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Forgent Power Solutions vs Plug Power: revenue, profit, margins and growth compared

Forgent Power Solutions brought in $1.4B of revenue in fiscal 2026, Plug Power $709.9M in fiscal 2025. Revenue changed by +88.5% at Forgent Power Solutions and +12.9% at Plug Power on the year before, so Forgent Power Solutions grew faster. Forgent Power Solutions kept 5.8% of its revenue as net profit, Plug Power -229.8%. Free cash flow was -$6.8M at Forgent Power Solutions and -$647M at Plug Power.

Side by side, latest fiscal year

FPSPLUG
Fiscal year endedFY2026 (June 30, 2026)FY2025 (December 31, 2025)
Revenue$1.4B$709.9M
Revenue growth+88.5%+12.9%
Net income$81.8M-$1.6B
Net margin5.8%-229.8%
Free cash flow-$6.8M-$647M
Free cash flow margin-0.5%-91.1%
Earnings per share (diluted)n/a-$1.42
Cash$97.5M$368.5M
Debt$582.2Mn/a
Price to earningsn/an/a
Market value$11.9B$2.8B
Dividend yieldn/an/a
Rank by revenue in sector#68 of 129 · Energy#86 of 129 · Energy

Over the years

Revenue
FPS FY2026: $753.2MFPS FY2026: $1.4BPLUG FY2018: $174.2MPLUG FY2019: $230MPLUG FY2020: -$93.2MPLUG FY2021: $502.3MPLUG FY2022: $701.4MPLUG FY2023: $891.3MPLUG FY2024: $628.8MPLUG FY2025: $709.9MFY18FY19FY20FY21FY22FY23FY24FY25FY26
FPS $1.4BPLUG $709.9M
Net income
FPS FY2026: $15.2MFPS FY2026: $81.8MPLUG FY2018: -$85.6MPLUG FY2019: -$83.7MPLUG FY2020: -$596.2MPLUG FY2021: -$460MPLUG FY2022: -$724MPLUG FY2023: -$1.4BPLUG FY2024: -$2.1BPLUG FY2025: -$1.6BFY18FY19FY20FY21FY22FY23FY24FY25FY26
FPS $81.8MPLUG -$1.6B
Net margin
FPS FY2026: 2.0%FPS FY2026: 5.8%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%FY18FY19FY21FY22FY23FY24FY25FY26
FPS 5.8%PLUG -229.8%
Revenue growth
FPS FY2026: +88.5%PLUG FY2019: +32.0%PLUG FY2020: -140.5%PLUG FY2022: +39.6%PLUG FY2023: +27.1%PLUG FY2024: -29.5%PLUG FY2025: +12.9%FY19FY20FY22FY23FY24FY25FY26
FPS +88.5%PLUG +12.9%
Free cash flow
FPS FY2026: -$39.1MFPS FY2026: -$6.8MPLUG FY2018: -$63.5MPLUG FY2019: -$59MPLUG FY2020: -$178MPLUG FY2021: -$530.3MPLUG FY2022: -$1.3BPLUG FY2023: -$1.8BPLUG FY2024: -$1BPLUG FY2025: -$647MFY18FY19FY20FY21FY22FY23FY24FY25FY26
FPS -$6.8MPLUG -$647M

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

Questions about Forgent Power Solutions and Plug Power

Which is bigger by revenue, Forgent Power Solutions or Plug Power?

Forgent Power Solutions is bigger by revenue: $1.4B in fiscal 2026, against $709.9M for Plug Power in fiscal 2025.

Which keeps more of its revenue as profit, Forgent Power Solutions or Plug Power?

Forgent Power Solutions had a net margin of 5.8% in fiscal 2026; Plug Power had -229.8% in fiscal 2025.

Which grew revenue faster, Forgent Power Solutions or Plug Power?

In their latest fiscal years revenue changed by +88.5% at Forgent Power Solutions 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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