PLUG
PLUG POWER INC
Technology • CIK: 0001093691
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Market Cap
$2.41B
P/E (TTM)
-1.0x
Rev Growth (TTM)
+2.5%
Net Margin (TTM)
-3.1%
FCF Yield (TTM)
-27.4%
FCF Margin (TTM)
-97.5%
Cash Flow Health
Free Cash Flow0/8 positive
TTM$-659M
Q3 '25
$-118M+49%
Q2 '25
$-230M-58%
FCF Margin
TTM-97.5%
Q3 '25-66.4%+50%
Sector: 14.5%Below Avg
OCF Margin-76.7%
OCF/NI0.24x
CapEx Coverage-3.7x
FCF Yield-27.4%
FCF Growth (2Y)–
Cash Conversion Cycle
239 days
DSO: 79+DIO: 216−DPO: 56
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-659.2M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-223.8%
Volatile
-1.3% YoY-9.0%
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: 0.16x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: -55.2% ≈ -223.8% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.70x
8Q:0.63x
+13.1%
Invested Cap Turn
0.76x
8Q:0.52x
+55.1%
CapEx Intensity
15.7%
8Q:20.3%
CapEx/Depreciation
3.31x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 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↑11.7% | $-244.7M↑5.7% | $-259.4M↑58.6% | $-625.9M |
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↑34.2% | $-356.0M↓36.8% | $-260.3M↑38.6% | $-423.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-1.0x
Valuation Lenses
Earnings
-1.0x
vs – sector
Cash Flow
-1.4x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -223.8%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$2.41B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-330/100
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
-2.2%
8Q:–
-9.0%
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 Turnover0.76x
Working Capital
Cash Conversion Cycle239 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%
Below Avg 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
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis