Stock

Plug Power

PLUG

Electrical Equipment & Parts · Industrials

Also trades as: 0R1J.L GBP 0.18 (+0.00%)

Price

$1.38

+0.00 (+0.00%)

Market Cap

$1.93B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

1/30

Growth

Good

10/20

Cash Flow

Weak

0/10

Stability

Weak

2/10

Valuation

Data not available

0/10

Ownership

Mixed

6/15

Dividends

Not counted

n/a

19 of 95 counted points = Winston Score 20. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+107.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 558.2M (2021) → 1.16B (2025)

§Winston Score History

The full picture

Plug Power makes hydrogen fuel cell systems and builds hydrogen infrastructure. Its main products are fuel cells that power forklifts in warehouses, along with equipment to produce, store, and deliver liquid hydrogen. Big customers include Amazon and Walmart, which use Plug Power's systems to run their warehouse fleets instead of traditional batteries.

The company sells hardware, leases equipment, and charges customers for hydrogen fuel under long-term service agreements. It operates mainly in the United States but has been expanding into Europe. Plug Power is one of the larger pure-play hydrogen energy companies in the US, but it has struggled to turn a profit — its gross margin is currently negative, meaning it costs more to deliver its products than it earns from them. The key risk is whether the company can scale up hydrogen production enough to lower costs and reach profitability before it needs to raise more cash from investors.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.5% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

+30.0% YoY

Quarterly reporting periods ended:

30 Jun 2025: $-0.20

30 Jun 2026: $-0.14

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$58M/ year

↓ Declining (-25% vs prior year)

8.2% of revenue

2.0x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

4.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 months

$213M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Plug Power has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-0.9%

Thin — -0.9% gross margin

Profit after running costs

Operating Margin

-36.0%

Losing money on operations — -36.0%

Return on the money invested

ROCE

-37.2%

Weak — -37.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+10.6%

Steady sales growth (+10.6% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-72.1%

Burning cash (-72.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.41

Elevated debt (1.41)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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