Plug Power Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Sale of Electrolyzers was 26% and Fuel Delivered to Customers and Related Equipment was 19% of revenue; Sale of Electrolyzers rose from 9% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, United States was 75% and Outside the United States was 25% of revenue; United States fell from 83% in the fiscal year to Dec 2023.

Quarters: Plug Power Inc.'s SEC filings, named by the month they end. Fiscal years: Plug Power Inc.'s annual reports to the SEC.

How it makes money

The company loses $229.8 for every $100 of revenue.

Beyond ±100% the scale is logarithmic, so that Dec 2024's −697% and the quarters near zero both read. Circled: Mar 2026 (net −150.0%, operating −67.0%), Jun 2026 (net −105.6%, operating −36.0%), Sep 2026 (net 49.7%, operating −37.5%). Net margin is usually about 10 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Plug Power Inc.'s annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

Plug Power had $134M in cash and short-term investments at the end of Sep 2026. It burned $486M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 1 quarter. Its diluted share count is up 79% from two years earlier.

From Plug Power Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

How much work is already signed?

Customers had signed $614M of work Plug Power has not yet delivered at the end of Sep 2026: 0.8 years of revenue at the last four quarters' pace. New orders over those four quarters were about 0.9× revenue, so the backlog shrank.

Backlog: remaining performance obligations in Plug Power Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Plug Power sells to Walmart, Amazon; one customer it does not name accounts for 14.3% of its revenue; it names no suppliers. Since then its 8-K filings name Stream as a customer (Jul 13, 2026).

 

PLUGPlug Power

Customers

Walmart WMT 24%

Unnamed customer 14%

Amazon AMZN

S

Stream

Their customers

Aurora Innovation AURfrom Amazon

Celsius Holdings CELHfrom Amazon

Cerebras Systems CBRSfrom Amazon

Show 3

Plug Power's 10-K for the year to Dec 2025 gives two customers' shares of its revenue: One Customer (24.2%) and Customer Two (14.3%).

From Plug Power Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

YAinvested in Plug Power · Commits to purchase common stockUp to $1.0 billion aggregate common stock purchases under SEPA

CClean H2 Infra FundPlug Power invested in it · Finances clean hydrogen infrastructure projectsApproximately 5% ownership as of December 31, 2025

Amazon AMZNinvested in Plug Power · Holds warrants linked to commercial arrangementWarrant to acquire up to 16,000,000 common shares, issued August 24, 2022

Olin OLNJoint venture for hydrogen production

NNiloco Hydrogen HoldingsCo-owns hydrogen production joint venture50% ownership of Hidrogenii

HHidrogeniiProduces hydrogen in Louisiana50% owned by Plug Power LA JV, LLC

AAccionaDevelops clean hydrogen projects50% ownership of AccionaPlug S.L.

AAccionaPlug S.L.Develops hydrogen projects in Spain and Portugal50% owned by Plug Power Spain

Walmart WMTReceives contingent license for GenKey system materials

Changes since the previous annual report (10-K filed Mar 3, 2025)

Walmart WMTCustomer, share of revenue16.6% → 24.2%

Only the companies Plug Power names in its 10-K filed Mar 2, 2026 (SEC) and in the 8-Ks it filed since, each with its date. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 2.2x, below the peer median of 3.5x. Revenue is up 13% from a year ago.

Below the peer median of 3.5x. The market pays less per $1 of revenue than for peers.

Plug Power Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $3.39, 174% above the current price; 26% of 19 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 5 analysts (26%). Sell or Strong Sell: 3.

Over the past year the average of the analysts' latest price targets went from $2.64 to $3.58 (+36%), while PLUG went from $2.49 to $1.24 (−50%). In the past three months targets were cut once and never raised. 1 upgrade and 1 downgrade over the year; the latest: TD Cowen moved it to Hold from Buy on Jan 9, 2026.

The day after each of these reports the stock moved +24.6% (Dec 2025, beat); +14.1% (Mar 2026, missed); +1.8% (Jun 2026, beat); −5.5% (Sep 2026, missed).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.03 a share, against a loss of $0.06 a year earlier, and revenue of $285M, up 26% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $978M, up 19% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $17M exceeds operating cash flow of −$469M, leaving free cash flow of −$486M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 2.3, no pressure to repay short-term debt; debt-to-equity 0.7, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 funds whose copy leaves PLUG out (not traded on the exchange): Coatue Management, Mirae Asset Global Investments, Swiss National Bank, Bridgewater Associates, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 5 held PLUG at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 added shares, 1 cut, 1 bought new, 2 sold all and 1 held the same. The largest of them is Coatue Management, 2.55M shares worth $6.9M at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of PLUG at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

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