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PLUG

Plug PowerNasdaqCM:PLUG Stock Report

Market Cap

US$19.6b

7D

2.2%

1Y

131.1%

Updated

26 Oct, 2021

Data

Company Financials +
PLUG fundamental analysis
Snowflake Score
Valuation0/6
Future Growth5/6
Past Performance0/6
Financial Health6/6
Dividends0/6

PLUG Overview

Plug Power Inc. provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe.

Plug Power Competitors

Sunrun

NasdaqGS:RUN

US$11.2b

FuelCell Energy

NasdaqGM:FCEL

US$2.8b

Advent Technologies Holdings

NasdaqCM:ADN

US$461.3m

Toyota Motor

TSE:7203

JP¥27.4t

Price History & Performance

Summary of all time highs, changes and price drops for Plug Power
Historical stock prices
Current Share PriceUS$34.17
52 Week HighUS$13.69
52 Week LowUS$75.49
Beta1.38
1 Month Change26.70%
3 Month Change22.78%
1 Year Change131.11%
3 Year Change1,757.07%
5 Year Change2,133.33%
Change since IPO-78.64%

Recent News & Updates

Oct 15

Plug Power: Scrutinizing Most Recent Guidance Raise

Management uses the company's annual symposium for another substantial boost to the company's already highly ambitious financial targets. Discussing increased FY2022 sales guidance and newly introduced FY2025 targets for $3 billion in revenues, 30%+ gross margins and 17% operating income margin. Core material handling business to be a major drag on the company's expected future growth rates, very much in contrast to previous statements made by management. Aggressive capacity expansion by leading electrolyzer players likely to result in substantial oversupply and related margin pressure. External electrolyzer sales guidance for next year appears to be below previously communicated expectations. Expect analysts to remain supportive as the company's new long-term financial targets will boost DCF models thus allowing for substantial price target increases.

Oct 13
A Look Into the Ownership of Plug Power Inc. (NASDAQ:PLUG)

A Look Into the Ownership of Plug Power Inc. (NASDAQ:PLUG)

While it is evident that the world is heading toward replacing internal combustion, the war for its successor is raging on. One of the aspiring candidates is the hydrogen fuel cell system, developed by the companies such as Plug Power Inc. (NASDAQ: PLUG) After soaring as high as US$75 earlier this year, the stock retraced to US$20, showing the ugly side of emerging technology volatility. Yet, the latest optimism seems to be turning the tide.

Sep 17

Is Plug Power Stock A Buy Or Sell Before Infrastructure Bill Vote?

PLUG is active in a high-growth industry that benefits from massive ESG tailwinds. The company should benefit from the infrastructure bill but is not too dependent on that. There are considerable execution risks that investors should keep an eye on.

Sep 08

Is Plug Power Stock Overvalued Or Undervalued? We Think It's An Aggressive Buy

Plug Power's Green hydrogen technology has massive tailwinds as Europe and Asia move in earnest towards a carbon-neutral future. However, Plug Power has been struggling to turn a profit while also massively diluting existing shareholders in the process. We see the current share price as an opportunity only for investors with high conviction and at an aggressive buy level.

Aug 13

Where Will Plug Power Be In 10 Years?

Plug Power is active in an attractive industry with huge growth tailwinds. It serves low-risk customers and has a strong position in its industry. Shares are pricing in a lot of future growth, and investors should consider what actual per-share returns might look like before deploying money at current valuations.

Aug 06

Plug Power: More Rosy Projections Despite The Worst Quarter In Recent History

Plug Power reports record top-line results and raises gross billings projections but long-standing margin issues continued to escalate. Product gross margins were almost cut in half quarter-over-quarter while already challenged service and hydrogen fueling margins deteriorated to new all-time lows. While management attributed some of the underperformance to one-time events like force majeure and transition to a new hydrogen supplier, near-term margin improvement is likely to remain limited. Guidance for at least $150 million in electrolyzer sales next year implies a material growth deceleration for the core material handling business which is in contrast to management's statements on the call. With management hinting at a potential guidance raise on the upcoming symposium in October and analysts likely remaining constructive, I wouldn't be surprised to see the shares trading higher despite the ongoing, abysmal condition of the core business.

Shareholder Returns

PLUGUS ElectricalUS Market
7D2.2%1.9%1.9%
1Y131.1%50.3%33.4%

Return vs Industry: PLUG exceeded the US Electrical industry which returned 45.4% over the past year.

Return vs Market: PLUG exceeded the US Market which returned 30.3% over the past year.

Price Volatility

Is PLUG's price volatile compared to industry and market?
PLUG volatility
PLUG Beta1.38
Industry Beta1.36
Market Beta1

Stable Share Price: PLUG is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: PLUG's weekly volatility has decreased from 14% to 9% over the past year.

About the Company

FoundedEmployeesCEOWebsite
19971,285Andy Marshhttps://www.plugpower.com

Plug Power Inc. provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies, as well as related hydrogen and green hydrogen generation, storage, and dispensing infrastructure. The company offers GenDrive, a liquid hydrogen-fueled PEM fuel cell system that provides power to material handling electric vehicles; GenFuel, a hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing internet of things-based maintenance and service program for GenDrive and GenSure fuel cells, GenFuel hydrogen storage and dispensing products, and ProGen engines; and GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors.

Plug Power Fundamentals Summary

How do Plug Power's earnings and revenue compare to its market cap?
PLUG fundamental statistics
Market CapUS$19.63b
Earnings (TTM)-US$709.70m
Revenue (TTM)n/a

-3.5kx

P/S Ratio

-27.7x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PLUG income statement (TTM)
Revenue-US$5.54m
Cost of RevenueUS$463.78m
Gross Profit-US$469.32m
ExpensesUS$240.39m
Earnings-US$709.70m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)-1.24
Gross Margin8,477.53%
Net Profit Margin12,819.76%
Debt/Equity Ratio10.9%

How did PLUG perform over the long term?

See historical performance and comparison

Valuation

Is Plug Power undervalued compared to its fair value and its price relative to the market?

4.06x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate PLUG's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate PLUG's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: PLUG is unprofitable, so we can't compare its PE Ratio to the US Electrical industry average.

PE vs Market: PLUG is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PLUG's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PLUG is overvalued based on its PB Ratio (4.1x) compared to the US Electrical industry average (3.3x).


Future Growth

How is Plug Power forecast to perform in the next 1 to 3 years based on estimates from 22 analysts?

53.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PLUG is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2%).

Earnings vs Market: PLUG is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: PLUG's is expected to become profitable in the next 3 years.

Revenue vs Market: PLUG's revenue (45.5% per year) is forecast to grow faster than the US market (9.9% per year).

High Growth Revenue: PLUG's revenue (45.5% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PLUG is forecast to be unprofitable in 3 years.


Past Performance

How has Plug Power performed over the past 5 years?

-47.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PLUG is currently unprofitable.

Growing Profit Margin: PLUG is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: PLUG is unprofitable, and losses have increased over the past 5 years at a rate of 47.2% per year.

Accelerating Growth: Unable to compare PLUG's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: PLUG is unprofitable, making it difficult to compare its past year earnings growth to the Electrical industry (54.8%).


Return on Equity

High ROE: PLUG has a negative Return on Equity (-14.69%), as it is currently unprofitable.


Financial Health

How is Plug Power's financial position?


Financial Position Analysis

Short Term Liabilities: PLUG's short term assets ($5.0B) exceed its short term liabilities ($251.1M).

Long Term Liabilities: PLUG's short term assets ($5.0B) exceed its long term liabilities ($706.9M).


Debt to Equity History and Analysis

Debt Level: PLUG's debt to equity ratio (10.9%) is considered satisfactory.

Reducing Debt: PLUG's debt to equity ratio has reduced from 38.1% to 10.9% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: PLUG has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: PLUG has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of 24.8% each year


Dividend

What is Plug Power current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate PLUG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate PLUG's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if PLUG's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if PLUG's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of PLUG's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.6yrs

Average management tenure


CEO

Andy Marsh (65 yo)

13.5yrs

Tenure

US$13,630,072

Compensation

Mr. Andrew J. Marsh, also known as Andy, has been the Chief Executive Officer and President of Plug Power Inc. since April 8, 2008. Mr. Marsh Co-Founded Valere Power Inc. in 2001 and served as its Presiden...


CEO Compensation Analysis

Compensation vs Market: Andy's total compensation ($USD13.63M) is about average for companies of similar size in the US market ($USD11.15M).

Compensation vs Earnings: Andy's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: PLUG's management team is considered experienced (4.6 years average tenure).


Board Members

Experienced Board: PLUG's board of directors are considered experienced (8.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 48.9%.


Top Shareholders

Company Information

Plug Power Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Plug Power Inc.
  • Ticker: PLUG
  • Exchange: NasdaqCM
  • Founded: 1997
  • Industry: Electrical Components and Equipment
  • Sector: Capital Goods
  • Market Cap: US$19.626b
  • Shares outstanding: 574.36m
  • Website: https://www.plugpower.com

Number of Employees


Location

  • Plug Power Inc.
  • 968 Albany Shaker Road
  • Latham
  • New York
  • 12110
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/26 22:34
End of Day Share Price2021/10/26 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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 here.