Plug Power Inc.

PLUGNASDAQIndustrials● Active

$3.19

$-0.03(-0.78%)

Market Cap$3.7B

P/E Ratio—

52W High$4.58

52W Low$0.86

Avg Volume78.4M

Open$3.32

Beta2.12

Free Cash Flow Financials Revenue

Plug Power Inc. (PLUG) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PLUG · free cash flow · updated Jun 8, 2026

Core FCF metrics

PLUG · FCF · TTM · margin & CAGR

Free cash flow was −$661.5M for FY2025 (fiscal year ending 2025-12-31), up 37.8% year-over-year The FCF margin was -93.2%.

FY2025 Free Cash Flow−$661.5M▲ +37.8% YoY

Trailing 12M (TTM)−$666.2Mtrailing 4 quarters sum

FCF Margin-93.2%−$661.5M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PLUG · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$535.8M(126M)−$661.5M▲ +37.8%-93.2%

FY2024−$728.6M(334M)−$1.06B▲ +41.0%-169.0%

FY2023−$1.11B(696M)−$1.80B▼ 66.2%-202.3%

FY2022−$620.8M(464M)−$1.08B▼ 96.7%-154.6%

FY2021−$358.2M(193M)−$551.4M▼ 168.1%-109.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PLUG · P/FCF · FCF yield · FCF per share

Plug Power Inc. (PLUG) reported negative free cash flow of −$0.66B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PLUG · cash flow statement · operating / investing / financing

For FY2025, Plug Power Inc. generated −$535.8M in operating cash flow and spent 126M in capital expenditures, yielding −$661.5M in free cash flow.

Operating Activities

−$535.8M

Cash from core business operations

2025-12-31

Investing Activities

−$137.2M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$628.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$535.8M) − |CapEx| (126M) = FCF (−$661.5M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

PLUG vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Plug Power Inc.YOU

PLUG

−$661.5M+37.8%-93.2%

Loss

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Plug Power Inc. (PLUG) reported free cash flow of −$661.5M for FY2025 (fiscal year ending 2025-12-31), up 37.8% year-over-year. The FCF margin was -93.2%.

Plug Power Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 15 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PLUG free cash flow · 8 questions

Plug Power Inc. free cash flow was −$661.5M for FY2025, up 37.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$666.2M.

PLUG free cash flowPLUG FCFPLUG FCF 2025PLUG free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Plug Power Inc. · Plug Power Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026