Plug Power Inc. (PLUG) intrinsic value & 10-year financials
Plug Power Inc. (PLUG) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 26.4% a year to $709.9M, with an average return on invested capital of -136.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $1.38
- Market cap
- $1.6B
- Revenue (FY2025)
- $709.9M
- Revenue growth (10-yr CAGR)
- 26.4%
- ROIC (10-yr avg)
- -136.4%
- Free cash flow (FY2025)
- -$647.0M
PLUG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $709.9M | -$1.6B | -$1.42 | -$647.0M | -206.7% | -112.2% |
| FY2024 | $628.8M | -$2.1B | -$2.68 | -$1.0B | -321.2% | -82.5% |
| FY2023 | $891.3M | -$1.4B | -$2.30 | -$1.8B | -150.7% | -39.4% |
| FY2022 | $701.4M | -$724.0M | -$1.25 | -$1.3B | -96.9% | -22.5% |
| FY2021 | $502.3M | -$460.0M | -$0.82 | -$530.3M | -87.1% | -32.2% |
| FY2020 | -$93.2M | -$596.2M | -$1.68 | -$178.0M | 626.6% | -309.8% |
| FY2019 | $230.2M | -$85.5M | -$0.36 | -$57.2M | -21.7% | -307.2% |
| FY2018 | $174.6M | -$78.1M | -$0.39 | -$62.8M | -39.8% | -200.5% |
| FY2017 | $132.9M | -$127.1M | — | -$64.3M | -76.6% | -176.7% |
| FY2016 | $85.9M | -$57.5M | — | -$32.4M | -60.0% | -81.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PLUG POWER INC is a consistent compounder, expanding top-line revenue at 26.4% annually over the past decade.
PLUG POWER INC has historically struggled to out-earn its cost of capital, averaging just -38.0% ROIC.
PLUG POWER INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PLUG POWER INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-47.17 per share.