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.
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 totalSingle Reportable Segment$709.92M · 100.0%
Geographic
$709.92M totalUS$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
Comparing PLUG POWER INC against the 5 most active filers in the same SIC group.