PLUG

PLUG POWER INC

Technology • CIK: 0001093691

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Market Cap
$2.41B
P/E (TTM)
-1.0x
Rev Growth (TTM)
+2.5%
Net Margin (TTM)
-313.7%
FCF Yield (TTM)
-27.4%
FCF Margin (TTM)
-97.5%

Filing Intelligence

5.0/10
10-K filed Mar 2, 2026 • FY 2025

Executive Summary

The company continues to operate at a significant net loss and utilize cash from operations, necessitating ongoing financing activities, including equity offerings.. The company has unconditional...

Key Concerns

  • ●Revenue increased across several segments (services, power purchase agreements, fuel delivered) due to pricing and volume increases, but...
  • ●Gross losses in certain segments were reduced due to lower inventory valuation adjustments and cost reductions, though overall...
  • ●The company faces ongoing challenges related to supply chain volatility, material availability, labor shortages, and inflationary pressures.

Key Strengths

  • ●Efforts are underway to improve liquidity and financial flexibility, such as an infrastructure optimization initiative and restructuring...
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 FY2025
•
about 1 month ago
•View source
Revenue
$225.20M
+17.6%
Net Income
$-1.63B
—
EPS
$-0.63
—
Gross
2.4%↑ +124.9%
  • •Full year 2025 revenue increased 12.9% year-over-year to approximately $710 million.
  • •Q4 2025 revenue totaled $225.2 million, a 17.6% growth over Q4 2024 and a 27.2% increase from Q3 2025.
  • •Achieved positive gross profit of $5.5 million (2.4% of sales) in Q4 2025, a significant improvement from a gross margin loss of -122.5% in Q4 2024.
  • •Net cash used in operating activities decreased by over 26.5% year-over-year, from $728.6 million in FY2024 to $535.8 million in FY2025.
View Full Earnings →

Cash Flow Health

Free Cash Flow0/8 positive
TTM$-659M
Q3 '25
$-118M+49%
Q2 '25
$-230M-58%
FCF Margin
TTM-97.5%
Q3 '25-66.4%+50%
Sector: 9.1%Below Avg
OCF Margin-76.7%
OCF/NI0.24x
CapEx Coverage-3.7x
FCF Yield-27.4%
FCF Growth (2Y)–
Cash Conversion Cycle
758 days
DSO: 79+DIO: 916−DPO: 237
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Total Shareholder Yield
TTM0.0%
Div Yield0.0%

Insufficient data

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-659.2M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
-104.0%
Volatile
-0.6% YoY-79.3%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-296.0%
8Q: -183.7%
Asset Turnover
0.19x
8Q: 0.15x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: -55.2% ≈ -104.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.70x
8Q:0.63x
+33.3%
Invested Cap Turn
0.35x
8Q:0.28x
+21.5%
CapEx Intensity
7.3%
8Q:8.5%
CapEx/Depreciation
3.31x
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023
Revenue
$676.2M
$177.1M↑1.8%
$174.0M↑30.1%
$133.7M↓30.2%
$191.5M↑10.2%
$173.7M↑21.2%
$143.3M↑19.2%
$120.3M↓45.9%
$222.2M
Operating Income
$-2.0B
$-348.8M↓97.1%
$-176.9M↑0.8%
$-178.5M↑86.3%
$-1.3B↓501.2%
$-216.2M
$0↑100.0%
$-244.7M
$0
Net Income
$-2.1B
$-361.9M↓59.3%
$-227.1M↓15.5%
$-196.7M↑85.3%
$-1.3B↓532.4%
$-211.2M↑19.5%
$-262.3M↑11.3%
$-295.8M↑54.0%
$-642.4M
Operating Cash Flow
$-518.4M
$-89.8M↑53.2%
$-191.8M↓81.7%
$-105.6M↑19.6%
$-131.2M↑25.0%
$-174.9M↑31.3%
$-254.7M↓51.9%
$-167.7M↑30.9%
$-242.7M
Free Cash Flow
$-659.2M
$-117.5M↑49.0%
$-230.4M↓57.8%
$-146.0M↑11.6%
$-165.2M↑29.5%
$-234.2M
$0↑100.0%
$-356.0M
$0
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
-1.0x
Volatile
8Q: -7.0x-129%
Valuation Lenses
Earnings
-1.0x
vs – sector
Cash Flow
-2.2x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -104.0%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$2.41B
EV$1.43B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
-210/100
Below Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 10%
-1.1%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-1.0%
8Q:–
-79.3%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: -296.0%
Asset Turnover: 0.19x

Earnings Quality

Cash Conversion

0.24x

OCF / Net Income

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin-71.3%

Capital Efficiency

Invested Capital Turnover0.35x

Working Capital

Cash Conversion Cycle758 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
53/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
2.5%
OpInc Growth YoY
-61.4%
EPS Growth YoY
-10.2%
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
-71.3%
Operating
-296.3%
Top 25% in sector
Net
-313.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+216.2 pts
FCF: -97.5% | Net: -313.7%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $849.02M
Interest Coverage
–
+Net cash position: $849.02M
Balance sheet risk & solvency analysis

Research

All research