Company Valuation: Plug Power Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 16,271 7,211 2,725 1,941 2,704 3,241 - -
Change - -55.68% -62.21% -28.77% 39.34% 19.86% - -
Enterprise Value (EV) 1 13,005 6,723 3,203 2,465 3,039 3,923 4,078 4,160
Change - -48.3% -52.36% -23.04% 23.31% 29.07% 3.96% 2%
P/E -34.4x -9.9x -1.96x -0.79x -1.39x -5.98x -14.2x -21.2x
PBR 3.42x 1.77x 0.92x 0.96x 2.25x 5.06x 6.08x 6.99x
PEG - -0.2x -0x -0x 0x 0.1x 0.2x 0.6x
Capitalization / Revenue 32.4x 10.3x 3.06x 3.09x 3.81x 3.96x 3.35x 2.8x
EV / Revenue 25.9x 9.58x 3.59x 3.92x 4.28x 4.79x 4.21x 3.59x
EV / EBITDA -38.5x -15x -3.95x -2.7x -5.2x -19.4x -34.4x -80.2x
EV / EBIT -29.7x -9.89x -2.38x -1.22x -2.07x -13.3x -21.8x -53.8x
EV / FCF -23.6x -5.2x -1.78x -2.32x -4.7x -10.7x -48.6x 107x
FCF Yield -4.24% -19.2% -56.3% -43.1% -21.3% -9.36% -2.06% 0.94%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.82 -1.25 -2.3 -2.68 -1.42 -0.3878 -0.1634 -0.1094
Distribution rate - - - - - - - -
Net sales 1 502.3 701.4 891.3 628.8 709.9 819.2 968.9 1,159
EBITDA 1 -337.5 -448.3 -810 -911.5 -584.5 -202.7 -118.6 -51.9
EBIT 1 -437.3 -679.6 -1,344 -2,020 -1,467 -295.5 -186.9 -77.34
Net income 1 -460 -724 -1,369 -2,105 -1,632 -574.4 -240 -166.8
Net Debt 1 -3,266 -487.6 478.1 524 335 681.4 836.6 918.1
Reference price 2 28.230 12.370 4.500 2.130 1.970 2.320 2.320 2.320
Nbr of stocks (in thousands) 576,356 582,904 605,502 911,197 1,372,819 1,397,195 - -
Announcement Date 3/1/22 3/1/23 2/29/24 3/3/25 3/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-5.98x4.79x-19.35x-.--% 3.24B
-8.39x9.73x-27.51x-.--% 1.79B
-34.85x6.22x-259.94x-.--% 1.75B
-58.51x14.47x1123.04x-.--% 1.27B
-15.44x3.27x-7.87x-.--% 813M
22.37x1.75x9.32x-.--% 420M
-7.03x55.44x-8.46x - 169M
Average -15.41x 13.67x 115.60x 0% 1.35B
Weighted average by Cap. -18.42x 7.93x 90.50x 0%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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