Plug Power
PLUG on Nasdaq. Plug sells hydrogen fuel cells and fueling to warehouses and manufacturers. Market value $2.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-20.14 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.86 a share, 9% above its 1-year low
Over the past year the price has ranged from $1.70 to $4.33.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $502m | $701m | $891m | $629m | $710m |
| Operating margin | |||||
| Operating margin | -87.1% | -96.9% | -150.7% | -321.2% | -206.7% |
| Debt to equity | |||||
| Debt to equity | n/a | 0.01 | 0.02 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.58bn | 0.61bn | 0.91bn | 1.39bn | 1.40bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 140% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $178 million last quarter, up 2% on a year ago.
- A loss of $188 million, compared with a loss of $227 million a year ago.
- It loses 173 cents on each $1 of sales, compared with 278 cents a year earlier.
- Over the past 12 months it spent $523 million more cash than it brought in, compared with $776 million a year earlier.
- 23% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $174m |
| December 2024 | $191m |
| March 2025 | $134m |
| June 2025 | $174m |
| September 2025 | $177m |
| December 2025 | $225m |
| March 2026 | $164m |
| June 2026 | $178m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$211m |
| December 2024 | -$1.3bn |
| March 2025 | -$197m |
| June 2025 | -$227m |
| September 2025 | -$362m |
| December 2025 | -$846m |
| March 2026 | -$245m |
| June 2026 | -$188m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 507 funds in all.
- Mairs & PowerAndy Adams
- Value
- $27,100
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $5m | <0.1% | Cut |
| Mairs & PowerAndy Adams | $27,100 | <0.1% | |
| Barrow HanleyBarrow Hanley team | $2,485 | <0.1% | New |
Largest holders overall
- BlackRock$499mAdded
- Vanguard Portfolio Management$179mAdded
- Vanguard Capital Management$171m
- State Street$105mAdded
- Geode Capital Management$99mAdded
- UBS Group AG$90mCut
- Citadel Advisors$65mAdded
- TWO Sigma Investments, LP$61mCut
- D. E. Shaw$59mCut
- Dimensional Fund Advisors LP$53mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor12.8%+2.3 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- Grove Energy Capital LLCat least 4.8%(filed with 6 related holders)Since 6 June 2025
- Norges BankPassive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 12.8%+2.3 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
Grove Energy Capital LLC | at least 4.8% (filed with 6 related holders) | 6 June 2025 | |
Norges Bank Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $87,282 of shares on the open market. 2 sold $899,978, $899,978 of it under preset trading plans.
- Haycraft BenjaminCSO & GM EMEASoldunder a preset trading plan
- Date
- 18 September 2026
- Shares
- 200,000
- Price
- $2.14
- Value
- $428,300
- Haycraft BenjaminCSO & GM EMEASoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 18,750
- Price
- $2.06
- Value
- $38,625
- Haycraft BenjaminCSO & GM EMEASoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 13,810
- Price
- $2.14
- Value
- $29,553
- HELMER MAUREEN ODirectorSoldunder a preset trading plan
- Date
- 8 June 2026
- Shares
- 50,000
- Price
- $3.23
- Value
- $161,500
- Haycraft BenjaminCSO & GM EMEASoldunder a preset trading plan
- Date
- 12 January 2026
- Shares
- 40,000
- Price
- $2.17
- Value
- $86,800
- Crespo Jose LuisSee RemarksBoughtunder a preset trading plan
- Date
- 15 December 2025
- Shares
- 37,300
- Price
- $2.34
- Value
- $87,282
- Haycraft BenjaminCSO & GM EMEASoldunder a preset trading plan
- Date
- 10 December 2025
- Shares
- 40,000
- Price
- $2.20
- Value
- $88,000
- Haycraft BenjaminCSO & EVP of EMEA RegionSoldunder a preset trading plan
- Date
- 10 November 2025
- Shares
- 10,000
- Price
- $2.92
- Value
- $29,200
- Haycraft BenjaminCSO & GM EMEASoldunder a preset trading plan
- Date
- 10 October 2025
- Shares
- 10,000
- Price
- $3.80
- Value
- $38,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 September 2026 | Haycraft Benjamin CSO & GM EMEA | Sold under a preset trading plan | 200,000 | $2.14 | $428,300 |
| 15 September 2026 | Haycraft Benjamin CSO & GM EMEA | Sold under a preset trading plan | 18,750 | $2.06 | $38,625 |
| 11 September 2026 | Haycraft Benjamin CSO & GM EMEA | Sold under a preset trading plan | 13,810 | $2.14 | $29,553 |
| 8 June 2026 | HELMER MAUREEN O Director | Sold under a preset trading plan | 50,000 | $3.23 | $161,500 |
| 12 January 2026 | Haycraft Benjamin CSO & GM EMEA | Sold under a preset trading plan | 40,000 | $2.17 | $86,800 |
| 15 December 2025 | Crespo Jose Luis See Remarks | Bought under a preset trading plan | 37,300 | $2.34 | $87,282 |
| 10 December 2025 | Haycraft Benjamin CSO & GM EMEA | Sold under a preset trading plan | 40,000 | $2.20 | $88,000 |
| 10 November 2025 | Haycraft Benjamin CSO & EVP of EMEA Region | Sold under a preset trading plan | 10,000 | $2.92 | $29,200 |
| 10 October 2025 | Haycraft Benjamin CSO & GM EMEA | Sold under a preset trading plan | 10,000 | $3.80 | $38,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.