Plug Power

PLUG

Hardware, Equipment & Parts · Technology

Price

$2.17

+0.02 (+0.93%)

Market Cap

$2.49B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+107.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 558.2M (2021) → 1.16B (2025)

Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including green hydrogen production, storage and delivery, and energy generation through mobile or stationary applications. The company provides proton exchange membrane (PEM), fuel cell and fuel proce

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+14.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$58M/ year

↓ Declining (-25% vs prior year)

8.2% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

5.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~4 months

$223M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Plug Power has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

-13.2%

Thin — -13.2% gross margin

Operating Margin

-67.0%

Losing money on operations — -67.0%

ROCE

-7.2%

Weak — -7.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+15.2%

Fast-growing sales (15.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-89.3%

Burning cash (-89.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.03

Elevated debt (1.03)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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