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Plug Power Valuation Multiples
Discover revenue and EBITDA valuation multiples for Plug Power and similar public comparables like Taiyo Yuden, Munters Group, Enphase Energy, Viohalco and more.
Plug Power Overview
About Plug Power
Plug Power Inc is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets, including material handling, e-mobility, power generation, and industrial applications.
Founded
1999
HQ
Employees
3.2K
Website
Financials (LTM)
EV
$5B
Plug Power Financials
Plug Power reported last 12-month revenue of $737M and negative EBITDA of ($503M).
In the same LTM period, Plug Power generated ($166M) in gross profit, ($503M) in EBITDA losses, and had net loss of ($1B).
Revenue (LTM)
Plug Power P&L
In the most recent fiscal year, Plug Power reported revenue of $710M and EBITDA of ($605M).
Plug Power expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $737M | XXX | $710M | XXX | XXX | XXX |
| Gross Profit | ($166M) | XXX | ($242M) | XXX | XXX | XXX |
| Gross Margin | (22%) | XXX | (34%) | XXX | XXX | XXX |
| EBITDA | ($503M) | XXX | ($605M) | XXX | XXX | XXX |
| EBITDA Margin | (68%) | XXX | (85%) | XXX | XXX | XXX |
| EBIT Margin | (155%) | XXX | (96%) | XXX | XXX | XXX |
| Net Profit | ($1B) | XXX | ($2B) | XXX | XXX | XXX |
| Net Margin | (174%) | XXX | (230%) | XXX | XXX | XXX |
| Net Debt | — | — | $335M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Plug Power Stock Performance
Plug Power has current market cap of $4B, and enterprise value of $5B.
Market Cap Evolution
Plug Power's stock price is $2.94.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $5B | $4B | 6.1% | XXX | XXX | XXX | $-1.17 |
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Start Free TrialPlug Power Valuation Multiples
Plug Power trades at 6.4x EV/Revenue multiple, and (9.4x) EV/EBITDA.
EV / Revenue (LTM)
Plug Power Financial Valuation Multiples
As of April 15, 2026, Plug Power has market cap of $4B and EV of $5B.
Equity research analysts estimate Plug Power's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Plug Power has a P/E ratio of (3.2x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $4B | XXX | $4B | XXX | XXX | XXX |
| EV (current) | $5B | XXX | $5B | XXX | XXX | XXX |
| EV/Revenue | 6.4x | XXX | 6.7x | XXX | XXX | XXX |
| EV/EBITDA | (9.4x) | XXX | (7.8x) | XXX | XXX | XXX |
| EV/EBIT | (4.1x) | XXX | (7.0x) | XXX | XXX | XXX |
| EV/Gross Profit | (28.5x) | XXX | (19.5x) | XXX | XXX | XXX |
| P/E | (3.2x) | XXX | (2.5x) | XXX | XXX | XXX |
| EV/FCF | (8.8x) | XXX | (7.2x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Plug Power Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Plug Power Margins & Growth Rates
Plug Power's revenue in the last 12 month grew by 15%.
Plug Power's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.
Plug Power's rule of 40 is (18%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Plug Power's rule of X is 2% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Plug Power Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 15% | XXX | 13% | XXX | XXX | XXX |
| EBITDA Margin | (68%) | XXX | (85%) | XXX | XXX | XXX |
| EBITDA Growth | (57%) | XXX | (59%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | (18%) | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 2% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 49% | XXX | 53% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 8% | XXX | 8% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 62% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Plug Power Public Comps
See public comps and valuation multiples for other Energy Equipment and Electrical Parts & Equipment comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Plug Power | XXX | XXX | XXX | XXX | XXX | XXX |
| Taiyo Yuden | XXX | XXX | XXX | XXX | XXX | XXX |
| Munters Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Enphase Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Viohalco | XXX | XXX | XXX | XXX | XXX | XXX |
| Itron | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Plug Power M&A Activity
Plug Power acquired XXX companies to date.
Last acquisition by Plug Power was on XXXXXXXX, XXXXX. Plug Power acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Plug Power
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialPlug Power Investment Activity
Plug Power invested in XXX companies to date.
Plug Power made its latest investment on XXXXXXXX, XXXXX. Plug Power invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Plug Power
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Plug Power
| When was Plug Power founded? | Plug Power was founded in 1999. |
| Where is Plug Power headquartered? | Plug Power is headquartered in United States. |
| How many employees does Plug Power have? | As of today, Plug Power has over 3K employees. |
| Who is the CEO of Plug Power? | Plug Power's CEO is Jose Luis Crespo. |
| Is Plug Power publicly listed? | Yes, Plug Power is a public company listed on Nasdaq. |
| What is the stock symbol of Plug Power? | Plug Power trades under PLUG ticker. |
| When did Plug Power go public? | Plug Power went public in 1999. |
| Who are competitors of Plug Power? | Plug Power main competitors are Taiyo Yuden, Munters Group, Enphase Energy, Viohalco. |
| What is the current market cap of Plug Power? | Plug Power's current market cap is $4B. |
| What is the current revenue of Plug Power? | Plug Power's last 12 months revenue is $737M. |
| What is the current revenue growth of Plug Power? | Plug Power revenue growth (NTM/LTM) is 15%. |
| What is the current EV/Revenue multiple of Plug Power? | Current revenue multiple of Plug Power is 6.4x. |
| Is Plug Power profitable? | No, Plug Power is not profitable. |
| What is the current EBITDA of Plug Power? | Plug Power has negative EBITDA and is not profitable. |
| What is Plug Power's EBITDA margin? | Plug Power's last 12 months EBITDA margin is (68%). |
| What is the current EV/EBITDA multiple of Plug Power? | Current EBITDA multiple of Plug Power is (9.4x). |
| What is the current FCF of Plug Power? | Plug Power's last 12 months FCF is ($538M). |
| What is Plug Power's FCF margin? | Plug Power's last 12 months FCF margin is (73%). |
| What is the current EV/FCF multiple of Plug Power? | Current FCF multiple of Plug Power is (8.8x). |
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