storage and delivery, and subsequent energy generation for both mobile and fixed applications. Its technological portfolio includes advanced proton exchange membrane (PEM) and fuel cell systems, fuel processing capabilities, and innovative fuel cell/battery hybrid designs. Furthermore, Plug Power develops the essential infrastructure for green hydrogen generation, storage, and dispensing. Among its flagship offerings is GenDrive, a hydrogen-powered PEM fuel cell system specifically engineered for material handling electric vehicles. GenFuel provides a complete liquid hydrogen fueling solution, covering generation, storage, delivery, and dispensing. GenCare is an IoT-driven service program that ensures ongoing maintenance and on-site support for various Plug Power systems, including GenDrive, GenSure, GenFuel, and ProGen. For stationary power needs, GenSure delivers modular PEM fuel cell power, crucial for backup and grid-support in telecommunications, transportation, and utility sectors. The company also offers GenKey, an integrated, ready-to-use solution for businesses transitioning to fuel cell power. ProGen represents the core fuel cell stack and engine technology, versatile enough for mobile and stationary fuel cell systems, and serving as engines in electric delivery vans. Additionally, GenFuel Electrolyzers are optimized hydrogen generators designed for clean hydrogen production. Plug Power distributes its products through a multi-channel approach, leveraging a direct sales force, collaborations with original equipment manufacturers (OEMs), and an extensive dealer network. The firm boasts significant strategic alliances with prominent entities such as Airbus, Lhyfe, Edison Motors, Phillips 66, Apex Clean Energy, BAE Systems, and Universal Hydrogen Co. Established in 1997, Plug Power Inc. maintains its corporate headquarters in Latham, New York.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-1.80
Stock Price: $2.54
EPS (Diluted): -1.41
EPS (Diluted): -1.41
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.33
Stock Price: $2.54
Total Equity: $978.07M
Shares: 1,158,516,229
Total Equity: $978.07M
Shares: 1,158,516,229
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-1.72
Market Cap: $2.91B
Total Debt: $593.03M
Cash: $555.29M
EBITDA: -$1.58B
Total Debt: $593.03M
Cash: $555.29M
EBITDA: -$1.58B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$2.7B
Market Cap: $2.91B
Total Debt: $593.03M
Cash: $555.29M
Total Debt: $593.03M
Cash: $555.29M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
3.21
Stock Price: $2.54
Revenue: $709.92M
Shares: 1,158,516,229
Revenue: $709.92M
Shares: 1,158,516,229
EV/Sales (Total value vs revenue — works when P/E can't)
API3.84
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
-34.1%
Gross Profit: -$242.04M
Revenue: $709.92M
Revenue: $709.92M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-95.7%
Operating Income: -$679.57M
Revenue: $709.92M
Revenue: $709.92M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-229.8%
Net Income: -$1.63B
Revenue: $709.92M
Revenue: $709.92M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
-166.8%
Net Income: -$1.63B
Total Equity: $978.07M
Total Equity: $978.07M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
-66.9%
Operating Income: -$679.57M
Tax Rate: 0.0%
Equity: $978.07M
Total Debt: $593.03M
Cash: $555.29M
Tax Rate: 0.0%
Equity: $978.07M
Total Debt: $593.03M
Cash: $555.29M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
2.31
Current Assets: $1.41B
Current Liabilities: $610.59M
Current Liabilities: $610.59M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.61
Short-Term Debt: $160.71M
Long-Term Debt: $432.32M
Total Debt: $593.03M
Total Equity: $978.07M
Long-Term Debt: $432.32M
Total Debt: $593.03M
Total Equity: $978.07M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$0.61
Revenue: $709.92M
Shares: 1,158,516,229
Shares: 1,158,516,229
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$0.84
Total Equity: $978.07M
Shares: 1,158,516,229
Shares: 1,158,516,229
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.57
Operating CF: -$535.84M
CapEx: -$125.64M
Shares: 1,158,516,229
CapEx: -$125.64M
Shares: 1,158,516,229
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $2.54
Stock Price: $2.54
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$1.63B
Net Income: -$1.63B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares PLUG against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:42pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $502.3M | $701.4M | $891.3M | $628.8M | $709.9M |
| Cost of Revenue | $673.7M | $895.8M | $1.4B | $1.3B | $952.0M |
| Gross Profit | -$171.3M | -$194.4M | -$507.8M | -$624.9M | -$242.0M |
| Operating Expenses | $266.0M | $485.2M | $835.7M | $1.4B | $437.5M |
| Operating Income | -$437.3M | -$679.6M | -$1.3B | -$2.0B | -$679.6M |
| Net Income | -$460.0M | -$724.0M | -$1.4B | -$2.1B | -$1.6B |
| EBITDA | -$409.6M | -$632.5M | -$1.3B | -$2.0B | -$1.6B |
| EPS | $-0.82 | $-1.25 | $-2.30 | $-2.45 | $-1.41 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:42pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.5B | $690.6M | $135.0M | $205.7M | $555.3M |
| Total Current Assets | $4.4B | $3.3B | $1.8B | $1.5B | $1.4B |
| Total Assets | $6.0B | $5.8B | $4.9B | $3.6B | $2.6B |
| Current Liabilities | $420.6M | $635.3M | $964.8M | $748.5M | $610.6M |
| Long-Term Debt | $305.4M | $197.8M | $196.5M | $323.0M | $432.3M |
| Total Liabilities | $1.3B | $1.7B | $2.0B | $1.8B | $1.6B |
| Total Equity | $4.6B | $4.1B | $2.9B | $1.7B | $978.1M |
| Retained Earnings | -$2.4B | -$3.1B | -$4.5B | -$6.6B | -$8.2B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:42pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$358.2M | -$620.8M | -$1.1B | -$728.6M | -$535.8M |
| Capital Expenditure | -$193.3M | -$463.9M | -$696.1M | -$334.2M | -$125.6M |
| Free Cash Flow | -$551.4M | -$1.1B | -$1.8B | -$1.1B | -$661.5M |
| Acquisitions (net) | -$154.1M | -$56.9M | $0 | -$68.6M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | -$10.0M | $0 | $0 |
| Net Change in Cash | $1.5B | -$1.8B | -$380.2M | -$128.4M | $151.6M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 6:14pm (14h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$962.4M $907.2M – $1.1B
|
$1.2B $1.1B – $1.2B
|
$1.5B $1.4B – $1.6B
|
$1.9B $1.8B – $2.1B
|
| EBITDA |
-$907.9M -$1.0B – -$855.9M
|
-$1.1B -$1.1B – -$1.1B
|
-$1.4B -$1.5B – -$1.3B
|
-$1.8B -$1.9B – -$1.7B
|
| Net Income |
-$237.3M -$265.1M – -$78.0M
|
-$168.3M -$292.9M – $4.0M
|
-$103.6M -$114.3M – -$98.5M
|
-$50.2M -$55.3M – -$47.7M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:42pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +39.6% | +27.1% | -29.5% | +12.9% |
| Gross Profit Growth | -13.5% | -161.3% | -23.1% | +61.3% |
| Operating Income Growth | -55.4% | -97.7% | -50.3% | +66.4% |
| Net Income Growth | -57.4% | -89.1% | -53.8% | +22.5% |
| EBITDA Growth | -54.4% | -99.2% | -56.9% | +19.9% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-03-02 | Marsh Andrew | A-Award | 163,638.00 | $1.81 | $296,185 |
| 2026-03-31 | Marsh Andrew | A-Award | 87,260.00 | $2.26 | $197,208 |
| 2026-06-11 | WILLIS GARY K | A-Award | 39,753.00 | $0.00 | $0 |
| 2026-06-11 | WILLIS GARY K | A-Award | 39,753.00 | $2.83 | $112,501 |
| 2026-06-11 | MCNAMEE GEORGE C | A-Award | 39,753.00 | $0.00 | $0 |
| 2026-06-11 | MCNAMEE GEORGE C | A-Award | 39,753.00 | $2.83 | $112,501 |
| 2026-06-11 | Kenausis Gregory | A-Award | 39,753.00 | $0.00 | $0 |
| 2026-06-11 | Kenausis Gregory | A-Award | 39,753.00 | $2.83 | $112,501 |
| 2026-06-11 | Joggerst Patrick | A-Award | 39,753.00 | $0.00 | $0 |
| 2026-06-11 | Joggerst Patrick | A-Award | 39,753.00 | $2.83 | $112,501 |
| 2026-06-11 | HELMER MAUREEN O | A-Award | 39,753.00 | $0.00 | $0 |
| 2026-06-11 | HELMER MAUREEN O | A-Award | 39,753.00 | $2.83 | $112,501 |
| 2026-06-11 | BONNEY MARK J | A-Award | 39,753.00 | $0.00 | $0 |
| 2026-06-11 | BONNEY MARK J | A-Award | 39,753.00 | $2.83 | $112,501 |
| 2026-06-11 | Angle Colin M | A-Award | 39,753.00 | $0.00 | $0 |
| 2026-06-11 | Angle Colin M | A-Award | 39,753.00 | $2.83 | $112,501 |
| 2026-06-08 | HELMER MAUREEN O | S-Sale | 50,000.00 | $3.23 | $161,620 |
| 2026-04-01 | Kenausis Gregory | A-Award | 8,712.00 | $2.26 | $19,689 |
| 2026-04-01 | Mahtani Kavita | A-Award | 9,956.00 | $2.26 | $22,501 |
| 2026-04-01 | Angle Colin M | A-Award | 3,872.00 | $2.26 | $8,751 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for PLUG — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30