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Plug Power vs Woodward: revenue, profit, margins and growth compared

Plug Power brought in $709.9M of revenue in fiscal 2025, Woodward $3.6B in fiscal 2025. Revenue changed by +12.9% at Plug Power and +7.3% at Woodward on the year before, so Plug Power grew faster. Plug Power kept -229.8% of its revenue as net profit, Woodward 12.4%. Free cash flow was -$647M at Plug Power and $340.4M at Woodward.

Side by side, latest fiscal year

PLUGWWD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$709.9M$3.6B
Revenue growth+12.9%+7.3%
Net income-$1.6B$442.1M
Net margin-229.8%12.4%
Free cash flow-$647M$340.4M
Free cash flow margin-91.1%9.5%
Earnings per share (diluted)-$1.42$7.19
Cash$368.5M$327.4M
Debtn/a$579.9M
Price to earningsn/a45.9
Market value$2.8B$19.5B
Dividend yieldn/a0.33%
Rank by revenue in sector#86 of 129 · Energy#43 of 129 · Energy

Over the years

Revenue
PLUG FY2018: $174.2MPLUG FY2019: $230MPLUG FY2020: -$93.2MPLUG FY2021: $502.3MPLUG FY2022: $701.4MPLUG FY2023: $891.3MPLUG FY2024: $628.8MPLUG FY2025: $709.9MWWD FY2018: $2.3BWWD FY2019: $2.9BWWD FY2020: $2.5BWWD FY2021: $2.2BWWD FY2022: $2.4BWWD FY2023: $2.9BWWD FY2024: $3.3BWWD FY2025: $3.6BFY18FY19FY20FY21FY22FY23FY24FY25
PLUG $709.9MWWD $3.6B
Net income
PLUG FY2018: -$85.6MPLUG FY2019: -$83.7MPLUG FY2020: -$596.2MPLUG FY2021: -$460MPLUG FY2022: -$724MPLUG FY2023: -$1.4BPLUG FY2024: -$2.1BPLUG FY2025: -$1.6BWWD FY2018: $180.4MWWD FY2019: $259.6MWWD FY2020: $240.4MWWD FY2021: $208.6MWWD FY2022: $171.7MWWD FY2023: $232.4MWWD FY2024: $373MWWD FY2025: $442.1MFY18FY19FY20FY21FY22FY23FY24FY25
PLUG -$1.6BWWD $442.1M
Net margin
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%WWD FY2018: 7.8%WWD FY2019: 9.0%WWD FY2020: 9.6%WWD FY2021: 9.3%WWD FY2022: 7.2%WWD FY2023: 8.0%WWD FY2024: 11.2%WWD FY2025: 12.4%FY18FY19FY20FY21FY22FY23FY24FY25
PLUG -229.8%WWD 12.4%
Revenue growth
PLUG FY2019: +32.0%PLUG FY2020: -140.5%PLUG FY2022: +39.6%PLUG FY2023: +27.1%PLUG FY2024: -29.5%PLUG FY2025: +12.9%WWD FY2019: +24.7%WWD FY2020: -13.9%WWD FY2021: -10.0%WWD FY2022: +6.1%WWD FY2023: +22.3%WWD FY2024: +14.1%WWD FY2025: +7.3%FY19FY20FY21FY22FY23FY24FY25
PLUG +12.9%WWD +7.3%
Free cash flow
PLUG FY2018: -$63.5MPLUG FY2019: -$59MPLUG FY2020: -$178MPLUG FY2021: -$530.3MPLUG FY2022: -$1.3BPLUG FY2023: -$1.8BPLUG FY2024: -$1BPLUG FY2025: -$647MWWD FY2018: $172.2MWWD FY2019: $291.5MWWD FY2020: $302.4MWWD FY2021: $427MWWD FY2022: $140.8MWWD FY2023: $232MWWD FY2024: $342.8MWWD FY2025: $340.4MFY18FY19FY20FY21FY22FY23FY24FY25
PLUG -$647MWWD $340.4M

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

Questions about Plug Power and Woodward

Which is bigger by revenue, Plug Power or Woodward?

Woodward is bigger by revenue: $3.6B in fiscal 2025, against $709.9M for Plug Power in fiscal 2025.

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

Plug Power had a net margin of -229.8% in fiscal 2025; Woodward had 12.4% in fiscal 2025.

Which grew revenue faster, Plug Power or Woodward?

In their latest fiscal years revenue changed by +12.9% at Plug Power and +7.3% at Woodward.

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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