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Plug Power PLUG Gross margin

Gross margin at other companies

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Bloom EnergyBE
29.6%+0.5pp
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-0.3%-3.0pp
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Franklin ElectricFELE
35.2%-0.4pp
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Chart IndustriesGTLS
32.5%-1.3pp
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KBRKBR
14.5%-0.1pp
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Fluence Energy, Inc.FLNC
11.7%-1.4pp

Other financials

Income statement

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Revenue$163.5M+22.3%
Gross profit-$21.6M+70.7%
Operating income-$109.5M+38.6%
Net income-$245.3M-24.7%
EPS (diluted)-$0.18+14.3%

Balance sheet

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Cash & equivalents$223.2M-24.6%
Total debt$263.3M-22.5%
Total equity$749.8M-59.6%
Total assets$2.4B-34.8%

Cash flow

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Operating cash flow-$150.0M-42.1%
CapEx$2.4M-94.0%
Free cash flow-$152.4M-4.4%

Valuation

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Market cap$3.98B+140%
Enterprise value$4.02B+135%
P/S5.4×+2.8×

Profitability

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Operating margin-189%-51.4pp
Net margin-227.1%-48.7pp
FCF margin-88.3%-23.9pp

Returns & leverage

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Return on equity-128.9%+150pp
Debt / equity0.4×+0.2×
Current ratio2.4×+0.4×

Where this comes from

Calculated from Plug Power’s reported figures.

Based on trailing twelve months.

The official record: Plug Power’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Plug Power's gross margin?
Plug Power (PLUG) reported gross margin of -26.4% in Q1 2026.
How has Plug Power's gross margin changed year-over-year?
Plug Power's gross margin increased by 68.6% year-over-year, from -84% to -26.4%.
What is the long-term trend for Plug Power's gross margin?
Over 5 years (2020 to 2025), Plug Power's gross margin has grown at a -41.4% compound annual growth rate (CAGR), from 503.5% to -34.9%.
What does gross margin mean?
Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.