PLUGNasdaqElectrical Industrial ApparatusFiscal year ends December 31
PLUG POWER INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$1.37−0.01 (-0.72%)
Close on Oct 19, 2026
- Market cap
- $1.91B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
-34.1%−537.6 pts over 5 years
Operating margin
-206.7%−833.3 pts over 5 years
Net margin
-229.8%−869.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.9% | +0.4% | – | +21.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -54.8% | -74.7% | -120.3% | |
| Return on assets | -25.5% | -41.0% | -52.7% | |
| Current ratio | 1.67 | 7.21 | 2.31 | |
| Debt to equity | 0.28 | – | – | |
| Net debt to EBITDA | 1.64× | – | – | |
| Interest coverage | – | -9.7× | -22.5× | |
| Inventory turnover | 2.5× | 3.6× | 1.6× | |
| Capex to revenue | 3.3% | -24.2% | 15.7% | |
| Diluted shares | 181M | 355M | 1.15B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Plug Power generated $3.56B from operations and spent $1.67B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$3.56B
Used
$1.67B
Capital expenditure$1.67B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-229.8%
×Asset turnover0.23×
×Equity multiplier2.29×
=Return on equity, FY2025-120.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -229.8% | 0.23× | 2.29× | -120.3% |
| FY2024 | -334.7% | 0.15× | 1.84× | -90.9% |
| FY2023 | -153.6% | 0.17× | 1.53× | -39.3% |
| FY2022 | -103.2% | 0.12× | 1.35× | -16.7% |
| FY2021 | -91.6% | 0.12× | 1.35× | -15.1% |
| FY2020 | 639.4% | -0.06× | 1.82× | -74.7% |
| FY2019 | -36.4% | 0.44× | 8.31× | -132.6% |
| FY2018 | -49.1% | 0.53× | 9.92× | -256.9% |
| FY2017 | -126.9% | 0.39× | 3.29× | -163.6% |
| FY2016 | -69.4% | 0.37× | 2.15× | -54.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$1.63B
- Cash generatingOperating cash flow above zero-$535.84M
- Return on assets improvedROA up on the prior year-42.9% → -45.3%
- Earnings backed by cashOperating cash flow above net income-$535.84M vs -$1.63B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.97 → 2.31
- No dilutionShare count did not rise785M → 1.15B
- Gross margin improvedGross margin up on the prior year-99.38% → -34.09%
- More efficientAsset turnover rose0.13 → 0.20