Plug Power (PLUG) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Plug Power

NasdaqCM•Industrials•Electrical Equipment & Parts

$2.09-0.03(-0.01%)Market closed

Market Cap

$2.91B

P/S

3.9x

P/B

5.0x

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.

How this company scores

WeakMetricSide Score: 42/100

Grade capped at D — Interest coverage below 1× (-19.0x) — earnings cannot cover interest. Strongest: Growth (18/25); weakest: Cash & Earnings Quality (6/25).

Profitability11/25

Growth18/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality6/25

Strengths

Profit converts from growthConsistent growthImproving margins

Grade capped at D

Interest coverage below 1× (-19.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 3.9x5y range 2.0x – 462.0x

Currently near its 20-quarter median.

P/B · 5.0x5y range 0.6x – 5.0x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $2.91B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $744.09M
Q. Revenue: $178.30M
TTM EBITDA: $-1.26B
TTM Op. Income: $-1.29B
Q. Op. Income: $-64.11M
TTM Net Income: $-1.64B
Q. Net Income: $-188.21M
EPS: $-0.14
Shares Out.: $1.39B

$744.09M in TTM revenue grew 10.6% YoY, reaching $178.30M last quarter. TTM EBITDA of $-1.26B and TTM operating income of $-1.29B show growth is flowing through to the bottom line. However, net income is negative at $1.64B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: -0.9%
EBITDA Margin: -31.8%
Op. Margin: -36.0%
Net Margin: -105.6%

Op. margin of -36.0% is up 65.8% YoY — cost efficiency is improving. Net margin at -105.6% and gross margin of -0.9% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 3.9x
P/B Ratio: 5.0x

P/S of 3.9x and P/B of 5.0x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.19B
Cash: $161.89M
Long-Term Debt: $578.00M
Book Value: $581.75M
D/E Ratio: 1.0
Debt/EBITDA: N/A

With $2.19B in assets and $578.00M in long-term debt, D/E is 1.0and book value is $581.75M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 4 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-94.06M
TTM Free Cash Flow: $-523.37M
FCF Margin: -70.3%
FCF / Net Income: 0.3

TTM FCF of $-523.37M on $-94.06M in operating cash flow. The FCF / Net Income ratio of 0.3x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is up 33% — an improving trend.