Plug Power Inc.

SWX:PLUG Stock Report

Market Cap: CHF 2.1b

Plug Power Valuation

Is PLUG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PLUG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CHF 6.06
Fair Value
73.9% undervalued intrinsic discount
17
Number of Analysts

Below Fair Value: PLUG (CHF1.58) is trading below our estimate of fair value (CHF6.06)

Significantly Below Fair Value: PLUG is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PLUG?

Key metric: As PLUG is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PLUG. This is calculated by dividing PLUG's market cap by their current revenue.
What is PLUG's PS Ratio?
PS Ratio4.3x
SalesUS$676.17m
Market CapUS$2.64b

Price to Sales Ratio vs Peers

How does PLUG's PS Ratio compare to its peers?

The above table shows the PS ratio for PLUG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.1x
HUBN Huber+Suhner
3x9.81%CHF 2.7b
PMN Phoenix Mecano
0.6x4.33%CHF 403.7m
LECN Leclanché
7.9xn/aCHF 153.9m
GAV Carlo Gavazzi Holding
0.9x5.11%CHF 127.9m
PLUG Plug Power
4.3x19.48%CHF 2.6b

Price-To-Sales vs Peers: PLUG is expensive based on its Price-To-Sales Ratio (4.3x) compared to the peer average (3.1x).

Price to Sales Ratio vs Industry

How does PLUG's PS Ratio compare vs other companies in the European Electrical Industry?

24 CompaniesPrice / SalesEstimated GrowthMarket Cap
PLUG 4.3xIndustry Avg. 1.2xNo. of Companies29PS01.22.43.64.86+
24 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PLUG is expensive based on its Price-To-Sales Ratio (4.3x) compared to the European Electrical industry average (1.2x).

Price to Sales Ratio vs Fair Ratio

What is PLUG's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PLUG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.3x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate PLUG's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PLUG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 1.58
CHF 2.25
+42.64%
57.21%CHF 5.66CHF 0.61n/a17
Nov ’26n/a
CHF 2.23
0%
61.50%CHF 5.63CHF 0.60n/a17
Oct ’26n/a
CHF 1.74
0%
54.29%CHF 3.98CHF 0.60n/a17
Sep ’26n/a
CHF 1.59
0%
57.44%CHF 4.04CHF 0.44n/a18
Aug ’26n/a
CHF 1.58
0%
59.67%CHF 4.07CHF 0.45n/a18
Jul ’26n/a
CHF 1.46
0%
63.79%CHF 3.96CHF 0.40n/a19
Jun ’26n/a
CHF 1.52
0%
63.80%CHF 4.11CHF 0.41n/a19
May ’26n/a
CHF 1.73
0%
55.90%CHF 4.12CHF 0.62n/a21
Apr ’26n/a
CHF 1.96
0%
49.21%CHF 4.42CHF 0.88n/a21
Mar ’26n/a
CHF 2.43
0%
45.32%CHF 4.50CHF 0.90n/a21
Feb ’26n/a
CHF 2.46
0%
45.32%CHF 4.55CHF 0.91n/a21
Jan ’26n/a
CHF 2.43
0%
44.83%CHF 4.47CHF 1.25n/a20
Dec ’25n/a
CHF 2.44
0%
43.59%CHF 4.47CHF 1.25CHF 1.5821
Nov ’25n/a
CHF 3.40
0%
86.20%CHF 15.62CHF 1.30n/a23
Oct ’25n/a
CHF 3.41
0%
83.34%CHF 15.31CHF 1.28n/a23
Sep ’25n/a
CHF 3.40
0%
83.34%CHF 15.26CHF 1.27n/a23
Aug ’25n/a
CHF 4.07
0%
70.69%CHF 15.80CHF 1.32n/a24
Jul ’25n/a
CHF 4.31
0%
66.74%CHF 16.17CHF 1.80n/a24
Jun ’25n/a
CHF 4.33
0%
66.74%CHF 16.24CHF 1.80n/a24
May ’25n/a
CHF 4.61
0%
61.91%CHF 16.41CHF 1.82n/a25
Apr ’25n/a
CHF 4.64
0%
60.13%CHF 16.28CHF 2.26n/a25
Mar ’25n/a
CHF 4.66
0%
59.94%CHF 15.90CHF 2.21n/a24
Feb ’25n/a
CHF 5.12
0%
60.65%CHF 15.44CHF 2.14n/a25
Jan ’25n/a
CHF 6.95
0%
64.59%CHF 21.10CHF 1.94n/a25
Dec ’24n/a
CHF 7.49
0%
59.20%CHF 21.96CHF 3.07n/a26
CHF 2.09
Fair Value
24.3% undervalued intrinsic discount
17
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/02 16:00
End of Day Share Price 2025/12/02 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Plug Power Inc. is covered by 40 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Moses SuttonBarclays
Moses SuttonBarclays
Ameet ThakkarBMO Capital Markets Equity Research