Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PLUG POWER INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
85.9
103
174
230
-93.2
502
701
891
629
710
Cost of revenue
82
131
200
219
376
674
896
1,399
1,254
952
Gross profit
3.95
-28.1
-26
10.6
-469
-171
-194
-508
-625
-242
Research and development
21.2
28.7
12.8
15.1
27.8
64.8
99.6
114
77.2
58
Selling, general and administrative
34.3
45
37.7
43.2
79.3
180
364
422
376
380
Operating expenses
55.5
73.7
50.4
58.3
115
266
485
836
1,395
1,225
Operating income
-51.5
-102
-76.4
-47.6
-584
-437
-680
-1,344
-2,020
-1,467
Interest expense
37
60.5
43.2
39
45.2
46.6
65.1
Interest income
55.8
30.7
19.4
Other non-operating income
-10.7
-10.1
-22.8
-35.7
-60.5
-0.61
-1.14
-0.13
-20
7.61
Pre-tax income
-57.9
-127
-94.9
-83.7
-627
-476
-723
-1,376
-2,108
-1,693
Income tax
-0.39
-9.3
-30.8
-16.2
0.84
-7.36
-2.69
0.36
Net income to minority interests
-0.2
-62.1
Net income
-57.5
-127
-85.6
-83.7
-596
-460
-724
-1,369
-2,105
-1,632
EBITDA
-46.9
-92.6
-76.1
-35.7
-570
-416
-649
-1,292
-1,959
-1,430
EPS, basic
-0.35
-0.65
-0.39
-0.36
-1.68
-0.82
-1.25
-2.30
-2.68
-1.42
EPS, diluted
-0.35
-0.65
-0.39
-0.36
-1.68
-0.82
-1.25
-2.30
-2.68
-1.42
Shares, basic (weighted)
167
200
219
237
355
558
580
595
785
1,147
Shares, diluted (weighted)
167
200
219
237
355
558
580
595
785
1,147
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
46
24.8
38.6
139
1,312
2,481
691
135
206
369
Short-term investments
1,240
1,333
Receivables
129
244
157
135
Inventory
29.9
48.8
47.9
72.4
139
269
646
961
683
521
Other current assets
11.8
7.93
14.4
21.2
44.3
59.9
150
104
140
94
Total current assets
111
120
156
314
1,603
4,449
3,305
1,787
1,477
1,410
Property, plant and equipment
15
74.5
256
720
1,436
866
281
Lease right-of-use assets
63.3
117
213
360
400
218
182
Goodwill
8.29
9.45
9.02
8.84
72.4
220
249
0
0
Intangible assets
3.93
3.79
3.89
5.54
39.3
158
208
189
84.7
29.2
Total assets
241
271
390
660
2,251
5,950
5,764
4,903
3,603
2,595
Accounts payable
32.1
42.4
34.8
40.4
50.2
92.3
192
258
181
169
Accrued liabilities
8.52
10.6
7.86
14.4
46.1
79.2
156
201
103
128
Deferred revenue
5.74
8.63
12.1
11.7
23.3
116
132
204
144
66.7
Short-term debt
2.96
18.8
91.1
26.5
25.4
15.3
5.14
2.72
0.2
Total current liabilities
66.5
116
146
134
222
421
635
965
748
611
Long-term debt
20.8
13.4
0.13
Lease liabilities
50.9
99.6
176
272
292
242
195
Other non-current liabilities
0.24
0.09
0.02
2.82
40.4
140
193
147
136
Total liabilities
146
196
356
528
784
1,344
1,704
2,005
1,795
1,591
Total debt
23.8
32.1
16.9
26.5
25.4
15.3
9
3.9
0.2
Paid-in capital
1,137
1,251
1,290
1,507
3,447
7,071
7,297
7,495
8,431
9,186
Retained earnings
-1,051
-1,179
-1,260
-1,350
-1,946
-2,397
-3,121
-4,490
-6,594
-8,226
Treasury stock
-3.09
-3.1
-30.6
-31.2
-40.4
-72.5
-96.3
-106
-109
-2.95
Other comprehensive income
0.25
2.19
1.58
1.29
2.45
-1.53
-26
-6.8
-2.5
6.8
Shareholders' equity
85.1
70.2
-3.59
130
1,467
4,606
4,060
2,898
1,734
978
Minority interests
73.6
25.2
Total equity
85.1
70.2
-3.59
130
1,467
4,606
4,060
2,898
1,808
1,003
Total liabilities and equity
241
271
390
660
2,251
5,950
5,764
4,903
3,603
2,595
Shares outstanding
176
211
219
303
458
578
590
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-57.5
-127
-85.6
-83.7
-596
-460
-724
-1,369
-2,105
-1,694
Depreciation and amortization
4.65
9.19
0.3
11.9
14.4
20.9
30.4
52
61.1
37.6
Stock-based compensation
9.29
9.21
8.77
10.9
17.1
76.5
180
163
82.2
50.5
Deferred income tax
-7.72
7.14
-10.8
-11
-31.5
-50.9
-35.7
-103
-215
-165
Change in receivables
9.28
-9.95
-14.7
10.6
-15.7
-27.6
-30.9
-123
57.7
-5.35
Change in inventory
2.81
-18.8
19.2
-24.6
-63.4
-101
-366
-409
129
51.9
Change in payables
11.2
11.4
-10.2
17.2
51.9
24.9
88.5
21.7
-59.5
83.7
Cash from operations
-29.6
-60.2
-58.4
-53.3
-155
-358
-829
-1,107
-729
-536
Capital expenditures
-2.74
-4.09
-5.14
-5.68
-22.5
-172
-437
-665
-287
-111
Acquisitions
-45.1
-137
-56.9
Purchases of investments
-3,159
-839
Sales and maturities of investments
1,129
248
1,006
Cash from investing
-58.1
-44.4
-19.6
-14.2
-95.3
-1,741
-679
728
-402
-139
Debt issued
47.4
20.1
76.2
83.7
65.3
109
123
104
60.3
Debt repaid
-25
-12.3
-16.2
-24.8
-27.2
-39.6
-121
-6.01
-3.53
-264
Stock issued
11.9
23
7.2
158
1,272
3,588
858
322
Share buybacks
-0.18
Cash from financing
76.7
71.6
120
327
1,516
3,598
-77.5
6.12
983
630
Exchange rate effect
-0.12
0.35
Net change in cash
-11.2
-32.6
42.1
259
1,173
1,169
-1,791
-556
70.7
163
Free cash flow
-32.4
-64.3
-63.5
-59
-178
-530
-1,265
-1,772
-1,016
-647
Interest paid
8.26
8.79
13.1
19.2
28.9
19.3
35.5
41.8
45
59.7
Income taxes paid
1.99
-0.17
0.6
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.98 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-18.5%
Gross profit / revenue.
Operating margin
-172.8%
Operating income / revenue.
EBITDA margin
-169.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-229.0%
Pre-tax income / revenue.
Net margin
-220.6%
Net income / revenue.
FCF margin
-70.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-64.9%
Cash from operations / revenue.
Return on equity (ROE)
-282.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-74.9%
Net income / average total assets.
Return on invested capital (ROIC)
-241.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
7.2%
Research and development expense / revenue.
SG&A / revenue
41.7%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
7.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
5.5%
Capital expenditures / revenue.
D&A / revenue
3.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
12.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
0.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-43.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-37.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-7.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-28.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-23.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
2.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
46.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
25.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
26.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.32x
Current assets / current liabilities.
Quick ratio
0.58x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.33x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.18
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.53
Revenue / diluted weighted shares.
FCF per share
-$0.38
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.35
Cash from operations / diluted weighted shares.
Book value per share
$0.42
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.72x
Market cap / revenue.
P/B
4.76x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.99x
Market cap / tangible book value, when positive.
EV/Sales
3.50x
Enterprise value / revenue.
FCF yield
-18.9%
Free cash flow / market cap.
Earnings yield
-59.3%
Net income / market cap (the inverse of P/E).
What was PLUG POWER INC's revenue in fiscal 2025?
PLUG POWER INC reported revenue of $709.9M for fiscal 2025, 12.9% higher than the year before.
Was PLUG POWER INC profitable in fiscal 2025?
No. It reported a net loss of $1.63B.
How much free cash flow did PLUG POWER INC generate in fiscal 2025?
Cash from operations of $535.8M minus capital expenditures of $111.2M left free cash flow of -$647.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.