Plug Power Inc.
PLUG · Price history
Price at last available close
$1.42
−$0.45 (-23.92%) 1M
2026-10-28
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Company & revenue
About Plug Power Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Plug Power Inc. specializes in providing comprehensive clean hydrogen and zero-emission fuel cell solutions. These innovative offerings cater to various sectors, including supply chain and logistics, on-road electric vehicles, and stationary power generation, with operations spanning North America and international markets. The company is actively constructing an end-to-end green hydrogen ecosystem, encompassing its production, efficient storage and delivery, and subsequent energy generation for both mobile and fixed applications.
How they make money
Plug Power generates revenue by developing and selling proton exchange membrane fuel cell systems, electrolyzers, and hydrogen infrastructure. The company also provides ongoing maintenance and service programs through its GenCare platform and sells liquid hydrogen produced through its network of generation facilities to support mobility and stationary power applications.
Products & services
GenDrive fuel cell systems for material handling, GenSure stationary backup power, GenFuel hydrogen infrastructure, electrolyzer systems for green hydrogen production, and GenCare maintenance services.
Brands & revenue mix
Hydrogen fueled PEM fuel cell systems for material handling EVs.
Separate brand revenue is not available in this research.Source
Stationary fuel cell solutions for backup and grid-support power.
Separate brand revenue is not available in this research.Source
Hydrogen fueling, delivery, generation, storage, and dispensing systems.
Separate brand revenue is not available in this research.Source
IoT-based maintenance and on-site service program.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
Customer types
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
No supplier relationships were confirmed in the sources reviewed. This does not mean the company has no suppliers.
Strengths
- Vertically integrated hydrogen ecosystemSource
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Total debt is at least one year of revenue
Debt is large relative to the company's recent revenue base. Review maturity dates, borrowing terms and whether available liquidity can support the obligation.
Interest coverage is below 2x
Reported earnings provide limited coverage of interest expense. Review the underlying interest and operating-income figures because weak coverage can increase refinancing and liquidity risk.
Free cash flow is negative
The latest reported period did not generate positive free cash flow. Check whether the cash use reflects development investment, working capital or continuing operating losses.
Cash covers less than 20% of total debt
Cash on hand is small relative to reported debt. Compare unrestricted cash, debt maturities and expected financing needs rather than treating the ratio alone as a default prediction.
Diluted weighted-average shares increased 23.5% year over year.
Compare per-share results with total earnings and inspect the equity footnote. A change in weighted-average shares does not by itself establish the cause, the number of shares issued today, or the economic effect of a split.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
12
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
17
Poor
Financial Strength
27
Business Quality / Moat
12
Management
0
Growth Quality
27
Risk / Durability
19
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
29
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
37/100
Building Historical Record
Model Score 37/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
No strong positive signal is being highlighted from the currently available summary data.
- •High debt risk
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for PLUG
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can PLUG maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •How long can PLUG fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •Is PLUG's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What specifically needs to improve for PLUG to reach sustainable profitability?
- •What future growth or profitability would be needed to justify PLUG's current valuation?
Essential Investment Snapshot
Wall Street Score
12
Opportunity Score
29
Market Cap
$2.00B
P/E Ratio
-1.2
EPS
$-1.36
52-Week High
$4.33
52-Week Low
$1.58
Beta
2.29
Analyst Target
$3.33
Shares Outstanding
1.16B
Total Revenue
$744.1M
Total Debt
$823.1M
Dividend
No current dividend
Liquidation Value / Share
$0.51
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for PLUG
Detected from reported data — verify before acting.High debt risk
Total debt is at least one year of revenue • Interest coverage is below 2x • Free cash flow is negative • Cash covers less than 20% of total debt
Community Sentiment
0 active · 0 total callsNo personal call yet on PLUG.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Vertically integrated hydrogen ecosystem.
Potential downside factors
- −Debt risk (high): Total debt is at least one year of revenue.
- −Interest coverage is below 2x.
- −Free cash flow is negative.
- −Cash covers less than 20% of total debt.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
5 historical score records availablePrevious Score
11
Oct 1, 2026
Change
+0.3
points
Current Score
12
Oct 12, 2026
Category Changes
PLUG increased 0.3 points because Asset improved by 3.1 points.
Positive Contributors
- + Asset improved by 3.1 points
Projected Score
Projected Score
11
Projected Change
-1.1 points
Preliminary comparable-period financial changes suggest decline of approximately 1.1 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$1.44
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $744.1M | $709.9M | $628.8M | $891.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $882.1M | $952.0M | $1.25B | $1.40B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | -$138.0M | -$242.0M | -$624.9M | -$507.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $53.9M | $58.0M | $77.2M | $113.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $310.3M | $379.6M | $376.1M | $422.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $384.0M | $437.5M | $1.39B | $835.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$1.60B | -$1.58B | -$1.98B | -$1.26B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$522.0M | -$679.6M | -$2.02B | -$1.34B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $71.9M | $65.1M | $46.6M | $45.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$1.70B | -$1.69B | -$2.11B | -$1.38B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $592K | $356K | -$2.7M | -$7.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$1.64B | -$1.63B | -$2.10B | -$1.37B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-1.36 | $-1.41 | $-2.45 | $-2.30 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 1.39B | 1.16B | 858M | 595M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 1.39B | 1.16B | 858M | 595M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$178.3M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.14
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-17.0%
Cash Change
+15.0%
Margin Change
+25.0 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Cash position grew
- Debt reduced
Potential Score Impact
Positive indicators included revenue growth, cash levels, debt levels, net income margin. Pressure indicators included EPS growth. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 2.5%. EPS declined 30.0%. Cash increased 15.0%. Total debt declined 17.0%. Net income margin improved by 25.0 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
5 historical recordsHistorical Score Chart
3 of 5 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · PLUG
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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