Plug Power (PLUG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PLUG SEC filings page.
Plug Power (PLUG) reported $744.1M in revenue over the twelve months to Jun 30, 2026, up 10.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Persistent gross losses, operating deficits, and external financing define a capital-intensive model still dependent on funding.
FY2025's gross-margin rebound to-34.1% from-99.4% narrowed the production shortfall, yet the operating deficit remained more than twice revenue. That mismatch, alongside operating cash flow of-$535.8M , indicates the improvement was concentrated above operating expenses rather than becoming a cash-generating turnaround.
FY2025 operating cash flow of
Debt-to-equity rose from 1.0x in FY2024 to 1.6x in FY2025, making the balance sheet more leveraged. Shares outstanding climbed from 925.2M to 1.4B over the same span, showing external funding also diluted the ownership base.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Plug Power's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Plug Power's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 17/100.
Plug Power's revenue grew 12.9% year-over-year to $709.9M, a solid pace of expansion. This earns a growth score of 9/100.
Plug Power has a moderate D/E ratio of 1.63. This balance of debt and equity financing earns a leverage score of 36/100.
With a current ratio of 2.31, Plug Power holds $2.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.
Plug Power's operations used $535.8M of cash, and capex of $111.2M added to the outflow, for a free cash flow shortfall of $647.0M. This results in a cash flow score of 3/100.
Plug Power posts a -166.9% return on equity (ROE), meaning it loses $167 for every $100 of shareholders' equity. This results in a returns score of 16/100. This is down from -121.4% the prior year.
Plug Power scores -4.52, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.0B) relative to total liabilities ($1.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Plug Power passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Plug Power reported a net loss of $1.6B while operations used $535.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Plug Power reported an operating loss of $1.5B against $65.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Plug Power generated $178.3M in revenue in Q2 2026. This represents an increase of 2.5% from the same quarter a year earlier. Against the prior quarter it is up 9.0%.
Plug Power's EBITDA was -$56.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 65.1% from the same quarter a year earlier. Against the prior quarter it is up 44.6%.
Plug Power reported -$188.2M in net income in Q2 2026. This represents an increase of 17.1% from the same quarter a year earlier. Against the prior quarter it is up 23.3%.
Plug Power earned -$0.14 per diluted share (EPS) in Q2 2026. This represents an increase of 30.0% from the same quarter a year earlier. Against the prior quarter it is up 22.2%.
Cash & Balance Sheet
Plug Power recorded an outflow of $100.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 56.4% from the same quarter a year earlier. Against the prior quarter it is up 34.2%.
Plug Power held $161.9M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Plug Power's gross margin was -0.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 29.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.3 percentage points.
Plug Power's operating margin was -36.0% in Q2 2026, reflecting core business profitability. Against the prior quarter it is up 31.0 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Plug Power's ROE was -32.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 18.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Plug Power invested $13.4M in research and development in Q2 2026. This represents an increase of 10.1% from the same quarter a year earlier. Against the prior quarter it is up 10.8%.
Plug Power invested $6.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 83.7% from the same quarter a year earlier. Against the prior quarter it is up 161.9%.
Not reported for Q2 2026.
PLUG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $178.3M+2.5% | $163.5M+22.3% | $225.2M+17.6% | $177.1M+1.9% | $174.0M+21.4% | $133.7M+11.2% | $191.5M-13.8% | $173.7M-12.6% |
| Cost of Revenue | $180.0M-20.9% | $185.1M-10.8% | $219.8M-48.4% | $297.2M+8.6% | $227.4M-17.2% | $207.5M-25.7% | $426.0M-4.2% | $273.8M-18.7% |
| Gross Profit | -$1.7M+96.9% | -$21.6M+70.7% | $5.5M+102.3% | -$120.2M-20.1% | -$53.5M+59.3% | -$73.9M+53.6% | -$234.5M-5.5% | -$100.0M+27.5% |
| R&D Expenses | $13.4M+10.1% | $12.1M-30.2% | $12.3M-7.5% | $16.1M-18.2% | $12.2M-35.6% | $17.4M-31.3% | $13.3M-56.1% | $19.7M-28.7% |
| SG&A Expenses | $29.3M-66.7% | $70.2M-13.2% | $100.2M-17.4% | $110.6M+20.8% | $87.9M+3.2% | $80.8M+3.7% | $121.4M+8.6% | $91.6M-13.1% |
| Operating Income | -$64.1M+63.8% | -$109.5M+38.6% | -$763.2M+41.3% | -$348.8M-61.4% | -$176.9M+27.7% | -$178.5M+31.2% | -$1.3B-107.6% | -$216.2M+21.1% |
| EBITDA | -$56.6M+65.1% | -$102.3M+37.8% | -$755.4M+40.9% | -$338.7M-74.3% | -$162.2M+27.0% | -$164.3M+31.0% | -$1.3B-111.7% | -$194.3M+23.2% |
| Interest Expense | $16.9M+6.0% | $17.4M+51.1% | $21.2M+27.7% | $16.5M+79.9% | $15.9M+67.6% | $11.5M+1.4% | $16.6M+44.9% | $9.1M-22.5% |
| Income Tax | $207K+1625.0% | $41K | $252K+109.8% | $92K-3.2% | $12K+103.2% | $0-100.0% | -$2.6M-473.2% | $95K+102.0% |
| Net Income | -$188.2M+17.1% | -$245.3M-24.7% | -$846.4M+36.6% | -$361.9M-71.4% | -$227.1M+13.4% | -$196.7M+33.5% | -$1.3B-107.9% | -$211.2M+25.5% |
| EPS (Basic) | -$0.14+30.0% | -$0.18+14.3% | -$0.69+58.2% | -$0.31-24.0% | -$0.20+44.4% | -$0.21+54.3% | -$1.65-52.8% | -$0.25+46.8% |
| EPS (Diluted) | -$0.14+30.0% | -$0.18+14.3% | -$0.69 | -$0.31-24.0% | -$0.20 | -$0.21+54.3% | -$1.65-52.8% | -$0.25+46.8% |
| Diluted Shares (Avg) | 1.39B+23.5% | 1.39B+46.9% | N/A | 1.16B+35.0% | 1.13B | 946M+47.5% | N/A | 858M+43.2% |
PLUG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.2B-34.6% | $2.4B-34.8% | $2.6B-28.0% | $3.1B-34.3% | $3.4B-29.8% | $3.6B-25.0% | $3.6B-26.5% | $4.7B-13.3% |
| Current Assets | $1.1B-13.8% | $1.3B-16.9% | $1.4B-4.5% | $1.2B-27.1% | $1.3B-20.5% | $1.5B-13.2% | $1.5B-17.3% | $1.6B-27.0% |
| Cash & Equivalents | $161.9M+15.0% | $223.2M-24.6% | $368.5M+79.2% | $165.9M+76.6% | $140.7M+125.7% | $295.8M+71.1% | $205.7M+52.3% | $93.9M-15.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% |
| Inventory | $493.4M-23.4% | $516.2M-25.6% | $521.0M-23.7% | $555.1M-37.3% | $643.9M-31.5% | $693.5M-28.9% | $682.6M-29.0% | $885.8M-13.5% |
| Accounts Receivable | $125.9M-9.3% | $106.5M-26.5% | $134.8M-14.3% | $124.0M-25.8% | $138.7M-26.9% | $145.0M-2.6% | $157.2M-35.5% | $167.2M+2.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A |
| Total Liabilities | $1.6B+1.0% | $1.6B-6.3% | $1.6B-11.4% | $1.6B-5.3% | $1.6B-11.2% | $1.7B-11.3% | $1.8B-10.5% | $1.7B-12.7% |
| Current Liabilities | $493.9M-40.9% | $540.7M-31.4% | $610.6M-18.4% | $902.5M+14.7% | $835.8M+3.2% | $788.4M-13.5% | $748.5M-22.4% | $786.9M-15.4% |
| Non-Current Liabilities | $1.1B+47.4% | $1.1B+15.5% | $980.7M-6.3% | $703.6M-22.6% | $754.1M-23.2% | $912.4M-9.4% | $1.0B+0.7% | $908.6M-10.2% |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $3.9M-4.9% |
| Total Equity | $581.8M-65.4% | $749.8M-59.6% | $978.1M-43.6% | $1.4B-53.2% | $1.7B-43.8% | $1.9B-36.6% | $1.7B-40.2% | $3.0B-13.7% |
| Retained Earnings | -$8.7B-23.4% | -$8.5B-24.7% | -$8.2B-24.7% | -$7.4B-40.3% | -$7.0B-39.0% | -$6.8B-41.9% | -$6.6B-46.9% | -$5.3B-36.7% |
PLUG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$94.1M+51.0% | -$150.0M-42.1% | -$148.6M-13.3% | -$89.8M+48.7% | -$191.8M+24.7% | -$105.6M+37.1% | -$131.2M+45.9% | -$174.9M+26.8% |
| Depreciation & Amortization | $7.5M-49.5% | $7.2M-48.9% | $5.5M-70.6% | $10.1M-53.6% | $14.8M-34.6% | $14.1M-33.7% | $18.7M-2.1% | $21.8M+4.3% |
| Stock-Based Compensation | N/A | $13.9M+25.7% | N/A | N/A | N/A | $11.1M-19.1% | N/A | $21.3M-49.9% |
| Capital Expenditures | $6.3M-83.7% | $2.4M-94.0% | $4.4M-87.1% | $27.7M-53.2% | $38.6M-61.9% | $40.5M-56.3% | $34.0M-81.3% | $59.2M-64.0% |
| Free Cash Flow | -$100.4M+56.4% | -$152.4M-4.4% | -$153.0M+7.4% | -$117.5M+49.8% | -$230.4M+35.3% | -$146.0M+43.9% | -$165.2M+61.0% | -$234.2M+42.0% |
| Investing Cash Flow | $289K+100.7% | -$8.5M+81.8% | -$21.3M+51.4% | -$30.4M+66.2% | -$40.7M+72.5% | -$46.6M+61.4% | -$43.8M-116.4% | -$89.9M+38.0% |
| Financing Cash Flow | -$36.2M-210.2% | -$31.7M-116.4% | $316.9M+55.3% | $87.0M-65.5% | $32.8M-86.5% | $193.2M-31.7% | $204.0M+2548.9% | $252.4M+2354.4% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
PLUG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -0.9%+29.8pp | -13.2%+42.0pp | 2.4% | -67.9%-10.3pp | -30.7%+60.8pp | -55.3% | -122.5% | -57.6%+11.9pp |
| Operating Margin | -36.0% | -67.0% | -338.9% | -197.0% | -101.7% | -133.5% | -678.8% | -124.4% |
| Net Margin | -105.6% | -150.0% | -375.8% | -204.4% | -130.5% | -147.1% | -697.6% | -121.5% |
| Return on Equity | -32.4%-18.8pp | -32.7%-22.1pp | -86.5%-9.5pp | -25.5%-18.6pp | -13.5%-4.7pp | -10.6%-0.5pp | -77.0%-54.9pp | -7.0%+1.1pp |
| Return on Assets | -8.6%-1.8pp | -10.4%-4.9pp | -32.6%+4.4pp | -11.7%-7.2pp | -6.8%-1.3pp | -5.4%+0.7pp | -37.1%-24.0pp | -4.5%+0.7pp |
| Current Ratio | 2.32+0.7x | 2.36+0.4x | 2.31+0.3x | 1.32-0.8x | 1.59-0.5x | 1.950.0x | 1.97+0.1x | 2.08-0.3x |
| Debt-to-Equity | 2.76+1.8x | 2.13+1.2x | 1.63+0.6x | 1.13+1.1x | 0.95+0.9x | 0.92+0.9x | 1.04+1.0x | 0.000.0x |
| Asset Turnover | 0.080.0x | 0.070.0x | 0.090.0x | 0.060.0x | 0.050.0x | 0.040.0x | 0.050.0x | 0.040.0x |
| FCF Margin | -56.3% | -93.2% | -68.0%+18.3pp | -66.4% | -132.4% | -109.2% | -86.3% | -134.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Plug Power PLUG | FY2025 | $709.9M | -$1.6B | N/A | $3.0B | 25/100 |
| Energizer Hldgs Inc ENR | FY2025 | $3.0B | $239.0M | 8.1% | $1.4B | 25/100 |
| Electrovaya ELVA | FY2025 | N/A | N/A | N/A | $333.9M | — |
| Fuelcell Energy FCEL | FY2025 | $158.2M | -$187.9M | N/A | $1.2B | 60/100 |
| Lightbridge Corp LTBR | FY2025 | $0 | -$19.6M | N/A | $280.2M | — |
| Amprius Tech AMPX | FY2025 | $73.0M | -$44.0M | -60.3% | $1.4B | 53/100 |
Where Plug Power Ranks
Frequently Asked Questions
What is Plug Power's annual revenue?
Plug Power (PLUG) reported $709.9M in total revenue for fiscal year 2025. This represents a 12.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Plug Power's revenue growing?
Plug Power (PLUG) revenue grew by 12.9% year-over-year, from $628.8M to $709.9M in fiscal year 2025.
Is Plug Power profitable?
No, Plug Power (PLUG) reported a net income of -$1.6B in fiscal year 2025.
What is Plug Power's EBITDA?
Plug Power (PLUG) had EBITDA of -$1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Plug Power's gross margin?
Plug Power (PLUG) had a gross margin of -34.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Plug Power's return on equity (ROE)?
Plug Power (PLUG) has a return on equity of -166.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Plug Power's free cash flow?
Plug Power (PLUG) recorded an outflow of $647.0M in free cash flow during fiscal year 2025. This represents a 36.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Plug Power's operating cash flow?
Plug Power (PLUG) recorded an outflow of $535.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Plug Power's total assets?
Plug Power (PLUG) had $2.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Plug Power's capital expenditures?
Plug Power (PLUG) invested $111.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Plug Power spend on research and development?
Plug Power (PLUG) invested $58.0M in research and development during fiscal year 2025.
What is Plug Power's current ratio?
Plug Power (PLUG) had a current ratio of 2.31 as of fiscal year 2025, which is generally considered healthy.
What is Plug Power's debt-to-equity ratio?
Plug Power (PLUG) had a debt-to-equity ratio of 1.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Plug Power's return on assets (ROA)?
Plug Power (PLUG) had a return on assets of -62.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Plug Power's P/E ratio?
Plug Power (PLUG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $3.0B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Plug Power's price-to-sales ratio?
Plug Power (PLUG) trades at 4.1x sales, its market capitalization divided by revenue of $744.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.0B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Plug Power's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Plug Power (PLUG) held $368.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $535.8M over that year. Dividing the one by the other, the reported balance equals about 8 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Plug Power's Altman Z-Score?
Plug Power (PLUG) has an Altman Z-Score of -4.52, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Plug Power's Piotroski F-Score?
Plug Power (PLUG) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Plug Power's earnings high quality?
Plug Power (PLUG) reported a net loss of $1.6B while operations used $535.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Plug Power cover its interest payments?
Plug Power (PLUG) reported an operating loss of $1.5B against $65.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Plug Power?
Plug Power (PLUG) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.