PLUG

Company Overview — What Does PLUG POWER INC Do?

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. PLUG POWER INC (PLUG) is classified as a mid-cap stock in the Industrials sector, specifically within the Electrical Equipment industry. The company is led by CEO Andrew J. Marsh and employs approximately 2,450 people, headquartered in Wilmington, New York. With a market capitalization of $3.1B, PLUG is one of the notable companies in the Industrials sector.

PLUG POWER INC (PLUG) Stock Rating — Reduce (April 2026)

As of April 2026, PLUG POWER INC receives a Reduce rating with a composite score of 30.0/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.PLUG ranks #2,677 out of 4,446 stocks in our coverage universe. Within the Industrials sector, PLUG POWER INC ranks #436 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

PLUG Stock Price and 52-Week Range

PLUG POWER INC (PLUG) currently trades at $2.77. The stock gained $0.03 (1.1%) in the most recent trading session. The 52-week high for PLUG is $4.58, which means the stock is currently trading -39.5% from its annual peak. The 52-week low is $0.69, putting the stock 301.4% above its annual trough. Recent trading volume was 60.9M shares, indicating strong institutional interest and high liquidity.

Is PLUG Overvalued or Undervalued? — Valuation Analysis

PLUG POWER INC (PLUG) carries a value factor score of 14/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 3.50x, versus the sector average of 2.23x. The price-to-sales ratio is 5.34x, compared to 0.50x for the average Industrials stock.

At current multiples, PLUG POWER INC trades at a premium to most Industrials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

PLUG POWER INC Profitability — ROE, Margins, and Quality Score

PLUG POWER INC (PLUG) earns a quality factor score of 17/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -99.7%, compared to the Industrials sector average of 8.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -38.6% versus the sector average of 3.3%.

On a margin basis, PLUG POWER INC reports gross margins of -52.9%, compared to 35.8% for the sector. The operating margin is -139.2% (sector: 6.2%). Net profit margin stands at -151.4%, versus 3.9% for the average Industrials stock. Revenue growth is running at 23.5% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

PLUG Debt, Balance Sheet, and Financial Health

PLUG POWER INC has a debt-to-equity ratio of 159.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 2.31x, indicating strong short-term liquidity. Total debt on the balance sheet is $144M. Cash and equivalents stand at $166M.

PLUG has a beta of 1.71, meaning it is more volatile than the broader market — a $10,000 investment in PLUG would be expected to move 71.2% more than the S&P 500 on any given day. The stability factor score for PLUG POWER INC is 20/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

PLUG POWER INC Revenue and Earnings History — Quarterly Trend

In TTM 2026, PLUG POWER INC reported revenue of $658M and earnings per share (EPS) of $-1.42. Net income for the quarter was $-1.00B. Gross margin was -52.9%. Operating income came in at $-920M.

In FY 2025, PLUG POWER INC reported revenue of $710M and earnings per share (EPS) of $-1.42. Net income for the quarter was $-1.69B. Gross margin was -34.1%. Revenue grew 12.9% year-over-year compared to FY 2024. Operating income came in at $-1.47B.

In Q3 2025, PLUG POWER INC reported revenue of $177M and earnings per share (EPS) of $-0.31. Net income for the quarter was $-364M. Gross margin was -67.9%. Revenue grew 1.9% year-over-year compared to Q3 2024. Operating income came in at $-349M.

In Q2 2025, PLUG POWER INC reported revenue of $174M and earnings per share (EPS) of $-0.20. Net income for the quarter was $-229M. Gross margin was -30.7%. Revenue grew 21.4% year-over-year compared to Q2 2024. Operating income came in at $-177M.

Over the past 8 quarters, PLUG POWER INC has demonstrated a growth trajectory, with revenue expanding from $143M to $658M. Investors analyzing PLUG stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

PLUG Dividend Yield and Income Analysis

PLUG POWER INC (PLUG) does not currently pay a dividend. This is common among smaller companies in the Electrical Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

PLUG Momentum and Technical Analysis Profile

PLUG POWER INC (PLUG) has a momentum factor score of 55/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 44/100 reflects moderate short selling activity.

PLUG vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, PLUG POWER INC (PLUG) ranks #436 out of 752 stocks based on the Blank Capital composite score. This places PLUG in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing PLUG against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full PLUG vs S&P 500 (SPY) comparison to assess how PLUG POWER INC stacks up against the broader market across all factor dimensions.

PLUG Next Earnings Date

No upcoming earnings date has been announced for PLUG POWER INC (PLUG) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy PLUG? — Investment Thesis Summary

The quantitative profile for PLUG POWER INC suggests caution. The quality score of 17/100 flags below-average profitability. The value score of 14/100 indicates premium valuation. High volatility (stability score 20/100) increases portfolio risk.

In summary, PLUG POWER INC (PLUG) earns a Reduce rating with a composite score of 30.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on PLUG stock.

Related Resources for PLUG Investors

Explore more research and tools: PLUG vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare PLUG head-to-head with peers: PLUG vs SOBO, PLUG vs TEN, PLUG vs GLDD.