Company Valuation: Plug Power Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 15,382 16,271 7,211 2,725 1,941 2,595 2,595 -
Change - 5.78% -55.68% -62.21% -28.77% 33.69% 0% -
Enterprise Value (EV) 1 14,330 13,005 6,723 3,203 2,465 3,060 3,146 3,073
Change - -9.25% -48.3% -52.36% -23.04% 24.15% 2.81% -2.32%
P/E ratio -21.5x -34.4x -9.9x -1.96x -0.79x -2.36x -5.88x -8.72x
PBR 10.3x 3.42x 1.77x 0.92x 0.96x 1.43x 1.89x 2x
PEG - 0.7x -0.2x -0x -0x 0x 0.1x 0.3x
Capitalization / Revenue -153x 32.4x 10.3x 3.06x 3.09x 3.7x 3.05x 2.46x
EV / Revenue -143x 25.9x 9.58x 3.59x 3.92x 4.36x 3.69x 2.91x
EV / EBITDA - -38.5x -15x -3.95x -2.7x -5.65x -14.6x -36.6x
EV / EBIT -152x -29.7x -9.89x -2.38x -1.22x -3.89x -9.9x -15.8x
EV / FCF -80.1x -23.6x -5.2x -1.78x -2.32x -5.29x -8.54x -13.3x
FCF Yield -1.25% -4.24% -19.2% -56.3% -43.1% -18.9% -11.7% -7.52%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -1.58 -0.82 -1.25 -2.3 -2.68 -0.8002 -0.3215 -0.2167
Distribution rate - - - - - - - -
Net sales 1 -100.5 502.3 701.4 891.3 628.8 702 851.9 1,056
EBITDA 1 - -337.5 -448.3 -810 -911.5 -541.3 -215.8 -84.04
EBIT 1 -94.26 -437.3 -679.6 -1,344 -2,020 -785.8 -317.8 -194.9
Net income 1 -561.7 -460 -724 -1,369 -2,105 -910.9 -402 -275.3
Net Debt 1 -1,051 -3,266 -487.6 478.1 524 465.4 551.4 478.4
Reference price 2 33.910 28.230 12.370 4.500 2.130 1.890 1.890 1.890
Nbr of stocks (in thousands) 453,598 576,356 582,904 605,502 911,197 1,372,819 1,372,819 -
Announcement Date 2/25/21 3/1/22 3/1/23 2/29/24 3/3/25 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-2.27x4.22x-5.48x-.--% 2.5B
-60.3x5.92x-110.33x-.--% 1.68B
-14.62x15.22x-15.56x-.--% 768M
-6.43x1.25x-1.11x-.--% 622M
-2.81x1.79x-9.46x - 335M
60.84x1.21x12.43x-.--% 268M
-5.98x1082.67x-6.7x - 191M
Average -4.51x 158.90x -19.46x 0% 908.75M
Weighted average by Cap. -16.97x 37.84x -33.43x 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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