# Plug Power Inc. (PLUG) > Source: Nexqual · https://nexqual.com/PLUG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Plug Power Inc. (PLUG), nexqual.com/PLUG" · informational, not investment advice. **Price:** USD 1.38 (-2.13% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1.41 · day 1.34–1.42 · 52w 1.34–4.33 · market cap $1.93B · NCM ## Key facts - Last four reported quarters (through Jun 30, 2026): revenue $744M, net income -$1.64B (-220.6% margin), free cash flow -$523M (SEC filings). - 1 of 80 tracked superinvestors hold PLUG (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged. - Insider open-market sales, last ~7 months: 4 Form 4 filings, $671K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012). - Analysts: Hold (mean 2.89 on a 1–5 scale) (19 analysts), mean target USD 3.39 (range 0.75–7). - Total return with dividends: 1Y -52.1% vs S&P 500 +14.9%; 5Y -95.8% vs S&P 500 +80.3%. - Next earnings: 2026-11-09, EPS estimate USD -0.06, revenue estimate $193M. ## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) | USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |---|---|---|---|---|---|---| | Revenue | $502M | $701M | $891M | $629M | $710M | $744M | | Gross profit | -$171M | -$194M | -$508M | -$625M | -$242M | — | | Operating income | -$437M | -$680M | -$1.34B | -$2.02B | -$1.47B | -$1.29B | | Net income | -$460M | -$724M | -$1.37B | -$2.10B | -$1.63B | -$1.64B | | EPS (diluted) | -$0.82 | -$1.25 | -$2.30 | -$2.68 | -$1.42 | — | | Free cash flow | -$530M | -$1.27B | -$1.77B | -$1.02B | -$647M | -$523M | | Gross margin | -34.1% | -27.7% | -57.0% | -99.4% | -34.1% | — | | Operating margin | -87.1% | -96.9% | -150.7% | -321.2% | -206.7% | -172.8% | | Net margin | -91.6% | -103.2% | -153.6% | -334.7% | -229.8% | -220.6% | | Revenue growth | +638.8% | +39.6% | +27.1% | -29.5% | +12.9% | — | | Cash + short-term investments | $3.72B | $2.02B | — | — | $369M | — | | Total debt | $208M | $14.1M | $6.6M | $321M | $431M | — | Fiscal years end Dec. EPS is split-adjusted. ## Valuation (price ÷ last four quarters, through Jun 30, 2026) P/S 2.6x · EV/Sales 3.1x · P/B 3.3x · FCF yield -27.14% · Earnings yield -85.13% · Net debt $416M · EV $2.34B ## Superinvestors (SEC 13F-HR, Q2 2026) 1 of 80 tracked investors hold PLUG. Each row is the investor's latest 13F; change is vs their prior-quarter share count. | Investor | Firm | % of portfolio | Value | Change | |---|---|---|---|---| | Mairs & Power | Mairs & Power Funds | <0.01% | $27K | Unchanged | ## Insider sales (SEC Form 4, open-market, last ~7 months) 4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider. | Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type | |---|---|---|---|---|---|---|---| | 2026-10-15 | Haycraft Benjamin | CSO & GM EMEA | 9,375 | $13K | 9.3% | Yes (adopted June 11, 2026) | Too little history (no open-market trades in 2023 or 2024) | | 2026-09-18 | Haycraft Benjamin | CSO & GM EMEA | 200,000 | $428K | 66.4% | Yes (adopted June 11, 2026) | Too little history (no open-market trades in 2023 or 2024) | | 2026-09-11…2026-09-15 | Haycraft Benjamin | CSO & GM EMEA | 32,560 | $68K | 9.8% | Yes (adopted June 11, 2026) | Too little history (no open-market trades in 2023 or 2024) | | 2026-06-08 | Helmer Maureen O | Director | 50,000 | $162K | 13.5% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2023–2025) | % of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts). Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice. ## Analysts Consensus Hold (mean 2.89 on a 1–5 scale), 19 analysts; mean target USD 3.39 (low 0.75, high 7). Rating changes, last 120 days: | Date | Firm | Action | Rating | Price target | |---|---|---|---|---| | 2026-10-14 | Susquehanna | Target lowered | Neutral | $2.5 → $1.75 | | 2026-09-29 | HC Wainwright & Co. | Reiterated | Buy | $7 | | 2026-08-12 | Roth Capital | Target raised | Buy | $3.5 → $5 | | 2026-08-11 | HC Wainwright & Co. | Reiterated | Buy | $7 | | 2026-07-10 | Susquehanna | Target lowered | Neutral | $3.75 → $2.5 | | 2026-07-09 | Morgan Stanley | Target raised | Underweight | $1.5 → $1.65 | ## Total return (dividends reinvested) | | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |---|---|---| | Total return | -52.1% | -95.8% | | S&P 500 (SPY) | +14.9% | +80.3% | | Per year | -52.2% | -46.8% | | Volatility (annualized) | 78.1% | 89.2% | | Max drawdown | -66.9% (May 2026→Oct 2026) | -98.3% (Nov 2021→May 2025) | ## Peers (Electrical Equipment & Parts) PLPC (Preformed Line Products Company) USD 331.72 -8.23% · ENR (Energizer Holdings, Inc.) USD 23.43 +2.94% · HAYW (Hayward Holdings, Inc.) USD 12.71 +5.39% · FOIL (Londian Wason New Energy Tech I) USD 17.32 -0.17% · ACCV (Accelevation Holdings Corp.) USD 12.25 -12.06% · AMPX (Amprius Technologies, Inc.) USD 7.91 -4.81% ## More Full page: https://nexqual.com/PLUG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt ## Supply chain and relationships (SEC annual reports) Other companies that name PLUG in their own reports (relationship from PLUG's side): | Relationship | Company | Their filing | Sentence | |---|---|---|---| | partner | OLIN Corp (OLN) | 10-K 2026-02-20 | "For the years ended December 31, 2025 and 2024, we contributed capital of $1.8 million and $23.0 million, respectively, in a non-consolidated affiliate, Hidrogenii, a joint venture between Plug Power,…" | ## Revenue by product line (quarter ended 2026-06-30) | Line | Revenue | Share | YoY | |---|---|---|---| | Sales Of Equipment & Related Infrastructure | $81.9M | 45.9% | -17.4% | | — Sales Of Fuel Cell Systems (part of Sales Of Equipment & Related Infrastructure) | $31.9M | 17.9% | +105.2% | | — Sale Of Cryogenic Equipment (part of Sales Of Equipment & Related Infrastructure) | $26.7M | 15.0% | -0.5% | | — Sale Of Electrolyzers (part of Sales Of Equipment & Related Infrastructure) | $13.2M | 7.4% | -70.5% | | — Sale Of Hydrogen Infrastructure (part of Sales Of Equipment & Related Infrastructure) | $8.2M | 4.6% | -29.1% | | — Sale Of Engineered Equipment (part of Sales Of Equipment & Related Infrastructure) | $1.8M | 1.0% | +510.0% | | Fuel Delivered To Customers & Related Equipment | $39.5M | 22.1% | +14.7% | | Services Performed On Fuel Cell Systems & Related Infrastructure | $29.8M | 16.7% | +82.3% | | Power Purchase Agreements | $26.9M | 15.1% | +14.0% | | Other Product & Services | $153,000 | 0.1% | -61.6% | | Total revenue | $178.3M | 100% | — | ## Revenue by region (fiscal year ended 2025-12-31) | Line | Revenue | Share | YoY | |---|---|---|---| | United States | $535.9M | 75.5% | +25.2% | | Non Us | $174.0M | 24.5% | -13.3% | | Total revenue | $709.9M | 100% | — | ## Customer concentration Period ended 2025-12-31: 24.2% of revenue from unnamed direct customers (10-K, filed 2026-03-02). ## Company outlook (8-K filed 2026-10-15) - "Company remains on track with 2026 revenue growth guidance, supported by continued margin improvement and a record low net cash usage of approximately $28M ·" - "Sales: Based on preliminary, unaudited estimates, Plug expects meaningful revenue growth in Q3 2026 of greater than 10% versus Q3 2025." - "Progress on sales and pipeline growth suggest the Company is on track to achieve its previously communicated full-year revenue growth guidance of approximately 15% to 16%, supported by commercial execution across material handling, electrolyzers and hydrogen supply. ·" - "Margin: The Company has demonstrated gross margin improvement over the past two quarters and expects continued year-over-year progress in Q3 2026, reflecting the focus on cost reductions and improved operating leverage. ·" ## Analyst estimates and revisions | Period | EPS est. | 90d ago | Change | Revenue est. | Analysts | |---|---|---|---|---|---| | Current quarter (ends 2026-09-30) | $-0.06 | $-0.07 | -9.0% | $192.6M | 6 | | Next quarter (ends 2026-12-31) | $-0.03 | $-0.04 | -23.0% | $285.3M | 6 | | Current fiscal year (ends 2026-12-31) | $-0.27 | $-0.30 | -10.0% | $820.8M | 5 | | Next fiscal year (ends 2027-12-31) | $-0.15 | $-0.16 | -7.3% | $978.4M | 6 | ## Options: expected move (Cboe, 15-min delayed) Expected move by 2026-11-13 (includes earnings 2026-11-09): ±19.3%; earnings reaction alone ±8.7%; last 8 reports averaged ±7.4%. | Expiration | Days | ATM IV | Expected move | |---|---|---|---| | 2026-10-30 | 7 | 67.5% | ±10.9% | | 2026-11-06 | 14 | 78.3% | ±15.0% | | 2026-11-13 | 21 | 88.3% | ±19.3% | | 2026-11-20 | 28 | 81.9% | ±20.4% | | 2026-11-27 | 35 | 85.5% | ±23.4% | | 2026-12-04 | 42 | 84.9% | ±25.2% | | 2026-12-18 | 56 | 77.3% | ±26.3% | | 2027-01-15 | 84 | 77.6% | ±31.8% |