{ "ok": true, "cik": "1093691", "ticker": "PLUG", "name": "PLUG POWER INC", "filings": [ { "form": "8-K", "filed": "2026-09-23", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers" ], "url": "https://www.sec.gov/Archives/edgar/data/1093691/000110465926110021/0001104659-26-110021-index.htm" }, { "form": "10-Q", "filed": "2026-08-10", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1093691/000110465926093454/0001104659-26-093454-index.htm" }, { "form": "8-K", "filed": "2026-08-10", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1093691/000110465926093339/0001104659-26-093339-index.htm" }, { "form": "8-K", "filed": "2026-07-13", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.02 Results of Operations and Financial Condition", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1093691/000110465926082854/0001104659-26-082854-index.htm" }, { "form": "8-K", "filed": "2026-06-15", "items": [ "5.07 Submission of Matters to a Vote of Security Holders", "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/1093691/000110465926074022/0001104659-26-074022-index.htm" }, { "form": "8-K", "filed": "2026-06-11", "items": [ "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1093691/000110465926072652/0001104659-26-072652-index.htm" } ], "events12m": 23, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001093691.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1093691" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets, no buy or sell views.", "edgar": "🫧 Edgar looked up PLUG POWER INC ($PLUG). Last filing: 8-K (5.02 Departure or Election of Directors; Appointment of Officers), 2026-09-23. 23 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 709919000, "revenueGrowth1y": 0.12898090691365005, "revenueGrowthPerYear": 0.09031585456816593, "yearsOfData": 5, "operatingMargin": -2.0669752464717805, "operatingMarginPrior": -3.212148584478081, "netMargin": -2.385720061021046, "operatingCashFlow": -535835000, "capitalSpending": 111164000, "freeCashFlow": -646999000, "researchAndDevelopment": 57960000, "researchShareOfRevenue": 0.08164311703166136, "cash": 368540000, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 502342000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 701440000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 891340000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 628814000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 709919000 } ], "totalEquity": 978069000, "totalAssets": 2594568000, "equityRatio": 0.37696795767156616, "returnOnEquity": -1.7316446999138098, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -1.42, "sharesOutstanding": 1146691189, "bookValuePerShare": 0.8529489102056753, "revenuePerShare": 0.6191021670089767, "range80": { "low": 514583140.4335311, "high": 1079539357.982416, "baseline": 757126522.6861674, "n": 4309, "band": "b01", "bandLabel": "$100M–1B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.3029839225054907, "classVolatility": 0.1022985825903761, "volatility": 0.2261241443287439 }, "ifPaceHeld": { "low": 514583140.4335311, "high": 1079539357.982416 } }, "edgarette": "🔖 Exposure: revenue $709.9M (FY2025). Experience: revenue up 12.9% on the year, up 9.0% a year over 4 years; operating margin -206.7%, up from -321.2%. Soundness: equity 37.7% of assets, return on equity -173.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $514.6M and $1.1B next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $426.6M to $1.3B. A range, not a forecast. Against peers (8 filers, $50M+ revenue, its industry group): operating margin -206.7% against a 5.2% median; growth 12.9% against 7.5%.", "peers": { "sic": 3620, "sicDescription": "Electrical Industrial Apparatus", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "362", "growth": [ 0.0747, 8 ], "opMargin": [ 0.0523, 8 ], "equityRatio": [ 0.5094, 8 ] }, "summary": "Plug Power (PLUG) grew revenue 12.9% in FY2025 to $710 million, operating margin -207% against a 5.2% median for electrical industrial apparatus, equity 37.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
PLUG POWER INC against its own record and its peers
Operating marginPeer median 5.2%-206.7%Revenue, on the yearPeer median 7.5%12.9%Equity of assetsPeer median 50.9%37.7%Return on equity-173.2%Gold tick: the median of 8–8 peers with $50M+ revenue in electrical industrial apparatus
", "chartHorizon": null, "backtest": { "tests": 10, "hits": 7, "rate": 0.7, "method": "v4", "byYear": { "2013": [ 1, 1 ], "2014": [ 0, 1 ], "2015": [ 1, 1 ], "2016": [ 0, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 0, 1 ], "2023": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-24T14:21:44.979Z", "hash": "34a670e489e57326", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Plug Power (PLUG) grew revenue 12.9% in FY2025 to $710 million, operating margin -207% against a 5.2% median for electrical industrial apparatus, equity 37.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 709919000, "totalDebt": null, "cash": 368540000 }, "experience": { "revenueGrowth1y": 0.12898090691365005, "revenueGrowthPerYear": 0.09031585456816593, "operatingMargin": -2.0669752464717805, "operatingMarginPrior": -3.212148584478081, "netMargin": -2.385720061021046, "freeCashFlow": -646999000 }, "soundness": { "equityRatio": 0.37696795767156616, "returnOnEquity": -1.7316446999138098, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3620, "sicDescription": "Electrical Industrial Apparatus", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "362", "growth": [ 0.0747, 8 ], "opMargin": [ 0.0523, 8 ], "equityRatio": [ 0.5094, 8 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "range": { "low": 514583140.4335311, "high": 1079539357.982416, "baseline": 757126522.6861674, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4309, "sizeBand": "$100M–1B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.3029839225054907, "classVolatility": 0.1022985825903761, "pricedVolatility": 0.2261241443287439, "k": 3 }, "stress": { "low": 426628189.8523985, "high": 1311940040.1501982, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a calibrated range, not a forecast; no view on the share price", "track": { "backtest": { "tests": 10, "hits": 7, "rate": 0.7, "method": "v4", "byYear": { "2013": [ 1, 1 ], "2014": [ 0, 1 ], "2015": [ 1, 1 ], "2016": [ 0, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 0, 1 ], "2023": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-24T14:21:44.979Z", "hash": "34a670e489e57326", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001093691.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1093691" } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same if-the-pace-held arithmetic applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so." } }