# PLUG POWER INC (PLUG) · Edgar & Edgarette company card

> 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.

SEC CIK 1093691 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/PLUG) · [JSON](https://www.pops4.com/boards/company/PLUG.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $710M |
| Revenue growth, 1 year | 12.9% |
| Revenue growth per year | 9.0% |
| Operating margin | -206.7% (prior year -321.2%) |
| Net margin | -238.6% |
| Operating cash flow | −$536M |
| Capital spending | $111M |
| Free cash flow | −$647M |
| Cash | $369M |
| Long-term debt | — |
| Total assets | $2.6B |
| Total equity | $978M |
| Equity ÷ assets | 37.7% |
| Return on equity | -173.2% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -11.47 (distress zone)
- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; operating loss: a margin of -206.7% in FY2025; revenue is hard to predict: its 80% range is ±35%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

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; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $426.6M to $1.3B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, its industry group): operating margin -206.7% against a 5.2% median; growth 12.9% against 7.5%.

Range logged 2026-09-24, receipt 34a670e489e57326, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 3, latest 2026-09-23 ([filing](https://www.sec.gov/Archives/edgar/data/1093691/000110465926110021/0001104659-26-110021-index.htm))

## Recent filings

- 8-K · filed 2026-10-15 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1093691/000110465926115964/0001104659-26-115964-index.htm)
- 8-K · filed 2026-09-23 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1093691/000110465926110021/0001104659-26-110021-index.htm)
- 10-Q · filed 2026-08-10 · [filing](https://www.sec.gov/Archives/edgar/data/1093691/000110465926093454/0001104659-26-093454-index.htm)
- 8-K · filed 2026-08-10 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1093691/000110465926093339/0001104659-26-093339-index.htm)
- 8-K · filed 2026-07-13 · 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 · [filing](https://www.sec.gov/Archives/edgar/data/1093691/000110465926082854/0001104659-26-082854-index.htm)
- 8-K · filed 2026-06-15 · 5.07 Submission of Matters to a Vote of Security Holders; 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1093691/000110465926074022/0001104659-26-074022-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001093691.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1093691

## Cite

POPS4, Edgar & Edgarette: PLUG POWER INC (PLUG) company card, from the company's own SEC filings, accessed 2026-11-08, https://www.pops4.com/boards/company/PLUG. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

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.