Plug Power Inc. (PLUG) Stock Analysis
Industrials · Electrical Equipment & Parts · NasdaqCM
Plug Power Inc. (PLUG) posted $709.92M in revenue for fiscal 2025 (up 12.9% year over year), with a net loss of $1.63B, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Plug Power Inc.
Plug Power Inc. has grown revenue from $82.82M to $709.92M over the last 10 fiscal years. The most recent year was up 12.9%.
Net margin sits at -229.8%, up 104.9 points year over year on a -34.1% gross margin. It carries about $703.50M of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Plug Power Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Plug Power Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $82.82M | $100.15M | $174.22M | $229.97M | $-93.24M | $502.34M | $701.44M | $891.34M | $628.81M | $709.92M |
| Gross profit | $3.95M | $-28.09M | $-26.00M | $10.65M | $-469.42M | $-171.31M | $-194.36M | $-507.79M | $-624.89M | $-242.04M |
| Net income | $-57.49M | $-127.08M | $-85.61M | $-83.74M | $-596.15M | $-459.96M | $-724.01M | $-1.37B | $-2.10B | $-1.63B |
| Net margin | -69.4% | -126.9% | -49.1% | -36.4% | 639.4% | -91.6% | -103.2% | -153.6% | -334.7% | -229.8% |
Source: Plug Power Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Plug Power Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 141.2% over 4 years (577.7M → 1393.3M) — existing holders' stakes are being diluted.
- Debt with negative operating cash flowCarries $782.9M of debt while last year's operating cash flow was negative ($-535.8M).
- Currently unprofitableThe latest fiscal year was a net loss (net margin -229.8%).
Explore 17 years of Plug Power Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Plug Power Inc. financial history by metric
Compare Plug Power Inc. with peers
About Plug Power Inc.
Plug Power Inc. designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. The company offers GenDrive, a hydrogen fueled PEM fuel cell system, which powers material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment; GenFuel, a liquid hydrogen fueling, delivery, generation, storage, and dispensing system; and GenCare, an Internet of Things based maintenance and on-site service program. It also provides GenKey, a turn-key solution; GenEco electrolyzers for clean hydrogen production; liquefaction systems; cryogenic equipment, such as trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases; GenSure, a stationary fuel cell solution; and liquid hydrogen. The company serves customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications through its direct sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is based in Slingerlands, New York.
Plug Power Inc. — frequently asked questions
What is Plug Power Inc.'s revenue?
Plug Power Inc. (PLUG) reported revenue of $709.92M for fiscal year 2025, up 12.9% from the prior year, according to its SEC filings.
Is Plug Power Inc. profitable?
No — PLUG reported a net loss of $-1.63B in fiscal 2025.
What is PLUG's P/E ratio?
Plug Power Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How much debt does Plug Power Inc. have?
As of fiscal year 2025, PLUG carried roughly $703.50M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Plug Power Inc.'s gross margin?
PLUG's gross margin was -34.1% in fiscal 2025 — gross profit of $-242.04M on revenue of $709.92M.
What is Plug Power Inc.'s market cap?
Plug Power Inc. (PLUG) has a market capitalization of about $3.90B, based on the latest data in our nightly-refreshed cache.
When does Plug Power Inc.'s fiscal year end?
PLUG's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Plug Power Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.