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Graftech International vs Plug Power: revenue, profit, margins and growth compared

Graftech International brought in $504.1M of revenue in fiscal 2025, Plug Power $709.9M in fiscal 2025. Revenue changed by -6.4% at Graftech International and +12.9% at Plug Power on the year before, so Plug Power grew faster. Graftech International kept -43.6% of its revenue as net profit, Plug Power -229.8%. Free cash flow was -$120.5M at Graftech International and -$647M at Plug Power.

Side by side, latest fiscal year

EAFPLUG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$504.1M$709.9M
Revenue growth-6.4%+12.9%
Net income-$219.8M-$1.6B
Net margin-43.6%-229.8%
Free cash flow-$120.5M-$647M
Free cash flow margin-23.9%-91.1%
Earnings per share (diluted)-$8.45-$1.42
Cash$138.4M$368.5M
Debt$1.1Bn/a
Price to earningsn/an/a
Market value$289.4M$2.8B
Dividend yieldn/an/a
Rank by revenue in sector#94 of 129 · Energy#86 of 129 · Energy

Over the years

Revenue
EAF FY2018: $1.9BEAF FY2019: $1.8BEAF FY2020: $1.2BEAF FY2021: $1.3BEAF FY2022: $1.3BEAF FY2023: $620.5MEAF FY2024: $538.8MEAF FY2025: $504.1MPLUG FY2018: $174.2MPLUG FY2019: $230MPLUG FY2020: -$93.2MPLUG FY2021: $502.3MPLUG FY2022: $701.4MPLUG FY2023: $891.3MPLUG FY2024: $628.8MPLUG FY2025: $709.9MFY18FY19FY20FY21FY22FY23FY24FY25
EAF $504.1MPLUG $709.9M
Net income
EAF FY2018: $854.2MEAF FY2019: $744.6MEAF FY2020: $434.4MEAF FY2021: $388.3MEAF FY2022: $383MEAF FY2023: -$255.3MEAF FY2024: -$131.2MEAF FY2025: -$219.8MPLUG FY2018: -$85.6MPLUG FY2019: -$83.7MPLUG FY2020: -$596.2MPLUG FY2021: -$460MPLUG FY2022: -$724MPLUG FY2023: -$1.4BPLUG FY2024: -$2.1BPLUG FY2025: -$1.6BFY18FY19FY20FY21FY22FY23FY24FY25
EAF -$219.8MPLUG -$1.6B
Net margin
EAF FY2018: 45.1%EAF FY2019: 41.6%EAF FY2020: 35.5%EAF FY2021: 28.9%EAF FY2022: 29.9%EAF FY2023: -41.1%EAF FY2024: -24.3%EAF FY2025: -43.6%PLUG FY2018: -49.1%PLUG FY2019: -36.4%PLUG FY2021: -91.6%PLUG FY2022: -103.2%PLUG FY2023: -153.6%PLUG FY2024: -334.7%PLUG FY2025: -229.8%FY18FY19FY20FY21FY22FY23FY24FY25
EAF -43.6%PLUG -229.8%
Revenue growth
EAF FY2019: -5.5%EAF FY2020: -31.6%EAF FY2021: +9.9%EAF FY2022: -4.8%EAF FY2023: -51.6%EAF FY2024: -13.2%EAF FY2025: -6.4%PLUG FY2019: +32.0%PLUG FY2020: -140.5%PLUG FY2022: +39.6%PLUG FY2023: +27.1%PLUG FY2024: -29.5%PLUG FY2025: +12.9%FY19FY20FY21FY22FY23FY24FY25
EAF -6.4%PLUG +12.9%
Free cash flow
EAF FY2018: $768.4MEAF FY2019: $741.2MEAF FY2020: $527.6MEAF FY2021: $384.8MEAF FY2022: $252.5MEAF FY2023: $22.5MEAF FY2024: -$74.4MEAF FY2025: -$120.5MPLUG FY2018: -$63.5MPLUG FY2019: -$59MPLUG FY2020: -$178MPLUG FY2021: -$530.3MPLUG FY2022: -$1.3BPLUG FY2023: -$1.8BPLUG FY2024: -$1BPLUG FY2025: -$647MFY18FY19FY20FY21FY22FY23FY24FY25
EAF -$120.5MPLUG -$647M

Fiscal years as each company reports them; the two may end in different months.

Questions about Graftech International and Plug Power

Which is bigger by revenue, Graftech International or Plug Power?

Plug Power is bigger by revenue: $709.9M in fiscal 2025, against $504.1M for Graftech International in fiscal 2025.

Which keeps more of its revenue as profit, Graftech International or Plug Power?

Graftech International had a net margin of -43.6% in fiscal 2025; Plug Power had -229.8% in fiscal 2025.

Which grew revenue faster, Graftech International or Plug Power?

In their latest fiscal years revenue changed by -6.4% at Graftech International and +12.9% at Plug Power.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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