Plug Power PLUG Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | -26.4%+8.5pp | -34.9%+36.4pp | -71.3%-2.6pp | -68.6%+15.4pp | -84%+15.3pp | |
| Operating margin | -189%+17.7pp | -206.7%+89.6pp | -296.3%-18.2pp | -278.1%+23.8pp | -301.9%+19.3pp | |
| Net margin | -227.1%+2.7pp | -229.8%+83.9pp | -313.7%-20.8pp | -292.8%+19.4pp | -312.3%+22.4pp | |
| EBITDA margin | -184%+16.5pp | -200.4%+87.4pp | -287.8%-20.0pp | -267.8%+22.1pp | -289.9%+17.9pp | |
| Free cash flow margin | -88.3%+2.8pp | -91.1%+6.3pp | -97.5%+17.8pp | -115.3%+25.1pp | -140.4%+21.2pp | |
| Returns | ||||||
| Return on equity | -128.9%-8.6pp | -120.3%-24.9pp | -95.4%-11.0pp | -84.4%-0.6pp | -83.8%+7.1pp | |
| Return on assets | -56%-3.3pp | -52.7%+1.5pp | -54.2%-5.7pp | -48.4%-1.2pp | -47.3%+2.2pp | |
| Return on invested capital | -103.9%+0.7pp | -104.7%-22.3pp | -82.4%-10.1pp | -72.3%+4.6pp | -76.8%+3.0pp | |
| Efficiency | ||||||
| Asset turnover | 0.2×0.0× | 0.2×+0.1× | 0.2×0.0× | 0.2×0.0× | 0.2×0.0× | |
| Inventory turnover | 1.5×0.0× | 1.6×0.0× | 1.6×+0.2× | 1.4×0.0× | 1.4×-0.1× | |
| Liquidity | ||||||
| Current ratio | 2.4×0.0× | 2.3×+1.0× | 1.3×-0.3× | 1.6×-0.4× | 1.9×0.0× | |
| Quick ratio | 1.4×-0.1× | 1.5×+0.8× | 0.7×-0.1× | 0.8×-0.2× | 1.1×0.0× | |
| Cash ratio | 0.4×-0.2× | 0.6×+0.4× | 0.2×0.0× | 0.2×-0.2× | 0.4×+0.1× | |
| Leverage | ||||||
| Debt-to-equity | 0.4×0.0× | 0.3×+0.1× | 0.2×0.0× | 0.2×0.0× | 0.2×0.0× | |
| Debt-to-assets | 0.1×0.0× | 0.1×0.0× | 0.1×0.0× | 0.1×0.0× | 0.1×0.0× | |
| Interest coverage | -19.7×+2.8× | -22.5×+10.6× | -33.1×+2.1× | -35.2×+6.3× | -41.4×+1.9× | |
| Per Share | ||||||
| Book value per share | $0.54-36.7% | $0.85-30.3% | $1.22-18.0% | $1.49-24.0% | $1.96-11.1% | |
| Valuation | ||||||
| Market capitalization | $3.15B+14.9% | $2.74B+1.0% | $2.71B+104% | $1.33B+1.4% | $1.31B-32.4% | |
| Enterprise value | $3.19B+19.2% | $2.68B-6.5% | $2.86B+87.6% | $1.53B+12.5% | $1.36B-35.4% | |
| Price / sales | 4.3×+0.4× | 3.9×-0.2× | 4×+2.0× | 2×-0.1× | 2×-1.0× | |
| Price / book | 4.2×+1.4× | 2.8×+0.9× | 1.9×+1.1× | 0.8×+0.1× | 0.7×-0.4× | |
| EV / sales | 4.3×+0.5× | 3.8×-0.5× | 4.2×+2.0× | 2.3×+0.2× | 2.1×-1.2× | |
| Free cash flow yield | -20.7%+2.9pp | -23.6%+0.7pp | -24.3%+34.0pp | -58.3%+10.4pp | -68.7%-16.4pp | |
| Earnings yield | -53.3%+6.2pp | -59.5%+18.6pp | -78.2%+70.0pp | -148.1%+4.7pp | -152.9%-44.4pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Plug Power's profit margins?
- Plug Power (PLUG) runs a -26.4% gross margin and a -189.0% operating margin, with a -227.1% 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.