PLUGPlug Power Inc.
Is the business good?
The checks split: nothing decisive, though margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PLUG?
Plug Power Inc. spent more than it took in: an operating loss of $1.29B on $744M of revenue, 12 months to Q2 2026.
Operating loss · on $744M of revenue · 12 months to Q2 2026
- Share count, year on year
- +23%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 7.2%
R&D as % of revenue
- Gross margin
- −19%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −111% |
| FY2021 | −87% |
| FY2022 | −97% |
| FY2023 | −151% |
| FY2024 | −321% |
| FY2025 | −207% |
Details›
- Gross margin12 months to Q2 2026
- −19%
- Operating margin12 months to Q2 2026
- −173%
- Net margin12 months to Q2 2026
- −221%
- Free cash flow margin
- −70%
- R&D as % of revenue
- 7.2%
- Revenue, trailing twelve months
- $744M
- Free cash flow, trailing twelve months
- −$523M
- Net income, trailing twelve months
- −$1.64B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from PLUG and who it buys from, as the companies report it.
- One customer24%
Share of revenue · FY2025 10-K
- Two customers14%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; PLUG’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Electrical Equipment & Parts
Ranks #12 of 18 by RyuScore