Plug Power, Inc.: stock overview

PLUGNASDAQIndustrials · Electrical Industrial Apparatus

Price

$1.11

November 13, 2026Market cap $1.5B

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  • The full history: 17 fiscal years, from 2009
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

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Notes on these figures

  • The share price has fallen 26% since Nov 9, 2026, when the 10-Q these figures come from was filed ($1.50 then, $1.11 on Nov 13, 2026). The figures date from before that move.10-Q
  • The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.

In short

Plug Power had revenue of $768M over the last 12 months and a net loss of $1.2B. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$1.5B
1.39B shares
P/E
–
Revenue, 12 months
$768M
Net margin
-153.7%
2025: -229.9%, above 3% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

-10.8% a year over 2 years

  • 202510-K
    Revenue$710M
  • 202410-K
    Revenue$629M
  • 202310-K
    Revenue$891M

Fiscal years in figures

PLUG's revenue, profit, cash flow and dividend with each year-end price, from 2009 to 2022, 14 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $2.7B
$1.5B
Enterprise value 
–
P/E 
–
EV / EBIT 
–
EV / Revenue 
–
P/B 3-year median: 1.1
2.2
FCF yield 3-year median: -51.5%
–
Earnings yield 3-year median: -72.1%
–

Profitability

Gross margin 
-3.0%
Operating margin 
-131.8%
Net margin 3-year median: -229.8%
-153.7%
ROIC 
-56.9%
ROIC, 5-year average 
-43.3%
ROE 
-133.1%

Growth

Revenue, yearly change 
+12.9%
EPS, yearly change 
–
FCF, yearly change 
–

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$134M
Total debt 
–
Net cash 
–
Net debt / EBITDA 
–
Interest cover 
-13.5x
Current ratio 
2.21

Balance sheet of September 30, 2026.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
–
Total returned 
0.00%
Shares, yearly change 
+50.7%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 36).

Gross margin

-34.1%

Above 1% of the 179 companies in its industry, and 0% of all.

Operating margin

-206.7%

Above 2% of the 189 companies in its industry, and 1% of all.

Net margin

-229.9%

Above 3% of the 193 companies in its industry, and 1% of all.

ROE

-166.9%

Above 4% of the 176 companies in its industry, and 2% of all.

ROA

-62.9%

Above 4% of the 194 companies in its industry, and 2% of all.

Revenue growth

12.9%

Above 59% of the 183 companies in its industry, and 69% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
PLUG POWER INC
CIK
1093691
Exchange
NASDAQ
Industry (SIC)
3620 · Electrical Industrial Apparatus
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
USD
Shares
1.39B

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The full analysis

What do Plug Power's filings show?

These are Plug Power's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about PLUG

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What is PLUG's market cap?

Plug Power, Inc.'s market cap is $1.5B, at a price of $1.11 on November 13, 2026 and 1.39B shares.

How much revenue does PLUG have?

Plug Power had revenue of $768M over the last 12 months.

Does PLUG pay a dividend?

No. Plug Power paid no regular dividend over the last 12 months.

Where do the figures come from?

From Plug Power, Inc.'s SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.