Plug Power (PLUG) Stock Overview
Designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 0/6 |
| Future Growth | 1/6 |
| Past Performance | 0/6 |
| Financial Health | 2/6 |
| Dividends | 0/6 |
PLUG Community Fair Values
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Analyst Price Targets
Plug Power Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$2.02 |
| 52 Week High | US$4.58 |
| 52 Week Low | US$1.69 |
| Beta | 2.22 |
| 1 Month Change | -11.40% |
| 3 Month Change | -29.12% |
| 1 Year Change | 1.00% |
| 3 Year Change | -75.03% |
| 5 Year Change | -92.50% |
| Change since IPO | -98.74% |
Recent News & Updates
Narrative Update • Aug 26
PLUG: Funding And Profitability Risks May Undercut Q2 Turnaround Progress
Analysts have lowered their average price target for Plug Power to $0.75 from $1.30, reflecting updated views on fair value, slightly adjusted discount rates, and revised assumptions for revenue, profit margins, and future P/E levels following recent research updates across the Street. Analyst Commentary on Plug Power Recent research on Plug Power shows a wide spread in price targets and a mix of optimistic and cautious views.Narrative Update • Aug 11
PLUG: Bearish View Expects Upcoming Q2 Results To Test 2026 Profit Plan
Analysts now see Plug Power's fair value at $1.30, up from $0.75, reflecting updated models and mixed Street price target revisions related to upcoming earnings and sector power demand trends. Analyst Commentary Recent Street research around Plug Power highlights a split view, with some analysts updating models ahead of upcoming earnings while keeping a cautious stance on the stock.Recent updates
Narrative Update • Aug 26
PLUG: Funding And Profitability Risks May Undercut Q2 Turnaround Progress
Analysts have lowered their average price target for Plug Power to $0.75 from $1.30, reflecting updated views on fair value, slightly adjusted discount rates, and revised assumptions for revenue, profit margins, and future P/E levels following recent research updates across the Street. Analyst Commentary on Plug Power Recent research on Plug Power shows a wide spread in price targets and a mix of optimistic and cautious views.Narrative Update • Aug 11
PLUG: Bearish View Expects Upcoming Q2 Results To Test 2026 Profit Plan
Analysts now see Plug Power's fair value at $1.30, up from $0.75, reflecting updated models and mixed Street price target revisions related to upcoming earnings and sector power demand trends. Analyst Commentary Recent Street research around Plug Power highlights a split view, with some analysts updating models ahead of upcoming earnings while keeping a cautious stance on the stock.
Narrative Update • Jul 15
PLUG: Liquidity Moves And 2026 EBITDAS Goal Will Shape Hydrogen Turnaround
For Plug Power, the analyst price target in this framework moves from $2.83 to $3.55, with analysts updating their models around Q2 earnings and sector power demand trends, while also factoring in recent target revisions that include Susquehanna's reduction to $2.50 and Morgan Stanley's adjustment to $1.65. Analyst Commentary Recent research updates around Plug Power highlight a split view, with some analysts focusing on cost progress and sector demand, while others emphasize ongoing execution risk and valuation constraints.
Narrative Update • Jul 01
PLUG: Project Quantum Leap And 2026 EBITDAS Goal Will Drive Repricing
Analysts have raised Plug Power price targets by roughly $1 across several firms, which has helped lift the updated fair value estimate to $6.83 as they factor in recent model revisions tied to cost reduction efforts and a different profit outlook. Analyst Commentary Recent research updates on Plug Power point to a cluster of higher price targets, even where overall ratings remain cautious.Analysis Article • Jun 19
Plug Power (PLUG) Stock Looks Fairly Priced After $39.2 Million Tax Credit Sale
Plug Power (PLUG) is back in focus after disclosing the sale of a federal investment tax credit tied to its St. Gabriel hydrogen liquefaction facility, which raised about $39.2 million to support liquidity. See our latest analysis for Plug Power. Plug Power’s latest tax credit sale comes as the stock trades at US$2.85, with a 1-day share price return of 7.55% and a 90-day share price return of 27.80%. The 1-year total shareholder return is very large, but long term total shareholder returns...Narrative Update • Jun 17
PLUG: Stock Outlook Will Depend On Delivering 2026 Profitability Roadmap
The average analyst price target for Plug Power stock has been raised by approximately $1. The change is largely tied to updated models that reflect recent Q1 results and ongoing cost reduction efforts under the Project Quantum Leap program, as analysts reassess the company’s path toward its longer term EBITDAS goals.Seeking Alpha • Jun 11
Plug Power: A Turnaround Is In The Making, Though Time Is Running Out
Summary Plug Power is rated Hold as operational improvements are offset by severe cash burn and looming liquidity risks. Q1 2026 saw a 42 ppt YoY gross margin improvement and 22% revenue growth, but quarterly cash burn remains $150M with only 4.5 months of runway. PLUG’s turnaround hinges on closing the $142M Stream Data Centers deal by June 30, 2026, and sustaining margin gains. Valuation implies modest upside ($3.10–$3.50/share) but substantial downside risk if liquidity events or margin progress falter. Read the full article on Seeking AlphaNarrative Update • Jun 03
PLUG: Future Returns Will Hinge On Executing 2026 Profitability Targets
Plug Power's updated analyst price target edges higher by $1.00 to $3.75 as analysts factor in recent cost reduction progress, slightly adjusted growth and margin assumptions, and updated expectations for future P/E multiples. Analyst Commentary Recent research updates reflect a mix of cautious optimism and ongoing skepticism around Plug Power.Narrative Update • May 19
PLUG: Future Returns Will Depend On Hydrogen Pivot Execution To 2026 EBITDA
Analysts have lifted Plug Power's aggregate price target by about $1 to roughly reflect a series of Street increases into the $2 to $3.75 range, citing updated models after recent results, ongoing cost reduction efforts under Project Quantum Leap, and company targets for reaching positive EBITDA in 2026. Analyst Commentary Recent research highlights a mix of caution and guarded optimism around Plug Power.Narrative Update • May 03
PLUG: Hydrogen Power Auction And 2026 EBITDA Goal Will Test Refocused Model
Analysts have nudged Plug Power's fair value estimate higher, with the implied price target rising by about $0.09 as updates to discount rate, revenue growth, profit margin assumptions and future P/E expectations reflect a mix of cautious optimism following recent target changes from firms that adjusted views after a mixed quarter, an evolving hydrogen focus and ongoing questions around the path to positive EBITDA in 2026. Analyst Commentary Recent price target changes around Plug Power highlight a split between analysts who see improving execution and those who remain cautious about profitability and capital needs.Narrative Update • Apr 19
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.Narrative Update • Apr 05
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.Narrative Update • Mar 22
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.Narrative Update • Mar 08
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.Narrative Update • Feb 21
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.Narrative Update • Feb 07
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.Narrative Update • Jan 24
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.Narrative Update • Jan 10
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.Narrative Update • Dec 21
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.Narrative Update • Dec 07
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.Narrative Update • Nov 23
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.Narrative Update • Nov 05
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.Analysis Article • Nov 04
Plug Power Inc.'s (NASDAQ:PLUG) Share Price Is Still Matching Investor Opinion Despite 28% Slump
The Plug Power Inc. ( NASDAQ:PLUG ) share price has softened a substantial 28% over the previous 30 days, handing back...Narrative Update • Oct 22
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.Narrative Update • Oct 08
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.Narrative Update • Sep 23
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.Analysis Article • Sep 18
Market Participants Recognise Plug Power Inc.'s (NASDAQ:PLUG) Revenues Pushing Shares 27% Higher
Despite an already strong run, Plug Power Inc. ( NASDAQ:PLUG ) shares have been powering on, with a gain of 27% in the...
New Narrative • Mar 22
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.Seeking Alpha • Mar 14
Plug Power: Restructuring While Waiting For The DOE Funding
Summary Plug Power's business case was once full of promises but disappointed, inducing heavy losses for investors. Facing a liquidity crisis, the firm issued close to $900m equity last fiscal year, further diluting existing shareholders. Additional capital raise could come. The management has decided to implement a new round of restructuring, aiming to reduce COGS and OPEX by up to $200m. It has also decided to end some business lines. Financial risk remains elevated. The business case validation depends on obtaining liquidity from the DOE loan, which can still happen this fiscal year. While seeing some upside potential, I initiate PLUG stock with a Hold. Read the full article on Seeking AlphaAnalysis Article • Feb 02
Plug Power Inc.'s (NASDAQ:PLUG) 29% Cheaper Price Remains In Tune With Revenues
The Plug Power Inc. ( NASDAQ:PLUG ) share price has fared very poorly over the last month, falling by a substantial...Seeking Alpha • Dec 15
Plug Power: Electrolyzer Deployments And Increased Institutional Confidence, Amid Financial Challenges Loom
Summary I am now neutral on Plug Power, upgrading it to Hold due to progressive electrolyzer agreements and potential future returns despite recent volatility. Key developments include strong electrolyzer installations, strategic investments, and partnerships aimed at boosting hydrogen production and reducing carbon emissions. Norges Bank's increased stake signals confidence, but financial strain and uncertainties around the Inflation Reduction Act pose significant risks. Q3’24 financials show slight improvements with reduced cash burn and increased revenues, but the company remains in a distress zone with a negative Altman Z-score. Read the full article on Seeking AlphaAnalysis Article • Dec 06
With Plug Power Inc. (NASDAQ:PLUG) It Looks Like You'll Get What You Pay For
Plug Power Inc.'s ( NASDAQ:PLUG ) price-to-sales (or "P/S") ratio of 3.4x may not look like an appealing investment...Shareholder Returns
| PLUG | US Electrical | US Market | |
|---|---|---|---|
| 7D | -6.9% | -8.3% | -1.6% |
| 1Y | 1.0% | 29.8% | 12.1% |
Return vs Industry: PLUG underperformed the US Electrical industry which returned 29.8% over the past year.
Return vs Market: PLUG underperformed the US Market which returned 12.1% over the past year.
Price Volatility
| PLUG volatility | |
|---|---|
| PLUG Average Weekly Movement | 8.0% |
| Electrical Industry Average Movement | 12.6% |
| Market Average Movement | 6.8% |
| 10% most volatile stocks in US Market | 15.2% |
| 10% least volatile stocks in US Market | 2.9% |
Stable Share Price: PLUG has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: PLUG's weekly volatility has decreased from 14% to 8% over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1997 | 2,344 | Jose Crespo | www.plugpower.com |
Plug Power Inc. designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. The company offers GenDrive, a hydrogen fueled PEM fuel cell system, which powers material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment; GenFuel, a liquid hydrogen fueling, delivery, generation, storage, and dispensing system; and GenCare, an Internet of Things based maintenance and on-site service program. It also provides GenKey, a turn-key solution; GenEco electrolyzers for clean hydrogen production; liquefaction systems; cryogenic equipment, such as trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases; GenSure, a stationary fuel cell solution; and liquid hydrogen.
Plug Power Inc. Fundamentals Summary
| PLUG fundamental statistics | |
|---|---|
| Market cap | US$2.86b |
| Earnings (TTM) | -US$1.64b |
| Revenue (TTM) | US$744.09m |
3.8x
P/S Ratio-1.7x
P/E RatioIs PLUG overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| PLUG income statement (TTM) | |
|---|---|
| Revenue | US$744.09m |
| Cost of Revenue | US$928.23m |
| Gross Profit | -US$184.15m |
| Other Expenses | US$1.46b |
| Earnings | -US$1.64b |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | -1.17 |
| Gross Margin | -24.75% |
| Net Profit Margin | -220.59% |
| Debt/Equity Ratio | 135.1% |
How did PLUG perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/16 21:37 |
| End of Day Share Price | 2026/09/16 00:00 |
| Earnings | 2026/06/30 |
| 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.
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 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 36 analysts. 19 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 |
| NEIL BEVERIDGE | Bernstein |
| null null | BMO Capital Markets Equity Research |