Latest Ratios: P/E Ratio -1.8x · EV/EBITDA N/A · ROE -116.1%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $2.3B | $1.8B | $2.7B | $7.2B | $15.8B | $12.0B | $749M | $271M | $511M | $217M |
| Enterprise Value | $3.3B | $2.7B | $2.7B | $3.7B | $7.4B | $14.1B | $12.1B | $1.1B | $505M | $589M | $239M |
| P/E Ratio → | -1.76 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.01 | 3.21 | 2.91 | 3.01 | 10.22 | 31.37 | — | 3.26 | 1.55 | 3.84 | 2.52 |
| P/B Ratio | 2.86 | 2.27 | 1.01 | 0.92 | 1.77 | 3.42 | 20.52 | 3.19 | 100.04 | 6.93 | 2.55 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.84 | 4.30 | 4.12 | 10.52 | 28.04 | — | 4.89 | 2.89 | 4.43 | 2.78 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -34.1% | -34.1% | -99.4% | -57.0% | -27.7% | -34.1% | 503.5% | 4.5% | 1.5% | 1.2% | 4.6% |
| Operating Margin | -95.7% | -95.7% | -321.2% | -150.7% | -96.9% | -87.1% | 626.6% | -20.7% | -39.8% | -76.6% | -60.0% |
| Net Profit Margin | -229.8% | -229.8% | -334.7% | -153.6% | -103.2% | -91.6% | 639.4% | -36.4% | -44.7% | -95.6% | -66.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -116.1% | -116.1% | -89.4% | -39.3% | -16.7% | -17.7% | -145.3% | -70.6% | -204.6% | -160.1% | -54.8% |
| ROA | -52.7% | -52.7% | -49.5% | -25.7% | -12.4% | -12.6% | -52.9% | -13.0% | -23.6% | -49.7% | -25.5% |
| ROIC | -24.7% | -24.7% | -46.1% | -24.7% | -14.2% | -18.1% | -67.0% | -8.4% | -26.8% | -58.7% | -42.2% |
| ROCE | -28.1% | -28.1% | -59.5% | -29.6% | -12.8% | -13.2% | -64.4% | -10.0% | -34.8% | -61.8% | -30.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.99 | 0.99 | 0.60 | 0.39 | 0.22 | 0.18 | 0.96 | 2.25 | 100.45 | 1.41 | 0.80 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.44 | 0.48 | 0.34 | 0.05 | -0.36 | 0.19 | 1.60 | 86.22 | 1.07 | 0.26 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -10.43 | -10.43 | -44.21 | -29.45 | -17.53 | -10.02 | -9.36 | -1.33 | -3.17 | -11.58 | -4.41 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.31 | 2.31 | 1.97 | 1.85 | 5.20 | 10.58 | 3.09 | 2.11 | 1.06 | 1.03 | 1.67 |
| Quick Ratio | 1.46 | 1.46 | 1.06 | 0.86 | 4.19 | 9.94 | 2.55 | 1.49 | 0.74 | 0.61 | 1.22 |
| Cash Ratio | 0.91 | 0.91 | 0.27 | 0.14 | 3.40 | 9.20 | 1.78 | 0.81 | 0.26 | 0.21 | 0.69 |
| Asset Turnover | — | 0.27 | 0.17 | 0.18 | 0.12 | 0.08 | -0.07 | 0.26 | 0.45 | 0.49 | 0.36 |
| Inventory Turnover | 1.83 | 1.83 | 1.84 | 1.46 | 1.39 | 2.50 | 2.80 | 1.92 | 3.59 | 2.69 | 2.74 |
| Days Sales Outstanding | — | 123.41 | 145.87 | 151.54 | 99.86 | 95.41 | -444.34 | 72.66 | 78.06 | 66.39 | 50.65 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.5% | 16.0% | 0.7% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.5% | 16.0% | 0.7% | 0.1% |
| Shares Outstanding | — | $1.2B | $858M | $595M | $580M | $558M | $355M | $237M | $219M | $216M | $181M |
Liquidity and Solvency Pressure
As reported in recent financial statements, PLUG's gross margin profile remains deeply negative, with a trough of -122.5% in 2024Q4, indicating that the cost of procuring and delivering hydrogen continues to significantly outpace the revenue generated from its core fueling and service contracts.
The persistent negative gross margin suggests that the company's current business model is structurally loss-making at the unit level. Investors should monitor whether the commissioning of internal production facilities can eventually bridge this gap, as current margins appear to be under pressure from elevated energy costs and operational inefficiencies.
Based on quarterly data, the company's cash conversion cycle reached an extreme of 475 days in 2024Q1, reflecting significant friction in inventory management and the extended time required to convert hydrogen infrastructure investments into realized revenue compared to broader industrial equipment peers.
The elevated days inventory outstanding, which peaked at 334 days in 2024Q1, suggests that the company is struggling to manage its hardware deployment pipeline effectively. This inefficiency warrants further investigation into whether the current inventory build-up represents strategic stockpiling or a failure to match supply with actual customer demand.
According to financial statements, the company's debt-to-equity ratio has climbed to 1.31 as of 2026Q1, up from 0.39 in 2023Q4, signaling that the firm is increasingly reliant on debt financing to bridge the gap between its operational cash burn and its capital expenditure requirements.
The negative interest coverage ratio of -5.99 in 2026Q1 highlights that the company is currently unable to service its debt obligations through operating income. This trend suggests that the firm's financial flexibility is rapidly deteriorating, leaving it highly dependent on external capital markets for survival.
Based on reported figures, the company's cash position plummeted to $223.2M in 2026Q1 from a peak of $555.3M in 2025Q4, highlighting a precarious liquidity profile that leaves little room for error in executing its capital-intensive green hydrogen production strategy.
While the current ratio of 2.36 may appear superficially healthy, the high inventory dependence and negative cash flow suggest that liquidity is not as robust as the headline number implies. Investors should monitor the company's ability to secure non-dilutive financing, as the current cash runway appears insufficient for sustained operations.
Market participants frequently misapply price-to-sales multiples to PLUG, which obscures the fact that the company's revenue is currently generated at a negative gross margin, effectively making each additional dollar of top-line growth a driver of increased cash burn rather than value creation.
Instead of P/S, analysts should focus on the cost-to-fill and the unit economics of hydrogen production to determine if the business can ever reach a break-even point. Using revenue multiples for a company that subsidizes its own fuel consumption ignores the fundamental reality that the current business model functions more like a capital trap than a scalable industrial platform.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying PLUG stock.
Plug Power Inc.'s current P/E ratio is -1.8x. This places it at the 50th percentile of its historical range.
Plug Power Inc.'s return on equity (ROE) is -116.1%. The historical average is -74.2%.
Based on historical data, Plug Power Inc. is trading at a P/E of -1.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Plug Power Inc. has -34.1% gross margin and -95.7% operating margin.