PLUG · Plug Power Inc - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · PLUG

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$709.92M	$628.81M	$891.34M	$701.44M	$502.34M	($93.24M)
Cost of Revenue	$951.96M	$1.25B	$1.40B	$895.80M	$376.18M	$376.18M
Gross Profit	($242.04M)	($624.89M)	($507.79M)	($194.36M)	($171.31M)	($469.42M)
R&D	$57.96M	$77.23M	$113.75M	$99.58M	$64.76M	$27.85M
SG&A	$379.57M	$376.11M	$422.47M	$363.93M	$179.85M	$79.35M
Total Operating Expenses	$1.23B	$1.39B	$835.73M	$485.19M	$266.01M	$114.79M
D&A	$37.61M	$61.12M	$51.99M	$30.40M	$20.90M	$14.43M
Operating Income	($1.47B)	($2.02B)	($1.34B)	($679.55M)	($437.32M)	($584.20M)
Interest Expense	$65.13M	$46.62M	$45.20M	$39.04M	$60.51M	$800.0K
Income Tax	$356.0K	($2.69M)	($7.36M)	$839.0K	($16.20M)	($30.84M)
Net Income	($1.63B)	($2.10B)	($1.37B)	($724.01M)	($459.96M)	($596.15M)
EPS - Basic	($1.42)	($2.68)	($2.30)	($1.25)	($1.68)	($0.39)
EPS - Diluted	($1.42)	($2.68)	($2.30)	($1.25)	($1.68)	($0.39)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$368.54M	$205.69M	$135.03M	$690.63M	$2.48B	$1.31B
Accounts Receivable	$134.76M	$157.24M	$243.81M	-	-	-
Inventory	$520.97M	$682.64M	$961.25M	$645.64M	$269.16M	$139.39M
Accounts Payable	$168.74M	$180.97M	$257.83M	$191.90M	$92.31M	$50.20M
Current Assets	$1.41B	$1.48B	$1.79B	$3.31B	$4.45B	$1.60B
Total Assets	$2.59B	$3.60B	$4.90B	$5.76B	$5.95B	$2.25B
Current Liabilities	$610.59M	$748.49M	$964.80M	$635.27M	$420.55M	$222.37M
Long-term Debt	-	-	$3.90M	$9.00M	-	-
Total Liabilities	$1.59B	$1.80B	$2.00B	$1.70B	$1.34B	$784.36M
Stockholders' Equity	$978.07M	$1.73B	$2.90B	$4.06B	$4.61B	$1.47B
Retained Earnings	($8.23B)	($6.59B)	($4.49B)	($3.12B)	($2.40B)	($1.95B)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	($535.84M)	($728.64M)	($1.11B)	($828.62M)	($358.18M)	($155.48M)
Investing Cash Flow	($139.01M)	($402.36M)	$728.05M	($679.37M)	($1.74B)	($95.33M)
Financing Cash Flow	$629.95M	$983.17M	$6.12M	($77.46M)	$3.60B	$1.52B
CapEx	$111.16M	$287.10M	$665.21M	$436.61M	$172.17M	$22.53M
Free Cash Flow	($647.00M)	($1.02B)	($1.77B)	($1.27B)	($530.34M)	($178.00M)

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-34.1%	-99.4%	-57.0%	-27.7%	-34.1%	503.5%
Operating margin	-206.7%	-321.2%	-150.7%	-96.9%	-87.1%	626.6%
EBITDA margin	-201.4%	-311.5%	-144.9%	-92.5%	-82.9%	611.1%
Net margin	-229.8%	-334.7%	-153.6%	-103.2%	-91.6%	639.4%
Free cash flow margin	-91.1%	-161.5%	-198.8%	-180.4%	-105.6%	190.9%
FCF / Net income	0.40	0.48	1.29	1.75	1.15	0.30
R&D / Revenue	8.2%	12.3%	12.8%	14.2%	12.9%	-29.9%
SG&A / Revenue	53.5%	59.8%	47.4%	51.9%	35.8%	-85.1%
Effective tax rate	-	-	-	-	-	-
Return on assets	-62.9%	-58.4%	-27.9%	-12.6%	-7.7%	-26.5%
Return on equity	-166.8%	-121.4%	-47.2%	-17.8%	-10.0%	-40.6%
Return on invested capital	-	-	-36.6%	-13.2%	-	-
Liquidity
Current ratio	2.31	1.97	1.85	5.20	10.58	7.21
Quick ratio	1.46	1.06	0.86	4.19	9.94	6.58
Cash ratio	0.60	0.27	0.14	1.09	5.90	5.90
Leverage
Debt / Equity	-	-	0.00	0.00	-	-
Debt / Assets	-	-	0.00	0.00	-	-
Debt / EBITDA	-	-	-	-	-	-
Interest coverage	-22.5x	-43.3x	-29.7x	-17.4x	-7.2x	-730.3x
Equity multiplier	2.65	2.08	1.69	1.42	1.29	1.53
Liabilities / Assets	0.61	0.50	0.41	0.30	0.23	0.35
Efficiency
Asset turnover	0.27	0.17	0.18	0.12	0.08	-0.04
Inventory turnover	1.83	1.84	1.46	1.39	1.40	2.70
Days sales outstanding	69d	91d	100d	-	-	-
Days inventory outstanding	200d	199d	251d	263d	261d	135d
Days payable outstanding	65d	53d	67d	78d	90d	49d
Cash conversion cycle	204d	237d	283d	-	-	-
Valuation
P / E	-	-	-	-	-	-
P / B	2.3x	1.0x	0.9x	1.8x	2.2x	5.1x
P / S	3.2x	2.7x	3.0x	10.2x	19.9x	-
EV / EBITDA	-	-	-	-	-	-
Growth
Revenue growth (YoY)	12.9%	-29.5%	27.1%	39.6%	-638.8%	-140.5%
Revenue CAGR (3y)	0.4%	7.8%	-	45.0%	42.2%	-
Revenue CAGR (5y)	-	22.3%	38.5%	39.5%	42.4%	-
Gross profit growth (YoY)	61.3%	-23.1%	-161.3%	-13.5%	63.5%	-
Operating income growth (YoY)	27.4%	-50.3%	-97.7%	-55.4%	25.1%	-1067.4%
Net income growth (YoY)	22.5%	-53.8%	-89.1%	-57.4%	22.8%	-597.5%
EPS growth (YoY)	47.0%	-16.5%	-84.0%	25.6%	-330.8%	-
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	36.3%	42.7%	-40.0%	-138.6%	-197.9%	-211.2%
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	-43.6%	-40.2%	-28.6%	-11.8%	214.0%	989.2%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$709.92M total

Single Reportable Segment$709.92M · 100.0%

Geographic

$709.92M total

US$535.94M · 75.5%

Non Us$173.98M · 24.5%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

-3.69

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

4/9

Neutral

✗Net income positive
✗Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
-Long-term debt decreased
✓Current ratio improved
✗No share dilution
✓Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Electrical Industrial Apparatus

Company	Revenue (last FY)	Net margin	ROE
BE	$2.02B	-4.3%	-11.3%
EAF	$504.13M	-43.6%	84.7%
THR	$536.26M	8.3%	8.3%
WWD	$3.57B	12.4%	17.2%
FCEL	-	-	-

Comparing PLUG POWER INC against the 5 most active filers in the same SIC group.