PLUG POWER INC
PLUGNasdaqTechnology · Electrical Industrial Apparatus · DE · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $709.9M | $628.8M | $891.3M | $701.4M | $502.3M | $40.8M |
| Operating income | −$1.47B | −$2.02B | −$1.34B | −$679.5M | −$437.3M | −$584.2M |
| Net income | −$1.63B | −$2.10B | −$1.37B | −$724.0M | −$460.0M | −$596.2M |
| Total assets | $2.59B | $3.60B | $4.90B | $5.76B | $5.95B | $2.25B |
| Total liabilities | $1.59B | $1.80B | $2.00B | $1.70B | $1.34B | $784.4M |
| Equity | $978.1M | $1.73B | $2.90B | $4.06B | $4.61B | $1.47B |
| EPS (diluted) | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 | $-1.68 |
| Shares out. | 925.2M | 684.3M | 593.4M | 577.9M | 568.3M | 321.3M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −206.7%
- Net margin
- −229.8%
- Return on equity
- −166.8%
- Return on assets
- −62.9%
- Return on capital (ROCE)
- −74.0%
- Liabilities / assets
- 61.3%
- Debt / equity
- 1.63×
- Book value / share
- $1.06
- Revenue growth (YoY)
- 12.9%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -11.47distress
- Accruals / assets
- −42.2%clean
- Piotroski F-Score
- 4/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 2 severe● 3 warning● 2 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Negative operating cash flow
- Revenue is growing year-over-year
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 10, 2021
- NT 10-Kmissed a reporting deadline ↗Mar 2, 2021
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Vanguard Capital Management LlcPassive (13G)Apr 30, 2026
- Blackrock, Inc.Passive (13G)Apr 7, 2026
- Vanguard Group IncPassive (13G)Mar 27, 2026
- Norges BankPassive (13G)Jul 24, 2025
- Grove Energy Capital LlcActivist (13D)Jun 25, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Kenausis GregoryDirector | Apr 1, 2026 | Grant | 8,712 | $2.26 |
| Mahtani KavitaDirector | Apr 1, 2026 | Grant | 9,956 | $2.26 |
| Angle Colin MDirector | Apr 1, 2026 | Grant | 3,872 | $2.26 |
| Bonney Mark JDirector | Apr 1, 2026 | Grant | 10,509 | $2.26 |
| Joggerst PatrickDirector | Apr 1, 2026 | Grant | 8,850 | $2.26 |
| Marsh AndrewDirector | Apr 1, 2026 | Grant | 3,688 | $2.26 |
| Haycraft BenjaminOfficer — CSO & GM EMEA | Jan 12, 2026 | Sell | 40,000 | $2.17 |
| Mcnamee George CDirector | Jan 2, 2026 | Grant | 13,008 | $1.97 |
| Mahtani KavitaDirector | Jan 2, 2026 | Grant | 11,421 | $1.97 |
| Kenausis GregoryDirector | Jan 2, 2026 | Grant | 9,994 | $1.97 |
| Joggerst PatrickDirector | Jan 2, 2026 | Grant | 10,152 | $1.97 |
| Helmer Maureen ODirector | Jan 2, 2026 | Grant | 13,959 | $1.97 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 340.7M | 3.5 | -0.8% |
| Apr 30, 2026 | 343.5M | 4.4 | -0.3% |
| Apr 15, 2026 | 344.6M | 4.8 | +1.4% |
| Mar 31, 2026 | 339.7M | 5.3 | +3.2% |
| Mar 13, 2026 | 329.1M | 3.4 | +0.6% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 11, 2026
- Director / officer changeMar 10, 2026
- Results of operationsMar 2, 2026
- Entered a material agreement · Other material eventFeb 26, 2026
- Amended charter or bylaws · Shareholder voteFeb 13, 2026
- Other material eventFeb 11, 2026
- Other material eventFeb 5, 2026
- Shareholder vote · Other material eventJan 30, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- SDFORM SDMay 29, 2026
- 10-QMay 11, 2026
- 8-KFORM 8-KMay 11, 2026
- ARSApr 30, 2026
- DEFA14AApr 30, 2026
- DEF 14AFORM DEF 14AApr 30, 2026
- SCHEDULE 13GApr 30, 2026
- 4OWNERSHIP DOCUMENTApr 10, 2026
- 4OWNERSHIP DOCUMENTApr 10, 2026
- 4OWNERSHIP DOCUMENTApr 10, 2026
- 4OWNERSHIP DOCUMENTApr 10, 2026
- 4OWNERSHIP DOCUMENTApr 10, 2026
- 4OWNERSHIP DOCUMENTApr 10, 2026
- SCHEDULE 13G/AApr 7, 2026
- SCHEDULE 13G/AMar 27, 2026
Event-driven situations (2)
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