Plug Power Inc. (PLUG) Financial Ratios
28 years of historical data (1998–2025) · Industrials · Electrical Equipment & Parts
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
N/A
—
5yr avg: 1.78
30Y Low0.7·High100.0
ROE
↓
-175.6%
↑-159% vs avg
5yr avg: -67.8%
30Y Low-205%·High-17%
Debt/EBITDA
N/A
—
5yr avg: N/A
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PLUG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | — | $1.8B | $2.7B | $7.2B | $15.8B | $12.0B | $749M | $271M | $511M | $217M |
| Enterprise Value | $5.6B | — | $2.7B | $3.7B | $7.4B | $14.1B | $12.1B | $1.1B | $505M | $589M | $239M |
| P/E Ratio → | — | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 6.50 | — | 2.91 | 3.01 | 10.22 | 31.37 | — | 3.26 | 1.55 | 3.84 | 2.52 |
| P/B Ratio | — | — | 1.01 | 0.92 | 1.77 | 3.42 | 20.52 | 3.19 | 100.04 | 6.93 | 2.55 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
PLUG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 4.30 | 4.12 | 10.52 | 28.04 | — | 4.89 | 2.89 | 4.43 | 2.78 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 20.72 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
PLUG Profitability
Margins and return-on-capital ratios measuring operating efficiency
Plug Power Inc. earns an operating margin of 38.1%, significantly above the Industrials sector average of 4.7%. Operating margins have expanded from -150.7% to 38.1% over the past 3 years, signaling improving operational efficiency. A negative ROE of -175.6% indicates the company is currently destroying shareholder equity. ROIC of 10.9% represents solid returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.8% | 99.8% | -99.4% | -57.0% | -27.7% | -34.1% | 503.5% | 4.5% | 1.5% | 1.2% | 4.6% |
| Operating Margin | 38.1% | 38.1% | -321.2% | -150.7% | -96.9% | -87.1% | 626.6% | -20.7% | -39.8% | -76.6% | -60.0% |
| Net Profit Margin | -229.8% | -229.8% | -334.7% | -153.6% | -103.2% | -91.6% | 639.4% | -36.4% | -44.7% | -95.6% | -66.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -175.6% | -175.6% | -89.4% | -39.3% | -16.7% | -17.7% | -145.3% | -70.6% | -204.6% | -160.1% | -54.8% |
| ROA | -89.3% | -89.3% | -49.5% | -25.7% | -12.4% | -12.6% | -52.9% | -13.0% | -23.6% | -49.7% | -25.5% |
| ROIC | 10.9% | 10.9% | -46.1% | -24.7% | -14.2% | -18.1% | -67.0% | -8.4% | -26.8% | -58.7% | -42.2% |
| ROCE | 18.6% | 18.6% | -59.5% | -29.6% | -12.8% | -13.2% | -64.4% | -10.0% | -34.8% | -61.8% | -30.2% |
PLUG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $996M ($997M total debt minus $1M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 19.75 | 19.75 | 0.60 | 0.39 | 0.22 | 0.18 | 0.96 | 2.25 | 100.45 | 1.41 | 0.80 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 19.72 | 0.48 | 0.34 | 0.05 | -0.36 | 0.19 | 1.60 | 86.22 | 1.07 | 0.26 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -43.32 | -29.72 | -17.41 | -10.12 | -9.65 | -1.33 | -3.05 | -10.08 | -4.81 |
PLUG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Plug Power Inc.'s current ratio of 2.03x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.85x to 2.03x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.03 | 2.03 | 1.97 | 1.85 | 5.20 | 10.58 | 3.09 | 2.11 | 1.06 | 1.03 | 1.67 |
| Quick Ratio | 1.91 | 1.91 | 1.06 | 0.86 | 4.19 | 9.94 | 2.55 | 1.49 | 0.74 | 0.61 | 1.22 |
| Cash Ratio | 1.87 | 1.87 | 0.27 | 0.14 | 3.40 | 9.20 | 1.78 | 0.81 | 0.26 | 0.21 | 0.69 |
| Asset Turnover | — | 13.70 | 0.17 | 0.18 | 0.12 | 0.08 | -0.07 | 0.26 | 0.45 | 0.49 | 0.36 |
| Inventory Turnover | 17.12 | 17.12 | 1.84 | 1.46 | 1.39 | 2.50 | 2.80 | 1.92 | 3.59 | 2.69 | 2.74 |
| Days Sales Outstanding | — | 123.41 | 145.87 | 151.54 | 99.86 | 95.41 | -444.34 | 72.66 | 78.06 | 66.39 | 50.65 |
PLUG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Plug Power Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.5% | 16.0% | 0.7% | 0.1% |
| Total Shareholder Yield | 0.0% | — | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.5% | 16.0% | 0.7% | 0.1% |
| Shares Outstanding | — | $0 | $858M | $595M | $580M | $558M | $355M | $237M | $219M | $216M | $181M |
Peer Comparison
Compare PLUG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PLUGYou | $5B | — | — | — | 99.8% | 38.1% | -175.6% | 10.9% | — |
 BE | $71B | -798.0 | 579.7 | 1241.1 | 29.0% | 3.6% | -12.8% | 4.1% | 24.3 |
 FCEL | $713M | -1.8 | — | — | -16.7% | -76.6% | -25.8% | -14.0% | — |
 BLDP | $1B | -14.4 | — | — | 2.4% | -80.6% | -14.7% | -68.8% | — |
 HYLN | $434M | -7.0 | — | — | 4.9% | -1886.4% | -26.2% | -23.7% | — |
 HTOO | $59M | -3.6 | — | — | 27.2% | -1070.5% | -205.3% | -96.5% | — |
 ITW | $73B | 24.3 | 17.7 | 27.1 | 44.1% | 26.3% | 93.7% | 29.0% | 1.9 |
 CLNE | $520M | -2.3 | — | — | — | — | -34.6% | — | — |
 APD | $68B | -171.7 | 122.6 | — | 31.4% | -7.3% | -2.2% | -2.0% | 26.8 |
 LIN | $232B | 34.3 | 20.0 | 45.6 | 43.3% | 26.3% | 17.4% | 11.3% | 2.1 |
 CE | $8B | -6.5 | 12.8 | 9.6 | 18.8% | 8.0% | -23.1% | 3.4% | 8.6 |
| Industrials Median | — | 25.7 | 13.7 | 21.2 | 33.0% | 4.7% | 8.2% | 6.3% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
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Start ComparisonPLUG — Frequently Asked Questions
Quick answers to the most common questions about buying PLUG stock.
What is Plug Power Inc.'s ROE?
Plug Power Inc.'s return on equity (ROE) is -175.6%. The historical average is -76.4%.
Is PLUG stock overvalued?
Based on historical data, Plug Power Inc. is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.
What are Plug Power Inc.'s profit margins?
Plug Power Inc. has 99.8% gross margin and 38.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.