PLUG Chart
About

Plug Power Inc. develops hydrogen fuel cells product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen fueled proton exchange membrane fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; and Progen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems. It also provides GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems; GenSure fuel cell systems; GenFuel hydrogen storage and dispensing products; ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power. In addition, the company offers electrolyzers, a hydrogen generator for clean hydrogen production; liquefaction systems that provides liquid hydrogen to customers; cryogenic equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases, including trailers and mobile storage equipment; and liquid hydrogen, an alternative to fuel to fossil-based energy. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is headquartered in Slingerlands, New York.

Fundamentals
Scroll to Statements
Sector Industrials Industry Electrical Equipment & P Market Cap 2.73B
Enterprise Value 3.53B Income -2.12B Sales 676.17M
Book/sh 1.18 Cash/sh 0.12 Dividend Yield —
Payout 0.00% Employees 3224 IPO —
P/E — Forward P/E -6.28 PEG —
P/S 4.03 P/B 1.66 P/C —
EV/EBITDA -3.83 EV/Sales 5.22 Quick Ratio 0.40
Current Ratio 1.32 Debt/Eq 66.16 LT Debt/Eq —
EPS (ttm) -2.38 EPS next Y -0.31 EPS Growth —
Revenue Growth 1.90% Earnings 2026-03-02 ROA -15.65%
ROE -93.85% ROIC — Gross Margin -70.70%
Oper. Margin -139.43% Profit Margin 0.00% Shs Outstand 1.39B
Shs Float 1.31B Short Float 25.18% Short Ratio 3.30
Short Interest — 52W High 4.58 52W Low 0.69
Beta 1.91 Avg Volume 97.47M Volume 22.31M
Target Price $2.75 Recom Hold Prev Close $1.91
Price $1.96 Change 2.62%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$2.75
Mean price target
2. Current target
$1.95
Latest analyst target
3. DCF / Fair value
$-3.49
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$1.95
Low
$0.75
High
$7.00
Mean
$2.75

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-01-09 down TD Cowen Buy → Hold $2
2025-12-31 up Clear Street Hold → Buy $3
2025-11-20 main Canaccord Genuity Hold → Hold $3
2025-11-17 main Susquehanna Neutral → Neutral $3
2025-11-11 main Canaccord Genuity Hold → Hold $3
2025-10-13 main Susquehanna Neutral → Neutral $4
2025-10-08 down Clear Street Buy → Hold $4
2025-10-03 main HC Wainwright & Co. Buy → Buy $7
2025-08-14 main Wells Fargo Equal-Weight → Equal-Weight $2
2025-08-12 main BMO Capital Underperform → Underperform $1
2025-07-23 main Jefferies Hold → Hold $2
2025-07-21 main Susquehanna Neutral → Neutral $2
2025-05-20 main Jefferies Hold → Hold $1
2025-05-19 main Morgan Stanley Underweight → Underweight $1
2025-05-14 main Piper Sandler Underweight → Underweight $1
2025-05-14 main Wells Fargo Equal-Weight → Equal-Weight $1
2025-05-13 main Canaccord Genuity Hold → Hold $1
2025-04-14 main Susquehanna Neutral → Neutral $1
2025-04-08 main Seaport Global Sell → Sell $1
2025-03-25 reit HC Wainwright & Co. Buy → Buy $3
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 40000 86800 — Sale at price 2.17 per share. HAYCRAFT BENJAMIN TOBY PATRICK Officer — 2026-01-12 00:00:00 D
1 13008 25626 — Stock Award(Grant) at price 1.97 per share. MCNAMEE GEORGE C Director — 2026-01-02 00:00:00 D
2 12056 23750 — Stock Award(Grant) at price 1.97 per share. BONNEY MARK J Director — 2026-01-02 00:00:00 D
3 16497 32499 — Stock Award(Grant) at price 1.97 per share. WILLIS GARY K Director — 2026-01-02 00:00:00 D
4 10152 19999 — Stock Award(Grant) at price 1.97 per share. JOGGERST PATRICK Director — 2026-01-02 00:00:00 D
5 13959 27499 — Stock Award(Grant) at price 1.97 per share. HELMER MAUREEN O Director — 2026-01-02 00:00:00 D
6 5076 10000 — Stock Award(Grant) at price 1.97 per share. ANGLE COLIN M Director — 2026-01-02 00:00:00 D
7 11421 22499 — Stock Award(Grant) at price 1.97 per share. MAHTANI KAVITA Director — 2026-01-02 00:00:00 D
8 9994 19688 — Stock Award(Grant) at price 1.97 per share. KENAUSIS GREGORY Director — 2026-01-02 00:00:00 D
9 37300 87282 — Purchase at price 2.34 per share. CRESPO JOSE LUIS President — 2025-12-15 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems-957.90K-1.50M-8.87M-501.26K
TaxRateForCalcs0.000.010.210.03
NormalizedEBITDA-1.02B-959.01M-590.31M-394.82M
TotalUnusualItems-957.90M-300.90M-42.23M-14.74M
TotalUnusualItemsExcludingGoodwill-957.90M-300.90M-42.23M-14.74M
NetIncomeFromContinuingOperationNetMinorityInterest-2.10B-1.37B-724.01M-459.96M
ReconciledDepreciation84.56M71.08M51.60M23.37M
ReconciledCostOfRevenue1.25B1.40B895.80M673.65M
EBITDA-1.98B-1.26B-632.53M-409.57M
EBIT-2.06B-1.33B-684.13M-432.94M
NetInterestIncome-15.90M10.63M-1.78M-39.19M
InterestExpense46.62M45.20M39.04M43.23M
InterestIncome30.72M55.83M37.26M4.04M
NormalizedIncome-1.15B-1.07B-690.65M-445.72M
NetIncomeFromContinuingAndDiscontinuedOperation-2.10B-1.37B-724.01M-459.96M
TotalExpenses1.71B1.94B1.36B918.27M
TotalOperatingIncomeAsReported-2.02B-1.34B-679.55M-437.32M
DilutedAverageShares785.02M595.47M579.72M558.18M
BasicAverageShares785.02M595.47M579.72M558.18M
DilutedEPS-2.68-2.30-1.25-0.82
BasicEPS-2.68-2.30-1.25-0.82
DilutedNIAvailtoComStockholders-2.10B-1.37B-724.01M-459.96M
NetIncomeCommonStockholders-2.10B-1.37B-724.01M-459.96M
NetIncome-2.10B-1.37B-724.01M-459.96M
MinorityInterests204.00K0.000.00
NetIncomeIncludingNoncontrollingInterests-2.10B-1.37B-724.01M-459.96M
NetIncomeContinuousOperations-2.10B-1.37B-724.01M-459.96M
TaxProvision-2.69M-7.36M839.00K-16.20M
PretaxIncome-2.11B-1.38B-723.17M-476.16M
OtherIncomeExpense-1.01B-342.82M-63.53M-21.05M
OtherNonOperatingIncomeExpenses-23.39M-131.00K-1.14M-606.00K
SpecialIncomeCharges-957.90M-299.52M-22.67M-21.40M
OtherSpecialCharges16.28M986.00K
WriteOff949.32M269.49M5.22M
ImpairmentOfCapitalAssets269.49M5.22M10.22M
RestructuringAndMergernAcquisition-7.69M30.02M16.47M11.18M
EarningsFromEquityInterest-32.18M-41.79M-20.17M-5.70M
GainOnSaleOfSecurity-1.39M-19.55M6.66M
NetNonOperatingInterestIncomeExpense-15.90M10.63M-1.78M-39.19M
InterestExpenseNonOperating46.62M45.20M39.04M43.23M
InterestIncomeNonOperating30.72M55.83M37.26M4.04M
OperatingIncome-1.08B-1.04B-657.86M-415.92M
OperatingExpense453.34M536.21M463.51M244.61M
ResearchAndDevelopment77.23M113.75M99.58M64.76M
SellingGeneralAndAdministration376.11M422.47M363.93M179.85M
GrossProfit-624.89M-507.79M-194.36M-171.31M
CostOfRevenue1.25B1.40B895.80M673.65M
TotalRevenue628.81M891.34M701.44M502.34M
OperatingRevenue618.23M880.50M698.59M501.55M
Line Item2024-12-312023-12-312022-12-312021-12-31
TreasurySharesNumber20.23M19.17M18.08M17.07M
OrdinarySharesNumber913.90M606.14M590.35M577.65M
ShareIssued934.13M625.31M608.42M594.73M
NetDebt523.97M432.55M
TotalDebt1.08B968.85M898.73M810.15M
TangibleBookValue1.65B2.71B3.60B4.23B
InvestedCapital2.46B3.47B4.59B5.18B
WorkingCapital729.00M822.16M2.67B4.03B
NetTangibleAssets1.65B2.71B3.60B4.23B
CapitalLeaseObligations348.98M401.27M366.50M235.79M
CommonStockEquity1.73B2.90B4.06B4.61B
TotalCapitalization2.32B3.38B4.53B5.12B
TotalEquityGrossMinorityInterest1.81B2.90B4.06B4.61B
MinorityInterest73.62M0.00
StockholdersEquity1.73B2.90B4.06B4.61B
GainsLossesNotAffectingRetainedEarnings-2.50M-6.80M-26.00M-1.53M
OtherEquityAdjustments-2.50M-6.80M-26.00M-1.53M
TreasuryStock108.80M106.27M96.26M72.53M
RetainedEarnings-6.59B-4.49B-3.12B-2.40B
AdditionalPaidInCapital8.43B7.49B7.30B7.07B
CapitalStock9.34M6.25M6.08M5.95M
CommonStock9.34M6.25M6.08M5.95M
TotalLiabilitiesNetMinorityInterest1.80B2.00B1.70B1.34B
TotalNonCurrentLiabilitiesNetMinorityInterest1.05B1.04B1.07B923.83M
OtherNonCurrentLiabilities135.83M146.68M193.05M139.80M
NonCurrentAccruedExpenses135.83M146.68M193.05M139.80M
NonCurrentDeferredLiabilities58.53M84.16M98.08M66.71M
NonCurrentDeferredRevenue58.53M84.16M98.08M66.71M
LongTermDebtAndCapitalLeaseObligation852.24M808.97M777.65M717.32M
LongTermCapitalLeaseObligation264.93M328.13M309.49M200.25M
LongTermDebt587.31M480.84M468.16M517.07M
CurrentLiabilities748.49M964.80M635.27M420.55M
OtherCurrentLiabilities93.89M142.41M34.06M39.80M
CurrentDeferredLiabilities144.09M204.14M131.81M116.38M
CurrentDeferredRevenue144.09M204.14M131.81M116.38M
CurrentDebtAndCapitalLeaseObligation226.40M159.88M121.08M92.83M
CurrentCapitalLeaseObligation84.05M73.13M57.01M35.54M
CurrentDebt142.35M86.75M64.07M57.29M
OtherCurrentBorrowings142.35M86.75M64.07M57.29M
PayablesAndAccruedExpenses284.11M458.37M348.32M171.54M
CurrentAccruedExpenses39.16M118.57M87.42M31.90M
InterestPayable2.54M562.00K421.00K429.00K
Payables244.96M339.80M260.91M139.64M
TotalTaxPayable24.18M17.21M15.11M10.63M
AccountsPayable220.77M322.60M245.79M129.01M
TotalAssets3.60B4.90B5.76B5.95B
TotalNonCurrentAssets2.13B3.12B2.46B1.50B
OtherNonCurrentAssets650.94M828.67M706.45M536.34M
NonCurrentAccountsReceivable23.96M29.74M41.83M120.00K
InvestmentsAndAdvances85.49M63.78M31.25M12.89M
LongTermEquityInvestment85.49M63.78M31.25M12.89M
GoodwillAndOtherIntangibleAssets84.66M188.89M456.33M378.64M
OtherIntangibleAssets84.66M188.89M207.72M158.21M
Goodwill0.00248.61M220.44M
NetPPE1.28B2.00B1.22B573.56M
AccumulatedDepreciation-77.32M-109.85M-68.51M-45.86M
GrossPPE1.36B2.11B1.29B619.42M
Leases15.63M95.23M21.36M2.10M
ConstructionInProgress502.94M1.11B575.14M169.41M
OtherProperties449.50M596.90M523.71M334.67M
MachineryFurnitureEquipment383.95M306.46M169.63M112.07M
BuildingsAndImprovements95.23M21.36M
LandAndImprovements5.60M6.05M1.77M1.17M
Properties0.000.000.000.00
CurrentAssets1.48B1.79B3.31B4.45B
OtherCurrentAssets139.84M104.07M150.39M59.89M
RestrictedCash198.01M216.55M158.96M118.63M
PrepaidAssets59.89M
Inventory682.64M961.25M645.64M269.16M
FinishedGoods138.38M226.11M64.11M7.08M
WorkInProcess129.82M149.57M112.23M58.34M
RawMaterials414.44M585.57M469.29M203.74M
Receivables251.30M370.06M191.91M131.31M
OtherReceivables94.05M126.25M62.46M38.64M
AccountsReceivable157.24M243.81M129.45M92.67M
AllowanceForDoubtfulAccountsReceivable-37.71M-8.80M-43.00K-39.00K
GrossAccountsReceivable194.96M252.61M129.49M92.71M
CashCashEquivalentsAndShortTermInvestments205.69M135.03M2.16B3.87B
OtherShortTermInvestments0.001.47B1.39B
CashAndCashEquivalents205.69M135.03M690.63M2.48B
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow-1.06B-1.80B-1.29B-551.44M
RepurchaseOfCapitalStock0.00
RepaymentOfDebt-113.49M-79.64M-176.24M-88.31M
IssuanceOfDebt250.29M104.25M122.89M108.92M
IssuanceOfCapitalStock857.87M0.000.003.59B
CapitalExpenditure-334.25M-696.13M-463.87M-193.27M
InterestPaidSupplementalData44.96M41.81M35.52M19.33M
EndCashPosition1.04B1.17B1.55B3.13B
OtherCashAdjustmentOutsideChangeinCash-199.09M175.40M207.79M329.05M
BeginningCashPosition1.17B1.55B3.13B1.63B
EffectOfExchangeRateChanges19.40M-7.80M2.60M-802.00K
ChangesInCash51.26M-547.80M-1.79B1.17B
FinancingCashFlow983.17M6.12M-77.46M3.60B
CashFlowFromContinuingFinancingActivities983.17M6.12M-77.46M3.60B
NetOtherFinancingCharges-11.65M-20.11M-26.40M-33.63M
ProceedsFromStockOptionExercised154.00K1.61M2.30M22.96M
NetPreferredStockIssuance0.00
PreferredStockPayments0.00
NetCommonStockIssuance857.87M0.000.003.59B
CommonStockIssuance857.87M0.000.003.59B
NetIssuancePaymentsOfDebt136.80M24.62M-53.36M20.61M
NetLongTermDebtIssuance136.80M24.62M-53.36M20.61M
LongTermDebtPayments-113.49M-79.64M-176.24M-88.31M
LongTermDebtIssuance250.29M104.25M122.89M108.92M
InvestingCashFlow-402.36M728.05M-679.37M-1.74B
CashFlowFromContinuingInvestingActivities-402.36M728.05M-679.37M-1.74B
NetInvestmentPurchaseAndSale0.001.50B-120.07M-1.39B
SaleOfInvestment0.001.50B723.55M1.94B
PurchaseOfInvestment0.000.00-843.62M-3.33B
NetBusinessPurchaseAndSale-68.62M-72.60M-95.43M-154.12M
SaleOfBusiness28.54M
PurchaseOfBusiness-68.62M-72.60M-95.43M-154.12M
NetIntangiblesPurchaseAndSale0.000.00-928.00K
PurchaseOfIntangibles0.000.00-928.00K
NetPPEPurchaseAndSale-333.75M-695.02M-463.87M-192.34M
SaleOfPPE500.00K1.10M0.000.00
PurchaseOfPPE-334.25M-696.13M-463.87M-192.34M
OperatingCashFlow-728.64M-1.11B-828.62M-358.18M
CashFlowFromContinuingOperatingActivities-728.64M-1.11B-828.62M-358.18M
ChangeInWorkingCapital2.79M-458.98M-399.55M-75.99M
ChangeInOtherWorkingCapital-85.68M58.40M40.62M70.65M
ChangeInOtherCurrentLiabilities-5.34M0.000.00
ChangeInPayablesAndAccruedExpense-59.46M21.72M88.46M24.91M
ChangeInAccruedExpense-85.68M58.40M40.62M
ChangeInPayable-59.46M21.72M88.46M24.91M
ChangeInAccountPayable-59.46M21.72M88.46M24.91M
ChangeInPrepaidAssets-31.18M32.55M-92.52M-32.39M
ChangeInInventory129.29M-408.63M-365.67M-100.95M
ChangeInReceivables55.16M-163.03M-70.44M-38.21M
ChangesInAccountReceivables57.65M-122.77M-30.92M-27.60M
OtherNonCashItems140.26M170.12M3.67M69.07M
StockBasedCompensation82.20M162.91M179.63M76.47M
UnrealizedGainLossOnInvestmentSecurities0.00-11.42M18.16M-6.74M
ProvisionandWriteOffofAssets28.91M8.41M0.000.00
AssetImpairmentCharge949.32M269.49M5.22M10.22M
AmortizationOfSecurities0.00-6.61M990.00K9.23M
DeferredTax-3.15M-8.53M170.00K-16.20M
DeferredIncomeTax-3.15M-8.53M170.00K-16.20M
DepreciationAmortizationDepletion84.56M71.08M51.60M23.37M
DepreciationAndAmortization84.56M71.08M51.60M23.37M
AmortizationCashFlow23.44M19.10M21.20M2.47M
AmortizationOfIntangibles23.44M19.10M21.20M2.47M
Depreciation61.12M51.99M30.40M20.90M
OperatingGainsLosses91.38M65.80M35.50M12.35M
EarningsLossesFromEquityInvestments32.18M41.79M20.17M5.70M
GainLossOnInvestmentSecurities40.65M24.02M14.08M6.65M
GainLossOnSaleOfPPE2.88M0.00268.00K0.00
NetIncomeFromContinuingOperations-2.10B-1.37B-724.01M-459.96M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for PLUG
Date User Asset Broker Type Position Size Entry Price Patterns