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PLUG · Energy · U.S.

Plug Power

Makes hydrogen fuel cells and the hydrogen that powers them.

Company Health

15
/100
Fragile
A quick check of the business from its yearly reports (2022–2025). It doesn’t say whether the stock is a good buy.
Does it make money?
0 of 25 · Poor
It lost money last year: $230 of every $100 in sales.
Is it growing?
8 of 25 · Poor
Sales stayed about the same over the last 3 years.
Can it handle what it owes?
7 of 25 · Poor
Its business used cash last year, and it owes $61 of every $100 it owns.
Does it bring in spare cash?
0 of 25 · Poor
It spent more cash than it brought in: $91 of every $100 in sales.

Who owns it

1 of 23 own it · Nobody changed their stake
bought lately
owns it
doesn’t own it
Didn’t report owning it: Whale Rock, Appaloosa, Melqart, D1 Capital, Light Street, Lone Pine, Third Point, TCI, Pershing Square, Duquesne, Himalaya Capital, Greenlight, Giverny Capital, Fundsmith, Semper Augustus, Akre
Their letters don’t mention it: Arquitos, Laughing Water, Alluvial, Bireme, Kingdom Capital, Saga Partners
From each fund’s latest 13F report (Jun 30, 2026). Funds that don’t file one: from their own letters.

The numbers

From Plug Power’s yearly reports. Tap a year to see its figures.

Sales and profit

Sales went from −$93.2 million in 2020 to $710 million in 2025, and it lost money every year.
2025
Sales
$710 million
Loss
$1.63 billion

Spare cash each year

It spent more cash than it brought in every year: $647 million more in 2025.
2025
Cash shortfall
$647 million
Spare cash is the cash its business brought in, minus what it spent on buildings and equipment.

What it owns and what it owes

At the end of 2025 it owned $2.59 billion, including $369 million in cash, and owed $1.59 billion.

Key facts

From its yearly report for 2025.
Sales
$710 million
Loss
$1.63 billion
Cash shortfall
$647 million
Cash in the bank
$369 million
Everything it owes
$1.59 billion
Year ends
December
Money shown in
U.S. dollars
Latest yearly report
10-K, filed Mar 2, 2026
Figures from Plug Power’s yearly reports to the SEC (EDGAR), collected Oct 12, 2026.
Not investment advice. Holdings come from public SEC reports and the funds’ own letters, and can be up to 4½ months old. How this works
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