Plug PowerPLUGRevenue: is the business selling more than it used to?
$710M+13% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $710M in 2025, compounding +0% a year since 2022 though the path has been bumpy. The trailing twelve months are already running at $744M, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGNet income: how much of that revenue becomes profit?
$-1.6BFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The company lost $1.6B in 2025, less than the $2.1B it lost the year before. The losses are narrowing, but it is still burning shareholder money.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGHow fast is it growing, year by year?
+12.9%revenue growth, FY 2025
→Revenue grew +13% in 2025 against a five-year average of -18%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGRevenue per share: is your slice growing as fast as the company?
$0.62revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $0.62 in 2025, compounding -20% a year against +0% for PLUG as a whole. Dilution absorbed about 20.4 points of that growth. Free cash flow per share stands at $-0.56.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGFree cash flow: what is left in real cash after everything?
$-647MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The business consumed $647M of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGWhere does each dollar of revenue actually go?
→Of $710M in 2025 sales, nothing survives to the bottom line - the journey ends $1.6B underwater.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 16% of revenue (research and development 8%, stock compensation 7%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin compressed 110 points to -207% since 2022. The bottom line is still negative: costs below the operating line eat what is left.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of -282% and ROCE of -74% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGWhat has the market paid for PLUG over time?
4.1xP/S today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 4.1x sales, the market is paying +19% more than PLUG's own 7-year median of 3.4x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGWhat cash return does the business throw off per dollar of market value?
-17.3%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -17.3% of annual free cash flow, more than its 8-year median of -10.5% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGCould it handle its debt if things went wrong?
→Debt isn't clearly tagged in PLUG's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGIs the company's own capital growing?
→The company's own capital shrank from $2.9B in 2023 to $582M (-80%). Buybacks or losses are drawing the buffer down - the distinction matters.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGHow much goes back, and how much leaks out as stock comp?
→Shareholders received $182,000 in buybacks in 2016. Stock compensation issued $51M of new shares in the same year, offsetting 100% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGHow fast is your ownership being diluted - or concentrated?
→The share count grew 46.1% in 2025, averaging 26.9% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGDoes PLUG earn more on its capital than that capital costs?
→PLUG's return on capital is negative at -74.0% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGPLUG has issued or retired shares - did shareholders end up better off?
→PLUG issued +424% more shares from 2018 to 2025 and revenue per share still fell -22%. On this measure the new shares have not paid for themselves.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Plug PowerPLUGAre the people running it buying or selling?
→Insiders bought $87,282 and sold $403,620 on the open market, a net sale of $316,338. A further 31 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30