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Electrical equipment & parts · Industrials · Fiscal year ends Dec 31
PLUG Power reported revenue of $710M in the fiscal year ended Dec 2025, up 12.9% from the year before. Operating income was −$1.5B, an operating margin of −206.7%, and net income was −$1.6B. Operating cash flow of −$536M less capital expenditure of $111M left free cash flow of −$647M.
Ranks among the 16 electrical equipment & parts companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 502 | 701 | 891 | 629 | 710 |
| Cost of revenue | 674 | 896 | 1,399 | 1,254 | 952 |
| Gross profit | −171 | −194 | −508 | −625 | −242 |
| Research & development | 64.8 | 99.6 | 114 | 77.2 | 58.0 |
| Selling, general & admin | 180 | 364 | 422 | 376 | 380 |
| Operating income | −437 | −680 | −1,344 | −2,020 | −1,467 |
| Interest expense | 43.2 | 39.0 | 45.2 | 46.6 | 65.1 |
| Pre-tax income | −476 | −723 | −1,376 | −2,108 | −1,693 |
| Income tax | −16.2 | 0.8 | −7.4 | −2.7 | 0.4 |
| Net income | −460 | −724 | −1,369 | −2,105 | −1,632 |
| Diluted EPS | −0.82 | −1.25 | −2.30 | −2.68 | −1.42 |
| Diluted shares | 558 | 580 | 595 | 785 | 1,147 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,481 | 691 | 135 | 206 | 369 |
| Receivables | – | 129 | 244 | 157 | 135 |
| Inventory | 269 | 646 | 961 | 683 | 521 |
| Current assets | 4,449 | 3,305 | 1,787 | 1,477 | 1,410 |
| Net PP&E | 256 | 720 | 1,436 | 866 | 281 |
| Goodwill | 220 | 249 | 0.0 | 0.0 | – |
| Total assets | 5,950 | 5,764 | 4,903 | 3,603 | 2,595 |
| Payables | 92.3 | 192 | 258 | 181 | 169 |
| Deferred revenue | 183 | 230 | 204 | 144 | 66.7 |
| Current liabilities | 421 | 635 | 965 | 748 | 611 |
| Short-term debt | 15.3 | 5.1 | 2.7 | 0.2 | – |
| Long-term debt | – | 9.0 | 3.9 | – | – |
| Total liabilities | 1,344 | 1,704 | 2,005 | 1,795 | 1,591 |
| Shareholders' equity | 4,606 | 4,060 | 2,898 | 1,734 | 978 |
| Backlog (remaining obligations) | 682 | 1,182 | 1,151 | 891 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −358 | −829 | −1,107 | −729 | −536 |
| Capital expenditure | 172 | 437 | 665 | 287 | 111 |
| Free cash flow | −530 | −1,265 | −1,772 | −1,016 | −647 |
| Depreciation & amortisation | 20.9 | 30.4 | 52.0 | 61.1 | 37.6 |
| Stock-based compensation | 76.5 | 180 | 163 | 82.2 | 50.5 |
| Acquisitions | 137 | 56.9 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 39.6% | 27.1% | −29.5% | 12.9% |
| Gross margin | −34.1% | −27.7% | −57.0% | −99.4% | −34.1% |
| Operating margin | −87.1% | −96.9% | −150.7% | −321.2% | −206.7% |
| Net margin | −91.6% | −103.2% | −153.6% | −334.7% | −229.8% |
| Return on equityBlank when equity is negative | −10.0% | −17.8% | −47.2% | −121.4% | −166.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −7.9% | −13.2% | −34.1% | −70.8% | −74.0% |
| Free cash flow margin | −105.6% | −180.4% | −198.8% | −161.5% | −91.1% |
| Cash conversion (CFO ÷ net income) | 0.78x | 1.14x | 0.81x | 0.35x | 0.33x |
| Receivable days | – | 67 | 100 | 91 | 69 |
| Inventory days | 146 | 263 | 251 | 199 | 200 |
| Payable days | 50 | 78 | 67 | 53 | 65 |
| Interest cover | −10.1x | −17.4x | −29.7x | −43.3x | −22.5x |
| Debt ÷ equity | – | 0.00x | 0.00x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −676 | −128 | – | – |
| Current ratio | 10.6x | 5.20x | 1.85x | 1.97x | 2.31x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.