Plug Power (PLUG)
Builds fuel cells, electrolyzers, and infrastructure for producing and delivering hydrogen.
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Sells GenDrive fuel-cell systems, GenEco electrolyzers, hydrogen-production and fueling equipment, and stationary power systems. An installed material-handling fleet generates equipment-replacement, service, power-agreement, and hydrogen-fuel revenue, while an owned production network supplies part of its customers' hydrogen needs.
Builds an integrated hydrogen platform around GenDrive fuel-cell power units for material-handling fleets, GenEco PEM electrolyzers, and hydrogen production, liquefaction, storage, delivery, and fueling infrastructure. GenSure stationary power systems, cryogenic equipment, and GenCare service extend the portfolio beyond vehicle power. Equipment sales sit alongside power agreements, maintenance, and hydrogen-fuel deliveries.
An established material-handling fleet supports replacement-unit, service, and fuel demand, while electrolyzer systems have been commissioned across North America, Europe, and Australia. Execution depends on hydrogen-plant reliability, service uptime, and converting large projects into delivered systems. Operations remain loss-making and capital-intensive, with exposure to concentrated customers, third-party hydrogen supply, clean-energy incentives, and evolving safety, siting, and permitting rules.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 11, 2026 | UBS | Reiterate | Rating: —Target: $2.75 | Target: $5 |
| Jul 9, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $1.50 | Target: $1.65 |
| Apr 9, 2026 | Susquehanna | Reiterate | Rating: —Target: $1.80 | Target: $2.75 |
| Mar 9, 2026 | Jefferies | Reiterate | Rating: —Target: $1.90 | Target: $1.80 |
| Mar 3, 2026 | BMO Capital | Target | Target: $1.60 | Target: $1 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $161.9M · Total debt $823.1M · Total assets $2.19B · Shareholders' equity $581.8M
- Revenue
- $178.3M
- Operating income
- −$64.1M
- Net income
- −$188.2M
No dividends on record.
| Institutions | 59.14% | 826.34M shares | |
|---|---|---|---|
| 544 holders · as of Jun 30, 2026 | |||
| Insiders | 0.59% | 8.25M shares | |
| 14 holders · as of Sep 15, 2026 | |||
| Other | 40.27% | 562.61M shares | |
| remainder | |||
1.40B company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 13.17% | 184.03M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.74% | 66.18M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.50% | 62.94M | as of Jun 30, 2026 |
State Street CorpInstitution | 2.77% | 38.76M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.62% | 36.56M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Benjamin Haycraft | officer: CSO & GM EMEA | −18,750 | $2.06 |
| Sep 11, 2026 | Benjamin Haycraft | officer: CSO & GM EMEA | −13,810 | $2.14 |
| Jun 8, 2026 | Maureen O. Helmer | director | −50,000 | $3.23 |
| Jan 12, 2026 | Benjamin Haycraft | officer: CSO & GM EMEA | −40,000 | $2.17 |
| Dec 15, 2025 | Jose Luis Crespo | officer: See Remarks | +37,300 | $2.34 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Plug Power | $2.10 | +0.48% | $2.92B | — | — | 3.9 | +2.5% |
| Bloom Energy | $279.01 | +2.24% | $80.37B | 361.1 | 76.4 | 25.8 | +165.5% |
| Air Products | $281.23 | +0.63% | $62.23B | — | 19.8 | 4.9 | +4.6% |
| Linde | $458.82 | +0.29% | $211.64B | 29.6 | 24.5 | 6.0 | +9.4% |
| Cummins | $528.20 | −1.23% | $73.79B | 27.3 | 15.9 | 2.1 | +9.4% |
| Ballard Power Systems | $2.24 | +0.68% | $669.3M | — | — | 6.3 | +14.0% |
| FuelCell Energy | $18.11 | +0.81% | $1.44B | — | — | 9.3 | −29.4% |
| Median | 29.6 | 22.2 | 6.2 | +9.4% |