Plug Power Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red because there is a documented substance risk, not because the stock has fallen: unrestricted cash of $161.9 million covers about 1.7 quarters at the second-quarter 2026 burn rate, and adjusted for a one-time $50.0 million payment just over one — and even a generous calculation including post-quarter inflows, restricted cash released in the short term and the pending New York land sale does not reach four quarters at the adjusted burn rate. The company itself attributes the absence of a going-concern warning to its right to sell new shares; by its own account, the gap will therefore likely be closed by shareholders. The operational turnaround, with gross profit near zero and operating expenses halved, is real but not yet a stable line. Yellow would come into consideration once cash, released collateral and completed land sales cover at least four quarters without new shares. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Plug Power is making real operational progress: in the second quarter of 2026 gross profit was close to zero after minus $53.5 million a year earlier, operating expenses were cut in half within a year, and the forklift business is growing. At the same time, unrestricted cash of $161.9 million covers less than two quarters at the second-quarter burn rate, the $1.66 billion federal loan guarantee has been terminated, and funding for the next twelve months relies, according to the quarterly report, on the right to sell new shares — with a share count that has already more than quadrupled since 2019. Not investment advice.
Operational turnaround
In the second quarter of 2026 gross profit was minus $1.7 million on $178.3 million of revenue, after minus $53.5 million a year earlier; operating expenses fell from $123.5 million to $62.4 million. The forklift business grew to 1,666 fuel cells deployed versus 739, and service revenue rose 82 percent. Caveat: a $15.7 million benefit from service reserves and $39.7 million of one-time recoveries helped.
Cash and cash burn
Unrestricted cash fell from $368.5 million at the end of 2025 to $161.9 million as of June 30, 2026. Operations used $244.1 million in the first half of 2026, $94.1 million of it in the second quarter, including a one-time $50.0 million payment; at that pace unrestricted cash lasts about 1.7 quarters, adjusted just over one. $509.6 million is restricted as collateral and is released only gradually.
Funding and dilution
According to the 10-Q for the quarter ended June 30, 2026, the twelve-month funding conclusion explicitly relies on the right to sell new shares through an at-the-market program ($944.1 million available) and a purchase agreement with Yorkville (up to $1.0 billion). The share count has risen 4.4-fold since the end of 2019, another 440.5 million shares are promised, and authorized shares were doubled to 3.0 billion on February 12, 2026.
Hydrogen strategy
The Department of Energy guarantee of up to $1.66 billion for as many as six hydrogen plants was terminated on August 4, 2026, after Plug had itself suspended the projects in November 2025. The New York ($142.0 million) and Texas sites are being sold to a data center developer. The hydrogen fuel business ran at about minus 48 percent gross margin in the second quarter of 2026.
Debt and maturities
The $431.25 million of 6.75 percent convertible notes run until December 1, 2033; holders can first put them on December 6, 2029. The remainder of the old 7 percent notes was repaid by June 2026. There is no large maturity in the next three years — but there are $213.9 million of finance obligations and $243.6 million of leases, of which $123.4 million combined falls due within twelve months.
Worth Noting
Plug Power made our research list through the forum rankings of wallstreet-online in September 2026; as of September 24, 2026 our in-house stock scanner also listed the stock in the warning scanners Insolvency Radar and Going Concern (Distress Proxy). A reason to look something up is not a verdict.
Recency: the latest periodic report reviewed is the quarterly report (10-Q) for the quarter ended June 30, 2026, filed on August 10, 2026, together with the earnings release (8-K, Item 2.02) of the same day. All filings from that day through September 24, 2026 were reviewed: insider filings (Form 4 and Form 144) and the departure of the chief operating officer (8-K, Item 5.02, September 23, 2026). No new 424B prospectus supplement, no new S-3, no Form 15 or 25. Whether shares were sold under the two equity programs after June 30, 2026 will only become visible with the next quarterly report.
Data: market value calculated with the $2.00 close of September 23, 2026 from fundamental data and cross-checked against the $2.1415 sale price documented in an insider filing on September 18, 2026 (gap of about 7 percent). All other figures come from the original SEC documents; multi-year series from their XBRL data.
Name confusion: Plug Power (PLUG, New York) is not the Canadian fuel cell maker Ballard Power Systems (BLDP) and not FuelCell Energy (FCEL) of Connecticut. The three are often mentioned in the same breath but have different business models and balance sheets.
Stock Watch
This analysis is as of September 24, 2026. Stock Watch will tell you what's changed at PLUG since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.40 $ to 4.10 $ · Last price: 1.40 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electrical Equipment & Parts
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Plug Power Inc PLUG | 2.0 | – | -2.2 | -24.8 | -63.6 | 12.9 | -48.6 |
| Vertiv Holdings Co VRT | 100.4 | 51.3 | 30.7 | 38.1 | 16.4 | 27.7 | 20.1 |
| Bloom Energy Corp BE | 57.8 | – | 217.9 | 31.7 | 9.6 | 37.3 | 66.3 |
| Hubbell Inc HUBB | 22.6 | 25.0 | 20.0 | 35.3 | 17.8 | 3.8 | -9.0 |
| nVent Electric PLC NVT | 20.4 | 38.8 | 20.3 | 36.4 | 16.0 | 29.5 | 21.5 |
| Acuity Brands Inc AYI | 9.6 | 20.9 | 10.7 | 49.5 | 16.1 | 13.1 | -9.2 |
| Advanced Energy Industries Inc AEIS | 9.5 | 42.4 | 26.9 | 40.0 | 14.3 | 21.4 | 15.4 |
| Forgent Power Solutions, Inc. FPS | 7.9 | 1,290.7 | 34.4 | 35.0 | 10.4 | 315.4 | – |
| Enersys ENS | 6.1 | 19.9 | 11.3 | 29.8 | 13.4 | 3.7 | 38.1 |
| Median of companies shown | 9.6 | 38.8 | 20.3 | 35.3 | 14.3 | 21.4 | 17.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 86 | -52 | -57 | -0.32 | -30 | 85 | 241 |
| 2017 | 133 | -102 | -127 | -0.59 | -60 | 74 | 271 |
| 2018 | 174 | -69 | -78 | -0.36 | -58 | 3 | 390 |
| 2019 | 230 | -50 | -85 | -0.36 | -53 | 235 | 899 |
| 2020 | -93 | -177 | -596 | -1.68 | -155 | 586 | 1,356 |
| 2021 | 502 | -437 | -460 | -0.82 | -358 | 4,606 | 5,950 |
| 2022 | 701 | -680 | -724 | -1.25 | -621 | 4,060 | 5,764 |
| 2023 | 891 | -1,344 | -1,369 | -2.30 | -1,107 | 2,898 | 4,903 |
| 2024 | 629 | -2,020 | -2,105 | -2.45 | -729 | 1,734 | 3,603 |
| 2025 | 710 | -680 | -1,632 | -1.41 | -536 | 978 | 2,595 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.46 | – | 192 | -13.80 | -697.50 | -131 | -171 |
| 2025: Q1 | -0.21 | – | 134 | 11.20 | -147.10 | -106 | -146 |
| 2025: Q2 | -0.20 | – | 174 | 21.40 | -130.50 | -192 | -230 |
| 2025: Q3 | -0.31 | – | 177 | 1.90 | -204.40 | -90 | -120 |
| 2025: Q4 | -0.73 | – | 225 | 17.60 | -375.60 | -149 | -158 |
| 2026: Q1 | -0.18 | – | 164 | 22.30 | -150.00 | -150 | -158 |
| 2026: Q2 | -0.14 | 30.00 | 178 | 2.50 | -105.60 | -94 | -100 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.27 | -0.42 – -0.22 | 821 | 68.3% | 5 |
| 12/31/2027 | -0.15 | -0.27 – -0.10 | 978 | 45.1% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Plug Power setzt künstliche Intelligenz laut Geschäftsbericht 2025 (10-K) intern ein, um Kostenbestandteile in der Lieferkette zu analysieren und den Einkauf zu steuern, verkauft aber keine KI-Produkte und weist keine KI-Umsätze aus; das Risikokapitel nennt KI nur allgemein als mögliche Marktveränderung und als Umsetzungsrisiko der eigenen Effizienzziele, die Quartalsberichte 2026 enthalten keinen weiteren KI-Bezug.
View the full file — quotes, sources, reviewed filings
„Despite these external headwinds, we remain focused on structural cost reduction initiatives, leveraging artificial intelligence to analyze detailed cost components across our supply chain, optimize sourcing decisions, and mitigate inflationary impacts on key raw materials."
Trotz dieses externen Gegenwinds konzentrieren wir uns weiter auf strukturelle Kostensenkungsinitiativen und nutzen künstliche Intelligenz, um detaillierte Kostenbestandteile in unserer Lieferkette zu analysieren, Beschaffungsentscheidungen zu optimieren und inflationsbedingte Auswirkungen bei wichtigen Rohstoffen abzumildern.
10-K · 2026-03-02 · View SEC filing
„If we do not successfully integrate artificial intelligence in a timely and cost-effective manner, we may not fully realize anticipated efficiencies, cost savings, or service improvements."
Wenn es uns nicht gelingt, künstliche Intelligenz rechtzeitig und kosteneffizient einzubinden, können wir die erwarteten Effizienzgewinne, Kosteneinsparungen oder Serviceverbesserungen möglicherweise nicht vollständig realisieren.
10-K · 2026-03-02 · View SEC filing
„The rapid evolution of artificial intelligence has the potential to disrupt existing business models and markets and could result in a material adverse effect on our business."
Die rasante Entwicklung der künstlichen Intelligenz kann bestehende Geschäftsmodelle und Märkte umwälzen und könnte sich wesentlich nachteilig auf unser Geschäft auswirken.
10-K · 2026-03-02 · View SEC filing
Filings Reviewed: 10-Q 2026-08-10 · 10-Q 2026-05-11 · 10-Q 2025-11-10 · 10-Q 2025-08-11 · 10-K 2026-03-02 · 10-K 2025-03-03
Rated on September 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 0.4%
- More than 10% revenue growth is expected for the coming year 18.6%
- Share count grows by less than 3% a year 26.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -80.3%
- Gross margin at 40% or higher and without meaningful erosion -34.1%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 2,734 m
- Return on capital at 15% or higher, or up versus two years ago -34.3%
- Insiders hold at least 10% or are net buyers 4.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 26.4%
- Exp. sales growth 3Y > 5% 17.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 17.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -172.0%
- ROCE > 15% -34.3%
- Expected return > 10% -22.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Haycraft Benjamin | CSO & GM EMEA | Sell | 9,375 | 1.41 | 13,219 |
| Oct 1, 2026 | Angle Colin M | Director | Other | 6,121 | 1.94 | 11,875 |
| Oct 1, 2026 | Kenausis Gregory | Director | Other | 5,928 | 1.94 | 11,500 |
| Oct 1, 2026 | Joggerst Patrick | Director | Other | 11,598 | 1.94 | 22,500 |
| Oct 1, 2026 | Bonney Mark J | Director | Other | 12,242 | 1.94 | 23,749 |
| Sep 18, 2026 | Haycraft Benjamin | CSO & GM EMEA | Sell | 200,000 | 2.14 | 428,300 |
| Sep 15, 2026 | Haycraft Benjamin | CSO & GM EMEA | Sell | 18,750 | 2.06 | 38,625 |
| Sep 11, 2026 | Haycraft Benjamin | CSO & GM EMEA | Sell | 13,810 | 2.14 | 29,553 |
The company
About the Company
Plug Power Inc. entwirft, entwickelt und verkauft Wasserstoffprodukte und -lösungen in Europa, Australien, Nordamerika und international.
- CEO Insider Trades (12 Mo.)
- buying own stock
- Employees
- 2,344
- Headquarters
- Slingerlands, NY
- Address
- 125 Vista Boulevard, 12159 Slingerlands, United States
- Phone
- 518 782 7700
- Website
- plugpower.com
- IPO Date
- 10/29/1999
- ISIN
- US72919P2020
- Stock Split
- 1:10 on 05/20/2011
Management
| Name | Title | Birth Year |
|---|---|---|
| Andrew J. Marsh | Executive Chairman | 1956 |
| Jose Luis Crespo | CEO, President & Director | 1970 |
| Paul B. Middleton CPA | Executive VP, CAO & CFO | 1967 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/15/2026 PLUG POWER INC (PLUG): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 09/23/2026 PLUG POWER INC (PLUG): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/10/2026 PLUG POWER INC (PLUG): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/13/2026 PLUG POWER INC (PLUG): Entry into a Material Definitive Agreement; Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.