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Plug Power PLUG Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Gross margin-19.3%+49.4pp-26.4%+57.6pp-34.9%+64.5pp-71.3%+21.6pp-68.6%+26.4pp
Operating margin-172.8%+105pp-189%+113pp-206.7%+115pp-296.3%-92.2pp-278.1%-73.0pp
Net margin-220.6%+72.3pp-227.1%+85.2pp-229.8%+105pp-313.7%-99.6pp-292.8%-76.0pp
Returns
Return on equity-145.1%-60.7pp-128.9%-45.1pp-120.3%-29.4pp-95.4%-52.2pp-84.4%-40.3pp
Return on invested capital-101.2%-28.9pp-103.9%-27.1pp-104.7%-24.8pp-82.4%-44.5pp-72.3%-31.3pp
Efficiency
Asset turnover0.3×+0.1×0.2×+0.1×0.2×+0.1×0.2×0.0×0.2×0.0×
Liquidity
Current ratio2.3×+0.7×2.4×+0.4×2.3×+0.3×1.3×-0.8×1.6×-0.5×
Leverage
Debt-to-equity0.4×+0.2×0.4×+0.2×0.3×+0.1×0.2×+0.1×0.2×+0.1×
Per Share
Book value per share$0.42-72.0%$0.54-72.5%$0.85-61.4%$1.22-65.3%$1.49-63.2%
Valuation
Market capitalization$2.64B-19.9%$3.15B+140%$2.74B+41.3%$2.71B+63.0%$1.33B-11.0%
Price / sales3.6×-1.3×4.3×+2.2×3.9×+0.8×4×+1.5×2×-0.2×
Price / book4.5×+2.2×4.2×+3.5×2.8×+1.7×1.9×+1.4×0.8×+0.3×

FAQ

What are Plug Power's profit margins?
Plug Power (PLUG) runs a -19.3% gross margin and a -172.8% operating margin, with a -220.6% net margin.
Where do Plug Power's ratios come from?
Every ratio is computed from Plug Power's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.