Plug Power Inc.

NasdaqCM:PLUG Stock Report

Market Cap: US$1.5b

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.

Discounted Cash Flow
Simply Wall St
US$9.73
Fair Value
82.9% undervalued intrinsic discount
22
Number of Analysts

Below Fair Value: PLUG ($1.66) is trading below our estimate of fair value ($9.73)

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 Ratio2.3x
SalesUS$659.51m
Market CapUS$1.51b

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 Average2.1x
AMSC American Superconductor
5.1x15.9%US$1.0b
RUN Sunrun
0.9x11.6%US$1.9b
POWL Powell Industries
2x7.7%US$2.1b
FLNC Fluence Energy
0.4x18.8%US$1.3b
PLUG Plug Power
2.3x22.6%US$1.5b

Price-To-Sales vs Peers: PLUG is expensive based on its Price-To-Sales Ratio (2.3x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

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

24 CompaniesPrice / SalesEstimated GrowthMarket Cap
FLNC Fluence Energy
0.4x18.8%US$1.28b
ZEO Zeo Energy
0.4xn/aUS$110.13m
BW Babcock & Wilcox Enterprises
0.1x-0.1%US$108.46m
STEM Stem
0.4x27.7%US$91.87m
PLUG 2.3xIndustry Avg. 1.7xNo. of Companies24PS0246810+
24 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PLUG is expensive based on its Price-To-Sales Ratio (2.3x) compared to the US Electrical industry average (1.7x).

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 Ratio2.3x
Fair PS Ratio0.08x

Price-To-Sales vs Fair Ratio: PLUG is expensive based on its Price-To-Sales Ratio (2.3x) compared to the estimated Fair Price-To-Sales Ratio (0.1x).

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
CurrentUS$1.66
US$2.72
+63.6%
44.1%US$5.00US$1.00n/a22
Feb ’26US$1.86
US$2.72
+46.0%
44.1%US$5.00US$1.00n/a22
Jan ’26US$2.13
US$2.73
+28.2%
43.6%US$5.00US$1.40n/a21
Dec ’25US$2.24
US$2.73
+21.9%
43.6%US$5.00US$1.40n/a21
Nov ’25US$2.09
US$3.92
+87.7%
86.2%US$18.00US$1.50n/a23
Oct ’25US$2.06
US$4.01
+94.6%
83.3%US$18.00US$1.50n/a23
Sep ’25US$1.88
US$4.01
+113.2%
83.3%US$18.00US$1.50n/a23
Aug ’25US$2.32
US$4.63
+99.7%
70.7%US$18.00US$1.50n/a24
Jul ’25US$2.28
US$4.79
+110.3%
66.7%US$18.00US$2.00n/a24
Jun ’25US$3.33
US$4.79
+44.0%
66.7%US$18.00US$2.00n/a24
May ’25US$2.30
US$5.05
+119.7%
61.9%US$18.00US$2.00n/a25
Apr ’25US$3.44
US$5.12
+49.0%
60.1%US$18.00US$2.50n/a25
Mar ’25US$3.89
US$5.28
+35.7%
59.9%US$18.00US$2.50n/a24
Feb ’25US$4.70
US$5.97
+27.0%
60.6%US$18.00US$2.50US$1.8625
Jan ’25US$4.50
US$8.24
+83.0%
64.6%US$25.00US$2.30US$2.1325
Dec ’24US$4.54
US$8.53
+87.9%
59.2%US$25.00US$3.50US$2.2426
Nov ’24US$5.75
US$14.74
+156.4%
48.8%US$37.00US$6.50US$2.0929
Oct ’24US$7.60
US$17.22
+126.6%
77.0%US$78.00US$7.50US$2.0629
Sep ’24US$8.51
US$17.83
+109.5%
74.6%US$78.00US$7.50US$1.8829
Aug ’24US$12.76
US$18.93
+48.4%
68.0%US$78.00US$9.00US$2.3229
Jul ’24US$10.39
US$18.82
+81.1%
70.1%US$78.00US$7.50US$2.2828
Jun ’24US$8.46
US$19.00
+124.6%
70.1%US$78.00US$7.50US$3.3328
May ’24US$8.83
US$23.73
+168.8%
52.4%US$78.00US$10.00US$2.3028
Apr ’24US$11.72
US$25.42
+116.9%
45.3%US$78.00US$13.00US$3.4430
Mar ’24US$14.21
US$26.60
+87.2%
42.0%US$78.00US$13.00US$3.8930
Feb ’24US$17.68
US$27.23
+54.0%
41.6%US$78.00US$13.00US$4.7030
Analyst Price Target
Consensus Narrative from 22 Analysts
US$2.72
Fair Value
38.9% undervalued intrinsic discount
22
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.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/22 03:59
End of Day Share Price 2025/02/21 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 51 analysts. 27 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ishan MajumdarBaptista Research
Moses SuttonBarclays
Moses SuttonBarclays