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PLUG POWER INC

PLUG Clue Score35
United States Fiscal year ends December CIK 0001093691
$1.68 -2.89% Close, 9 Oct 2026
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Price $1.68 −93.92% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue82.8Operating income−51.5Net income−57.5Fiscal year 2017Revenue100.2 +20.9%Operating income−101.8Net income−127.1Fiscal year 2018Revenue174.2 +73.9%Operating income−76.4Net income−85.6EPS, diluted−0.39Fiscal year 2019Revenue230.0 +32.0%Operating income−47.6Net income−83.7EPS, diluted−0.36Fiscal year 2020Revenue−93.2 −140.5%Operating income−584.2Net income−596.2EPS, diluted−1.68Fiscal year 2021Revenue502.3Operating income−437.3Net income−460.0EPS, diluted−0.82Fiscal year 2022Revenue701.4 +39.6%Operating income−679.6Net income−724.0EPS, diluted−1.25Fiscal year 2023Revenue891.3 +27.1%Operating income−1,343.5Net income−1,368.8EPS, diluted−2.30Fiscal year 2024Revenue628.8 −29.5%Operating income−2,019.8Net income−2,104.7EPS, diluted−2.68Fiscal year 2025Revenue709.9 +12.9%Operating income−1,467.4Net income−1,631.6EPS, diluted−1.42
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 82.8 100.2 174.2 230.0 −93.2 502.3 701.4 891.3 628.8 709.9
Growth +20.9% +73.9% +32.0% −140.5% +39.6% +27.1% −29.5% +12.9%
Operating income −51.5 −101.8 −76.4 −47.6 −584.2 −437.3 −679.6 −1,343.5 −2,019.8 −1,467.4
Net income −57.5 −127.1 −85.6 −83.7 −596.2 −460.0 −724.0 −1,368.8 −2,104.7 −1,631.6
Growth
EPS, diluted n/a n/a −0.39 −0.36 −1.68 −0.82 −1.25 −2.30 −2.68 −1.42

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin4.8%Operating margin−62.2%Net margin−69.4%Free cash flow margin−39.1%Fiscal year 2017Gross margin−28.0%Operating margin−101.6%Net margin−126.9%Free cash flow margin−64.2%Fiscal year 2018Gross margin−14.9%Operating margin−43.9%Net margin−49.1%Free cash flow margin−36.4%Fiscal year 2019Gross margin4.6%Operating margin−20.7%Net margin−36.4%Free cash flow margin−25.7%Fiscal year 2020Gross margin503.5%Operating margin626.6%Net margin639.4%Free cash flow margin190.9%Fiscal year 2021Gross margin−34.1%Operating margin−87.1%Net margin−91.6%Free cash flow margin−105.6%Fiscal year 2022Gross margin−27.7%Operating margin−96.9%Net margin−103.2%Free cash flow margin−180.4%Fiscal year 2023Gross margin−57.0%Operating margin−150.7%Net margin−153.6%Free cash flow margin−198.8%Fiscal year 2024Gross margin−99.4%Operating margin−321.2%Net margin−334.7%Free cash flow margin−161.5%Fiscal year 2025Gross margin−34.1%Operating margin−206.7%Net margin−229.8%Free cash flow margin−91.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 4.8% −28.0% −14.9% 4.6% 503.5% −34.1% −27.7% −57.0% −99.4% −34.1%
Operating margin −62.2% −101.6% −43.9% −20.7% 626.6% −87.1% −96.9% −150.7% −321.2% −206.7%
Net margin −69.4% −126.9% −49.1% −36.4% 639.4% −91.6% −103.2% −153.6% −334.7% −229.8%
Free cash flow margin −39.1% −64.2% −36.4% −25.7% 190.9% −105.6% −180.4% −198.8% −161.5% −91.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−29.6Capital expenditure−2.7Free cash flow−32.4Buybacks−0.2Fiscal year 2017Operating cash flow−60.2Capital expenditure−4.1Free cash flow−64.3Fiscal year 2018Operating cash flow−58.4Capital expenditure−5.1Free cash flow−63.5Fiscal year 2019Operating cash flow−53.3Capital expenditure−5.7Free cash flow−59.0Fiscal year 2020Operating cash flow−155.5Capital expenditure−22.5Free cash flow−178.0Fiscal year 2021Operating cash flow−358.2Capital expenditure−172.2Free cash flow−530.3Fiscal year 2022Operating cash flow−828.6Capital expenditure−436.6Free cash flow−1,265.2Fiscal year 2023Operating cash flow−1,106.6Capital expenditure−665.2Free cash flow−1,771.8Fiscal year 2024Operating cash flow−728.6Capital expenditure−287.1Free cash flow−1,015.7Fiscal year 2025Operating cash flow−535.8Capital expenditure−111.2Free cash flow−647.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −29.6 −60.2 −58.4 −53.3 −155.5 −358.2 −828.6 −1,106.6 −728.6 −535.8
Capital expenditure −2.7 −4.1 −5.1 −5.7 −22.5 −172.2 −436.6 −665.2 −287.1 −111.2
Free cash flow −32.4 −64.3 −63.5 −59.0 −178.0 −530.3 −1,265.2 −1,771.8 −1,015.7 −647.0
Growth
Buybacks −0.2 n/a n/a n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash46.0Total debt23.8Net cash (debt)22.2Shareholders’ equity85.1Debt to equity0.28Fiscal year 2017Cash24.8Total debt32.1Net cash (debt)−7.3Shareholders’ equity70.2Debt to equity0.46Fiscal year 2018Cash38.6Total debt16.9Net cash (debt)21.7Shareholders’ equity−3.6Fiscal year 2019Cash139.5Total debt26.5Net cash (debt)113.0Shareholders’ equity129.9Debt to equity0.20Fiscal year 2020Cash1,312.4Total debt25.4Net cash (debt)1,287.0Shareholders’ equity1,466.9Debt to equity0.02Fiscal year 2021Cash2,481.3Total debt15.3Net cash (debt)2,466.0Shareholders’ equity4,605.7Debt to equity0.00Fiscal year 2022Cash690.6Total debt14.1Net cash (debt)676.5Shareholders’ equity4,060.2Debt to equity0.00Fiscal year 2023Cash135.0Total debt6.6Net cash (debt)128.4Shareholders’ equity2,898.1Debt to equity0.00Fiscal year 2024Cash205.7Total debt0.2Net cash (debt)205.5Shareholders’ equity1,734.1Debt to equity0.00Fiscal year 2025Cash368.5Shareholders’ equity978.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 46.0 24.8 38.6 139.5 1,312.4 2,481.3 690.6 135.0 205.7 368.5
Total debt 23.8 32.1 16.9 26.5 25.4 15.3 14.1 6.6 0.2 n/a
Net cash (debt) 22.2 −7.3 21.7 113.0 1,287.0 2,466.0 676.5 128.4 205.5 n/a
Shareholders’ equity 85.1 70.2 −3.6 129.9 1,466.9 4,605.7 4,060.2 2,898.1 1,734.1 978.1
Debt to equity 0.28 0.46 n/a 0.20 0.02 0.00 0.00 0.00 0.00 n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
4.8% −28.0% −14.9% 4.6% 503.5% −34.1% −27.7% −57.0% −99.4% −34.1%
−62.2% −101.6% −43.9% −20.7% 626.6% −87.1% −96.9% −150.7% −321.2% −206.7%
−69.9% −126.9% −54.5% −36.4% 672.5% −94.8% −103.1% −154.4% −335.2% −238.5%
−69.4% −126.9% −49.1% −36.4% 639.4% −91.6% −103.2% −153.6% −334.7% −229.8%
−39.1% −64.2% −36.4% −25.7% 190.9% −105.6% −180.4% −198.8% −161.5% −91.1%
Spending
25.6% 28.6% 7.3% 6.5% −29.9% 12.9% 14.2% 12.8% 12.3% 8.2%
41.4% 44.9% 21.6% 18.8% −85.1% 35.8% 51.9% 47.4% 59.8% 53.5%
3.3% 4.1% 3.0% 2.5% −24.2% 34.3% 62.2% 74.6% 45.7% 15.7%
Returns
−67.6% −181.0% n/a −64.5% −40.6% −10.0% −17.8% −47.2% −121.4% −166.8%
−23.9% −46.9% −21.9% −12.7% −26.5% −7.7% −12.6% −27.9% −58.4% −62.9%
Balance and payout
0.28 0.46 n/a 0.20 0.02 0.00 0.00 0.00 0.00 n/a
60.7% 72.5% 91.2% 80.1% 34.8% 22.6% 29.6% 40.9% 49.8% 61.3%