Plug Power Inc. Common Stock (PLUG)

FairStock Score: 40/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham investor, I start with owner earnings and a margin of safety. Plug Power designs hydrogen fuel cells, fueling systems, and related services, but the filed numbers show a business that has not yet proven it can earn a profit. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $178.3M and net income was -$188.2M, meaning it lost more than a dollar for every dollar of sales. For FY2025, the year ended 2025-12-31, revenue was $709.9M and net income was -$1.6B; FY2024 revenue was $628.8M with a net loss of -$2.1B. That is not a durable moat—it is a cash incinerator. Trailing free cash flow is -$560.5M, a -25.7% FCF yield on the $2.2B market cap. The balance sheet is levered at debt-to-equity of 1.77, and FairStock's Altman Z-score of -4.34 flags financial distress. At the 2026-10-13 close of $1.56, P/B is 3.71 despite negative earnings, and P/E is -1.18. FairStock score 40/100 and Piotroski 4/9 confirm weak fundamentals. Revenue growth of 2.49% is barely growth, and while fiscal Q2 2026 net loss narrowed from -$227.1M in fiscal Q2 2025, the company remains far from profitability. The Lynch category is none because it has lost money in each of the last four years. Until Plug Power can self-fund operations and generate positive free cash flow, the stock is a speculation, not a value investment.

In plain English: Plug Power makes hydrogen fuel cells and fueling systems for electric forklifts and other equipment. The business looks weak: it is losing large amounts of money, burning cash, and sales are growing only slightly. At $1.56, the price looks expensive compared with those weak numbers, because the company has not shown it can earn a profit.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer