Plug Power PLUG Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | -26.4%+57.6pp | -34.9%+64.5pp | -71.3%+21.6pp | -68.6%+26.4pp | -84%-9.5pp | |
| Operating margin | -189%+113pp | -206.7%+115pp | -296.3%-92.2pp | -278.1%-73.0pp | -301.9%-128pp | |
| Net margin | -227.1%+85.2pp | -229.8%+105pp | -313.7%-99.6pp | -292.8%-76.0pp | -312.3%-130pp | |
| EBITDA margin | -184%+106pp | -200.4%+107pp | -287.8%-96.6pp | -267.8%-74.9pp | -289.9%-126pp | |
| Free cash flow margin | -88.3%+52.0pp | -91.1%+70.4pp | -97.5%+95.7pp | -115.3%+95.6pp | -140.4%+57.6pp | |
| Returns | ||||||
| Return on equity | -128.9%-45.1pp | -120.3%-29.4pp | -95.4%-52.2pp | -84.4%-40.3pp | -83.8%-41.2pp | |
| Return on assets | -56%-8.7pp | -52.7%-3.2pp | -54.2%-26.4pp | -48.4%-19.8pp | -47.3%-19.5pp | |
| Return on invested capital | -103.9%-27.1pp | -104.7%-24.8pp | -82.4%-44.5pp | -72.3%-31.3pp | -76.8%-36.9pp | |
| Efficiency | ||||||
| Asset turnover | 0.2×+0.1× | 0.2×+0.1× | 0.2×0.0× | 0.2×0.0× | 0.2×0.0× | |
| Inventory turnover | 1.5×+0.1× | 1.6×+0.1× | 1.6×+0.3× | 1.4×0.0× | 1.4×-0.2× | |
| Liquidity | ||||||
| Current ratio | 2.4×+0.4× | 2.3×+0.3× | 1.3×-0.8× | 1.6×-0.5× | 1.9×0.0× | |
| Quick ratio | 1.4×+0.3× | 1.5×+0.4× | 0.7×-0.2× | 0.8×-0.1× | 1.1×+0.2× | |
| Cash ratio | 0.4×0.0× | 0.6×+0.3× | 0.2×+0.1× | 0.2×+0.1× | 0.4×+0.2× | |
| Leverage | ||||||
| Debt-to-equity | 0.4×+0.2× | 0.3×+0.1× | 0.2×+0.1× | 0.2×+0.1× | 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×+21.7× | -22.5×+20.8× | -33.1×-0.6× | -35.2×-3.3× | -41.4×-11.1× | |
| Per Share | ||||||
| Book value per share | $0.54-72.5% | $0.85-61.4% | $1.22-65.3% | $1.49-63.2% | $1.96-57.0% | |
| Valuation | ||||||
| Market capitalization | $3.15B+140% | $2.74B+41.3% | $2.71B+63.0% | $1.33B-11.0% | $1.31B-37.1% | |
| Enterprise value | $3.19B+135% | $2.68B+27.7% | $2.86B+47.8% | $1.53B-15.5% | $1.36B-41.1% | |
| Price / sales | 4.3×+2.2× | 3.9×+0.8× | 4×+1.5× | 2×-0.2× | 2×-0.6× | |
| Price / book | 4.2×+3.5× | 2.8×+1.7× | 1.9×+1.4× | 0.8×+0.3× | 0.7×0.0× | |
| EV / sales | 4.3×+2.2× | 3.8×+0.4× | 4.2×+1.3× | 2.3×-0.4× | 2.1×-0.8× | |
| Free cash flow yield | -20.7%+48.0pp | -23.6%+28.7pp | -24.3%+52.2pp | -58.3%+38.3pp | -68.7%+7.4pp | |
| Earnings yield | -53.3%+99.6pp | -59.5%+48.9pp | -78.2%+6.6pp | -148.1%-48.8pp | -152.9%-83.0pp |
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.
