Plug Power Inc Stock Research

Market Summary

USD11.70+0.48

Market Closed

4.28%

PLUG Alerts

Big jump in Revenue (Y/Y)
Losses in recent quarter

PLUG Stock Price

PLUG RSI Chart

PLUG Valuation

Market Cap

6.8B

Price/Earnings (Trailing)

-9.34

Price/Sales (Trailing)

9.64

EV/EBITDA

-7.98

Price/Free Cashflow

-5.35

PLUG Price/Sales (Trailing)

PLUG Profitability

Operating Margin

-27.71%

EBT Margin

-103.10%

Return on Equity

-17.83%

Return on Assets

-12.56%

Free Cashflow Yield

-18.71%

PLUG Fundamentals

PLUG Revenue

Revenue (TTM)

701.4M

Revenue Y/Y

36.34%

Revenue Q/Q

17.03%

PLUG Earnings

Earnings (TTM)

-724.0M

Earnings Y/Y

-15.84%

Earnings Q/Q

-30.87%

Price Action

52 Week Range

10.7332.05

(Low)(High)

Last 7 days

-0.8%

Last 30 days

-18.9%

Last 90 days

-5.2%

Trailing 12 Months

-57.7%

PLUG Financial Health

Current Ratio

5.2

PLUG Investor Care

Shares Dilution (1Y)

0.61%

Diluted EPS (TTM)

-1.25

Peers (Alternatives to Plug Power)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
ETN	66.1B	20.8B	-2.72%	10.77%	26.84	3.18	5.73%	14.83%
EMR	47.8B	18.5B	2.04%	-12.40%	10.25	2.58	7.53%	69.43%
AME	31.8B	6.2B	-3.20%	4.62%	27.4	5.16	10.89%	17.12%
HUBB	12.6B	4.9B	-5.80%	29.85%	23.04	2.54	17.97%	43.13%
MID-CAP
GNRC	6.9B	4.6B	-5.41%	-65.51%	17.34	1.52	22.14%	-27.43%
PLUG	6.8B	701.4M	-18.92%	-57.67%	-9.34	9.64	39.63%	-57.41%
AYI	5.7B	4.1B	-8.43%	-6.92%	15.25	1.39	13.43%	11.07%
BE	3.5B	1.2B	-16.35%	-22.03%	-11.08	2.91	23.34%	-62.95%
SMALL-CAP
EAF	1.1B	1.3B	-19.38%	-55.94%	2.98	0.89	-4.80%	-1.38%
AZZ	958.2M	1.6B	-2.73%	-20.01%	-29.56	0.6	131.42%	-141.26%
THR	822.3M	420.7M	-6.30%	41.58%	23.73	1.95	28.88%	234.59%
POWL	491.4M	552.9M	-0.26%	112.02%	27.69	0.89	17.49%	1058.67%
AMSC	118.5M	182.7M	-21.84%	-50.18%	-2.5	0.65	9.22%	-28.57%
IPWR	64.1M	315.3K	-11.93%	33.79%	-9.53	203.18	34.63%	-49.82%

Financials for Plug Power

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	9.2%	701,440,000	642,604,000	597,898,000	571,188,000	502,342,000
Cost Of Revenue	6.1%	895,796,000	844,244,000	784,553,000	765,676,000	673,652,000
Gross Profit	3.6%	-194,356,000	-201,640,000	-186,655,000	-194,488,000	-171,310,000
Operating Expenses	9.1%	485,194,000	444,918,000	398,820,000	333,715,000	266,014,000
S&GA Expenses	8.4%	363,929,000	335,621,000	292,464,000	235,163,000	179,852,000
R&D Expenses	0.3%	99,579,000	99,262,000	87,791,000	75,481,000	64,762,000
EBITDA	-1.4%	-653,730,000	-644,389,000	-582,637,000	-513,038,000	-
EBITDA Margin	7.1%	-0.93	-1.00	-0.97	-0.90	-
Earnings Before Taxes	-2.1%	-723,169,000	-708,124,000	-645,558,000	-572,319,000	-476,162,000
EBT Margin	6.4%	-1.03	-1.10	-1.08	-1.00	-
Interest Expenses	1.3%	39,037,000	38,537,000	39,029,000	39,540,000	43,225,000
Net Income	-4.4%	-724,008,000	-693,457,000	-629,370,000	-555,708,000	-459,965,000
Net Income Margin	4.4%	-1.03	-1.08	-1.05	-0.97	-
Free Cahsflow	-36.0%	-1,265,233,000	-930,059,000	-813,596,000	-691,677,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-1.6%	5,764	5,859	5,734	5,804	5,950
Current Assets	-9.5%	3,305	3,652	3,894	4,100	4,449
Cash Equivalents	-11.4%	1,549	1,748	2,256	2,496	2,481
Inventory	25.1%	646	516	430	333	269
Net PPE	18.5%	720	607	431	325	256
Goodwill	7.8%	249	231	235	232	220
Liabilities	4.2%	1,704	1,635	1,396	1,328	1,344
Current Liabilities	6.0%	635	599	428	358	421
LT Debt, Current	448.8%	5.00	1.00	1.00	4.00	15.00
Shareholder's Equity	-3.9%	4,060	4,224	4,339	4,476	4,606
Retained Earnings	-7.7%	-3,120	-2,897	-2,726	-2,553	-2,396
Additional Paid-In Capital	0.7%	7,297	7,245	7,163	7,116	7,071
Shares Outstanding	0%	578	578	578	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-55.8%	-828	-531	-516	-451	-358
Share Based Compensation	1.7%	180	177	144	110	76.00
Cashflow From Investing	9.1%	-679	-747	-70.31	-1,048	-1,740
Cashflow From Financing	-206.4%	-77.50	-25.30	-40.23	-14.83	3,598

Risks for PLUG

What is the probability of a big loss on PLUG?

100%

Probability that Plug Power stock will be more than 20% underwater in next one year

92.7%

Probability that Plug Power stock will be more than 30% underwater in next one year.

90%

Probability that Plug Power stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PLUG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Plug Power was unfortunately bought at previous high price.

Drawdowns

Returns for PLUG

Cumulative Returns on PLUG

46.9%

10-Year Cumulative Returns

28.5%

7-Year Cumulative Returns

44.0%

5-Year Cumulative Returns

50.7%

3-Year Cumulative Returns

What are the long-term rolling returns for PLUG?

FIve years rolling returns for Plug Power.

Annualized Returns

Which funds bought or sold PLUG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	added	94.34	44,835	355,835	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	0.71	-1,709,030	2,489,970	-%
2023-03-06	Rockefeller Capital Management L.P.	added	158	976,000	2,846,000	0.01%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	27,090	27,090	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	reduced	-95.91	-56,602	1,398	-%
2023-02-28	Voya Investment Management LLC	reduced	-3.44	-163,328,000	215,209,000	0.30%
2023-02-27	Gallagher Benefit Services, Inc.	new	-	453,361	453,361	0.10%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-87.88	-7,646,600	587,402	-%
2023-02-27	REBALANCE, LLC	new	-	49.00	49.00	-%
2023-02-24	National Pension Service	sold off	-100	-16,756,800	-	-%

Latest Funds Activity

Are funds buying PLUG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PLUG

No. of Funds

Plug Power News

Schedule 13G FIlings of Plug Power

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	8.90%	51,870,529	SC 13G/A
Jan 25, 2023	blackrock inc.	8.7%	50,846,270	SC 13G/A
May 11, 2022	grove energy capital llc	9.5%	54,966,188	SC 13D/A
May 09, 2022	blackrock inc.	10.1%	58,138,014	SC 13G
Feb 03, 2022	blackrock inc.	8.3%	48,032,562	SC 13G/A
Mar 08, 2021	grove energy capital llc	9.6%	54,966,188	SC 13D
Feb 16, 2021	d. e. shaw & co, l.p.	3.6%	16,137,926	SC 13G/A
Feb 10, 2021	vanguard group inc	9.14%	40,465,986	SC 13G
Jan 27, 2021	blackrock inc.	10.7%	47,161,335	SC 13G/A
Nov 02, 2020	d. e. shaw & co, l.p.	5.0%	20,265,341	SC 13G

PLUG Fair Value

Plug Power fair value in different scenarios

The table shows the Fair Value estimates for Plug Power for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	1.93 -83.50%	2.11 -81.97%	2.67 -77.18%	3.67 -68.63%	5.53 -52.74%
Very High Inflation	- -	- -	- -	- -	- -

Historical Plug Power Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Plug Power

View All Filings

Date Filed	Form Type	Document
Mar 14, 2023	3	Insider Trading
Mar 13, 2023	424B7	Prospectus Filed
Mar 01, 2023	10-K	Annual Report
Mar 01, 2023	8-K	Current Report
Feb 14, 2023	5	Insider Trading
Feb 09, 2023	SC 13G/A	Major Ownership Report
Jan 31, 2023	8-K	Current Report
Jan 25, 2023	SC 13G/A	Major Ownership Report
Jan 25, 2023	8-K	Current Report
Jan 05, 2023	4	Insider Trading

Latest Insider Trading transactions for PLUG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-01-03	MCNAMEE GEORGE C	acquired	16,254	12.37	1,314	-
2023-01-03	Schneider Lucas P	acquired	8,127	12.37	657	-
2023-01-03	WILLIS GARY K	acquired	11,244	12.37	909	-
2023-01-03	BUA JEAN A	acquired	9,994	12.37	808	-
2023-01-03	Kenausis Gregory	acquired	12,184	12.37	985	-
2023-01-03	HELMER MAUREEN O	acquired	10,625	12.37	859	-
2023-01-03	Silver Jonathan M	acquired	16,254	12.37	1,314	-
2023-01-03	Mahtani Kavita	acquired	9,376	12.37	758	-
2022-11-17	MCNAMEE GEORGE C	gifted	-	-	-3,680	-
2022-10-17	Hull Martin Daniel	acquired	-	-	35,000	corporate controller and cao

About Plug Power

Andrew J. Marsh

www.plugpower.com

2450

Plug Power Inc. provides hydrogen fuel cell turnkey solutions for the mobility, material handling, and stationary power markets in North America and internationally. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies, as well as related hydrogen and green hydrogen generation, storage, and dispensing infrastructure. The company offers GenDrive, a hydrogen-fueled PEM fuel cell system that provides power to material handling electric vehicles; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing internet of things-based maintenance and service program for GenDrive and GenSure fuel cells, GenFuel hydrogen storage and dispensing products, and ProGen engines; and GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors. It also provides GenKey, an integrated turn-key solution for transitioning to fuel cell power; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; and GenFuel Electrolyzer, a hydrogen generator optimized for clean hydrogen production. The company offers its products to retail distribution and manufacturing businesses through a direct product sales force, original equipment manufacturers, and dealer networks. It has a strategic partnership with Airbus SE to decarbonize air travel and airport operations with green hydrogen; and Fortescue Future Industries to manufacture electrolyzer technology in Australia. Plug Power Inc. was founded in 1997 and is headquartered in Latham, New York.

PLUG Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net revenue:
Net revenue	$ 701,440	$ 502,342	$ (93,237)
Cost of revenue:
Total cost of revenue	895,796	673,652	376,179
Gross loss	(194,356)	(171,310)	(469,416)
Operating expenses:
Research and development	99,579	64,762	27,848
Selling, general and administrative	363,929	179,852	79,348
Impairment of long-lived assets	5,218	10,224	6,430
Change in fair value of contingent consideration	16,468	11,176	1,160
Total operating expenses	485,194	266,014	114,786
Operating loss	(679,550)	(437,324)	(584,202)
Interest income	37,259	4,040	765
Interest expense	(39,037)	(43,225)	(60,510)
Other expense, net	(2,303)	(765)	(739)
Realized loss on investments, net	(1,395)	(81)
Change in fair value of equity securities	(18,159)	6,738
Gain/(loss) on extinguishment of debt	(986)		17,686
Loss on equity method investments	(20,166)	(5,704)
Other gain	1,168	159
Loss before income taxes	(723,169)	(476,162)	(627,000)
Income tax expense/(benefit)	839	(16,197)	(30,845)
Net loss attributable to the Company	(724,008)	(459,965)	(596,155)
Preferred stock dividends declared			(26)
Net loss attributable to common stockholders	$ (724,008)	$ (459,965)	$ (596,181)
Net loss per share:
Net loss per share, basic	$ (1.25)	$ (0.82)	$ (1.68)
Net loss per share, diluted	$ (1.25)	$ (0.82)	$ (1.68)
Weighted average number of common stock outstanding, basic	579,716,708	558,182,177	354,790,106
Weighted average number of common stock outstanding, diluted	579,716,708	558,182,177	354,790,106
Sales of fuel cell systems, related infrastructure and equipment
Net revenue:
Net revenue	$ 558,932	$ 392,777	$ (94,295)
Cost of revenue:
Cost of revenue	468,057	307,157	171,404
Services performed on fuel cell systems and related infrastructure
Net revenue:
Net revenue	35,280	26,706	(9,801)
Cost of revenue:
Cost of revenue	59,365	63,729	42,524
Provision for loss contracts related to service
Cost of revenue:
Cost of revenue	26,801	71,988	35,473
Power purchase agreements
Net revenue:
Net revenue	47,183	35,153	26,620
Cost of revenue:
Cost of revenue	144,696	102,417	64,640
Fuel delivered to customers and related equipment
Net revenue:
Net revenue	57,196	46,917	(16,072)
Cost of revenue:
Cost of revenue	194,255	127,196	61,815
Other
Net revenue:
Net revenue	2,849	789	311
Cost of revenue:
Cost of revenue	$ 2,622	$ 1,165	$ 323

PLUG Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 690,630	$ 2,481,269
Restricted cash	158,958	118,633
Available-for-sale securities, at fair value (amortized cost $1,355,614 and allowance for credit losses of $0 at December 31, 2022 and amortized cost $1,242,933 and allowance for credit losses of $0 at December 31, 2021)	1,332,943	1,240,265
Equity securities	134,836	147,995
Accounts receivable	129,450	92,675
Inventory	645,636	269,163
Contract assets	62,456	38,637
Prepaid expenses and other current assets	150,389	59,888
Total current assets	3,305,298	4,448,525
Restricted cash	699,756	532,292
Property, plant and equipment, net	719,793	255,623
Right of use assets related to finance leases, net	53,742	32,494
Right of use assets related to operating leases, net	360,287	212,537
Equipment related to power purchase agreements and fuel delivered to customers, net	89,293	72,902
Contract assets	41,831	120
Goodwill	248,607	220,436
Intangible assets, net	207,725	158,208
Investments in non-consolidated entities and non-marketable equity securities	31,250	12,892
Other assets	6,694	4,047
Total assets	5,764,276	5,950,076
Current liabilities:
Accounts payable	191,895	92,307
Accrued expenses	156,430	79,237
Deferred revenue and other contract liabilities	131,813	116,377
Operating lease liabilities	48,861	30,822
Finance lease liabilities	8,149	4,718
Finance obligations	58,925	42,040
Current portion of long-term debt	5,142	15,252
Contingent consideration, loss accrual for service contracts, and other current liabilities	34,060	39,800
Total current liabilities	635,275	420,553
Deferred revenue and other contract liabilities	98,085	66,713
Operating lease liabilities	271,504	175,635
Finance lease liabilities	37,988	24,611
Finance obligations	270,315	211,644
Convertible senior notes, net	193,919	192,633
Long-term debt	3,925	112,794
Contingent consideration, loss accrual for service contracts, and other liabilities	193,051	139,797
Total liabilities	1,704,062	1,344,380
Stockholders' equity:
Common stock, $0.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 608,421,785 at December 31, 2022 and 594,729,610 at December 31, 2021	6,084	5,947
Additional paid-in capital	7,297,306	7,070,710
Accumulated other comprehensive loss	(26,004)	(1,532)
Accumulated deficit	(3,120,911)	(2,396,903)
Less common stock in treasury: 18,076,127 at December 31, 2022 and 17,074,710 at December 31, 2021	(96,261)	(72,526)
Total stockholders' equity	4,060,214	4,605,696
Total liabilities and stockholders' equity	$ 5,764,276	$ 5,950,076