Plug Power Inc (PLUG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Plug Power Inc stock $0.38, price $1.45, that is 73.6% below the price, quality 28 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $0.6994 – $44.55 · fair‑value band $0.2890 – $0.5780 · the $1.45 price screens above the $0.3825 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Plug Power Inc. designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally.
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The company offers GenDrive, a hydrogen fueled PEM fuel cell system, which powers material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment; GenFuel, a liquid hydrogen fueling, delivery, generation, storage, and dispensing system; and GenCare, an Internet of Things based maintenance and on-site service program.
It also provides GenKey, a turn-key solution; GenEco electrolyzers for clean hydrogen production; liquefaction systems; cryogenic equipment, such as trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases; GenSure, a stationary fuel cell solution; and liquid hydrogen.
The company serves customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications through its direct sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is based in Slingerlands, New York.
Stock analysis
Plug Power Inc (PLUG) currently trades at $1.45, while our model-based Fair Value estimate is $0.3825, 74% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.
Scenario range: $0.2890 (bear) to $0.5780 (bull), the price of $1.45 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 28/100 (below-average quality), in the Industrials sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Plug Power Inc reported revenue of $710M in FY2025 versus $502M in FY2021, a compound +9.0%/yr. Reported net income was −$1.6B in FY2025.
Key figures
Market cap $2.0B Mid · P/S ratio 2.59 · EPS (TTM) $−1.31 · Return on equity −145% · Return on assets (EBIT) −25.8% (5-year average) · Operating margin −24.9% · Revenue (TTM) $744M · Revenue growth (YoY) +2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).
What moves the price
The share trades about 65% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −74%, PLUG screens richer than that median.
Fair Value models
Bear$0.2890Fair Value $0.3825Bull$0.5780
Price $1.45 · Downside -73.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham)$0.3400$0.4500$0.680054
All 1 models by family
Asset-Based
NCAV (Graham)$0.3400$0.4500$0.680054
The fair value above starts from this blend and is adjusted for dilution from new shares.
In the last 6 months, 2 officers or directors sold shares worth $670,897 and none bought.
SaleBenjamin HaycraftCSO & GM EMEA6× since Nov 10, 2025: 331,935 shares, avg. $2.15$713,397Oct 15, 202610b5-1 plan
SaleMaureen O HelmerDirector50,000 shares at $3.23$161,500Jun 8, 202610b5-1 plan
BuyJose Luis CrespoOfficer37,300 shares at $2.34$87,282Dec 15, 202510b5-1 plan
Plus 16 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.3/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+12.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.4%
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−21.8% (2019) → −95.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Weak durable advantage is evident from sustained negative margins and ongoing cash burn, while the main strength rests on secured electrolyzer supply agreements and preferred-supplier status for e-fuels projects.
Main risk: Continued dependence on external customer milestones for order confirmation risks delaying revenue recognition and worsening cash conversion.
Plug Power has secured a 280 MW electrolyzer supply agreement with Arcadia eFuels for the Danish ENDOR e-SAF project and preferred-supplier status for more than 1 GW of additional projects. Deliveries and revenue recognition stay conditional on the customer's final investment decision and notice to proceed. Our models currently see the stock as overvalued. Will these partnerships translate into firm orders and cash flow soon, or will execution continue to depend on external milestones?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electrical Equipment & Parts · 564 stocks
Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score28 · Bottom 25%
Fair Value upside−73.6% · Bottom 25%
Profitability
Return on assets−62.9% · Bottom 25%
Operating margin (12 months)−24.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)2.5% · Below median
Balance sheet
Debt / equity0.64× · Highest 25%
Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper
P/B2.06× · Cheaper than median
P/S (12 months)2.71× · Pricier than median
PEG0.84× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)13· sector 66
PAST (return on equity)0· sector 25
HEALTH (low debt)68· sector 97
DIVIDEND (yield)0· sector 23
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Plug Power Inc Fair Value". https://www.fairvalue-calculator.com/stock/PLUG
Frequently asked questions
Is Plug Power Inc (PLUG) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $0.3825 versus a price of $1.45, about 74% lower (overvalued).
What is the fair value of PLUG?
Our model-based fair value for Plug Power Inc is $0.3825 (as of Nov 8, 2026), built from audited fundamentals. The current price: $1.45.
What is the quality score of PLUG?
Plug Power Inc has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Plug Power Inc (PLUG)?
Our model-based price target is the fair value of $0.3825 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario $0.2890, optimistic scenario $0.5780. It is a calculation from audited fundamentals, not an analyst target.
What is the Plug Power Inc stock forecast for 2026?
Our models put fair value at $0.3825, about 74% lower versus a price of $1.45 (overvalued). Cautious scenario $0.2890, optimistic scenario $0.5780. The calculation is refreshed regularly with new filings.
What is the revenue of Plug Power Inc (PLUG)?
Plug Power Inc reported trailing-twelve-month revenue of about $744M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Plug Power Inc (PLUG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Plug Power Inc it is $0.3825 per share (as of Nov 8, 2026), against a price of $1.45. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Plug Power Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, PLUG trades above its calculated fair value: price $1.45, fair value $0.3825, a gap of about −74% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PLUG?
No. The price is what the market pays today ($1.45); the fair value is what the company's own numbers justify ($0.3825). For Plug Power Inc the two are $1.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is Plug Power Inc worth?
The market values Plug Power Inc at about $2.0B (market capitalisation, as of Nov 8, 2026). Per share that is $1.45; our models calculate a fair value of $0.3825 per share.
What do the bullish and bearish scenarios say about PLUG?
Our models span a range for Plug Power Inc: cautious scenario $0.2890, base $0.3825, optimistic $0.5780 per share (as of Nov 8, 2026, price $1.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of PLUG?
The PEG ratio of Plug Power Inc is 0.84 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Plug Power Inc (PLUG)?
Balance-sheet figures for Plug Power Inc (as of Nov 8, 2026): return on equity −145.0%, debt of 0.64 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is PLUG from its 52-week high?
Plug Power Inc trades at $1.45, about 65% below its 52-week high of $4.14 and 11% above the low of $1.31 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $0.3825 is for.
Which stocks are comparable to Plug Power Inc?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Delta Electronics (Thailand) Public Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Plug Power Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $1.45, calculated fair value $0.3825 (−74%), Quality Score 28/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PLUG calculated?
We run Plug Power Inc through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of $0.3825 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Plug Power Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Plug Power Inc (PLUG)?
The closing price on Nov 6, 2026 was $1.45. Our model-based fair value is $0.3825, about 74% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Plug Power Inc right now?
The price sits above even our optimistic bull case ($0.5780). The favourable scenario is already priced in. Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($0.2890 to $0.5780) leaves room in how you read the outcome.
Key figures of Plug Power Inc
How large is the market capitalisation of Plug Power Inc (PLUG)?
The market capitalisation of Plug Power Inc is $2.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Plug Power Inc (PLUG)?
The price-to-sales ratio of Plug Power Inc is 2.59 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Plug Power Inc (PLUG)?
Earnings per share at Plug Power Inc are $−1.31. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Plug Power Inc (PLUG)?
The return on equity (ROE) of Plug Power Inc is −145% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Plug Power Inc (PLUG)?
On an EBIT basis the return on assets of Plug Power Inc is −25.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Plug Power Inc (PLUG)?
The operating margin of Plug Power Inc is −24.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Plug Power Inc (PLUG)?
Revenue at Plug Power Inc is growing +2.5% versus a year earlier (3y avg +0.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Plug Power Inc (PLUG) generate?
The free cash flow of Plug Power Inc is −$661M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Plug Power Inc (PLUG) carry?
The net debt of Plug Power Inc is $442M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026
