One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Plug Power Inc.
PLUG · NCM · Industrials · Electrical Equipment & Parts
Current price
$2.09
52-week range
$1.70 - $4.58
Market cap
$2.92B
Balance sheet
Distressed
-10.43x Concerning
Net debt $864.86M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 4.8% last year.
- Risk Return on equity was -145.0% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 4.5% (peer median: 5.5%).
What this company does
Plug Power Inc.
Plug Power makes and sells products that run on hydrogen, focusing on fuel cells that act like clean-running batteries for electric vehicles like forklifts in large warehouses. The company's goal is to build a complete hydrogen ecosystem (a one-stop shop for a customer's energy needs), selling not just the fuel cells but also the hydrogen fuel and the equipment to produce and store it. This matters because the company is betting on hydrogen becoming a major source of clean energy for transportation and industry, replacing traditional fuels.
How the company got here
Founded in 1997, Plug Power started as a joint venture and went public in 1999, initially focused on fuel cell systems for stationary power. A key shift happened in 2007 when it began targeting the material handling industry, providing hydrogen-powered fuel cells for forklifts in warehouses. To make its technology easier for customers to adopt, the company introduced a bundled solution in 2014 that included the fuel cells, hydrogen fuel, and ongoing service. More recently, through a series of acquisitions, Plug has expanded its business to cover the entire hydrogen energy chain, from producing 'green' hydrogen to liquefying and transporting it.
What it actually does
Plug Power is building a complete system for using 'green' hydrogen—a clean fuel source that can be made by splitting water using renewable energy. Think of them as a one-stop-shop for businesses that want to switch from batteries or fossil fuels to hydrogen. They provide the machines that make the hydrogen, called electrolyzers, the fuel cells that turn that hydrogen back into electricity to power equipment, and the infrastructure to store and dispense the hydrogen fuel. Their most well-known application is powering forklift fleets for large companies like Amazon and Walmart, but they are expanding into other areas like backup power for data centers and fuel for electric vehicles.
Fuel Cell Systems and Related Infrastructure
This is the company's core and most established business, centered on selling and installing hydrogen fuel cell systems. The main product here is called GenDrive, which replaces the large, heavy batteries in electric forklifts used in warehouses and distribution centers. Instead of taking hours to recharge like a battery, a fuel cell can be refueled with hydrogen in minutes, which helps keep logistics operations running smoothly. Customers in this segment are large retail and manufacturing companies who pay for the fuel cell units and the on-site fueling stations (called GenFuel infrastructure) that Plug installs.
Services and Power Purchase Agreements
Once a customer has a fleet of hydrogen-powered equipment, Plug offers ongoing support through its GenCare service. This is like a maintenance and service plan for the fuel cell systems and fueling infrastructure, ensuring everything keeps working correctly. In some cases, instead of just selling the equipment, Plug signs Power Purchase Agreements (PPAs), where the customer pays for the power provided by the fuel cells over a long-term contract. This part of the business creates a steady, recurring stream of revenue (income that is predictable and likely to continue in the future) from its installed base of equipment.
Fuel Delivered to Customers
Beyond just selling the hardware, Plug also supplies the actual hydrogen fuel. The company has been building its own hydrogen production plants to create what it calls 'green hydrogen,' made using renewable electricity. It then liquefies this hydrogen and transports it to its customers' locations using cryogenic trailers (specialized tankers designed to carry super-cooled liquids). Customers, like those using the forklifts, then pay Plug for the hydrogen they consume, making this a recurring source of income similar to how a gas station sells gasoline.
Electrolyzers
This is a major growth area for the company and represents its move to supply the entire hydrogen industry, not just its own customers. An electrolyzer is a machine that uses electricity to split water into hydrogen and oxygen. Plug manufactures and sells these electrolyzer systems to other companies, such as industrial firms and energy producers, that want to generate their own hydrogen for various uses. This segment is a key part of the company's strategy to be a technology provider for the broader clean energy economy and is its largest segment by revenue.
What management is betting on now
Management's main focus is on making the business profitable by improving its margins (the difference between how much it costs to produce something and its selling price). A key part of this strategy is to produce more of its own 'green' hydrogen, which they believe will lower fuel costs over time compared to buying it from others. The company is also betting heavily on the growth of its electrolyzer business, aiming to become a primary equipment supplier for the global hydrogen economy. Finally, they are focused on streamlining the business and managing cash more efficiently to provide a clearer path to profitability.
How the company got here
Founded in 1997, Plug Power started as a joint venture and went public in 1999, initially focused on fuel cell systems for stationary power. A key shift happened in 2007 when it began targeting the material handling industry, providing hydrogen-powered fuel cells for forklifts in warehouses. To make its technology easier for customers to adopt, the company introduced a bundled solution in 2014 that included the fuel cells, hydrogen fuel, and ongoing service. More recently, through a series of acquisitions, Plug has expanded its business to cover the entire hydrogen energy chain, from producing 'green' hydrogen to liquefying and transporting it.
What it actually does
Plug Power is building a complete system for using 'green' hydrogen—a clean fuel source that can be made by splitting water using renewable energy. Think of them as a one-stop-shop for businesses that want to switch from batteries or fossil fuels to hydrogen. They provide the machines that make the hydrogen, called electrolyzers, the fuel cells that turn that hydrogen back into electricity to power equipment, and the infrastructure to store and dispense the hydrogen fuel. Their most well-known application is powering forklift fleets for large companies like Amazon and Walmart, but they are expanding into other areas like backup power for data centers and fuel for electric vehicles.
Fuel Cell Systems and Related Infrastructure
This is the company's core and most established business, centered on selling and installing hydrogen fuel cell systems. The main product here is called GenDrive, which replaces the large, heavy batteries in electric forklifts used in warehouses and distribution centers. Instead of taking hours to recharge like a battery, a fuel cell can be refueled with hydrogen in minutes, which helps keep logistics operations running smoothly. Customers in this segment are large retail and manufacturing companies who pay for the fuel cell units and the on-site fueling stations (called GenFuel infrastructure) that Plug installs.
Services and Power Purchase Agreements
Once a customer has a fleet of hydrogen-powered equipment, Plug offers ongoing support through its GenCare service. This is like a maintenance and service plan for the fuel cell systems and fueling infrastructure, ensuring everything keeps working correctly. In some cases, instead of just selling the equipment, Plug signs Power Purchase Agreements (PPAs), where the customer pays for the power provided by the fuel cells over a long-term contract. This part of the business creates a steady, recurring stream of revenue (income that is predictable and likely to continue in the future) from its installed base of equipment.
Fuel Delivered to Customers
Beyond just selling the hardware, Plug also supplies the actual hydrogen fuel. The company has been building its own hydrogen production plants to create what it calls 'green hydrogen,' made using renewable electricity. It then liquefies this hydrogen and transports it to its customers' locations using cryogenic trailers (specialized tankers designed to carry super-cooled liquids). Customers, like those using the forklifts, then pay Plug for the hydrogen they consume, making this a recurring source of income similar to how a gas station sells gasoline.
Electrolyzers
This is a major growth area for the company and represents its move to supply the entire hydrogen industry, not just its own customers. An electrolyzer is a machine that uses electricity to split water into hydrogen and oxygen. Plug manufactures and sells these electrolyzer systems to other companies, such as industrial firms and energy producers, that want to generate their own hydrogen for various uses. This segment is a key part of the company's strategy to be a technology provider for the broader clean energy economy and is its largest segment by revenue.
What management is betting on now
Management's main focus is on making the business profitable by improving its margins (the difference between how much it costs to produce something and its selling price). A key part of this strategy is to produce more of its own 'green' hydrogen, which they believe will lower fuel costs over time compared to buying it from others. The company is also betting heavily on the growth of its electrolyzer business, aiming to become a primary equipment supplier for the global hydrogen economy. Finally, they are focused on streamlining the business and managing cash more efficiently to provide a clearer path to profitability.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-234.16M
FY2024 Q4
$-165.19M
FY2025 Q1
$-146.02M
FY2025 Q2
$-230.43M
FY2025 Q3
$-117.52M
FY2025 Q4
$-153.03M
FY2026 Q1
$-152.45M
FY2026 Q2
$-100.37M
Revenue
$178.30M
Net income
$-188.21M
Diluted EPS
-0.14
Operating cash flow
$-94.06M
Free cash flow
$-100.37M
Fetching…
Sources
Revenue
$163.51M
Net income
$-245.30M
Diluted EPS
-0.18
Operating cash flow
$-150.04M
Free cash flow
$-152.45M
Fetching…
Sources
Revenue
$225.22M
Net income
$-845.97M
Diluted EPS
-0.70
Operating cash flow
$-148.64M
Free cash flow
$-153.03M
Fetching…
Sources
Revenue
$177.06M
Net income
$-361.87M
Diluted EPS
-0.31
Operating cash flow
$-89.81M
Free cash flow
$-117.52M
Fetching…
Sources
Revenue
$173.97M
Net income
$-227.10M
Diluted EPS
-0.20
Operating cash flow
$-191.81M
Free cash flow
$-230.43M
Fetching…
Sources
Revenue
$133.67M
Net income
$-196.66M
Diluted EPS
-0.21
Operating cash flow
$-105.57M
Free cash flow
$-146.02M
Fetching…
Sources
Revenue
$191.47M
Net income
$-1.34B
Diluted EPS
-1.61
Operating cash flow
$-131.24M
Free cash flow
$-165.19M
Fetching…
Sources
Revenue
$173.73M
Net income
$-211.17M
Diluted EPS
-0.25
Operating cash flow
$-174.94M
Free cash flow
$-234.16M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $2.09
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $864.9M. Interest coverage -10.4x.
Net debt
$864.86M
Interest coverage
-10.43x
Plug Power Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
PLUG
BASELINE
Plug Power Inc.
Total debt $1.04B Interest coverage -10.43x This is the baseline the peer rows are being compared against.
Total debt $2.82B Interest coverage 1.35x This peer still has a real interest-payment cushion, while PLUG does not.
Total debt $166.23M Interest coverage -11.68x Neither company has much profit cushion over interest right now.
Total debt $19.69M Interest coverage -41.88x Neither company has much profit cushion over interest right now.
Total debt $8.29B Interest coverage 11.75x This peer still has a real interest-payment cushion, while PLUG does not.
What you should know
The case for and against PLUG
1 Reward
2 Risks
Rewards
-
Revenue grew 4.8% last year.
Risks
-
Return on equity was -145.0% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 4.5% (peer median: 5.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-14.09x
P/B
5.02x
P/S
3.92x
EV/EBITDA
-7.40x
PEG ratio
0.84x
Profitability
How much profit each dollar creates
Gross margin
-24.7%
Operating margin
-24.9%
Net margin
-220.6%
ROE
-145.0%
ROA
-12.2%
Health
Liquidity and balance-sheet strength
Debt / equity
1.77x
Current ratio
2.32x
Quick ratio
0.82x
Total debt
$1.04B
Total cash
$172.09M
Growth
How the business has been compounding
Revenue TTM
$744.09M
Revenue 5Y CAGR
9.0%
EPS TTM
-1.32
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-482.56M
Free CF TTM
$-647.00M
FCF margin
-87.0%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—