Plug Power Future Growth
Future criteria checks 1/6
Plug Power is forecast to grow earnings and revenue by 71.6% and 17.6% per annum respectively. EPS is expected to grow by 81.8% per annum. Return on equity is forecast to be -10% in 3 years.
Key information
71.6%
Earnings growth rate
81.82%
EPS growth rate
| Electrical earnings growth | 16.6% |
| Revenue growth rate | 17.6% |
| Future return on equity | -10.05% |
| Analyst coverage | Good |
| Last updated | 22 Apr 2026 |
Recent future growth updates
Recent updates
PLUG: Hydrogen Power Auctions And 2026 EBITDA Goal Will Shape Upside
Narrative Update: Plug Power Analyst Price Target Shift The blended analyst price target for Plug Power edges higher, reflecting incremental upward revisions such as Susquehanna's $0.25 increase and Wells Fargo's move to $2, partially offset by reductions from Jefferies to $1.80 and BMO Capital to $1, as analysts weigh mixed quarterly results, a return to positive gross margin, 2026 guidance, and ongoing execution risks. Analyst Commentary Analysts are split on Plug Power, but the recent research shows a clear group of bullish analysts who view recent execution updates and the 2026 roadmap as reasons to rethink downside risk and potential upside.PLUG: Hydrogen Power Auctions And EBITDA Goal Will Drive Future Rebound
Plug Power's updated analyst price target edges higher to $5.91 from $5.82 as analysts balance mixed recent calls, with some trimming targets toward $1 to $2 and flagging execution and demand risks, while others point to improving gross margins and the company reiterating its goal of positive EBITDA in 2026. This results in a slightly lower discount rate, modestly softer revenue growth and profit margin assumptions, and a higher implied future P/E multiple.Plug Power: Some Progress But Major Headwinds Remain - Sell
Mar 28
PLUG: Hydrogen Power Auction And 2026 EBITDA Turnaround Aims To Rebuild Confidence
Plug Power's analyst fair value estimate edges from $2.75 to about $2.74, as analysts recalibrate price targets between $1 and $2 on mixed execution, slower anticipated revenue growth, and a "show me" stance on the path to positive EBITDA by 2026. Analyst Commentary Bullish Takeaways Bullish analysts highlight Plug Power's reiterated goal to reach positive EBITDA in 2026 as a key pillar supporting fair value, even if they view it as needing further proof.
PLUG: Future Returns Will Hinge On Hydrogen Pivot Execution Risks
Analysts have adjusted their views on Plug Power, with some lifting price targets to $2 and others trimming them to $1, largely citing mixed recent results, a shift toward more focused hydrogen applications, and execution questions around demand and electrolyzer ramp timing. Analyst Commentary Street research around Plug Power has turned more cautious, even as some targets have moved slightly higher.PLUG: Execution Turnaround In Core Hydrogen Markets Will Rebuild Confidence
Analysts have modestly lowered their fair value estimate for Plug Power, with the price target moving from about $2.79 to $2.75. This change reflects a higher discount rate and caution around demand challenges that have also led to a Street target cut from $4 to $2.PLUG: Future Returns Will Hinge On Slower Material Handling Demand
Narrative update Analysts have trimmed their price target on Plug Power to $2 from $4, reflecting a more cautious view on execution as they watch how the company manages demand challenges in material handling and a slower than previously expected electrolyzer ramp. Analyst Commentary Bearish analysts are stepping back and treating Plug Power more as a show-me story, cutting their price target to US$2 from US$4 and shifting to a Hold stance.PLUG: Electrolyzer Execution Will Drive Future Rebound From Recent Downgrade
Analysts have reduced their price expectations for Plug Power to US$2 from US$4, citing demand challenges in material handling and electrolyzers, as well as a view that the electrolyzer ramp may take longer to materialize. This has contributed to a more cautious set of valuation inputs in recent models.PLUG: Future Returns Will Depend On Slower Material Handling And Electrolyzer Demand
Analysts have lifted their Plug Power fair value estimate from US$0.55 to US$0.75 per share, reflecting updated assumptions around the discount rate, revenue growth, profit margins and future P/E following recent research that highlights execution risks in material handling and electrolyzer demand. Analyst Commentary Recent Street research reflects a more cautious tone around Plug Power, with bearish analysts stepping back to reassess the balance between growth ambitions and execution risks.PLUG: Falling Rates Will Support A Healthier Clean Tech Cycle Ahead
Analysts have raised their price target on Plug Power from $2.50 to $4.40 per share. This reflects increased confidence that a new, healthier cycle for U.S. clean tech, driven by easing interest rates, more sustainable growth expectations, and stable policy support, can support modestly better long term growth, margins, and valuation multiples.PLUG: Falling Rates Will Support A Healthier Clean Tech Upcycle
Analysts have raised their price target on Plug Power, roughly adding $1.90 per share. They cited expectations that a newly emerging, healthier cycle for U.S. clean tech, supported by falling interest rates and more realistic policy and growth assumptions, could improve the company’s long term prospects.PLUG: Falling Interest Rates Will Spur A Healthier Clean Tech Upcycle
Narrative Update on Plug Power Analysts have raised their price target for Plug Power by nearly $2, citing optimism for a new cycle in the clean tech sector. This optimism is driven by improving market conditions and more sustainable growth assumptions.PLUG: A Healthier Clean Tech Cycle Will Shape Sector Prospects Amid Policy Shifts
The analyst price target for Plug Power was recently raised from $2.50 to $4.40 per share. Analysts cite optimism for a new, healthier cycle in the U.S. clean tech sector, supported by favorable policy shifts and improved market conditions.Plug Power Inc.'s (NASDAQ:PLUG) Share Price Is Still Matching Investor Opinion Despite 28% Slump
Nov 04
Analyst Optimism Drives Higher Price Target and Valuation for Plug Power Amid Leadership Transition
Plug Power's analyst price target has increased significantly from $2.50 to $4.40 per share. This change reflects analysts' optimism about improved sector conditions and a more favorable investment climate.Government Policies And Funding Will Spur Hydrogen Adoption
Plug Power's analyst price target has increased from $0.90 to $1.60, as analysts cite improved clarity following recent policy developments. There is also an expected uptick in management commentary regarding backlog and safe harboring for the clean energy group.Government Policies And Funding Will Spur Hydrogen Adoption
Plug Power’s consensus price target has been revised upward to $2.08, as analysts cite reduced policy uncertainty from recent legislative clarity and favorable Section 48E tax credit details, outweighing ongoing sector caution. Analyst Commentary Resolution of the "One Big Beautiful Bill Act" and finality on the President's Executive Order seen as a near-term clearing event, reducing uncertainty for clean energy stocks.Market Participants Recognise Plug Power Inc.'s (NASDAQ:PLUG) Revenues Pushing Shares 27% Higher
Sep 18
Project Quantum Leap Will Streamline Costs And Improve Net Margins
Streamlining costs and refining product focus through Project Quantum Leap can enhance net margins and improve facility utilization.Plug Power: Restructuring While Waiting For The DOE Funding
Mar 14Plug Power Inc.'s (NASDAQ:PLUG) 29% Cheaper Price Remains In Tune With Revenues
Feb 02Plug Power: Electrolyzer Deployments And Increased Institutional Confidence, Amid Financial Challenges Loom
Dec 15With Plug Power Inc. (NASDAQ:PLUG) It Looks Like You'll Get What You Pay For
Dec 06Plug Power: Potential Asymmetric Upside
Nov 05Plug Power: Poor Results But Upgrading On Margin Progress - Hold
Aug 26Plug Power's Strategy Looks Poised To Bear Fruit
Aug 15Plug Power: Stock Offering Ahead Of Q2 Results Is A Huge Red Flag - Sell
Jul 19Plug Power: Broken Growth Story Needs More Than Just Hope
Jul 01Plug Power Inc.'s (NASDAQ:PLUG) Popularity With Investors Under Threat As Stock Sinks 27%
Jun 29Plug Power Inc.'s (NASDAQ:PLUG) Stock Retreats 27% But Revenues Haven't Escaped The Attention Of Investors
Apr 23Plug Power: Don't Be Early On A Longshot
Apr 04Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 12/31/2028 | 1,150 | -343 | N/A | -6 | 9 |
| 12/31/2027 | 947 | -285 | -118 | -85 | 17 |
| 12/31/2026 | 802 | -428 | -230 | -194 | 18 |
| 12/31/2025 | 710 | -1,632 | -661 | -536 | N/A |
| 9/30/2025 | 676 | -2,121 | -675 | -518 | N/A |
| 6/30/2025 | 673 | -1,970 | -819 | -604 | N/A |
| 3/31/2025 | 642 | -2,006 | -948 | -666 | N/A |
| 12/31/2024 | 629 | -2,105 | -1,063 | -729 | N/A |
| 9/30/2024 | 660 | -1,412 | -1,321 | -840 | N/A |
| 6/30/2024 | 684 | -1,484 | -1,466 | -904 | N/A |
| 3/31/2024 | 801 | -1,458 | -1,612 | -997 | N/A |
| 12/31/2023 | 891 | -1,369 | -1,803 | -1,107 | N/A |
| 9/30/2023 | 890 | -950 | -1,804 | -1,170 | N/A |
| 6/30/2023 | 880 | -837 | -1,678 | -1,049 | N/A |
| 3/31/2023 | 771 | -774 | -1,454 | -896 | N/A |
| 12/31/2022 | 701 | -724 | -1,292 | -829 | N/A |
| 9/30/2022 | 643 | -693 | -956 | -532 | N/A |
| 6/30/2022 | 598 | -629 | -842 | -517 | N/A |
| 3/31/2022 | 571 | -556 | -716 | -451 | N/A |
| 12/31/2021 | 502 | -460 | -551 | -358 | N/A |
| 9/30/2021 | 31 | -751 | -480 | -347 | N/A |
| 6/30/2021 | -6 | -710 | -370 | -290 | N/A |
| 3/31/2021 | -62 | -619 | -269 | -212 | N/A |
| 12/31/2020 | -93 | -596 | -206 | -155 | N/A |
| 9/30/2020 | 307 | -130 | -190 | -158 | N/A |
| 6/30/2020 | 260 | -83 | -136 | -117 | N/A |
| 3/31/2020 | 249 | -92 | -96 | -77 | N/A |
| 12/31/2019 | 230 | -86 | -68 | -53 | N/A |
| 9/30/2019 | 198 | -84 | N/A | -68 | N/A |
| 6/30/2019 | 192 | -82 | N/A | -61 | N/A |
| 3/31/2019 | 170 | -89 | N/A | -70 | N/A |
| 12/31/2018 | 174 | -86 | N/A | -58 | N/A |
| 9/30/2018 | 146 | -81 | N/A | -21 | N/A |
| 6/30/2018 | 127 | -106 | N/A | -47 | N/A |
| 3/31/2018 | 111 | -123 | N/A | -60 | N/A |
| 12/31/2017 | 100 | -130 | N/A | -60 | N/A |
| 9/30/2017 | 102 | -130 | N/A | -81 | N/A |
| 6/30/2017 | 85 | -102 | N/A | -72 | N/A |
| 3/31/2017 | 86 | -73 | N/A | -47 | N/A |
| 12/31/2016 | 83 | -58 | N/A | -30 | N/A |
| 9/30/2016 | 92 | -64 | N/A | -40 | N/A |
| 6/30/2016 | 106 | -60 | N/A | -39 | N/A |
| 3/31/2016 | 109 | -56 | N/A | -41 | N/A |
| 12/31/2015 | 103 | -56 | N/A | -47 | N/A |
| 9/30/2015 | 86 | -38 | N/A | -47 | N/A |
| 6/30/2015 | 75 | -37 | N/A | -45 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: PLUG is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: PLUG is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: PLUG is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: PLUG's revenue (17.6% per year) is forecast to grow faster than the US market (11% per year).
High Growth Revenue: PLUG's revenue (17.6% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: PLUG is forecast to be unprofitable in 3 years.
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/30 13:49 |
| End of Day Share Price | 2026/04/29 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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.
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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 36 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Moses Sutton | Barclays |
| Moses Sutton | Barclays |
| NEIL BEVERIDGE | Bernstein |