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Plug Power (PLUG)

Market Price (5/21/2026): $3.28 | Market Cap: $4.6 Bil
Sector: Industrials | Industry: Electrical Components & Equipment

Plug Power (PLUG)

Market Price (5/21/2026): $3.28
Market Cap: $4.6 Bil
Sector: Industrials
Industry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%

Megatrend and thematic drivers
Megatrends include Hydrogen Economy. Themes include Green Hydrogen Production, Fuel Cell Technology, and Hydrogen Infrastructure.

Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -138%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -611 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -83%

Stock price has recently run up significantly
12M Rtn12 month market price return is 301%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.2%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -78%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -90%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 66%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41%

High stock price volatility
Vol 12M is 112%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 25%

Short seller report

Key risks
PLUG key risks include [1] a persistent history of unprofitability and a high cash burn rate that raises liquidity concerns, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%
1 Megatrend and thematic drivers
Megatrends include Hydrogen Economy. Themes include Green Hydrogen Production, Fuel Cell Technology, and Hydrogen Infrastructure.
2 Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -138%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -611 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -83%
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 301%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.2%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -78%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -90%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 66%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41%
9 High stock price volatility
Vol 12M is 112%
10 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 25%
11 Short seller report
12 Key risks
PLUG key risks include [1] a persistent history of unprofitability and a high cash burn rate that raises liquidity concerns, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Plug Power (PLUG) stock has gained about 55% since 1/31/2026 because of the following key factors:

1. Stronger-than-anticipated Q1 2026 Financial Performance: Plug Power reported Q1 2026 revenue of $163.5 million, marking a 22% year-over-year increase and surpassing analyst expectations of $147.97 million to $141.1 million. This growth was significantly driven by a 343% increase in the electrolyzer platform. The company also demonstrated a substantial improvement in its gross margin, rising from -55% in Q1 2025 to -13% in Q1 2026, a 42 percentage point gain. Adjusted EPS for the quarter was -$0.08, beating the forecast of -$0.10. Following these positive results, Plug Power's stock surged 14.1% in after-hours trading after the May 11-18, 2026, earnings release.

2. Successful Asset Monetization and Improved Liquidity Position: The company has actively pursued initiatives to strengthen its financial position, including the sale of its Project Gateway site in New York to Stream Data Centers for $132.5 million in late February 2026. This transaction is part of a broader strategy to generate over $275 million in liquidity throughout 2026. Plug Power concluded Q1 2026 with approximately $802 million in total cash.

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Stock Movement Drivers

Fundamental Drivers

The 56.5% change in PLUG stock from 1/31/2026 to 5/20/2026 was primarily driven by a 71.6% change in the company's P/S Multiple.
(LTM values as of)13120265202026Change
Stock Price ($)2.123.3156.5%
Change Contribution By: 
Total Revenues ($ Mil)6767409.4%
P/S Multiple3.66.271.6%
Shares Outstanding (Mil)1,1591,390-16.6%
Cumulative Contribution56.5%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/20/2026
ReturnCorrelation
PLUG56.5% 
Market (SPY)7.4%31.5%
Sector (XLI)3.5%20.9%

Fundamental Drivers

The 23.0% change in PLUG stock from 10/31/2025 to 5/20/2026 was primarily driven by a 38.0% change in the company's P/S Multiple.
(LTM values as of)103120255202026Change
Stock Price ($)2.693.3123.0%
Change Contribution By: 
Total Revenues ($ Mil)6737409.9%
P/S Multiple4.56.238.0%
Shares Outstanding (Mil)1,1271,390-18.9%
Cumulative Contribution23.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/20/2026
ReturnCorrelation
PLUG23.0% 
Market (SPY)9.3%29.4%
Sector (XLI)10.8%24.4%

Fundamental Drivers

The 279.3% change in PLUG stock from 4/30/2025 to 5/20/2026 was primarily driven by a 396.4% change in the company's P/S Multiple.
(LTM values as of)43020255202026Change
Stock Price ($)0.873.31279.3%
Change Contribution By: 
Total Revenues ($ Mil)62974017.6%
P/S Multiple1.36.2396.4%
Shares Outstanding (Mil)9031,390-35.0%
Cumulative Contribution279.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/20/2026
ReturnCorrelation
PLUG279.3% 
Market (SPY)35.2%28.1%
Sector (XLI)31.9%22.7%

Fundamental Drivers

The -63.3% change in PLUG stock from 4/30/2023 to 5/20/2026 was primarily driven by a -58.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)43020235202026Change
Stock Price ($)9.033.31-63.3%
Change Contribution By: 
Total Revenues ($ Mil)7017405.5%
P/S Multiple7.56.2-17.3%
Shares Outstanding (Mil)5841,390-58.0%
Cumulative Contribution-63.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/20/2026
ReturnCorrelation
PLUG-63.3% 
Market (SPY)85.2%26.5%
Sector (XLI)78.5%24.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PLUG Return-17%-56%-64%-53%-8%68%-90%
Peers Return11%-5%3%30%68%54%266%
S&P 500 Return27%-19%24%23%16%7%96%

Monthly Win Rates [3]
PLUG Win Rate42%33%33%33%50%80% 
Peers Win Rate50%45%50%53%65%64% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
PLUG Max Drawdown-73%-63%-81%-66%-78%-31% 
Peers Max Drawdown-27%-36%-30%-26%-35%-12% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CMI, LIN, APD, BE, GTLS. See PLUG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)

How Low Can It Go

EventPLUGS&P 500
2025 US Tariff Shock
  % Loss-60.5%-18.8%
  % Gain to Breakeven153.1%23.1%
  Time to Breakeven55 days79 days
2024 Yen Carry Trade Unwind
  % Loss-27.5%-7.8%
  % Gain to Breakeven37.9%8.5%
  Time to Breakeven147 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-53.3%-24.5%
  % Gain to Breakeven114.1%32.4%
  Time to Breakeven93 days427 days
2020 COVID-19 Crash
  % Loss-51.7%-33.7%
  % Gain to Breakeven107.2%50.9%
  Time to Breakeven99 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-46.8%-19.2%
  % Gain to Breakeven88.1%23.8%
  Time to Breakeven77 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-50.0%-3.7%
  % Gain to Breakeven100.0%3.9%
  Time to Breakeven55 days6 days

Compare to CMI, LIN, APD, BE, GTLS

In The Past

Plug Power's stock fell -60.5% during the 2025 US Tariff Shock. Such a loss loss requires a 153.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPLUGS&P 500
2025 US Tariff Shock
  % Loss-60.5%-18.8%
  % Gain to Breakeven153.1%23.1%
  Time to Breakeven55 days79 days
2024 Yen Carry Trade Unwind
  % Loss-27.5%-7.8%
  % Gain to Breakeven37.9%8.5%
  Time to Breakeven147 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-53.3%-24.5%
  % Gain to Breakeven114.1%32.4%
  Time to Breakeven93 days427 days
2020 COVID-19 Crash
  % Loss-51.7%-33.7%
  % Gain to Breakeven107.2%50.9%
  Time to Breakeven99 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-46.8%-19.2%
  % Gain to Breakeven88.1%23.8%
  Time to Breakeven77 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-50.0%-3.7%
  % Gain to Breakeven100.0%3.9%
  Time to Breakeven55 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-32.9%-12.2%
  % Gain to Breakeven49.0%13.9%
  Time to Breakeven447 days62 days
2014-2016 Oil Price Collapse
  % Loss-72.6%-6.8%
  % Gain to Breakeven264.7%7.3%
  Time to Breakeven1492 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-40.9%-17.9%
  % Gain to Breakeven69.3%21.8%
  Time to Breakeven92 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-46.3%-15.4%
  % Gain to Breakeven86.1%18.2%
  Time to Breakeven233 days125 days
2008-2009 Global Financial Crisis
  % Loss-83.8%-53.4%
  % Gain to Breakeven516.2%114.4%
  Time to Breakeven4322 days1085 days
Summer 2007 Credit Crunch
  % Loss-22.9%-8.6%
  % Gain to Breakeven29.7%9.5%
  Time to Breakeven59 days47 days

Compare to CMI, LIN, APD, BE, GTLS

In The Past

Plug Power's stock fell -60.5% during the 2025 US Tariff Shock. Such a loss loss requires a 153.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Plug Power (PLUG)

Plug Power Inc. provides hydrogen fuel cell turnkey solutions for the mobility, material handling, and stationary power markets in North America and internationally. It focuses on 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 service program for GenDrive and GenSure fuel cells, GenFuel hydrogen storage and dispensing products, and ProGen 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 Electrolyzer, a hydrogen generator optimized for clean hydrogen production. The company offers its products to retail distribution and manufacturing businesses through a direct product sales force, original equipment manufacturers, and dealer networks. It has a strategic partnership with Airbus SE to decarbonize air travel and airport operations with green hydrogen; and Fortescue Future Industries to manufacture electrolyzer technology in Australia. Plug Power Inc. was founded in 1997 and is headquartered in Latham, New York.

AI Analysis | Feedback

Here are 1-2 brief analogies for Plug Power:

  • The **Tesla of hydrogen energy solutions**, building out the entire ecosystem from green hydrogen production and fueling infrastructure to the fuel cells that power industrial equipment and vehicles.

  • The **Amazon Web Services (AWS) for industrial hydrogen power**, providing comprehensive, turnkey hydrogen infrastructure and services for businesses looking to adopt green energy.

AI Analysis | Feedback

  • GenDrive: A hydrogen-fueled PEM fuel cell system providing 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 service program for Plug Power's fuel cell and hydrogen infrastructure products.
  • GenSure: A stationary fuel cell solution offering modular PEM fuel cell power for backup and grid-support in various sectors.
  • GenKey: An integrated turn-key solution designed to facilitate the transition to fuel cell power.
  • ProGen: A fuel cell stack and engine technology utilized in mobility and stationary fuel cell systems, including electric delivery vans.
  • GenFuel Electrolyzer: A hydrogen generator specifically optimized for clean hydrogen production.

AI Analysis | Feedback

Plug Power (PLUG) sells primarily to other companies.

Based on the provided background, Plug Power's major customers and strategic partners with implied customer relationships include:

  • Airbus SE (AIR.PA): A strategic partner for decarbonizing air travel and airport operations with green hydrogen. Plug Power would be supplying hydrogen solutions for Airbus's related operations.
  • Fortescue Future Industries (part of Fortescue Metals Group: FMG.AX): A strategic partner for manufacturing electrolyzer technology in Australia. Fortescue Future Industries is likely a major customer for Plug Power's electrolyzer technology and related hydrogen production solutions.

AI Analysis | Feedback

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AI Analysis | Feedback

Here is the management team for Plug Power:

Jose Luis Crespo, President & Chief Executive Officer

Jose Luis Crespo was appointed Chief Executive Officer of Plug Power in March 2026, after serving as President beginning in October 2025 and previously as Chief Revenue Officer. As CEO, Crespo focuses on strengthening execution, operational discipline, and financial performance while maintaining the company's strategic direction. He led Plug Power's commercial organization during a period of significant scale, helping grow revenue from approximately $20 million in 2014 to more than $700 million in 2025. Before joining Plug Power in 2014, Crespo served as Vice President of International Value Stream at Smiths Power, where he successfully integrated two international business divisions.

Paul Middleton, Chief Financial Officer

Paul Middleton joined Plug Power as Chief Financial Officer in 2014. He brings a background in strategy, mergers and acquisitions, controls, and risk management for manufacturing and technology companies. Prior to Plug Power, Middleton worked at Rogers Corp., a global manufacturer and distributor of specialty polymer composite materials and components, for over twelve years, serving in senior financial leadership roles including Corporate Controller, Principal Accounting Officer, Treasurer, and Interim Chief Financial Officer. Before Rogers Corp., he managed all financial administration for the tools division of Cooper Industries. Middleton holds a Master of Science in Accounting and a Bachelor of Business Administration from the University of Central Florida and is a Certified Public Accountant.

Dean Fullerton, Chief Operating Officer

Dean Fullerton joined Plug Power as Chief Operating Officer in August 2024. He is responsible for ensuring the execution, delivery, and service of all customer deliverables, bringing a long track record of success as a leader in the supply chain and logistics engineering industry.

Gerard L. Conway, Jr., Chief Legal Officer

Gerard L. Conway, Jr. joined Plug Power as Associate General Counsel in 2000 and was promoted to General Counsel and Corporate Secretary in 2004. He has served as Senior Vice President since March 2009. As Chief Legal Officer, he advises the company on legal issues such as corporate law, securities, contracts, strategic alliances, and intellectual property. He also oversees governmental affairs, advocating on energy issues, policies, legislation, and regulations at state, federal, national, and international levels on behalf of Plug Power and the alternative energy sector. Prior to joining Plug Power, Conway spent four years as an Associate with Featherstonhaugh, Conway, Wiley & Clyne, LLP, concentrating in government relations, business, and corporate law.

Bridgid Brown, Chief of Staff

Bridgid Brown serves as Chief of Staff to the CEO, Vice President, Managing Counsel, and Interim Executive Vice President of Human Resources at Plug Power. In these roles, she provides strategic and operational leadership across legal, human resources, and executive functions. Brown brings over 25 years of legal and corporate experience, with a career spanning private practice, in-house counsel, and senior management roles.

AI Analysis | Feedback

The public company Plug Power (symbol: PLUG) faces several key risks to its business:

Key Risks to Plug Power's Business

  1. Persistent Unprofitability and High Cash Burn: Plug Power has a prolonged history of not achieving profitability, reporting significant net losses, and experiencing high cash burn rates. This financial strain raises concerns about its ability to sustain operations and fund growth initiatives without consistently relying on external financing, which often leads to dilution for existing shareholders. For example, the company burned through $230 million in cash in Q2 2025 alone.
  2. Execution Risk and Project Delays: The company's strategy involves the development and deployment of a complex green hydrogen ecosystem, including large-scale production facilities. There is substantial risk associated with the successful execution of these capital-intensive projects, including potential production delays, operational challenges, and the cancellation of significant projects, which can impede revenue growth and margin improvement. The recent decision to cancel the STAMP hydrogen hub, for instance, underscores challenges in financing and delivering very large green hydrogen projects.
  3. Reliance on Government Subsidies and Policy Shifts: Plug Power's business model is heavily dependent on government subsidies and economic incentives aimed at promoting alternative energy products, such as those provided by the Inflation Reduction Act. Uncertainty, delays in clarification, or potential changes to these policies, including access to loan guarantees from entities like the U.S. Department of Energy, could significantly impact the demand for Plug Power's offerings and its overall financial viability.

AI Analysis | Feedback

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AI Analysis | Feedback

Plug Power (PLUG) operates in several key markets within the hydrogen economy, encompassing hydrogen fuel cells for material handling, stationary power, green hydrogen generation (electrolyzers), and hydrogen fueling infrastructure.

Hydrogen Fuel Cells for Material Handling (Forklifts)

The global market for hydrogen fuel cell forklift trucks is anticipated to reach approximately USD 10.56 billion by 2033, growing from USD 2.57 billion in 2024 at a compound annual growth rate (CAGR) of 16.6% from 2026 to 2033. Another report projects this market to grow from USD 9.6 billion in 2025 to around USD 17.96 billion by 2034, with a CAGR of 35.29%. In 2024, the global market size was estimated at USD 1,615.2 million, with North America holding a significant share of over 40% (USD 646.08 million) and Europe accounting for over 30% (USD 484.56 million).

Stationary Fuel Cells

The global stationary fuel cell market was valued at approximately USD 1.8 billion in 2024 and is projected to grow to about USD 6.3 billion by 2034, exhibiting a CAGR of 13.4% from 2025 to 2034. Other estimates indicate the global stationary fuel cell market size was USD 2.6 billion in 2021 and is expected to reach USD 9.0 billion by 2031, with a CAGR of 13.1% from 2022 to 2031. For stationary fuel cell systems, the global market size was estimated at USD 4.37 billion in 2025. North America held a substantial share of approximately 35% of the global fuel cell for stationary power market in 2023, while Asia-Pacific held around 30% in the same year.

Green Hydrogen Generation (Electrolyzers)

The global electrolyzer market size was valued at USD 1.03 billion in 2024 and is projected to reach approximately USD 956.99 billion by 2034, expanding at an extraordinary CAGR of 98.14% from 2025 to 2034. Another source states the global electrolyzer market size was USD 7.61 billion in 2025 and is projected to reach USD 483.17 billion by 2034, with a CAGR of 59.95%. The PEM electrolyzer market specifically, a technology Plug Power utilizes, was valued at USD 1.4 billion in 2024 and is expected to grow to USD 45.6 billion in 2034, at a CAGR of 30.1% from 2025 to 2034. In 2023, the global green hydrogen electrolyzer market reached US$ 2.20 billion and is expected to reach US$ 17.9 billion by 2031.

Hydrogen Fueling Infrastructure

The global hydrogen fueling infrastructure market is projected to grow from USD 4.00 billion in 2024 to USD 16.18 billion by 2034, at a CAGR of 15% during 2025-2034. North America held the largest share of this market, with 48% in 2024. Another report estimates the global hydrogen fueling station market size at USD 1.00 billion in 2025, projected to reach USD 4.35 billion by 2033, growing at a CAGR of 19.8% from 2026 to 2033. Asia Pacific dominated the hydrogen fueling station market with a market share of 76.86% in 2025. The global hydrogen fueling station market is also expected to increase from USD 586.87 million in 2026 to approximately USD 2,271.60 million by 2035, representing a CAGR of 16.32%. North America held a 42.14% revenue share in 2025.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Plug Power (PLUG) over the next 2-3 years:

  1. Increased Electrolyzer Sales and Deployments: Plug Power anticipates significant revenue growth from its electrolyzer business, which has already shown substantial year-over-year increases. The company plans to deploy an additional 100 MW of electrolyzers by the end of 2024 and has secured major supply agreements, such as a 3 GW deal for a green hydrogen-to-ammonia project in Australia. This expansion of its GenEco electrolyzer business is a key component of its growth strategy.
  2. Continued Expansion in Material Handling Market: The material handling sector remains a core revenue driver for Plug Power. The company expects sustained demand and new deployments of its GenDrive fuel cell systems with major customers in retail distribution and manufacturing. The extension of the Investment Tax Credit (ITC) through 2026 is also expected to stimulate customer demand in this segment, leading to new bookings.
  3. Development of Green Hydrogen Production and Fueling Infrastructure: Plug Power is focused on building out its green hydrogen production capabilities and fueling network across North America and Europe. The commissioning of new hydrogen plants, such as the one in Louisiana, and strategic partnerships are aimed at reducing third-party fuel costs and enhancing margin performance. A significant $1.66 billion loan guarantee from the U.S. Department of Energy will support the construction of several projects to produce and liquefy zero- or low-carbon hydrogen at scale.
  4. Entry into New Markets and Applications: The company is diversifying its offerings beyond its traditional material handling base, targeting new markets such as data centers, e-mobility, and broader stationary power applications. A strategic initiative to monetize electricity rights in partnership with a major U.S. data center developer highlights this push into new sectors. Plug Power also continues to provide solutions for power generation and industrial applications.
  5. Geographic Expansion, Particularly in Europe: Plug Power is actively expanding its footprint internationally, leveraging favorable regulatory frameworks in Europe to secure contracts and opportunities. A new partnership with STEF, a European leader in temperature-controlled logistics, is a key step in strengthening its presence in the European market.

AI Analysis | Feedback

Share Issuance

  • In February 2026, Plug Power's stockholders approved an increase in the company's authorized common shares from 1.5 billion to 3.0 billion, which provides flexibility for future capital raises and aims to prevent a reverse stock split.
  • Plug Power raised $375 million through a convertible debt offering in November 2025, with proceeds used to retire high-cost 15% secured debt and refinance 2026 convertible notes, thereby simplifying its capital structure and enhancing financial flexibility.
  • The increase in authorized shares is intended to allow for fresh equity raises through smaller, staged offerings, supporting funding for fuel-cell plants, hydrogen production expansion, and serving customers.

Inbound Investments

  • Plug Power closed a $1.66 billion Department of Energy (DOE) Loan Guarantee program.
  • Of the estimated approximately $600 million additional investment required to complete the project associated with the DOE loan, the loan is targeted to cover approximately $400 million.

Capital Expenditures

  • Capital expenditures for the full year 2024 decreased by 52% compared to 2023, a result of driving key strategic projects to completion and limiting incremental investments to leverage existing platforms.
  • Plug Power anticipates reduced capital expenditures in 2026, which management expects will help alleviate the need for additional equity financing.
  • The company has invested over $250 million to date in a project linked to the DOE Loan Guarantee program, with an additional $600 million estimated to be required for its completion, focusing on hydrogen production facilities.

Better Bets vs. Plug Power (PLUG)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Plug Power (+23%): Q4 Revenue Beat & New CEO Spark Turnaround Hopes03/04/2026
2Is 21.2% Fall In Plug Power (PLUG) Stock A Buying Opportunity?02/11/2026
3Plug Power Stock (-9.3%): Shareholder Vote Failure Sparks Dilution Fears02/06/2026
4Plug Power Stock Drop Looks Sharp, But How Deep Can It Go?01/10/2026
5Plug Power Stock (+13%): NASA Deal & Analyst Upgrade Sparks Rebound01/03/2026
6Plug Power Earnings Notes12/25/2025
7Plug Power Stock Surged 110%, Here's Why11/25/2025
8Day 9 of Gains Streak for Plug Power Stock with 88% Return (vs. 24% YTD) [9/22/2025]09/23/2025
9ARTICLES 
10Plug Power’s Hydrogen Bet Is Starting To Look Real Again05/18/2026
11What’s Really Behind Plug Power’s 40% Jump?04/28/2026
12Plug Power (+23%): Q4 Revenue Beat & New CEO Spark Turnaround Hopes03/04/2026
13Plug Power Stock To $1?02/11/2026
14Plug Power Stock (+17%) : CEO Reddit AMA Sparks Dilution Vote Rally01/23/2026

Trade Ideas

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GEO_4302026_Dip_Buyer_ValueBuy04302026GEOGEODip BuyDB | P/E OPMDip Buy with Low PE and High Margin
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RUN_4302026_Short_Squeeze04302026RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		0.0%0.0%0.0%
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VRSK_4102026_Dip_Buyer_FCFYield04102026VRSKVerisk AnalyticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.3%12.3%0.0%
UHAL_4102026_Monopoly_xInd_xCD_Getting_Cheaper04102026UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-1.0%

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Financials

PLUGCMILINAPDBEGTLSMedian
NamePlug Pow.Cummins Linde Air Prod.Bloom En.Chart In. 
Mkt Price3.31669.87506.63289.19282.31207.49285.75
Mkt Cap4.692.6235.164.479.59.972.0
Rev LTM74033,89434,65512,4642,4494,1478,306
Op Inc LTM-6113,8519,4093,0931645251,809
FCF LTM-6682,6715,096-1,25123010120
FCF 3Y Avg-1,0761,7455,117-2,736813672
CFO LTM-5803,93310,4294,1212981052,116
CFO 3Y Avg-7482,9639,8033,585742491,606

Growth & Margins

PLUGCMILINAPDBEGTLSMedian
NamePlug Pow.Cummins Linde Air Prod.Bloom En.Chart In. 
Rev Chg LTM15.2%0.1%5.0%3.7%56.5%-1.5%4.3%
Rev Chg 3Y Avg-0.2%4.2%1.3%-1.6%26.4%40.3%2.7%
Rev Chg Q22.3%2.7%8.2%8.8%130.4%-11.7%8.5%
QoQ Delta Rev Chg LTM4.2%0.7%2.0%2.1%21.0%-2.7%2.0%
Op Inc Chg LTM38.1%8.1%7.2%7.0%210.4%-23.6%7.6%
Op Inc Chg 3Y Avg-1.5%48.5%10.7%5.6%120.9%68.5%29.6%
Op Mgn LTM-82.7%11.4%27.2%24.8%6.7%12.7%12.0%
Op Mgn 3Y Avg-124.9%8.5%26.2%24.0%-1.6%13.8%11.1%
QoQ Delta Op Mgn LTM13.1%-0.1%-0.1%0.5%3.1%-2.0%0.2%
CFO/Rev LTM-78.4%11.6%30.1%33.1%12.2%2.5%11.9%
CFO/Rev 3Y Avg-102.2%8.7%29.3%29.3%1.5%6.0%7.4%
FCF/Rev LTM-90.3%7.9%14.7%-10.0%9.4%0.2%4.1%
FCF/Rev 3Y Avg-146.4%5.1%15.3%-22.6%-2.5%3.2%0.3%

Valuation

PLUGCMILINAPDBEGTLSMedian
NamePlug Pow.Cummins Linde Air Prod.Bloom En.Chart In. 
Mkt Cap4.692.6235.164.479.59.972.0
P/S6.22.76.85.232.52.45.7
P/Op Inc-7.524.125.020.8484.818.922.4
P/EBIT-2.822.624.521.61,308.245.623.5
P/E-2.734.733.230.613,182.8-383.331.9
P/CFO-7.923.622.515.6266.794.823.0
Total Yield-36.5%4.1%4.2%5.7%0.0%-0.3%2.0%
Dividend Yield0.0%1.2%1.2%2.5%0.0%0.0%0.6%
FCF Yield 3Y Avg-56.2%3.2%2.3%-4.5%-3.0%2.1%-0.4%
D/E0.20.10.10.30.00.40.2
Net D/E0.20.10.10.30.00.40.1

Returns

PLUGCMILINAPDBEGTLSMedian
NamePlug Pow.Cummins Linde Air Prod.Bloom En.Chart In. 
1M Rtn2.8%5.2%1.7%-2.4%29.3%-0.3%2.2%
3M Rtn78.0%13.3%4.8%3.1%79.5%0.1%9.0%
6M Rtn74.2%42.6%23.5%15.7%159.2%1.8%33.1%
12M Rtn301.2%105.8%11.7%7.7%1,377.3%24.2%65.0%
3Y Rtn-57.2%228.6%41.8%12.0%1,925.2%79.8%60.8%
1M Excs Rtn2.2%-0.4%-2.8%-7.1%22.6%-5.4%-1.6%
3M Excs Rtn65.0%4.3%-4.6%-4.7%69.2%-8.1%-0.2%
6M Excs Rtn47.4%36.6%10.7%4.4%152.2%-9.5%23.7%
12M Excs Rtn295.0%78.0%-13.1%-17.6%1,343.4%-2.5%37.8%
3Y Excs Rtn-137.5%148.2%-36.9%-67.8%1,970.4%0.0%-18.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Sales of electolyzers1368328174
Sales of cryogenic equipment and liquefiers112232888 
Fuel delivered to customers and related equipment98665747-16
Power Purchase Agreements7864473527
Sales of hydrogen infrastructure69184142135-43
Services performed on fuel cell systems and related infrastructure52393527-10
Sales of fuel cell systems52181208225-55
Sales of engineered equipment2232938 
Other1111310
Total629891701502-93


Price Behavior

Price Behavior
Market Price$3.31 
Market Cap ($ Bil)4.5 
First Trading Date10/29/1999 
Distance from 52W High-19.9% 
   50 Days200 Days
DMA Price$2.85$2.39
DMA Trendupup
Distance from DMA16.3%38.5%
 3M1YR
Volatility95.3%111.8%
Downside Capture49.62242.01
Upside Capture247.41341.86
Correlation (SPY)23.7%29.5%
PLUG Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.231.622.322.182.621.82
Up Beta1.831.602.410.851.370.73
Down Beta17.703.122.192.223.971.77
Up Capture207%335%340%397%903%1721%
Bmk +ve Days15223166141428
Stock +ve Days10192654111315
Down Capture-801%-24%183%204%169%113%
Bmk -ve Days4183056108321
Stock -ve Days11233566134414

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PLUG
PLUG322.0%111.6%1.77-
Sector ETF (XLI)20.0%15.5%0.9823.2%
Equity (SPY)26.2%12.1%1.6229.1%
Gold (GLD)40.2%26.8%1.248.9%
Commodities (DBC)46.2%18.7%1.893.9%
Real Estate (VNQ)11.1%13.4%0.5414.3%
Bitcoin (BTCUSD)-27.4%41.8%-0.6533.1%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PLUG
PLUG-31.5%94.1%0.02-
Sector ETF (XLI)12.3%17.4%0.5532.9%
Equity (SPY)14.1%17.0%0.6536.6%
Gold (GLD)19.5%18.0%0.8910.4%
Commodities (DBC)11.1%19.4%0.4611.4%
Real Estate (VNQ)4.0%18.8%0.1135.0%
Bitcoin (BTCUSD)9.1%55.6%0.3722.3%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PLUG
PLUG6.0%89.1%0.46-
Sector ETF (XLI)13.8%20.0%0.6131.2%
Equity (SPY)15.5%17.9%0.7435.1%
Gold (GLD)13.1%16.0%0.687.5%
Commodities (DBC)7.9%17.9%0.3615.9%
Real Estate (VNQ)5.4%20.7%0.2328.9%
Bitcoin (BTCUSD)67.1%66.9%1.0613.8%

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Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity343.5 Mil
Short Interest: % Change Since 4152026-0.3%
Average Daily Volume77.7 Mil
Days-to-Cover Short Interest4.4 days
Basic Shares Quantity1,389.7 Mil
Short % of Basic Shares24.7%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/20261.1%-2.0% 
3/2/202623.2%20.4%24.9%
11/10/2025-1.2%-18.6%-7.8%
8/11/2025-2.5%5.1%-8.9%
5/12/2025-10.2%-12.7%52.7%
3/3/20258.0%14.0%-12.7%
11/12/2024-4.0%0.0%25.6%
8/8/20240.0%-2.9%-22.6%
...
SUMMARY STATS   
# Positive111312
# Negative131111
Median Positive10.2%13.9%20.9%
Median Negative-5.5%-12.8%-13.2%
Max Positive23.2%24.3%61.6%
Max Negative-40.5%-29.5%-31.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Asset Monetization Proceeds 142.00 Mil    
Q2 2026 Investment Tax Credit Sale 39.20 Mil    
2026 Restricted Cash Release 50.00 Mil    

Prior: Q4 2025 Earnings Reported 3/2/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 EBITDAS      
2027 Operating Income      

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Haycraft, BenjaminCSO & GM EMEADirectSell11420262.1740,00086,800724,366Form
2Crespo, Jose LuisSee RemarksDirectBuy121720252.3437,30087,282719,157Form
3Haycraft, BenjaminCSO & GM EMEADirectSell121220252.2040,00088,000822,380Form
4Haycraft, BenjaminCSO & GM EMEADirectSell121220253.8010,00038,0001,738,815Form
5Haycraft, BenjaminCSO & EVP of EMEA RegionDirectSell111220252.9210,00029,2001,365,342Form

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