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Maker of hydrogen fuel cells for material-handling forklifts and green hydrogen production electrolyzer systems.
Maker of hydrogen fuel cells for material-handling forklifts and green hydrogen production electrolyzer systems.
Sells fuel-cell systems to warehouse operators and also supplies the hydrogen and service for them, aiming to earn on fuel and maintenance every year beyond the equipment sale. Amazon and Walmart hold warrants tied to their purchases. It has relied on outside capital to build hydrogen production plants and electrolyzer manufacturing.
Moat: narrow (installed base, switching costs). Largest installed base of hydrogen fuel-cell forklifts, but heavy cash burn and hydrogen-economy scale remain unproven.
Headquarters: Latham, New York, US · Founded: 1997 · Employees: 2,582
Size Plug Power (PLUG) is a United States Information Technology company (Electronic Production Equipment) with a market value of $2.03B, the 1780th largest of 3,117 United States companies the cockpit tracks. Shares closed at $1.45 on 6 Nov 2026.
Performance Over six months the shares fell 53.5%, against -25.7% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 10.6% over the last twelve months (peer median +9.4%); the operating margin is -67.5% (peer median 6.5%).
Valuation It trades at 3.7× enterprise value to sales against a peer median of 2.9× (8th most expensive of 20).
Capital Return on invested capital runs 42.3 points below its cost of capital (12.1% WACC).
Backlog Backlog (remaining performance obligations) was $669M at 30 Jun 2026, down 15% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $744M | $710M | $629M | $891M | $701M |
| Revenue growth | — | +13% | -29% | +27% | — |
| Gross profit | -$138M | -$242M | -$625M | -$508M | -$194M |
| EBITDA | -$472M | -$635M | -$994M | -$973M | -$606M |
| Net income | -$1.64B | -$1.63B | -$2.10B | -$1.37B | -$724M |
| Free cash flow | -$560M | -$661M | -$1.06B | -$1.80B | -$1.08B |
| Capital expenditure | $77.9M | $126M | $334M | $696M | $464M |
| Total debt | $1.04B | $997M | $1.08B | $969M | $899M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Plug Power PLUG | $2.03B | -54% | +11% | -68% | 3.7× | n/a |
| Bloom Energy BE | $51.2B | -21% | +111% | 15% | 13.5× | n/a |
| Ballard Power Systems BLDP.TO | $541M | -66% | +45% | -47% | 0.5× | n/a |
| Air Products APD | $67.9B | +4% | +5% | 24% | 7.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PLUG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.2% | -19.7% | 8th highest of 21 |
| 6-month return | -53.5% | -25.7% | lowest of 21 |
| Distance from 52-week high | -66.5% | -50.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +10.6% | +9.4% | 11th highest of 21 |
| Operating margin | -67.5% | 6.5% | lowest of 21 |
| EV / Sales | 3.7× | 2.9× | 8th most expensive of 20 |
| ROIC minus cost of capital | -42.3 pp | -2.3 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | 3.7× | n/a | n/a |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 1.6× | -0.6% | +16.9% |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 0.5× | 7.0% | +8.9% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 2.9× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 0.7× | 13.8% | +5.3% |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 3.1× | 22.5% | +10.3% |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 2.5× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | n/a | n/a | n/a |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 1.7× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 0.3× | -3.8% | +7.3% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 22.6× | n/a | n/a |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 1.2× | 3.5% | +31.6% |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 3.1× | 37.1% | +7.9% |
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 13.9× | 38.7% | +5.0% |
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 1.1× | 2.4% | +5.1% |
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | 33.1× | n/a | n/a |
| Sichuan Injet Electric 300820.SZ | China | $1.71B | +4% | -12% | 13% | 7.1× | 29.9% | +29.0% |
| Shenzhen Bluetrum Technology 688332.SS | China | $1.71B | -17% | +6% | 7% | 4.8× | n/a | n/a |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 9.9× | n/a | n/a |
| Beijing Relpow Technology 300593.SZ | China | $1.68B | -27% | +16% | -14% | 9.1× | n/a | n/a |
| CTS CTS | United States | $1.65B | -6% | +7% | 16% | 2.8× | 8.5% | +5.0% |
Plug Power reported $669M of remaining performance obligations at 30 Jun 2026, down 15% from a year earlier and down 9% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.61.