Plug Power (PLUG)
NASDAQ:PLUG
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Plug Power
(NASDAQ:PLUG)
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Rating:50Neutral
Price Target:
$2.00
▼(-8.26% Downside)
Action:ReiteratedDate:03/11/26
The score is held back primarily by weak financial performance (ongoing losses and historical cash burn) despite recent improvement. Earnings-call commentary and recent corporate actions point to operational progress and liquidity initiatives, but execution and funding/dilution risks remain meaningful, while technicals and valuation provide only limited support.
Positive Factors
Electrolyzer momentum & pipeline
Concrete commercial traction in electrolyzers (300+ MW shipped and $188M revenue) demonstrates scalable project delivery and a deep project funnel that supports multi‑year revenue growth. Durable project awards and global shipments reduce reliance on one market and underpin structural demand for green hydrogen infrastructure.
Negative Factors
Persistent negative cash flow
Multi‑year operating cash deficits and chronically negative free cash flow mean the business has not established self‑funding. Even with 2025 stabilization, ongoing negative cash conversion implies continued external financing or asset monetization to sustain growth, heightening execution and dilution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Electrolyzer momentum & pipeline
Concrete commercial traction in electrolyzers (300+ MW shipped and $188M revenue) demonstrates scalable project delivery and a deep project funnel that supports multi‑year revenue growth. Durable project awards and global shipments reduce reliance on one market and underpin structural demand for green hydrogen infrastructure.
Read all positive factors
Plug Power (PLUG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.04B
Dividend YieldN/A
Average Volume (3M)84.20M
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth2.53%
EPS Growth-2.83%
CountryUS
Employees3,224
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.63
Shares Outstanding1,393,955,100
10 Day Avg. Volume72,113,905
30 Day Avg. Volume84,201,377
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)2.33
Price to Sales (P/S)3.21
P/FCF Ratio-3.45
Enterprise Value/Market Cap0.97
Enterprise Value/Revenue4.14
Enterprise Value/Gross Profit-12.16
Enterprise Value/Ebitda-3.64
Forecast
1Y Price Target
$2.58Price Target Upside18.35% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)-0.31
Revenue Forecast (FY)$804.34M
Plug Power Business Overview & Revenue Model
Company Description
Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages ...
How the Company Makes Money
Plug Power makes money primarily through the sale of its hydrogen fuel cell systems and related services. The company's revenue model includes the direct sale of fuel cell products, long-term contracts for fuel cell systems, and the leasing of hyd...
Plug Power Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus and market opportunities.
Analyzes revenue from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus and market opportunities.
Data provided by:
The Fly
The FlyPlug Power Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed clear operational progress: double-digit top-line growth (13% in 2025), a dramatic 125 percentage‑point swing in Q4 gross margin (from -122.5% to +2.4%), record electrolyzer revenue ($188M), shipments of >300 MW, stronger cash posture ($368.5M unrestricted) and a roadmap to positive EBITDAS in Q4 2026. Those achievements were balanced against a material accounting hit (net $763M impairments), continued adjusted net losses, seasonal cash burn risk in H1 2026 and conversion/timing risks in the ~$8B project funnel. Overall, management framed 2025 as a structural turning point with disciplined execution and gave high confidence in near-term targets while acknowledging remaining execution and market risks.Positive Updates
Revenue Growth in 2025
Plug Power reported approximately 13% revenue growth in 2025 versus prior year, driven primarily by material handling and electrolyzer businesses.
Negative Updates
$763 Million of Noncash Impairment Charges
Plug recorded a net $763 million of charges in Q4 2025 (predominantly noncash impairments related to property, plant & equipment, intangibles, PPAs and fuel) driven by slower-than-expected market growth for certain products.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth in 2025
Plug Power reported approximately 13% revenue growth in 2025 versus prior year, driven primarily by material handling and electrolyzer businesses.
Read all positive updates
Company Guidance
Plug guided that 2026 should deliver revenue growth directionally comparable to 2025’s ~13% increase, driven mainly by material handling (expected to represent ~30–40% of revenue) and electrolyzers, and reiterated targets to reach positive EBITDAS in Q4 2026 (part of a roadmap to positive operating income in 2027 and full profitability in 2028). Management pointed to a 125 percentage‑point gross‑margin improvement (from -122.5% in Q4 2024 to +2.4% in Q4 2025), Q4 GAAP EPS of -$0.63 (adjusted -$0.06) versus Q4 2024 GAAP -$1.48 (adjusted -$0.29), unit service costs now roughly half of levels a year ago, and expected continued benefit from Project Quantum Leap and other cost reductions. Liquidity guidance noted $368.5M of unrestricted cash at year‑end 2025, a one‑time net $763M of primarily non‑cash impairment and capital charges recorded in Q4, and an expected ~$275M of monetization proceeds to close in H1 2026 to support 2026 operations while continuing to reduce cash usage. Operational and commercial metrics cited to support the outlook include >300 MW of GenEco electrolyzers shipped across six continents, a record $188M of electrolyzer revenue in 2025, 750 MW of new basic engineering design package (BEDP) agreements executed in the past two months, an approximately $8B electrolyzer funnel (with projects including 25 MW and 100 MW awards), ~40 tons/day nominal H2 production capacity today, and management’s view that ~80% of 2026 revenue is high‑probability with seasonality skewed ~1/3 first half / 2/3 second half.Plug Power Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 709.92M | 628.81M | 891.34M | 701.44M | 502.34M |
| Gross Profit | -242.04M | -624.89M | -507.79M | -194.36M | -171.31M |
| EBITDA | -635.01M | -1.98B | -1.26B | -632.53M | -409.57M |
| Net Income | -1.63B | -2.10B | -1.37B | -724.01M | -459.96M |
Balance Sheet | |||||
| Total Assets | 2.59B | 3.60B | 4.90B | 5.76B | 5.95B |
| Cash, Cash Equivalents and Short-Term Investments | 555.29M | 205.69M | 135.03M | 2.16B | 3.87B |
| Total Debt | 997.17M | 1.08B | 1.13B | 898.73M | 810.15M |
| Total Liabilities | 1.59B | 1.80B | 2.00B | 1.70B | 1.34B |
| Stockholders Equity | 978.07M | 1.73B | 2.90B | 4.06B | 4.61B |
Cash Flow | |||||
| Free Cash Flow | -661.48M | -1.06B | -1.80B | -1.08B | -551.44M |
| Operating Cash Flow | -535.84M | -728.64M | -1.11B | -620.83M | -358.18M |
| Investing Cash Flow | -137.23M | -402.36M | 728.05M | -679.37M | -1.74B |
| Financing Cash Flow | 628.17M | 983.17M | 6.12M | -77.46M | 3.60B |
Plug Power Technical Analysis
Neutral
2.18
Price Trends
2.15
Positive
2.19
Negative
2.10
Positive
Market Momentum
0.05
Positive
49.43
Neutral
28.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLUG, the sentiment is Neutral. The current price of 2.18 is below the 20-day moving average (MA) of 2.23, above the 50-day MA of 2.15, and above the 200-day MA of 2.10, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 49.43 is Neutral, neither overbought nor oversold. The STOCH value of 28.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PLUG.
Plug Power Risk Analysis
Plug Power disclosed 52 risk factors in its most recent earnings report. Plug Power reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Plug Power Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $2.21B | ― | -49.74% | ― | 234.14% | 42.67% | |
55 Neutral | $37.38B | -234.84 | -13.63% | ― | 44.53% | ― | |
50 Neutral | $3.04B | -1.40 | -110.00% | ― | 2.53% | -2.83% | |
48 Neutral | $345.95M | -4.17 | -26.54% | ― | 41.05% | -1.02% | |
48 Neutral | $644.09M | ― | -23.87% | ― | 25.24% | -12.96% | |
46 Neutral | $1.65B | -3.08 | 73.98% | ― | 324.10% | -214.91% |
* Industrials Sector Average
PLUG
Plug Power
2.18
0.83
61.48%
FCEL
Fuelcell Energy
6.53
1.94
42.27%
BE
Bloom Energy
133.24
113.58
577.72%
EOSE
Eos Energy Enterprises
4.86
1.08
28.57%
SLDP
Solid Power
2.92
1.87
178.10%
AMPX
Amprius Technologies Inc
16.12
13.44
501.49%
Plug Power Corporate Events
Executive/Board Changes
Plug Power CEO Jose Luis Crespo Joins Company Board
Positive
Mar 10, 2026
On March 4, 2026, Plug Power Inc. appointed its Chief Executive Officer and President, Jose Luis Crespo, to the board as a Class III director, with a term running until the 2026 annual shareholders’ meeting or until a successor is in place. ...
Business Operations and StrategyM&A Transactions
Plug Power Monetizes Project Gateway in Strategic Asset Sale
Positive
Feb 26, 2026
On February 24, 2026, Plug Power Inc. and a subsidiary agreed to sell their Project Gateway property and related assets in Alabama, Genesee County, New York, to Stream US Data Centers, LLC for between $132.5 million and $142 million, depending on ...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Plug Power Shareholders Approve Doubling Authorized Common Stock
Positive
Feb 13, 2026
Plug Power, a company in the clean energy and hydrogen fuel cell sector, focuses on developing and deploying hydrogen-powered solutions and related infrastructure for industrial and commercial customers. Its business model typically relies on capi...
Business Operations and StrategyShareholder Meetings
Plug Power Expedites Special Stockholder Meeting for Key Votes
Neutral
Feb 11, 2026
Plug Power has accelerated the reconvened session of its Special Meeting of Stockholders, moving the date up from February 17, 2026, to February 12, 2026, at 4:00 p.m. Eastern Time in a fully virtual format. Stockholders of record as of December 1...
Business Operations and StrategyShareholder Meetings
Plug Power Adjourns Special Meeting on Charter Amendments
Neutral
Feb 5, 2026
On February 5, 2026, Plug Power Inc. reconvened a special meeting of stockholders to vote on two charter amendments: one to align certain future voting requirements with Delaware corporate law and another to double the company’s authorized c...
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Plug Power Advances Charter Changes and Share Authorization
Positive
Jan 30, 2026
On January 29, 2026, Plug Power Inc. held a special meeting of stockholders at which investors voted on amendments to the company’s charter to align certain future voting requirements with Section 242(d)(2) of the Delaware General Corporatio...
Business Operations and Strategy
Plug Power, Walmart Sign Long-Term GenKey License Agreement
Positive
Jan 6, 2026
On December 30, 2025, Plug Power entered into a 15-year Release Event License Agreement with Walmart that establishes a contingency framework for Walmart to access escrowed GenKey System-related software, documentation and materials solely for int...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.