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Plug Power Inc

PLUG Nasdaq Electrical Industrial Apparatus Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$710M
12.9% vs prior year
Operating margin Operating income as a share of revenue.
−206.7%
114.5 pts
Net income Profit after all expenses, interest and tax.
−$1.6B
Free cash flow Cash from operations minus capital spending.
−$647M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.33 EPS (TTM)

What Plug Power Inc does

No business description yet.

Legal name
PLUG POWER INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Mar 2, 2026
Accession · CIK
0001104659-26-022286
0001093691

Revenue and margins

Plug Power Inc had $710M of revenue in fiscal 2025, up 12.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$647M in fiscal 2025, −91.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Plug Power Inc returned — to shareholders in fiscal 2025. The diluted share count rose 46.1%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Plug Power Inc can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.7B$2.0B$135M$206M$369M
Debt incl. finance leases $59.9M$55.1M$49.5M$35.8M—
Debt / equity 0.0x0.0x0.0x0.0x—
Interest coverage −10.1x−17.4x−29.7x−43.3x−22.5x
Current ratio 10.6x5.2x1.9x2.0x2.3x
Quick ratio 9.9x4.2x0.9x1.1x1.5x
Total assets $6.0B$5.8B$4.9B$3.6B$2.6B
Total liabilities $1.3B$1.7B$2.0B$1.8B$1.6B
Shareholders' equity $4.6B$4.1B$2.9B$1.7B$978M
Net debt (− = net cash) −$3.7B−$2.0B−$85.6M−$170M—

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕
Cash from operations is positive ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕
Return on assets rose — ✕ ✓ ✓ ✕ ✓ ✕ ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✓ ✓ ✕ ✓ ✓ ✓
Debt fell relative to assets — ✕ ✕ ✓ ✓ ✓ ✓ ✓ ✓ —
Current ratio rose — ✕ ✓ ✓ ✓ ✓ ✕ ✕ ✓ ✓
Share count didn't rise — ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕
Gross margin rose — ✕ ✓ ✓ — — ✓ ✕ ✕ ✓
Revenue rose relative to assets — ✓ ✓ ✕ ✕ ✓ ✓ ✓ ✕ ✓
F-score — / 32 / 95 / 95 / 93 / 85 / 83 / 93 / 93 / 94 / 8
Accruals ratio −11.6%−26.2%−8.2%−5.8%−30.3%−2.5%1.8%−4.9%−32.4%−35.4%
Altman Z'' −13.85−16.24−11.70−5.111.426.232.98−2.21−7.39−11.47

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $82.8M $100M $174M $230M −$93.2M $502M $701M $891M $629M $710M
Provision for credit losses — — — −$0.4M — $72.0M — — — —
Gross profit $3.9M −$28.1M −$26.0M $10.6M −$469M −$171M −$194M −$508M −$625M −$242M
Research and development $21.2M $28.7M $12.8M $15.1M $27.8M $64.8M $99.6M $114M $77.2M $58.0M
Operating income −$51.5M −$102M −$76.4M −$47.6M −$584M −$437M −$680M −$1.3B −$2.0B −$1.5B
Interest expense — — — $37.0M $60.5M $43.2M $39.0M $45.2M $46.6M $65.1M
Pretax income −$57.9M −$127M −$94.9M −$83.7M −$627M −$476M −$723M −$1.4B −$2.1B −$1.7B
Income tax −$0.4M — −$9.3M — −$30.8M −$16.2M $0.8M −$7.4M −$2.7M $0.4M
Net income −$57.5M −$127M −$85.6M −$83.7M −$596M −$460M −$724M −$1.4B −$2.1B −$1.6B
Net income to common $57.6M $130M −$85.7M −$85.6M −$596M −$460M −$724M −$1.4B −$2.1B −$1.6B
Diluted EPS −$0.32 −$0.60 −$0.39 −$0.36 −$1.68 −$0.82 −$1.25 −$2.30 −$2.68 −$1.42
Diluted shares 0.18B 0.22B 0.22B 0.24B 0.35B 0.56B 0.58B 0.60B 0.79B 1.15B
Cash flow
Cash from operations −$29.6M −$60.2M −$58.4M −$53.3M −$155M −$358M −$829M −$1.1B −$729M −$536M
Capital expenditure $2.7M $4.1M $5.1M $5.7M $22.5M $172M $437M $665M $287M $111M
Free cash flow −$32.4M −$64.3M −$63.5M −$59.0M −$178M −$530M −$1.3B −$1.8B −$1.0B −$647M
Depreciation and amortization $4.7M $9.2M $0.3M $11.9M $14.4M $20.9M $30.4M $52.0M $61.1M $37.6M
Stock-based compensation $9.3M $9.2M $8.8M $10.9M $17.1M $76.5M $180M $163M $82.2M $50.5M
Acquisitions — — — — $45.1M $137M $56.9M — — —
Share buybacks $0.2M — — — — — — — — —
Dividends and buybacks $0.2M — — — — — — — — —
Balance sheet
Cash and short-term investments $46.0M $24.8M $38.6M $139M $1.3B $3.7B $2.0B $135M $206M $369M
Total debt $23.8M $32.1M $108M $26.5M $50.8M $30.6M $9.0M $3.9M $0.2M —
Finance lease liabilities — — — — $5.4M $29.3M $46.1M $45.6M $35.6M $28.6M
Current assets $111M $120M $156M $314M $1.6B $4.4B $3.3B $1.8B $1.5B $1.4B
Current liabilities $66.5M $116M $146M $134M $222M $421M $635M $965M $748M $611M
Inventory $29.9M $48.8M $47.9M $72.4M $139M $269M $646M $961M $683M $521M
Property and equipment, net — — — $15.0M $74.5M $256M $720M $1.4B $866M $281M
Goodwill $8.3M $9.4M $9.0M $8.8M $72.4M $220M $249M $0.0M $0.0M —
Intangible assets $3.9M $3.8M $3.9M $5.5M $39.3M $158M $208M $189M $84.7M $29.2M
Total assets $241M $271M $390M $660M $2.3B $6.0B $5.8B $4.9B $3.6B $2.6B
Total liabilities $146M $196M $356M $528M $784M $1.3B $1.7B $2.0B $1.8B $1.6B
Shareholders' equity $85.1M $70.2M −$3.6M $130M $1.5B $4.6B $4.1B $2.9B $1.7B $978M
Margins
Gross margin 4.8% −28.0% −14.9% 4.6% 503.5% −34.1% −27.7% −57.0% −99.4% −34.1%
Operating margin −62.2% −101.6% −43.9% −20.7% 626.6% −87.1% −96.9% −150.7% −321.2% −206.7%
EBITDA margin −56.6% −92.5% −43.7% −15.5% 611.1% −82.9% −92.5% −144.9% −311.5% −201.4%
Net margin −69.4% −126.9% −49.1% −36.4% 639.4% −91.6% −103.2% −153.6% −334.7% −229.8%
FCF margin −39.1% −64.2% −36.4% −25.7% 190.9% −105.6% −180.4% −198.8% −161.5% −91.1%
Returns
Return on capital −64.7% −103.7% −91.7% −223.0% −224.8% −37.8% −26.2% −38.4% −104.4% —
Return on capital employed −29.5% −65.6% −31.3% −9.1% −28.8% −7.9% −13.2% −34.1% −70.8% −74.0%
Return on equity −67.6% −163.6% −256.9% −132.6% −74.7% −15.1% −16.7% −39.3% −90.9% −120.3%
Return on assets −23.9% −49.7% −25.9% −16.0% −41.0% −11.2% −12.4% −25.7% −49.5% −52.7%
Return on tangible equity 79.1% 228.4% — −74.1% −44.0% −10.9% −20.1% −50.5% −127.6% −172.0%
Growth
Revenue growth — 20.9% 73.9% 32.0% −140.5% — 39.6% 27.1% −29.5% 12.9%
Share count change — 19.8% 1.2% 8.3% 49.6% 57.3% 3.9% 2.7% 31.8% 46.1%
Financial health
Debt / equity 0.3x 0.5x — 0.2x 0.0x 0.0x 0.0x 0.0x 0.0x —
Interest coverage — — — −1.3x −9.7x −10.1x −17.4x −29.7x −43.3x −22.5x
Current ratio 1.7x 1.0x 1.1x 2.3x 7.2x 10.6x 5.2x 1.9x 2.0x 2.3x
Quick ratio 1.2x 0.6x 0.7x 1.8x 6.6x 9.9x 4.2x 0.9x 1.1x 1.5x
Capital allocation
Capex / revenue 3.3% 4.1% 3.0% 2.5% −24.2% 34.3% 62.2% 74.6% 45.7% 15.7%
Stock comp / revenue 11.2% 9.2% 5.0% 4.7% −18.4% 15.2% 25.6% 18.3% 13.1% 7.1%
Quality scores
Piotroski F-score — 2.0 5.0 5.0 3.0 5.0 3.0 3.0 3.0 4.0
Altman Z'' −13.8 −16.2 −11.7 −5.1 1.4 6.2 3.0 −2.2 −7.4 −11.5
Accruals ratio −11.6% −26.2% −8.2% −5.8% −30.3% −2.5% 1.8% −4.9% −32.4% −35.4%

Source: SEC EDGAR XBRL filings (CIK 0001093691). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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