Plug Power Inc. (PLUG) 10-Year Financial Performance & Capital Metrics

PLUG • • Industrial / General

IndustrialsElectrical EquipmentEnergy Storage SystemsFuel Cell Systems

AboutPlug 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 in building an end-to-end green hydrogen ecosystem, including green hydrogen production, storage and delivery, and energy generation through mobile or stationary applications. The company provides proton exchange membrane (PEM), fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies, as well as related hydrogen and green hydrogen generation, storage, and dispensing infrastructure. The company offers GenDrive, a hydrogen-fueled PEM fuel cell system that provides power to material handling electric vehicles; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors. It also provides GenKey, an integrated turn-key solution for transitioning to fuel cell power; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; and GenFuel Electrolyzers that are hydrogen generators optimized for clean hydrogen production. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. It has strategic agreements with Airbus; Lhyfe; Edison Motors; Phillips 66; Apex Clean Energy; BAE Systems; and Universal Hydrogen Co. The company was founded in 1997 and is headquartered in Latham, New York.Show more

Revenue $629M -29.5%
EBITDA -$1.94B -52.1%
Net Income -$2.1B -53.8%
EPS (Diluted) -2.45 -6.5%
Gross Margin -99.38% -74.4%
EBITDA Margin -307.77% -115.6%
Operating Margin -321.21% -113.1%
Net Margin -334.71% -118.0%
ROE -89.45% -127.4%
ROIC -46.12% -86.7%
Debt/Equity 0.60 +53.6%
Interest Coverage -43.32 -45.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 90 (top 10%)
✓Strong 5Y sales CAGR of 22.3%
✓Trading at only 1.1x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 44.2% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y25.63%

5Y22.28%

3Y7.77%

TTM2.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-50.25%

EPS CAGR

10Y-

5Y-

3Y-

TTM-2.35%

ROCE

10Y Avg-35.02%

5Y Avg-35.88%

3Y Avg-33.95%

Latest-59.47%

Peer Comparison

Fuel Cell Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PLUGPlug Power Inc.	3.15B	2.26	-0.92	-29.45%	-313.69%	-141.53%		0.60
FCELFuelCell Energy, Inc.	355.64M	7.45	-1.00	-100%	-131.33%	-32.04%		0.04
BEBloom Energy Corporation	32.92B	139.17	-1070.54	10.53%	0.84%	2.25%	0.1%	2.61

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	103.29M	85.93M	132.93M	174.63M	229.97M	-93.24M	502.34M	701.44M	891.34M	628.81M
Revenue Growth %	0.61%	-0.17%	0.55%	0.31%	0.32%	-1.41%	6.39%	0.4%	0.27%	-0.29%
Cost of Goods Sold+	113.18M	81.98M	131.35M	172.01M	219.72M	376.18M	673.65M	895.8M	1.4B	1.25B
COGS % of Revenue	1.1%	0.95%	0.99%	0.98%	0.96%	-4.03%	1.34%	1.28%	1.57%	1.99%
Gross Profit+	-9.89M	3.95M	1.58M	2.62M	10.25M	-469.42M	-171.31M	-194.36M	-507.79M	-624.89M
Gross Margin %	-0.1%	0.05%	0.01%	0.02%	0.04%	5.03%	-0.34%	-0.28%	-0.57%	-0.99%
Gross Profit Growth %	-1.03%	1.4%	-0.6%	0.66%	2.91%	-46.78%	0.64%	-0.13%	-1.61%	-0.23%
Operating Expenses+	49.11M	55.47M	103.37M	72.11M	57.87M	114.79M	266.01M	485.19M	835.73M	1.39B
OpEx % of Revenue	0.48%	0.65%	0.78%	0.41%	0.25%	-1.23%	0.53%	0.69%	0.94%	2.22%
Selling, General & Admin	34.16M	34.29M	45.01M	38.2M	0	79.35M	179.85M	363.93M	422.47M	376.11M
SG&A % of Revenue	0.33%	0.4%	0.34%	0.22%	-	-0.85%	0.36%	0.52%	0.47%	0.6%
Research & Development	14.95M	21.18M	28.69M	33.91M	15.26M	27.85M	64.76M	99.58M	113.75M	77.23M
R&D % of Revenue	0.14%	0.25%	0.22%	0.19%	0.07%	-0.3%	0.13%	0.14%	0.13%	0.12%
Other Operating Expenses	0	0	-15.19M	0	42.61M	7.59M	21.4M	21.69M	299.52M	941.62M
Operating Income+	-59M	-51.52M	-101.79M	-69.48M	-47.61M	-584.2M	-437.32M	-679.55M	-1.34B	-2.02B
Operating Margin %	-0.57%	-0.6%	-0.77%	-0.4%	-0.21%	6.27%	-0.87%	-0.97%	-1.51%	-3.21%
Operating Income Growth %	-0.56%	0.13%	-0.98%	0.32%	0.31%	-11.27%	0.25%	-0.55%	-0.98%	-0.5%
EBITDA+	-56.02M	-46.28M	-92.01M	-57.78M	-34.98M	-568.63M	-413.95M	-627.95M	-1.27B	-1.94B
EBITDA Margin %	-0.54%	-0.54%	-0.69%	-0.33%	-0.15%	6.1%	-0.82%	-0.9%	-1.43%	-3.08%
EBITDA Growth %	-0.67%	0.17%	-0.99%	0.37%	0.39%	-15.26%	0.27%	-0.52%	-1.03%	-0.52%
D&A (Non-Cash Add-back)	2.99M	5.24M	9.78M	11.71M	12.64M	15.57M	23.37M	51.6M	71.08M	84.56M
EBIT	-55.34M	-47.17M	-116.98M	-72.15M	-47.61M	-566.49M	-432.94M	-684.13M	-1.33B	-2.06B
Net Interest Income+	-349K	-10.7M	-10.1M	-22.75M	-35.69M	-59.74M	-39.19M	-1.78M	10.63M	-15.9M
Interest Income	157K	0	0	0	-	765K	4.04M	37.26M	55.83M	30.72M
Interest Expense	390K	10.7M	10.1M	22.75M	35.69M	60.51M	43.23M	39.04M	45.2M	46.62M
Other Income/Expense	3.31M	-6.36M	-25.29M	-17.85M	-36.13M	-42.8M	-38.84M	-43.62M	-32.67M	-87.75M
Pretax Income+	-55.69M	-57.88M	-127.08M	-87.33M	-83.74M	-627M	-476.16M	-723.17M	-1.38B	-2.11B
Pretax Margin %	-0.54%	-0.67%	-0.96%	-0.5%	-0.36%	6.72%	-0.95%	-1.03%	-1.54%	-3.35%
Income Tax+	390K	-392K	-392K	-9.22M	0	-30.84M	-16.2M	839K	-7.36M	-2.69M
Effective Tax Rate %	1%	0.99%	1%	0.89%	1%	0.95%	0.97%	1%	0.99%	1%
Net Income+	-55.69M	-57.49M	-127.08M	-78.11M	-83.74M	-596.15M	-459.96M	-724.01M	-1.37B	-2.1B
Net Margin %	-0.54%	-0.67%	-0.96%	-0.45%	-0.36%	6.39%	-0.92%	-1.03%	-1.54%	-3.35%
Net Income Growth %	0.37%	-0.03%	-1.21%	0.39%	-0.07%	-6.12%	0.23%	-0.57%	-0.89%	-0.54%
Net Income (Continuing)	-55.69M	-57.49M	-127.08M	-78.11M	-83.74M	-596.15M	-459.96M	-724.01M	-1.37B	-2.1B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	73.62M
EPS (Diluted)+	-0.32	-0.32	-0.59	-0.36	-0.51	-1.58	-0.82	-1.25	-2.30	-2.45
EPS Growth %	0.43%	0%	-0.84%	0.39%	-0.42%	-2.1%	0.48%	-0.52%	-0.84%	-0.07%
EPS (Basic)	-0.32	-0.32	-0.59	-0.36	-0.51	-1.58	-0.82	-1.25	-2.30	-2.45
Diluted Shares Outstanding	176.07M	180.62M	216.34M	218.88M	237.15M	354.79M	558.18M	579.72M	595.47M	858.44M
Basic Shares Outstanding	176.07M	180.62M	216.34M	218.88M	237.15M	354.79M	558.18M	579.72M	595.47M	858.44M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	131.23M	110.93M	119.61M	155.62M	394.92M	778.28M	4.45B	3.31B	1.79B	1.48B
Cash & Short-Term Investments	63.96M	46.01M	24.83M	38.6M	152.49M	448.14M	3.87B	2.16B	135.03M	205.69M
Cash Only	63.96M	46.01M	24.83M	38.6M	152.49M	448.14M	2.48B	690.63M	135.03M	205.69M
Short-Term Investments	0	0	0	0	0	0	1.39B	1.47B	0	0
Accounts Receivable	22.65M	11.92M	24.18M	37.35M	45.78M	113.5M	131.31M	191.91M	370.06M	251.3M
Days Sales Outstanding	80.04	50.65	66.39	78.06	72.66	-444.34	95.41	99.86	151.54	145.87
Inventory	32.75M	29.94M	48.78M	47.91M	114.57M	134.2M	269.16M	645.64M	961.25M	682.64M
Days Inventory Outstanding	105.63	133.3	135.54	101.66	190.33	130.21	145.84	263.07	250.77	198.74
Other Current Assets	4.01M	11.22M	13.9M	17.4M	50.63M	55.7M	118.63M	161.96M	216.55M	337.85M
Total Non-Current Assets+	78.23M	129.9M	151.2M	234.71M	503.8M	577.81M	1.5B	2.46B	3.12B	2.13B
Property, Plant & Equipment	8.92M	62.31M	97.48M	159.62M	202.62M	229.23M	573.56M	1.22B	2B	1.28B
Fixed Asset Turnover	11.58x	1.38x	1.36x	1.09x	1.13x	-0.41x	0.88x	0.57x	0.44x	0.49x
Goodwill	8.48M	8.29M	9.45M	9.02M	70.26M	71.82M	220.44M	248.61M	0	0
Intangible Assets	4.64M	3.93M	3.79M	3.89M	38.97M	39.57M	158.21M	207.72M	188.89M	84.66M
Long-Term Investments	43.82M	0	0	0	0	1M	12.89M	31.25M	63.78M	85.49M
Other Non-Current Assets	56.18M	55.37M	40.49M	62.18M	191.94M	236.19M	536.46M	748.28M	858.42M	674.9M
Total Assets+	209.46M	240.83M	270.81M	390.33M	898.72M	1.36B	5.95B	5.76B	4.9B	3.6B
Asset Turnover	0.49x	0.36x	0.49x	0.45x	0.26x	-0.07x	0.08x	0.12x	0.18x	0.17x
Asset Growth %	0.02%	0.15%	0.12%	0.44%	1.3%	0.51%	3.39%	-0.03%	-0.15%	-0.27%
Total Current Liabilities+	42.71M	66.48M	115.72M	146.37M	187.57M	252.21M	420.55M	635.27M	964.8M	748.49M
Accounts Payable	20.45M	32.11M	42.36M	34.82M	39.81M	58.79M	129.01M	191.9M	257.83M	220.77M
Days Payables Outstanding	65.97	142.97	117.72	73.9	66.14	57.05	69.9	78.19	67.26	64.28
Short-Term Debt	0	17.75M	53.27M	16.8M	50.93M	74.83M	15.25M	5.14M	159.88M	59.22M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	13.89M	-13.17M	9.99M	6.27M	19.42M	21.08M	0	53.9M	153.21M	0
Current Ratio	3.07x	1.67x	1.03x	1.06x	2.11x	3.09x	10.58x	5.20x	1.85x	1.97x
Quick Ratio	2.31x	1.22x	0.61x	0.74x	1.49x	2.55x	9.94x	4.19x	0.86x	1.06x
Cash Conversion Cycle	119.7	40.98	84.21	105.83	196.85	-371.18	171.35	284.74	335.04	280.33
Total Non-Current Liabilities+	42.01M	89.26M	81.44M	241.24M	476.58M	517.62M	923.83M	1.07B	1.04B	1.05B
Long-Term Debt	0	20.83M	50.44M	63.38M	244.73M	225.47M	305.43M	197.84M	196.47M	322.99M
Capital Lease Obligations	14.81M	29.77M	0	118.08M	192.53M	217.47M	411.89M	579.81M	612.5M	529.24M
Deferred Tax Liabilities	12.84M	21.01M	5.1M	31.75M	0	0	0	0	0	0
Other Non-Current Liabilities	13.21M	11.63M	5.19M	123K	14.48M	45.17M	139.8M	193.05M	146.68M	135.83M
Total Liabilities	84.72M	155.74M	197.16M	387.61M	664.16M	769.83M	1.34B	1.7B	2B	1.8B
Total Debt+	14.81M	68.35M	103.71M	272.52M	526.79M	560.1M	810.15M	898.73M	1.13B	1.08B
Net Debt	-49.15M	22.33M	78.88M	233.92M	374.29M	111.96M	-1.67B	208.1M	990.98M	872.94M
Debt / Equity	0.12x	0.80x	1.41x	100.45x	2.25x	0.96x	0.18x	0.22x	0.39x	0.60x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-151.29x	-4.81x	-10.08x	-3.05x	-1.33x	-9.65x	-10.12x	-17.41x	-29.72x	-43.32x
Total Equity+	124.74M	85.09M	73.65M	2.71M	234.56M	586.26M	4.61B	4.06B	2.9B	1.81B
Equity Growth %	-0.21%	-0.32%	-0.13%	-0.96%	85.46%	1.5%	6.86%	-0.12%	-0.29%	-0.38%
Book Value per Share	0.71	0.47	0.34	0.01	0.99	1.65	8.25	7.00	4.87	2.11
Total Shareholders' Equity	124.74M	85.09M	73.65M	2.71M	234.56M	586.26M	4.61B	4.06B	2.9B	1.73B
Common Stock	1.81M	1.92M	2.29M	2.34M	3.48M	4.06M	5.95M	6.08M	6.25M	9.34M
Retained Earnings	-993.88M	-1.05B	-1.18B	-1.26B	-1.4B	-1.46B	-2.4B	-3.12B	-4.49B	-6.59B
Treasury Stock	-2.91M	-3.09M	-3.1M	-30.64M	-31.36M	-40.43M	-72.53M	-96.26M	-106.27M	-108.8M
Accumulated OCI	798K	247K	2.19M	1.58M	1.16M	1.85M	-1.53M	-26M	-6.8M	-2.5M
Minority Interest	0	0	0	0	0	0	0	0	0	73.62M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-47.27M	-29.64M	-60.18M	-58.35M	-53.32M	-155.48M	-358.18M	-620.83M	-1.11B	-728.64M
Operating CF Margin %	-0.46%	-0.34%	-0.45%	-0.33%	-0.23%	1.67%	-0.71%	-0.89%	-1.24%	-1.16%
Operating CF Growth %	-0.16%	0.37%	-1.03%	0.03%	0.09%	-1.92%	-1.3%	-0.73%	-0.78%	0.34%
Net Income	-55.69M	-57.49M	-127.08M	-78.11M	-83.74M	-596.15M	-459.96M	-724.01M	-1.37B	-2.1B
Depreciation & Amortization	2.99M	5.24M	9.78M	11.71M	12.64M	15.57M	23.37M	51.6M	71.08M	84.56M
Stock-Based Compensation	7.82M	9.29M	9.21M	8.77M	0	17.14M	76.47M	0	162.91M	82.2M
Deferred Taxes	6.39M	-5.37M	51.55M	-9.22M	0	-30.84M	-16.2M	170K	-8.53M	-3.15M
Other Non-Cash Items	116K	1.76M	770K	13.88M	27.4M	463.52M	94.14M	241.21M	578.81M	1.21B
Working Capital Changes	-8.89M	16.93M	-4.41M	-4.64M	-9.62M	-24.7M	-75.99M	-189.8M	-542M	2.79M
Change in Receivables	-5.64M	10.73M	-3.41M	-17.76M	10.59M	-15.7M	-38.21M	-70.44M	-163.03M	55.16M
Change in Inventory	-7.25M	2.81M	-18.84M	19.04M	-24.63M	-63.39M	-100.95M	-363.71M	-408.63M	129.29M
Change in Payables	7.21M	10.77M	11.43M	-10.27M	17.23M	51.88M	24.91M	88.46M	21.72M	-59.46M
Cash from Investing+	-2.02M	-58.08M	-44.36M	-19.57M	-14.24M	-95.33M	-1.74B	-679.37M	728.05M	-402.36M
Capital Expenditures	-3.52M	-58.08M	-44.36M	-19.57M	-14.62M	-48.26M	-192.34M	-463.87M	-696.13M	-334.25M
CapEx % of Revenue	0.03%	0.68%	0.33%	0.11%	0.06%	-0.52%	0.38%	0.66%	0.78%	0.53%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	-929K	0	-1.96M	-928K	0	-71.5M	500K
Cash from Financing+	-32.92M	76.67M	71.62M	120.08M	326.97M	1.52B	3.6B	-77.46M	6.12M	983.17M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-47.14M	0	97K	-43.36M	0	39.93M	-10.67M	-26.4M	-8.49M	-11.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-50.79M	-87.71M	-104.55M	-77.19M	-65.54M	-205.7M	-551.44M	-1.08B	-1.8B	-1.06B
FCF Margin %	-0.49%	-1.02%	-0.79%	-0.44%	-0.28%	2.21%	-1.1%	-1.55%	-2.02%	-1.69%
FCF Growth %	-0.2%	-0.73%	-0.19%	0.26%	0.15%	-2.14%	-1.68%	-0.97%	-0.66%	0.41%
FCF per Share	-0.29	-0.49	-0.48	-0.35	-0.28	-0.58	-0.99	-1.87	-3.03	-1.24
FCF Conversion (FCF/Net Income)	0.85x	0.52x	0.47x	0.75x	0.64x	0.26x	0.78x	0.86x	0.81x	0.35x
Interest Paid	0	0	0	0	0	28.94M	19.33M	0	0	44.96M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-39.35%	-54.8%	-160.12%	-204.6%	-70.59%	-145.26%	-17.72%	-16.71%	-39.34%	-89.45%
Return on Invested Capital (ROIC)	-97.6%	-42.23%	-58.74%	-26.78%	-8.45%	-67.04%	-18.06%	-14.15%	-24.7%	-46.12%
Gross Margin	-9.58%	4.59%	1.19%	1.5%	4.46%	503.47%	-34.1%	-27.71%	-56.97%	-99.38%
Net Margin	-53.92%	-66.9%	-95.6%	-44.73%	-36.41%	639.4%	-91.56%	-103.22%	-153.57%	-334.71%
Debt / Equity	0.12x	0.80x	1.41x	100.45x	2.25x	0.96x	0.18x	0.22x	0.39x	0.60x
Interest Coverage	-151.29x	-4.81x	-10.08x	-3.05x	-1.33x	-9.65x	-10.12x	-17.41x	-29.72x	-43.32x
FCF Conversion	0.85x	0.52x	0.47x	0.75x	0.64x	0.26x	0.78x	0.86x	0.81x	0.35x
Revenue Growth	60.81%	-16.81%	54.7%	31.37%	31.69%	-140.54%	638.78%	39.63%	27.07%	-29.45%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Sale Of Electrolyzers	-	-	-	16.67M	28.46M	82.61M	135.5M
Sale Of Electrolyzers Growth	-	-	-	-	70.77%	190.24%	64.03%
Sale of cryogenic equipment	-	-	-	8.26M	87.76M	-	111.51M
Sale of cryogenic equipment Growth	-	-	-	-	963.13%	-	-
Fuel Delivered To Customers	22.47M	29.1M	-16.07M	46.92M	57.2M	-	97.88M
Fuel Delivered To Customers Growth	-	29.51%	-155.23%	391.92%	21.91%	-	-
Power Purchase Agreements	22.87M	25.85M	26.62M	35.15M	47.18M	63.73M	77.84M
Power Purchase Agreements Growth	-	13.05%	2.97%	32.05%	34.22%	35.07%	22.14%
Sale Of Hydrogen Infrastructure	-	-	-	-	141.53M	183.61M	69.12M
Sale Of Hydrogen Infrastructure Growth	-	-	-	-	-	29.73%	-62.35%
Services Performed On Fuel Cell Systems And Related Infrastructure	22M	25.22M	-9.8M	26.71M	35.28M	39.09M	52.17M
Services Performed On Fuel Cell Systems And Related Infrastructure Growth	-	14.61%	-138.87%	372.48%	32.11%	10.81%	33.45%
Sale Of Fuel Cell Systems And Other Infrastructure	-	130.72M	-55.09M	225.23M	-	-	52.11M
Sale Of Fuel Cell Systems And Other Infrastructure Growth	-	-	-142.14%	508.83%	-	-	-
Sale Of Engineered Equipment	-	-	-	-	93.49M	32.36M	22.09M
Sale Of Engineered Equipment Growth	-	-	-	-	-	-65.39%	-31.73%
Other Product And Services	-	186K	311K	789K	2.85M	10.84M	10.59M
Other Product And Services Growth	-	-	67.20%	153.70%	261.09%	280.38%	-2.32%
Sale Of Cryogenic Equipment	-	-	-	-	-	231.69M	-
Sale Of Cryogenic Equipment Growth	-	-	-	-	-	-	-
Sales Of Fuel Cell Systems	75.15M	-	-	-	207.69M	181.17M	-
Sales Of Fuel Cell Systems Growth	-	-	-	-	-	-12.77%	-
Fuel Delivered To Customers And Related Equipment	-	-	-	-	-	66.25M	-
Fuel Delivered To Customers And Related Equipment Growth	-	-	-	-	-	-	-
Sale Of Oil And Gas Equipment	-	-	-	91.59M	-	-	-
Sale Of Oil And Gas Equipment Growth	-	-	-	-	-	-	-
Sale Of Hydrogen Installations And Other Infrastructure	32.15M	19.16M	-39.2M	36.24M	-	-	-
Sale Of Hydrogen Installations And Other Infrastructure Growth	-	-40.39%	-304.58%	192.45%	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	428.21M
UNITED STATES Growth	-	-	-	-	-	-	-
Non-US	-	-	-	-	-	-	200.6M
Non-US Growth	-	-	-	-	-	-	-
North America	-	-	-	476.25M	579.22M	751.42M	-
North America Growth	-	-	-	-	21.62%	29.73%	-
Europe	-	-	-	-	46.03M	112.89M	-
Europe Growth	-	-	-	-	-	145.24%	-
Asia	-	-	-	-	50.5M	13.94M	-
Asia Growth	-	-	-	-	-	-72.40%	-
Other.	-	-	-	-	25.69M	-	-
Other. Growth	-	-	-	-	-	-	-
Other Member	-	-	-	26.1M	-	-	-
Other Member Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Plug Power Inc. (PLUG) reported $676.2M in revenue for fiscal year 2024. This represents a 2348% increase from $27.6M in 2011.

Plug Power Inc. (PLUG) saw revenue decline by 29.5% over the past year.

Plug Power Inc. (PLUG) reported a net loss of $2.12B for fiscal year 2024.

Dividend & Returns

Plug Power Inc. (PLUG) has a return on equity (ROE) of -89.4%. Negative ROE indicates the company is unprofitable.

Plug Power Inc. (PLUG) had negative free cash flow of $667.2M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Plug Power Inc. (PLUG) 10-Year Financial Performance & Capital Metrics

PLUG • • Industrial / General

IndustrialsElectrical EquipmentEnergy Storage SystemsFuel Cell Systems

Revenue $629M -29.5%
EBITDA -$1.94B -52.1%
Net Income -$2.1B -53.8%
EPS (Diluted) -2.45 -6.5%
Gross Margin -99.38% -74.4%
EBITDA Margin -307.77% -115.6%
Operating Margin -321.21% -113.1%
Net Margin -334.71% -118.0%
ROE -89.45% -127.4%
ROIC -46.12% -86.7%
Debt/Equity 0.60 +53.6%
Interest Coverage -43.32 -45.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 90 (top 10%)
✓Strong 5Y sales CAGR of 22.3%
✓Trading at only 1.1x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 44.2% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y25.63%

5Y22.28%

3Y7.77%

TTM2.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-50.25%

EPS CAGR

10Y-

5Y-

3Y-

TTM-2.35%

ROCE

10Y Avg-35.02%

5Y Avg-35.88%

3Y Avg-33.95%

Latest-59.47%

Peer Comparison

Fuel Cell Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PLUGPlug Power Inc.	3.15B	2.26	-0.92	-29.45%	-313.69%	-141.53%		0.60
FCELFuelCell Energy, Inc.	355.64M	7.45	-1.00	-100%	-131.33%	-32.04%		0.04
BEBloom Energy Corporation	32.92B	139.17	-1070.54	10.53%	0.84%	2.25%	0.1%	2.61

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	103.29M	85.93M	132.93M	174.63M	229.97M	-93.24M	502.34M	701.44M	891.34M	628.81M
Revenue Growth %	0.61%	-0.17%	0.55%	0.31%	0.32%	-1.41%	6.39%	0.4%	0.27%	-0.29%
Cost of Goods Sold+	113.18M	81.98M	131.35M	172.01M	219.72M	376.18M	673.65M	895.8M	1.4B	1.25B
COGS % of Revenue	1.1%	0.95%	0.99%	0.98%	0.96%	-4.03%	1.34%	1.28%	1.57%	1.99%
Gross Profit+	-9.89M	3.95M	1.58M	2.62M	10.25M	-469.42M	-171.31M	-194.36M	-507.79M	-624.89M
Gross Margin %	-0.1%	0.05%	0.01%	0.02%	0.04%	5.03%	-0.34%	-0.28%	-0.57%	-0.99%
Gross Profit Growth %	-1.03%	1.4%	-0.6%	0.66%	2.91%	-46.78%	0.64%	-0.13%	-1.61%	-0.23%
Operating Expenses+	49.11M	55.47M	103.37M	72.11M	57.87M	114.79M	266.01M	485.19M	835.73M	1.39B
OpEx % of Revenue	0.48%	0.65%	0.78%	0.41%	0.25%	-1.23%	0.53%	0.69%	0.94%	2.22%
Selling, General & Admin	34.16M	34.29M	45.01M	38.2M	0	79.35M	179.85M	363.93M	422.47M	376.11M
SG&A % of Revenue	0.33%	0.4%	0.34%	0.22%	-	-0.85%	0.36%	0.52%	0.47%	0.6%
Research & Development	14.95M	21.18M	28.69M	33.91M	15.26M	27.85M	64.76M	99.58M	113.75M	77.23M
R&D % of Revenue	0.14%	0.25%	0.22%	0.19%	0.07%	-0.3%	0.13%	0.14%	0.13%	0.12%
Other Operating Expenses	0	0	-15.19M	0	42.61M	7.59M	21.4M	21.69M	299.52M	941.62M
Operating Income+	-59M	-51.52M	-101.79M	-69.48M	-47.61M	-584.2M	-437.32M	-679.55M	-1.34B	-2.02B
Operating Margin %	-0.57%	-0.6%	-0.77%	-0.4%	-0.21%	6.27%	-0.87%	-0.97%	-1.51%	-3.21%
Operating Income Growth %	-0.56%	0.13%	-0.98%	0.32%	0.31%	-11.27%	0.25%	-0.55%	-0.98%	-0.5%
EBITDA+	-56.02M	-46.28M	-92.01M	-57.78M	-34.98M	-568.63M	-413.95M	-627.95M	-1.27B	-1.94B
EBITDA Margin %	-0.54%	-0.54%	-0.69%	-0.33%	-0.15%	6.1%	-0.82%	-0.9%	-1.43%	-3.08%
EBITDA Growth %	-0.67%	0.17%	-0.99%	0.37%	0.39%	-15.26%	0.27%	-0.52%	-1.03%	-0.52%
D&A (Non-Cash Add-back)	2.99M	5.24M	9.78M	11.71M	12.64M	15.57M	23.37M	51.6M	71.08M	84.56M
EBIT	-55.34M	-47.17M	-116.98M	-72.15M	-47.61M	-566.49M	-432.94M	-684.13M	-1.33B	-2.06B
Net Interest Income+	-349K	-10.7M	-10.1M	-22.75M	-35.69M	-59.74M	-39.19M	-1.78M	10.63M	-15.9M
Interest Income	157K	0	0	0	-	765K	4.04M	37.26M	55.83M	30.72M
Interest Expense	390K	10.7M	10.1M	22.75M	35.69M	60.51M	43.23M	39.04M	45.2M	46.62M
Other Income/Expense	3.31M	-6.36M	-25.29M	-17.85M	-36.13M	-42.8M	-38.84M	-43.62M	-32.67M	-87.75M
Pretax Income+	-55.69M	-57.88M	-127.08M	-87.33M	-83.74M	-627M	-476.16M	-723.17M	-1.38B	-2.11B
Pretax Margin %	-0.54%	-0.67%	-0.96%	-0.5%	-0.36%	6.72%	-0.95%	-1.03%	-1.54%	-3.35%
Income Tax+	390K	-392K	-392K	-9.22M	0	-30.84M	-16.2M	839K	-7.36M	-2.69M
Effective Tax Rate %	1%	0.99%	1%	0.89%	1%	0.95%	0.97%	1%	0.99%	1%
Net Income+	-55.69M	-57.49M	-127.08M	-78.11M	-83.74M	-596.15M	-459.96M	-724.01M	-1.37B	-2.1B
Net Margin %	-0.54%	-0.67%	-0.96%	-0.45%	-0.36%	6.39%	-0.92%	-1.03%	-1.54%	-3.35%
Net Income Growth %	0.37%	-0.03%	-1.21%	0.39%	-0.07%	-6.12%	0.23%	-0.57%	-0.89%	-0.54%
Net Income (Continuing)	-55.69M	-57.49M	-127.08M	-78.11M	-83.74M	-596.15M	-459.96M	-724.01M	-1.37B	-2.1B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	73.62M
EPS (Diluted)+	-0.32	-0.32	-0.59	-0.36	-0.51	-1.58	-0.82	-1.25	-2.30	-2.45
EPS Growth %	0.43%	0%	-0.84%	0.39%	-0.42%	-2.1%	0.48%	-0.52%	-0.84%	-0.07%
EPS (Basic)	-0.32	-0.32	-0.59	-0.36	-0.51	-1.58	-0.82	-1.25	-2.30	-2.45
Diluted Shares Outstanding	176.07M	180.62M	216.34M	218.88M	237.15M	354.79M	558.18M	579.72M	595.47M	858.44M
Basic Shares Outstanding	176.07M	180.62M	216.34M	218.88M	237.15M	354.79M	558.18M	579.72M	595.47M	858.44M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	131.23M	110.93M	119.61M	155.62M	394.92M	778.28M	4.45B	3.31B	1.79B	1.48B
Cash & Short-Term Investments	63.96M	46.01M	24.83M	38.6M	152.49M	448.14M	3.87B	2.16B	135.03M	205.69M
Cash Only	63.96M	46.01M	24.83M	38.6M	152.49M	448.14M	2.48B	690.63M	135.03M	205.69M
Short-Term Investments	0	0	0	0	0	0	1.39B	1.47B	0	0
Accounts Receivable	22.65M	11.92M	24.18M	37.35M	45.78M	113.5M	131.31M	191.91M	370.06M	251.3M
Days Sales Outstanding	80.04	50.65	66.39	78.06	72.66	-444.34	95.41	99.86	151.54	145.87
Inventory	32.75M	29.94M	48.78M	47.91M	114.57M	134.2M	269.16M	645.64M	961.25M	682.64M
Days Inventory Outstanding	105.63	133.3	135.54	101.66	190.33	130.21	145.84	263.07	250.77	198.74
Other Current Assets	4.01M	11.22M	13.9M	17.4M	50.63M	55.7M	118.63M	161.96M	216.55M	337.85M
Total Non-Current Assets+	78.23M	129.9M	151.2M	234.71M	503.8M	577.81M	1.5B	2.46B	3.12B	2.13B
Property, Plant & Equipment	8.92M	62.31M	97.48M	159.62M	202.62M	229.23M	573.56M	1.22B	2B	1.28B
Fixed Asset Turnover	11.58x	1.38x	1.36x	1.09x	1.13x	-0.41x	0.88x	0.57x	0.44x	0.49x
Goodwill	8.48M	8.29M	9.45M	9.02M	70.26M	71.82M	220.44M	248.61M	0	0
Intangible Assets	4.64M	3.93M	3.79M	3.89M	38.97M	39.57M	158.21M	207.72M	188.89M	84.66M
Long-Term Investments	43.82M	0	0	0	0	1M	12.89M	31.25M	63.78M	85.49M
Other Non-Current Assets	56.18M	55.37M	40.49M	62.18M	191.94M	236.19M	536.46M	748.28M	858.42M	674.9M
Total Assets+	209.46M	240.83M	270.81M	390.33M	898.72M	1.36B	5.95B	5.76B	4.9B	3.6B
Asset Turnover	0.49x	0.36x	0.49x	0.45x	0.26x	-0.07x	0.08x	0.12x	0.18x	0.17x
Asset Growth %	0.02%	0.15%	0.12%	0.44%	1.3%	0.51%	3.39%	-0.03%	-0.15%	-0.27%
Total Current Liabilities+	42.71M	66.48M	115.72M	146.37M	187.57M	252.21M	420.55M	635.27M	964.8M	748.49M
Accounts Payable	20.45M	32.11M	42.36M	34.82M	39.81M	58.79M	129.01M	191.9M	257.83M	220.77M
Days Payables Outstanding	65.97	142.97	117.72	73.9	66.14	57.05	69.9	78.19	67.26	64.28
Short-Term Debt	0	17.75M	53.27M	16.8M	50.93M	74.83M	15.25M	5.14M	159.88M	59.22M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	13.89M	-13.17M	9.99M	6.27M	19.42M	21.08M	0	53.9M	153.21M	0
Current Ratio	3.07x	1.67x	1.03x	1.06x	2.11x	3.09x	10.58x	5.20x	1.85x	1.97x
Quick Ratio	2.31x	1.22x	0.61x	0.74x	1.49x	2.55x	9.94x	4.19x	0.86x	1.06x
Cash Conversion Cycle	119.7	40.98	84.21	105.83	196.85	-371.18	171.35	284.74	335.04	280.33
Total Non-Current Liabilities+	42.01M	89.26M	81.44M	241.24M	476.58M	517.62M	923.83M	1.07B	1.04B	1.05B
Long-Term Debt	0	20.83M	50.44M	63.38M	244.73M	225.47M	305.43M	197.84M	196.47M	322.99M
Capital Lease Obligations	14.81M	29.77M	0	118.08M	192.53M	217.47M	411.89M	579.81M	612.5M	529.24M
Deferred Tax Liabilities	12.84M	21.01M	5.1M	31.75M	0	0	0	0	0	0
Other Non-Current Liabilities	13.21M	11.63M	5.19M	123K	14.48M	45.17M	139.8M	193.05M	146.68M	135.83M
Total Liabilities	84.72M	155.74M	197.16M	387.61M	664.16M	769.83M	1.34B	1.7B	2B	1.8B
Total Debt+	14.81M	68.35M	103.71M	272.52M	526.79M	560.1M	810.15M	898.73M	1.13B	1.08B
Net Debt	-49.15M	22.33M	78.88M	233.92M	374.29M	111.96M	-1.67B	208.1M	990.98M	872.94M
Debt / Equity	0.12x	0.80x	1.41x	100.45x	2.25x	0.96x	0.18x	0.22x	0.39x	0.60x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-151.29x	-4.81x	-10.08x	-3.05x	-1.33x	-9.65x	-10.12x	-17.41x	-29.72x	-43.32x
Total Equity+	124.74M	85.09M	73.65M	2.71M	234.56M	586.26M	4.61B	4.06B	2.9B	1.81B
Equity Growth %	-0.21%	-0.32%	-0.13%	-0.96%	85.46%	1.5%	6.86%	-0.12%	-0.29%	-0.38%
Book Value per Share	0.71	0.47	0.34	0.01	0.99	1.65	8.25	7.00	4.87	2.11
Total Shareholders' Equity	124.74M	85.09M	73.65M	2.71M	234.56M	586.26M	4.61B	4.06B	2.9B	1.73B
Common Stock	1.81M	1.92M	2.29M	2.34M	3.48M	4.06M	5.95M	6.08M	6.25M	9.34M
Retained Earnings	-993.88M	-1.05B	-1.18B	-1.26B	-1.4B	-1.46B	-2.4B	-3.12B	-4.49B	-6.59B
Treasury Stock	-2.91M	-3.09M	-3.1M	-30.64M	-31.36M	-40.43M	-72.53M	-96.26M	-106.27M	-108.8M
Accumulated OCI	798K	247K	2.19M	1.58M	1.16M	1.85M	-1.53M	-26M	-6.8M	-2.5M
Minority Interest	0	0	0	0	0	0	0	0	0	73.62M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-47.27M	-29.64M	-60.18M	-58.35M	-53.32M	-155.48M	-358.18M	-620.83M	-1.11B	-728.64M
Operating CF Margin %	-0.46%	-0.34%	-0.45%	-0.33%	-0.23%	1.67%	-0.71%	-0.89%	-1.24%	-1.16%
Operating CF Growth %	-0.16%	0.37%	-1.03%	0.03%	0.09%	-1.92%	-1.3%	-0.73%	-0.78%	0.34%
Net Income	-55.69M	-57.49M	-127.08M	-78.11M	-83.74M	-596.15M	-459.96M	-724.01M	-1.37B	-2.1B
Depreciation & Amortization	2.99M	5.24M	9.78M	11.71M	12.64M	15.57M	23.37M	51.6M	71.08M	84.56M
Stock-Based Compensation	7.82M	9.29M	9.21M	8.77M	0	17.14M	76.47M	0	162.91M	82.2M
Deferred Taxes	6.39M	-5.37M	51.55M	-9.22M	0	-30.84M	-16.2M	170K	-8.53M	-3.15M
Other Non-Cash Items	116K	1.76M	770K	13.88M	27.4M	463.52M	94.14M	241.21M	578.81M	1.21B
Working Capital Changes	-8.89M	16.93M	-4.41M	-4.64M	-9.62M	-24.7M	-75.99M	-189.8M	-542M	2.79M
Change in Receivables	-5.64M	10.73M	-3.41M	-17.76M	10.59M	-15.7M	-38.21M	-70.44M	-163.03M	55.16M
Change in Inventory	-7.25M	2.81M	-18.84M	19.04M	-24.63M	-63.39M	-100.95M	-363.71M	-408.63M	129.29M
Change in Payables	7.21M	10.77M	11.43M	-10.27M	17.23M	51.88M	24.91M	88.46M	21.72M	-59.46M
Cash from Investing+	-2.02M	-58.08M	-44.36M	-19.57M	-14.24M	-95.33M	-1.74B	-679.37M	728.05M	-402.36M
Capital Expenditures	-3.52M	-58.08M	-44.36M	-19.57M	-14.62M	-48.26M	-192.34M	-463.87M	-696.13M	-334.25M
CapEx % of Revenue	0.03%	0.68%	0.33%	0.11%	0.06%	-0.52%	0.38%	0.66%	0.78%	0.53%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	-929K	0	-1.96M	-928K	0	-71.5M	500K
Cash from Financing+	-32.92M	76.67M	71.62M	120.08M	326.97M	1.52B	3.6B	-77.46M	6.12M	983.17M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-47.14M	0	97K	-43.36M	0	39.93M	-10.67M	-26.4M	-8.49M	-11.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-50.79M	-87.71M	-104.55M	-77.19M	-65.54M	-205.7M	-551.44M	-1.08B	-1.8B	-1.06B
FCF Margin %	-0.49%	-1.02%	-0.79%	-0.44%	-0.28%	2.21%	-1.1%	-1.55%	-2.02%	-1.69%
FCF Growth %	-0.2%	-0.73%	-0.19%	0.26%	0.15%	-2.14%	-1.68%	-0.97%	-0.66%	0.41%
FCF per Share	-0.29	-0.49	-0.48	-0.35	-0.28	-0.58	-0.99	-1.87	-3.03	-1.24
FCF Conversion (FCF/Net Income)	0.85x	0.52x	0.47x	0.75x	0.64x	0.26x	0.78x	0.86x	0.81x	0.35x
Interest Paid	0	0	0	0	0	28.94M	19.33M	0	0	44.96M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-39.35%	-54.8%	-160.12%	-204.6%	-70.59%	-145.26%	-17.72%	-16.71%	-39.34%	-89.45%
Return on Invested Capital (ROIC)	-97.6%	-42.23%	-58.74%	-26.78%	-8.45%	-67.04%	-18.06%	-14.15%	-24.7%	-46.12%
Gross Margin	-9.58%	4.59%	1.19%	1.5%	4.46%	503.47%	-34.1%	-27.71%	-56.97%	-99.38%
Net Margin	-53.92%	-66.9%	-95.6%	-44.73%	-36.41%	639.4%	-91.56%	-103.22%	-153.57%	-334.71%
Debt / Equity	0.12x	0.80x	1.41x	100.45x	2.25x	0.96x	0.18x	0.22x	0.39x	0.60x
Interest Coverage	-151.29x	-4.81x	-10.08x	-3.05x	-1.33x	-9.65x	-10.12x	-17.41x	-29.72x	-43.32x
FCF Conversion	0.85x	0.52x	0.47x	0.75x	0.64x	0.26x	0.78x	0.86x	0.81x	0.35x
Revenue Growth	60.81%	-16.81%	54.7%	31.37%	31.69%	-140.54%	638.78%	39.63%	27.07%	-29.45%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Sale Of Electrolyzers	-	-	-	16.67M	28.46M	82.61M	135.5M
Sale Of Electrolyzers Growth	-	-	-	-	70.77%	190.24%	64.03%
Sale of cryogenic equipment	-	-	-	8.26M	87.76M	-	111.51M
Sale of cryogenic equipment Growth	-	-	-	-	963.13%	-	-
Fuel Delivered To Customers	22.47M	29.1M	-16.07M	46.92M	57.2M	-	97.88M
Fuel Delivered To Customers Growth	-	29.51%	-155.23%	391.92%	21.91%	-	-
Power Purchase Agreements	22.87M	25.85M	26.62M	35.15M	47.18M	63.73M	77.84M
Power Purchase Agreements Growth	-	13.05%	2.97%	32.05%	34.22%	35.07%	22.14%
Sale Of Hydrogen Infrastructure	-	-	-	-	141.53M	183.61M	69.12M
Sale Of Hydrogen Infrastructure Growth	-	-	-	-	-	29.73%	-62.35%
Services Performed On Fuel Cell Systems And Related Infrastructure	22M	25.22M	-9.8M	26.71M	35.28M	39.09M	52.17M
Services Performed On Fuel Cell Systems And Related Infrastructure Growth	-	14.61%	-138.87%	372.48%	32.11%	10.81%	33.45%
Sale Of Fuel Cell Systems And Other Infrastructure	-	130.72M	-55.09M	225.23M	-	-	52.11M
Sale Of Fuel Cell Systems And Other Infrastructure Growth	-	-	-142.14%	508.83%	-	-	-
Sale Of Engineered Equipment	-	-	-	-	93.49M	32.36M	22.09M
Sale Of Engineered Equipment Growth	-	-	-	-	-	-65.39%	-31.73%
Other Product And Services	-	186K	311K	789K	2.85M	10.84M	10.59M
Other Product And Services Growth	-	-	67.20%	153.70%	261.09%	280.38%	-2.32%
Sale Of Cryogenic Equipment	-	-	-	-	-	231.69M	-
Sale Of Cryogenic Equipment Growth	-	-	-	-	-	-	-
Sales Of Fuel Cell Systems	75.15M	-	-	-	207.69M	181.17M	-
Sales Of Fuel Cell Systems Growth	-	-	-	-	-	-12.77%	-
Fuel Delivered To Customers And Related Equipment	-	-	-	-	-	66.25M	-
Fuel Delivered To Customers And Related Equipment Growth	-	-	-	-	-	-	-
Sale Of Oil And Gas Equipment	-	-	-	91.59M	-	-	-
Sale Of Oil And Gas Equipment Growth	-	-	-	-	-	-	-
Sale Of Hydrogen Installations And Other Infrastructure	32.15M	19.16M	-39.2M	36.24M	-	-	-
Sale Of Hydrogen Installations And Other Infrastructure Growth	-	-40.39%	-304.58%	192.45%	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	428.21M
UNITED STATES Growth	-	-	-	-	-	-	-
Non-US	-	-	-	-	-	-	200.6M
Non-US Growth	-	-	-	-	-	-	-
North America	-	-	-	476.25M	579.22M	751.42M	-
North America Growth	-	-	-	-	21.62%	29.73%	-
Europe	-	-	-	-	46.03M	112.89M	-
Europe Growth	-	-	-	-	-	145.24%	-
Asia	-	-	-	-	50.5M	13.94M	-
Asia Growth	-	-	-	-	-	-72.40%	-
Other.	-	-	-	-	25.69M	-	-
Other. Growth	-	-	-	-	-	-	-
Other Member	-	-	-	26.1M	-	-	-
Other Member Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Plug Power Inc. (PLUG) reported $676.2M in revenue for fiscal year 2024. This represents a 2348% increase from $27.6M in 2011.

Plug Power Inc. (PLUG) saw revenue decline by 29.5% over the past year.

Plug Power Inc. (PLUG) reported a net loss of $2.12B for fiscal year 2024.

Dividend & Returns

Plug Power Inc. (PLUG) has a return on equity (ROE) of -89.4%. Negative ROE indicates the company is unprofitable.

Plug Power Inc. (PLUG) had negative free cash flow of $667.2M in fiscal year 2024, likely due to heavy capital investments.