Plug Power (PLUG)


Market Price (8/24/2026): $2.27 | Market Cap: $3.2 BilSector: Industrials | Industry: Electrical Components & Equipment

Plug Power (PLUG)


Market Price (8/24/2026): $2.27
Market Cap: $3.2 Bil
Sector: Industrials
Industry: Electrical Components & Equipment

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

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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 -35%, 3Y Excs Rtn is -148%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -502 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -67%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -75%

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 -56%

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 21%

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 Megatrend and thematic drivers
Megatrends include Hydrogen Economy. Themes include Green Hydrogen Production, Fuel Cell Technology, and Hydrogen Infrastructure.
1 Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -148%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -502 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -67%
3 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4%
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -75%
5 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 -56%
6 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 21%
7 Short seller report
8 Key risks
PLUG key risks include [1] a persistent history of unprofitability and a high cash burn rate that raises liquidity concerns, Show more.

PLUG in ETFs

Weight = PLUG's share of each fund

VTI0.00%
ITOT0.00%
IWM0.10%
VB0.04%
ICLN2.8%
IWO0.19%
VTWO0.09%
VBK0.09%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/12/2026

Plug Power (PLUG) stock has lost about 25% since 4/30/2026 because of the following key factors:

1. Persistent Cash Burn and Liquidity Concerns. Despite reporting better-than-expected revenue of $163.51 million in fiscal Q1 2026 (ended March 31, 2026), Plug Power continued to experience significant negative free cash flow of $152.4 million in the same quarter. This ongoing cash consumption and concerns over the company's limited cash runway fueled investor skepticism regarding its long-term financial stability and ability to fund operations without further dilution.

2. Downward Revisions in Analyst Price Targets. Following a strong start to 2026, investor sentiment deteriorated as multiple analysts issued more cautious outlooks and reduced their price targets for Plug Power shares between May and July 2026. For instance, Morgan Stanley set a price target of $1.65 on July 9, 2026, and BMO Capital set a target of $1.20 on May 12, 2026. These revised and often lower valuations likely contributed to selling pressure on the stock during the period.

Show more
Updated on 8/12/2026

Plug Power (PLUG) stock has lost about 25% since 4/30/2026 because of the following key factors:

1. Persistent Cash Burn and Liquidity Concerns. Despite reporting better-than-expected revenue of $163.51 million in fiscal Q1 2026 (ended March 31, 2026), Plug Power continued to experience significant negative free cash flow of $152.4 million in the same quarter. This ongoing cash consumption and concerns over the company's limited cash runway fueled investor skepticism regarding its long-term financial stability and ability to fund operations without further dilution.

2. Downward Revisions in Analyst Price Targets. Following a strong start to 2026, investor sentiment deteriorated as multiple analysts issued more cautious outlooks and reduced their price targets for Plug Power shares between May and July 2026. For instance, Morgan Stanley set a price target of $1.65 on July 9, 2026, and BMO Capital set a target of $1.20 on May 12, 2026. These revised and often lower valuations likely contributed to selling pressure on the stock during the period.

3. Broader Skepticism on Hydrogen's Economic Viability. Even with increasing global interest and policy support for hydrogen, a prevailing market sentiment highlighted the economic challenges facing green hydrogen solutions. An article from July 26, 2026, underscored that hydrogen fuel largely remains more expensive than alternative energy sources, contributing to a weak long-term investment outlook for the sector. This overarching skepticism regarding the industry's profitability weighed heavily on Plug Power's stock performance.

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Stock Movement Drivers

Fundamental Drivers

The -27.5% change in PLUG stock from 4/30/2026 to 8/23/2026 was primarily driven by a -28.9% change in the company's P/S Multiple.
(LTM values as of)43020268232026Change
Stock Price ($)3.132.27-27.5%
Change Contribution By: 
Total Revenues ($ Mil)7107444.8%
P/S Multiple6.04.2-28.9%
Shares Outstanding (Mil)1,3541,391-2.7%
Cumulative Contribution-27.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/23/2026
ReturnCorrelation
PLUG-27.5% 
Market (SPY)6.5%42.9%
Sector (XLI)3.2%24.5%

Fundamental Drivers

The 7.3% change in PLUG stock from 1/31/2026 to 8/23/2026 was primarily driven by a 17.1% change in the company's P/S Multiple.
(LTM values as of)13120268232026Change
Stock Price ($)2.122.277.3%
Change Contribution By: 
Total Revenues ($ Mil)67674410.0%
P/S Multiple3.64.217.1%
Shares Outstanding (Mil)1,1591,391-16.7%
Cumulative Contribution7.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/23/2026
ReturnCorrelation
PLUG7.3% 
Market (SPY)11.0%37.3%
Sector (XLI)9.3%21.5%

Fundamental Drivers

The 51.3% change in PLUG stock from 7/31/2025 to 8/23/2026 was primarily driven by a 92.1% change in the company's P/S Multiple.
(LTM values as of)73120258232026Change
Stock Price ($)1.502.2751.3%
Change Contribution By: 
Total Revenues ($ Mil)64274415.9%
P/S Multiple2.24.292.1%
Shares Outstanding (Mil)9461,391-32.0%
Cumulative Contribution51.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/23/2026
ReturnCorrelation
PLUG51.3% 
Market (SPY)22.2%32.1%
Sector (XLI)19.8%22.1%

Fundamental Drivers

The -82.7% change in PLUG stock from 7/31/2023 to 8/23/2026 was primarily driven by a -57.7% change in the company's P/S Multiple.
(LTM values as of)73120238232026Change
Stock Price ($)13.122.27-82.7%
Change Contribution By: 
Total Revenues ($ Mil)771744-3.5%
P/S Multiple10.04.2-57.7%
Shares Outstanding (Mil)5891,391-57.6%
Cumulative Contribution-82.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/23/2026
ReturnCorrelation
PLUG-82.7% 
Market (SPY)73.2%26.7%
Sector (XLI)70.0%23.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PLUG Return-17%-56%-64%-53%-8%12%-94%
Peers Return-5%-12%-5%11%77%36%112%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
PLUG Win Rate42%33%33%33%50%62% 
Peers Win Rate45%43%48%48%63%60% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
PLUG Max Drawdown-73%-63%-81%-66%-78%-54% 
Peers Max Drawdown-36%-38%-33%-32%-35%-32% 
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, BLDP. 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 8/21/2026 (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, BLDP

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, BLDP

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. is a leading provider of comprehensive hydrogen fuel cell and green hydrogen ecosystem solutions. The company specializes in proton exchange membrane (PEM) fuel cell technology, fuel processing, and integrated hydrogen infrastructure, encompassing green hydrogen generation, storage, and dispensing. Its core mission revolves around facilitating the adoption of clean, hydrogen-powered energy across a variety of industrial and commercial applications.

Plug Power offers a suite of key products and services tailored for different markets. Its GenDrive systems power electric material handling vehicles like forklifts, supported by GenFuel for liquid hydrogen delivery and GenCare for ongoing maintenance. For stationary power needs, GenSure provides modular fuel cell solutions for backup and grid support in sectors such as telecommunications, transportation, and utilities. The company also produces GenFuel Electrolyzers for clean hydrogen generation and ProGen fuel cell engines, which are utilized in mobility applications including electric delivery vans.

Beyond individual components, Plug Power delivers integrated turn-key solutions through its GenKey offering, assisting businesses in their transition to fuel cell power. The company serves a diverse clientele, including retail distribution and manufacturing businesses, original equipment manufacturers (OEMs), and dealer networks. Strategic partnerships, such as with Airbus for airport decarbonization and Fortescue Future Industries for electrolyzer manufacturing, are expanding its presence into aviation and large-scale green hydrogen production globally.

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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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)

Peer Outperformance in Electrical Components & Equipment

PLUG has trailed 88% of its 40 Electrical Components & Equipment peers over 5Y. Among the peers that beat it are ATKR and ST. Electrical Components & Equipment ranks 12th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Electrical Components & Equipment constituents that PLUG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
60%
of 48 industry peers · 35.1% return
3Y
16%
of 45 industry peers · -71.6% return
5Y
13%
of 40 industry peers · -91.2% return
Electrical Components & Equipment peers with revenue growth within 4pp of PLUG's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
PLUG Plug Power -4.4% -1.9x 35.1%-71.6%-91.2%
ATKR Atkore -7.1% -19.4x 58.8%-31.3%9.8% +101pp
ST Sensata Technologies -2.6% 69.3x 29.7%19.8%-23.8% +67pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Electrical Components & Equipment is PLUG's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 31 25.2%124.7%202.2% CDNL 3246% · STRL 2190% · FIX 2132%
Marine Transportation 4 57.9%61.9%150.7% MATX 212% · KEX 154% · SFL 148%
Construction Machinery & Heavy Transportation Equipment 13 12.3%66.8%120.6% CAT 324% · ALSN 285% · WAB 252%
Aerospace & Defense 55 11.1%70.2%79.6% DFNS 2047% · ATI 1042% · FTAI 968%
Passenger Ground Transportation 3 -5.7%65.1%69.3% UBER 96% · CAR 69% · LYFT -63%
Industrial Machinery & Supplies & Components 71 11.5%56.0%56.3% CRS 1440% · PSIX 846% · GHM 735%
Rail Transportation 7 38.3%76.2%50.1% FSTR 115% · CSX 65% · UNP 56%
Cargo Ground Transportation 16 35.7%16.1%45.4% XPO 270% · R 264% · CVLG 222%
Diversified Support Services 34 8.9%37.5%34.9% LIME 4674% · TH 369% · WLFC 347%
Trading Companies & Distributors 18 2.2%36.4%32.1% DXPE 523% · AIT 303% · URI 232%
Building Products 33 -8.8%15.9%28.8% LMB 436% · GFF 413% · PPIH 289%
Electrical Components & Equipment ← 41 26.1%44.8%28.3% POWL 2374% · VRT 856% · BE 849%
Industrial Conglomerates 17 15.8%26.3%4.9% RCMT 727% · CSW 153% · TTI 145%
Office Services & Supplies 10 14.0%25.0%3.8% TILE 188% · PBI 159% · EBF 56%
Environmental & Facilities Services 28 -8.3%20.9%0.8% CECO 863% · ADUR 661% · GEO 324%
Research & Consulting Services 13 -7.2%-18.4%-1.6% HURN 220% · CRAI 97% · GRNQ 31%
Agricultural & Farm Machinery 17 -1.2%-3.9%-14.4% BLBD 200% · DE 88% · GENC 65%
Data Processing & Outsourced Services 6 -30.4%-9.5%-24.5% EXLS 59% · BR 16% · G -23%
Passenger Airlines 11 5.9%-4.6%-29.3% LTM 2324% · UAL 140% · SKYW 130%
Human Resource & Employment Services 20 4.5%-19.4%-36.1% BBSI 89% · ADP 51% · KFY 36%
Air Freight & Logistics 12 -16.2%-24.2%-39.1% CHRW 78% · FDX 67% · EXPD 62%
Security & Alarm Services 10 -36.2%-14.3%-43.4% CIX 107% · MG 93% · BCO 52%
Airport Services 3 -69.1%-69.0%-58.3% JOBY -31% · ASLE -58% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PLUGCMILINAPDBEBLDPMedian
NamePlug Pow.Cummins Linde Air Prod.Bloom En.Ballard . 
Mkt Price2.27587.68487.57305.10201.452.40253.28
Mkt Cap3.281.0225.568.057.90.762.9
Rev LTM74434,70835,44912,6023,1131067,858
Op Inc LTM-5023,8689,6073,131350-501,741
FCF LTM-5603,3674,975-301625-37294
FCF 3Y Avg-9492,0754,965-2,47488-92-2
CFO LTM-4834,64710,4894,571738-312,654
CFO 3Y Avg-6633,3019,8443,739165-751,733

Growth & Margins

PLUGCMILINAPDBEBLDPMedian
NamePlug Pow.Cummins Linde Air Prod.Bloom En.Ballard . 
Rev Chg LTM10.6%2.9%6.6%4.5%91.0%46.4%8.6%
Rev Chg 3Y Avg-4.4%2.6%2.4%-0.9%37.8%22.8%2.5%
Rev Chg Q2.5%9.4%9.3%4.6%165.5%15.4%9.4%
QoQ Delta Rev Chg LTM0.6%2.4%2.3%1.1%27.1%2.7%2.3%
Op Inc Chg LTM44.6%3.8%7.5%7.0%382.6%60.8%26.0%
Op Inc Chg 3Y Avg6.3%46.0%9.1%5.1%183.3%24.7%16.9%
Op Mgn LTM-67.5%11.1%27.1%24.8%11.2%-46.9%11.2%
Op Mgn 3Y Avg-122.6%8.6%26.4%24.2%1.1%-126.1%4.9%
QoQ Delta Op Mgn LTM15.2%-0.2%-0.0%0.0%4.5%15.0%2.3%
CFO/Rev LTM-64.9%13.4%29.6%36.3%23.7%-28.9%18.5%
CFO/Rev 3Y Avg-95.5%9.6%29.1%30.4%1.4%-85.1%5.5%
FCF/Rev LTM-75.3%9.7%14.0%-2.4%20.1%-35.1%3.7%
FCF/Rev 3Y Avg-137.1%6.0%14.7%-20.5%-2.6%-105.3%-11.5%

Valuation

PLUGCMILINAPDBEBLDPMedian
NamePlug Pow.Cummins Linde Air Prod.Bloom En.Ballard . 
Mkt Cap3.281.0225.568.057.90.762.9
P/S4.22.36.45.418.66.85.9
P/Op Inc-6.321.023.521.7165.4-14.521.3
P/EBIT-1.919.423.0488.7195.0-9.621.2
P/E-1.929.831.1-1,437.1236.3-9.414.0
P/CFO-6.517.421.514.978.4-23.616.2
Total Yield-52.0%4.7%4.5%2.3%0.4%-10.7%1.4%
Dividend Yield0.0%1.4%1.3%2.4%0.0%0.0%0.6%
FCF Yield 3Y Avg-49.7%3.4%2.2%-4.1%-4.4%-15.4%-4.2%
D/E0.30.10.10.30.00.00.1
Net D/E0.30.10.10.30.0-0.70.1

Returns

PLUGCMILINAPDBEBLDPMedian
NamePlug Pow.Cummins Linde Air Prod.Bloom En.Ballard . 
1M Rtn8.6%-11.3%-4.8%2.4%9.0%-17.2%-1.2%
3M Rtn-39.9%-7.8%-5.5%6.1%-33.4%-56.7%-20.6%
6M Rtn21.4%-0.3%-1.2%9.9%36.5%13.7%11.8%
12M Rtn35.1%48.2%2.6%4.7%315.0%19.4%27.3%
3Y Rtn-71.6%170.6%34.1%15.0%1,303.8%-39.1%24.5%
1M Excs Rtn0.1%-14.9%-7.3%0.1%-10.9%-23.1%-9.1%
3M Excs Rtn-43.0%-10.4%-8.0%2.7%-37.6%-58.9%-24.0%
6M Excs Rtn10.3%-11.3%-12.2%-1.2%25.5%2.7%0.7%
12M Excs Rtn25.5%31.2%-17.6%-12.9%332.6%6.3%15.9%
3Y Excs Rtn-147.8%96.5%-40.1%-58.9%1,204.6%-118.6%-49.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Sales of electolyzers188136832817
Fuel delivered to customers and related equipment13398665747
Power Purchase Agreements10878644735
Sales of cryogenic equipment and liquefiers96112232888
Services performed on fuel cell systems and related infrastructure9452393527
Sales of fuel cell systems5452181208225
Sales of hydrogen infrastructure2769184142135
Sales of engineered equipment72232938
Other3111131
Total710629891701502


Price Behavior

Price Behavior
Market Price$2.27 
Market Cap ($ Bil)3.2 
First Trading Date10/29/1999 
Distance from 52W High-45.2% 
   50 Days200 Days
DMA Price$2.35$2.49
DMA Trenddowndown
Distance from DMA-3.4%-8.8%
 3M1YR
Volatility64.9%97.9%
Downside Capture387.99267.74
Upside Capture107.54249.05
Correlation (SPY)51.1%32.5%
PLUG Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta2.322.382.412.242.421.79
Up Beta7.543.201.261.911.200.76
Down Beta0.201.391.652.413.561.82
Up Capture-68%37%186%262%484%864%
Bmk +ve Days11223567138427
Stock +ve Days491743100303
Down Capture327%342%322%200%165%112%
Bmk -ve Days11212859114326
Stock -ve Days16324276141423

[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
PLUG45.7%97.8%0.80-
Sector ETF (XLI)20.5%17.1%0.9222.2%
Equity (SPY)21.1%12.9%1.2232.5%
Gold (GLD)37.5%28.8%1.1016.5%
Commodities (DBC)43.2%20.2%1.667.6%
Real Estate (VNQ)12.9%13.8%0.646.3%
Bitcoin (BTCUSD)-31.6%44.1%-0.7332.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PLUG
PLUG-38.1%94.3%-0.09-
Sector ETF (XLI)13.1%17.6%0.5733.2%
Equity (SPY)12.9%17.2%0.5737.4%
Gold (GLD)20.6%18.6%0.9012.1%
Commodities (DBC)10.4%19.6%0.4111.2%
Real Estate (VNQ)2.3%18.9%0.0234.0%
Bitcoin (BTCUSD)10.4%52.8%0.3824.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PLUG
PLUG3.0%89.6%0.43-
Sector ETF (XLI)13.8%20.0%0.6031.0%
Equity (SPY)15.2%17.9%0.7235.2%
Gold (GLD)12.7%16.2%0.648.5%
Commodities (DBC)8.0%18.0%0.3615.4%
Real Estate (VNQ)5.0%20.7%0.2028.1%
Bitcoin (BTCUSD)63.1%66.1%1.0313.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity294.0 Mil
Short Interest: % Change Since 7152026-10.9%
Average Daily Volume49.0 Mil
Days-to-Cover Short Interest6
Basic Shares Quantity1,391.2 Mil
Short % of Basic Shares21.1%

Earnings Returns History

Updated 8/19/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/20265.2%8.1% 
5/11/20261.1%-2.0%-18.8%
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%
...
SUMMARY STATS   
# Positive111512
# Negative141012
Median Positive8.0%13.9%20.9%
Median Negative-4.8%-12.8%-19.0%
Max Positive23.2%35.3%61.6%
Max Negative-40.5%-29.5%-32.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/20265.2%8.1% 
5/11/20261.1%-2.0%-18.8%
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%
5/9/20249.9%35.3%15.1%
3/4/2024-0.8%3.3%-19.3%
11/9/2023-40.5%-29.5%-31.0%
8/9/2023-15.8%-20.2%-26.0%
5/9/2023-13.8%-15.5%2.8%
3/1/2023-6.2%-3.0%-20.8%
11/8/2022-1.4%18.6%-7.0%
8/9/202216.7%18.3%18.0%
5/9/2022-5.5%-12.8%11.5%
3/1/20221.7%2.9%14.2%
11/9/2021-1.3%5.9%-15.5%
8/5/2021-0.4%1.6%1.5%
5/10/202117.6%24.3%61.6%
2/25/2021-13.6%-12.7%-32.0%
11/9/20207.7%24.2%52.4%
8/6/202015.0%13.9%23.8%
SUMMARY STATS   
# Positive111512
# Negative141012
Median Positive8.0%13.9%20.9%
Median Negative-4.8%-12.8%-19.0%
Max Positive23.2%35.3%61.6%
Max Negative-40.5%-29.5%-32.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
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
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
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
03/31/202205/09/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202108/05/202110-Q
03/31/202106/22/202110-Q
12/31/202005/14/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201903/10/202010-K
09/30/201911/08/201910-Q

Recent Forward Guidance

Updated 8/11/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2026 EBITDAS      
2026 Revenue Growth15.0%15.5%16.0%  Raised
2026 Asset Monetization Liquidity Target 275.00 Mil 0.0% AffirmedGuidance: 275.00 Mil for 2026

Prior: 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    

Q4 2025 Earnings Reported 3/2/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 EBITDAS     AffirmedGuidance: 0 for 2026
2027 Operating Income      

Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 EBITDAS-positive target      
2025 Liquidity Improvement 275.00 Mil    

Insider Activity

Updated 7/6/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Helmer, Maureen ODirectSell61020263.2350,000161,6201,039,427Form
2Haycraft, BenjaminCSO & GM EMEADirectSell11420262.1740,00086,800724,366Form
3Crespo, Jose LuisSee RemarksDirectBuy121720252.3437,30087,282719,157Form
4Haycraft, BenjaminCSO & GM EMEADirectSell121220252.2040,00088,000822,380Form
5Haycraft, BenjaminCSO & GM EMEADirectSell121220253.8010,00038,0001,738,815Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Helmer, Maureen ODirectSell61020263.2350,000161,6201,039,427Form
2Haycraft, BenjaminCSO & GM EMEADirectSell11420262.1740,00086,800724,366Form
3Crespo, Jose LuisSee RemarksDirectBuy121720252.3437,30087,282719,157Form
4Haycraft, BenjaminCSO & GM EMEADirectSell121220252.2040,00088,000822,380Form
5Haycraft, BenjaminCSO & GM EMEADirectSell121220253.8010,00038,0001,738,815Form
6Haycraft, BenjaminCSO & EVP of EMEA RegionDirectSell111220252.9210,00029,2001,365,342Form
7Haycraft, BenjaminCSO & GM of EMEA RegionDirectSell91820251.5910,97217,445759,357Form
Core Cache Last Updated: 8/23/2026