Plug Power, Inc. Financial Ratios — PLUG.USD Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	-76.32	-144.61	- -	- -	-39.75	-57.87	-175.44	- -	- -	-145.47	-17.72	-16.71	-39.34	-90.87	-120.31
Return on Assets (%)	-47.82	-67	-167.53	-73.89	-26.93	-25.53	-49.68	-25.9	-12.99	-52.88	-12.59	-12.36	-25.66	-49.49	-52.65
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	-33.58	-54.98	-42.28	-7.57	-9.58	4.76	-28.05	-14.93	4.63	503.47	-34.1	-27.71	-56.97	-99.38	-34.09
EBITDA Margin (%)	-96.55	-123.7	-93.18	-52.3	-54.23	-55.88	-91.87	-36.69	-15.21	609.88	-82.41	-89.52	-142.76	-307.77	-200.42
Operating Margin (%)	-115.11	-140.46	-108.89	-59.06	-57.12	-62.21	-101.64	-43.88	-20.7	618.44	-82.8	-93.79	-117.13	-171.47	-95.73
Incremental Operating Margin (%)	232.37	321.01	1,564.69	- -	- -	- -	- -	34.23	51.7	163.67	26.98	- -	- -	13.03	491.53
Pretax Margin (%)	-99.38	-122.04	-237.13	-138.27	-53.92	-69.89	-126.89	-54.47	-36.41	672.48	-94.79	-103.1	-154.4	-335.17	-238.52
Profit Margin (%)	-99.38	-122.04	-235.59	-137.77	-53.92	-69.41	-126.89	-49.14	-36.41	639.4	-91.56	-103.22	-153.57	-334.71	-229.83
Net Income to Common Margin (%)	-99.38	-122.04	-236.05	-138.01	-54.02	-69.54	-129.98	-49.17	-37.2	639.43	-91.56	-103.22	-153.57	-334.71	-229.83
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	0.19	0.18	0.19	0.18	2.38	0.06	2.12	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	-76.32	-144.61	- -	- -	-39.68	-57.76	-171.26	- -	- -	-145.46	-17.72	-16.71	-39.34	-90.87	-120.31

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	5	5	4	3	17	68	104	273	527	560	810	899	969	1,079	997
ST Debt	5	4	1	1	3	18	53	91	90	117	93	121	160	226	161
LT Debt	- -	1	3	2	15	51	50	181	437	443	717	778	809	852	836
Total Debt/EBITDA	-0.2	-0.17	-0.15	-0.09	-0.31	-1.48	-1.13	-4.26	-15.06	-0.98	-1.96	-1.43	-0.76	-0.56	-0.7
Net Debt/EBITDA	0.32	0.17	0.07	4.26	0.83	-0.48	-0.86	-3.66	-8.68	-0.04	4.61	0.25	-0.34	-0.27	-0.24
Total Debt/EBIT	-0.17	-0.15	-0.13	-0.08	-0.3	-1.33	-1.02	-3.57	-11.06	-0.96	-1.85	-1.32	-0.72	-0.53	-0.68
Net Debt/EBIT	0.27	0.15	0.06	3.77	0.79	-0.43	-0.77	-3.06	-6.38	-0.04	4.36	0.23	-0.32	-0.26	-0.23
EBITDA to Interest Expense	-1,188.81	-123.29	-62.28	24.36	-160.5	-4.32	-9.11	-2.81	-0.98	-9.4	-9.58	-16.09	-28.15	-41.51	-21.85
EBITDA-CapEx/Interest Expense	-1,247.92	-123.58	-62.56	25.39	-170.59	-9.75	-13.5	-3.67	-1.39	-10.23	-14.05	-27.97	-43.55	-48.68	-23.78
EBIT to Interest Expense	-1,417.39	-139.99	-72.78	27.51	-169.06	-4.81	-10.08	-3.36	-1.33	-9.53	-9.62	-16.85	-23.1	-23.13	-10.43
Interest Expense	- -	- -	- -	-1	- -	11	10	23	36	61	43	39	45	47	65
Common Equity/Total Assets	52.17	38.09	-57.26	76.97	59	31.34	26.93	-7.41	25.97	43.23	77.41	70.44	59.11	48.13	37.7
Long-Term Debt/Equity (%)	- -	8.68	- -	1.53	11.87	59.46	68.49	6,688.39	186.42	75.55	15.57	19.15	27.91	47.14	83.37
Long-Term Debt/Capital (%)	- -	6.41	-21.88	1.5	10.41	32.98	28.44	65.93	57.43	38.64	13.24	15.68	20.92	29.53	41.81
Long-Term Debt/Total Assets (%)	- -	3.31	8.71	1.19	7.07	21.01	18.63	46.49	48.65	32.66	12.06	13.49	16.5	23.65	32.24
Total Debt/Equity (%)	18.62	35.5	-21.25	1.9	14.01	80.33	140.82	10,045.08	224.58	95.54	17.59	22.13	33.43	59.67	99.39
Total Debt/Capital (%)	15.69	26.2	-26.98	1.87	12.29	44.54	58.48	99.01	69.19	48.86	14.96	18.12	25.05	37.37	49.85
Total Debt/Total Assets (%)	9.71	13.52	10.74	1.48	8.35	28.38	38.3	69.82	58.62	41.3	13.62	15.59	19.76	29.94	38.43
Net Debt to Equity	-29.11	-35.59	10.16	-90.47	-37.26	26.25	107.11	8,622.23	129.44	4.12	-41.4	-3.9	14.93	28.98	33.38
Net Debt/Capital (%)	-41.06	-48.69	9.51	-948.86	-59.4	20.79	51.72	98.85	49.87	3.46	-64.98	-3.71	11.59	19.55	20.52
EBITDA	-27	-32	-25	-34	-56	-46	-92	-64	-35	-569	-414	-628	-1,272	-1,935	-1,423
EBITDA-CapEx	-28	-32	-25	-35	-60	-104	-136	-83	-50	-619	-607	-1,092	-1,969	-2,270	-1,548
Operating Income (Loss)	-32	-37	-29	-38	-59	-52	-102	-76	-48	-577	-416	-658	-1,044	-1,078	-680

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.81	0.55	0.46	5.69	1.5	0.69	0.21	0.26	0.81	1.78	9.2	3.4	0.14	0.27	0.6
Current Ratio	2.32	1.41	2.02	7.5	3.07	1.67	1.03	1.06	2.11	3.09	10.58	5.2	1.85	1.97	2.31
Quick Ratio	1.6	0.79	0.89	6.31	2.03	0.87	0.42	0.52	1.06	2.23	9.51	3.7	0.52	0.61	1
CFO/Avg Current Liab	-2.08	-1.18	-1.93	-2.23	-1.38	-0.54	-0.66	-0.45	-0.32	-0.71	-1.06	-1.57	-1.38	-0.85	-0.79
Common Equity/Total Assets	52.17	38.09	-57.26	76.97	59	31.34	26.93	-7.41	25.97	43.23	77.41	70.44	59.11	48.13	37.7
Long-Term Debt/Equity (%)	- -	8.68	- -	1.53	11.87	59.46	68.49	6,688.39	186.42	75.55	15.57	19.15	27.91	47.14	83.37
Long-Term Debt/Capital (%)	- -	6.41	-21.88	1.5	10.41	32.98	28.44	65.93	57.43	38.64	13.24	15.68	20.92	29.53	41.81
Long-Term Debt/Total Assets (%)	- -	3.31	8.71	1.19	7.07	21.01	18.63	46.49	48.65	32.66	12.06	13.49	16.5	23.65	32.24
Total Debt/Equity (%)	18.62	35.5	-21.25	1.9	14.01	80.33	140.82	10,045.08	224.58	95.54	17.59	22.13	33.43	59.67	99.39
Total Debt/Capital (%)	15.69	26.2	-26.98	1.87	12.29	44.54	58.48	99.01	69.19	48.86	14.96	18.12	25.05	37.37	49.85
Total Debt/Total Assets (%)	9.71	13.52	10.74	1.48	8.35	28.38	38.3	69.82	58.62	41.3	13.62	15.59	19.76	29.94	38.43
CFO/Total Liabilities	-125.13	-82.54	-50.5	-88.91	-55.8	-19.03	-30.52	-15.05	-8.03	-20.2	-26.64	-48.63	-55.2	-40.59	-33.67
CFO/CapEx	-25.12	-260.1	-242.17	-28.86	-13.43	-0.51	-1.36	-2.98	-3.65	-3.1	-1.85	-1.79	-1.59	-2.18	-4.26
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	3.14	3	6.1	6.18	5.33	4.79	5.55	5.66	5.53	-1.17	4.87	6.32	4.78	3.14	4.86
Days Sales Outstanding	116.17	121.7	59.83	59.09	68.46	76.19	65.79	64.45	65.97	-311.78	74.9	57.79	76.42	116.4	75.07
Inventory Turnover	3.53	4.28	3.99	3.93	3.94	2.52	3.26	4.14	2.7	3.02	3.34	1.96	1.74	1.53	1.58
Days Inventory Outstanding	103.33	85.27	91.41	92.83	92.7	145.06	112.02	88.13	135.2	120.69	109.28	186.37	209.6	239.3	230.74
Accounts Payable Turnover	8.92	9.4	9.98	9.23	6.63	2.67	3.57	4.7	7.48	8.03	8.61	6.79	6.03	3.59	3.69
Accounts Payable Turnover Days	40.9	38.84	36.56	39.56	55.09	136.9	102.17	77.63	48.77	45.46	42.39	53.76	60.49	101.7	99.03
Cash Conversion Cycle	178.6	168.13	114.68	112.35	106.07	84.35	75.64	74.95	152.4	-236.56	141.8	190.4	225.53	254	206.78
Inventory to Cash Days	12.84	36.43	-31.57	-33.74	-24.24	-68.87	-46.23	-23.68	-69.23	-432.48	-34.37	-128.58	-133.18	-122.9	-155.68
Inventories	10	9	10	25	33	30	49	48	115	134	269	646	961	683	521
Raw Materials	9	8	9	19	24	26	43	40	57	105	204	469	586	414	351
Work In Process	- -	- -	- -	- -	6	2	3	6	13	29	58	112	150	130	84
Finished Goods	1	1	1	6	3	2	2	3	3	5	7	64	226	138	86
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	42	-5	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	14	9	5	146	64	46	25	39	152	448	2,481	691	135	206	369
+ Preferred Equity and Hybrid Capital	- -	- -	2	1	1	10	1	32	1	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	74	25
+ Total Debt	5	5	4	3	17	68	104	273	527	560	810	899	969	1,079	997
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	34	20	-14	161	142	153	177	275	761	1,146	5,416	4,959	3,867	2,886	2,000
Total Debt/Capital (%)	15.69	26.2	-26.98	1.87	12.29	44.54	58.48	99.01	69.19	48.86	14.96	18.12	25.05	37.37	49.85
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	28	26	27	64	103	83	100	174	230	-93	502	701	891	629	710
TTM EBITDA	-27	-32	-25	-34	-56	-46	-92	-64	-35	-569	-414	-628	-1,272	-1,935	-1,423
TTM Operating Income	-32	-37	-29	-38	-59	-52	-102	-76	-48	-577	-416	-658	-1,044	-1,078	-680
TTM Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Multiples (USD)

Valuation Multiples API ChatGPT

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Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	23	38	106	173	180	191	228	219	303	457	577	589	605	913	1,391
Diluted Weighted Avg Shares	19	34	76	159	176	180	216	219	237	354	557	579	595	784	1,145
Basic Weighted Avg Shares	19	34	76	159	176	180	216	219	237	354	557	579	595	784	1,145
Revenue per Share	1.47	0.76	0.35	0.4	0.59	0.46	0.46	0.8	0.97	-0.26	0.9	1.21	1.5	0.8	0.62
EBITDA per Share	-1.42	-0.94	-0.32	-0.21	-0.32	-0.26	-0.43	-0.29	-0.15	-1.61	-0.74	-1.08	-2.14	-2.47	-1.24
Operating Income per Share	-1.7	-1.07	-0.38	-0.24	-0.34	-0.29	-0.47	-0.35	-0.2	-1.63	-0.75	-1.14	-1.76	-1.38	-0.59
Basic EPS, GAAP	-1.46	-0.93	-0.82	-0.56	-0.32	-0.32	-0.6	-0.39	-0.36	-1.68	-0.83	-1.25	-2.3	-2.69	-1.43
Basic EPS from Cont Ops	-1.46	-0.93	-0.82	-0.56	-0.32	-0.32	-0.59	-0.39	-0.35	-1.68	-0.83	-1.25	-2.3	-2.69	-1.48
Diluted EPS, GAAP	-1.46	-0.93	-0.82	-0.56	-0.32	-0.32	-0.6	-0.39	-0.36	-1.68	-0.83	-1.25	-2.3	-2.69	-1.43
Diluted EPS from Cont Ops	-1.46	-0.93	-0.82	-0.56	-0.32	-0.32	-0.59	-0.39	-0.35	-1.68	-0.83	-1.25	-2.3	-2.69	-1.48
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-1.78	-0.59	-0.35	-0.26	-0.27	-0.16	-0.28	-0.27	-0.23	-0.44	-0.64	-1.43	-1.86	-0.93	-0.47
Free Cash Flow per Basic Share	-1.85	-0.59	-0.35	-0.27	-0.29	-0.49	-0.48	-0.36	-0.29	-0.58	-0.99	-2.23	-3.03	-1.36	-0.58
Cash & Equivalents per Share	0.61	0.25	0.05	0.85	0.36	0.24	0.11	0.18	0.5	0.98	6.71	3.66	0.22	0.23	0.26
Book Value per Share	1.28	0.39	-0.19	0.91	0.69	0.4	0.32	-0.13	0.77	1.28	7.99	6.89	4.79	1.9	0.7
Tangible Book Value per Share	0.95	0.26	-0.22	0.9	0.61	0.33	0.26	-0.19	0.41	1.04	7.33	6.11	4.48	1.81	0.68