Plug Power (PLUG) AI Stock Analysis

• Market Cap: $1.58B
• Dividend Yield: N/A
• Average Volume (3M): 148.59M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.45
• Revenue Growth: -19.85%
• EPS Growth: 4.94%
• Country: US
• Employees: 3,224
• Sector: Industrials
• Sector Strength: 87
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.21
• Shares Outstanding: 1,146,559,300
• 10 Day Avg. Volume: 147,147,687
• 30 Day Avg. Volume: 148,587,863
• PEG Ratio: -0.19
• Price to Book (P/B): 1.77
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.55
• Enterprise Value/Market Cap: 1.71
• Enterprise Value/Revenue: 1.03
• Enterprise Value/Gross Profit: -5.01
• Enterprise Value/Ebitda: -0.41
• 1Y Price Target: $1.45
• Price Target Upside: 12.40% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 20

• Rating: 52 Neutral
• Price Target: $1.00 ▼(-22.48%Downside)

Plug Power's overall stock score reflects substantial financial hurdles and valuation challenges. Technical analysis provides a slightly positive outlook, while the earnings call presents a more optimistic view with improvements in strategic positioning and cost management. The most significant factor impacting the score is the company's ongoing financial difficulties.

Positive Factors

Cost Savings

Plug continues to execute on cost savings as it targets $200mn in annualized run-rate cost reductions across manufacturing, logistics, sourcing, and SG&A.

Long-term Strategy

CFO Paul Middleton expressed confidence in Plug’s long-term strategy and the opportunities ahead.

Revenue and Margin Improvements

Plug reported 1Q25 results that exceeded consensus estimates, with revenue higher than expected.

Negative Factors

Free Cash Flow

Free cash flow of -$152m was lower than consensus and lower than the company's own preview earlier this quarter.

Regulatory Challenges

Discontinuation of 45V credits pose a threat to the economics of green hydrogen, while DOE uncertainty continues to be an overhang in the new administration.

US Policy Uncertainty

US policy uncertainty related to 45V and the DOE create hurdles for the Texas plant as management now focuses on starting construction this year.

Plug Power Business Overview & Revenue Model

Company Description

Plug Power Inc. is a leading provider of comprehensive hydrogen fuel cell solutions and alternative energy technology. The company focuses on the development of hydrogen fuel cell systems that are designed to replace conventional batteries in equipment and vehicles powered by electricity. With its innovative technology, Plug Power serves a variety of sectors, including material handling, on-road electric vehicles, stationary power, and backup power applications, delivering efficient, sustainable, and clean energy solutions across diverse industries.

How the Company Makes Money

Plug Power generates revenue primarily through the sale of hydrogen fuel cell systems and related services. The company's key revenue streams include the production and sale of fuel cell units, maintenance services, and hydrogen fuel supply. Additionally, Plug Power engages in strategic partnerships and collaborations with major industry players to expand its market reach and enhance its product offerings. These partnerships often involve joint development projects, co-marketing efforts, or supply agreements that contribute to Plug Power's earnings. Furthermore, the company's revenue is bolstered by government incentives and grants aimed at promoting clean energy solutions, which support its growth and adoption in various markets.

Plug Power Financial Statement Overview

Summary

Plug Power faces significant financial challenges, with negative profitability and inefficiencies in cash flow conversion. Despite a stable leverage position, the company's persistent losses and poor returns on equity are concerning.

Income Statement

Plug Power's income statement reveals significant challenges with profitability and growth. The company reported a negative gross profit margin of -84.00% and a net profit margin of -312.25% for the TTM period. Revenue growth showed a modest increase of 2.13% compared to the previous annual period, but EBIT and EBITDA margins remain deeply negative. There is a persistent trend of high negative margins, indicating ongoing operational inefficiencies.

Balance Sheet

The balance sheet reflects a mixed picture. Plug Power has a debt-to-equity ratio of 0.35, indicating moderate leverage, but the return on equity of -107.98% shows poor returns on shareholder investments. The equity ratio stands at 51.12%, suggesting a balanced asset structure. Despite the manageable debt levels, the company's significant equity losses raise concerns about financial sustainability.

Cash Flow

Cash flow analysis indicates troubling signs with a negative free cash flow growth rate of 15.19% and an operating cash flow to net income ratio of 0.33, highlighting inefficiencies in converting income into cash flow. The free cash flow to net income ratio of 0.45 further underscores the cash flow challenges the company faces.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
642.22M	628.81M	891.34M	701.44M	502.34M	-100.47M
	Gross Profit
-539.67M	-624.89M	-507.79M	-194.36M	-171.31M	-523.81M
	EBIT
-1.94B	-2.02B	-1.34B	-679.55M	-437.32M	-550.26M
	EBITDA
-1.90B	-1.98B	-1.26B	-632.53M	-409.57M	-550.95M
	Net Income Common Stockholders
-2.01B	-2.10B	-1.37B	-724.01M	-459.96M	-561.68M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
139.50M	205.69M	135.03M	2.16B	3.87B	1.31B
	Total Assets
771.18M	3.60B	4.90B	5.76B	5.95B	2.42B
	Total Debt
537.15M	1.08B	968.85M	898.73M	810.15M	715.12M
	Net Debt
397.65M	872.94M	833.82M	208.10M	-1.67B	-597.29M
	Total Liabilities
636.50M	1.80B	2.00B	1.70B	1.34B	910.10M
	Stockholders Equity
134.68M	1.73B	2.90B	4.06B	4.61B	1.51B
Cash Flow		Free Cash Flow
-900.98M	-1.06B	-1.80B	-1.29B	-551.44M	-206.53M
	Operating Cash Flow
-666.48M	-728.64M	-1.11B	-828.62M	-358.18M	-156.31M
	Investing Cash Flow
-328.35M	-402.36M	728.05M	-679.37M	-1.74B	-95.33M
	Financing Cash Flow
893.34M	983.17M	6.12M	-77.46M	3.60B	1.52B

Plug Power Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.29
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLUG, the sentiment is Positive. The current price of 1.29 is above the 20-day moving average (MA) of 0.96, above the 50-day MA of 0.95, and below the 200-day MA of 1.75, indicating a neutral trend. The MACD of 0.10 indicates Negative momentum. The RSI at 66.00 is Neutral, neither overbought nor oversold. The STOCH value of 71.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLUG.

Plug Power Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BE	73 Outperform	$5.17B	―	0.86%	―	20.95%	―
Sector *	66 Neutral	$4.51B	12.22	5.40%	3.63%	4.14%	-12.01%
ENVX	56 Neutral	$1.66B	―	-85.86%	―	77.59%	2.01%
PLUG	52 Neutral	$1.58B	―	-83.81%	―	-19.85%	4.94%
AMPX	52 Neutral	$474.95M	―	-68.88%	―	209.20%	4.24%
FCEL	47 Neutral	$151.33M	―	-20.52%	―	48.62%	0.23%
EOSE	43 Neutral	$1.00B	―	125.43%	―	37.60%	-161.38%

Plug Power Corporate Events

Plug Power Issues Series F Stock to CEO

On June 5, 2025, Plug Power Inc. announced the issuance of a single share of its newly designated Series F Mirroring Preferred Stock to CEO Andrew J. Marsh for $1,000. This move is intended to facilitate a vote on a proposed reverse stock split at the upcoming annual meeting on July 3, 2025. The Series F Mirroring Preferred Stock is designed to reflect the voting preferences of common stockholders on the reverse stock split proposal without overriding their decisions. This strategic step is crucial for aligning shareholder interests and potentially impacting the company’s stock structure.

The most recent analyst rating on (PLUG) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.

Plug Power Reports Q1 2025 Financial Improvements

Plug Power reported its financial results for the first quarter of 2025, highlighting significant improvements in cash flow and operational milestones, including the commissioning of a hydrogen liquefaction plant in Louisiana. The company’s revenue increased to $133.7 million, driven by growing electrolyzer deliveries and material handling demand, while gross margin losses improved from -132% to -55% year-over-year. Plug Power also secured a $525 million credit facility to enhance liquidity and reduce potential dilution risk. The company continues to focus on expanding its hydrogen generation network and global electrolyzer business, with notable achievements such as a 3 GW supply agreement for a green hydrogen-to-ammonia project in Australia and surpassing 8 GW in global contracts.

The most recent analyst rating on (PLUG) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.

Plug Power Secures $525M Debt Facility Agreement

On April 28, 2025, Plug Power Inc. announced a secured debt facility agreement with Yorkville Advisors for up to $525 million in secured debentures. The initial $210 million tranche is expected to close on May 2, 2025, with proceeds used to retire existing convertible debenture principal, reducing potential dilution. Additionally, Plug Power reported strong preliminary Q1 2025 results, with expected revenue between $130 million and $134 million, and significant cost-saving measures projected to save over $200 million annually. The completion of a new hydrogen production plant in Louisiana further strengthens Plug’s hydrogen network, positioning the company for long-term growth and profitability.