PLUG PE Ratio & Valuation,Is PLUG Overvalued

PLUG Relative Valuation

PLUG's fair value is calculated using relative valuation, based on historical P/E and P/S ranges and their premiums/discounts relative to a competitor average, adjusted by weights. If the market price exceeds this fair value range, PLUG is overvalued; if below, it's undervalued.

Historical Valuation

Plug Power Inc (PLUG) is now in the Overvalued zone, suggesting that its current forward PS ratio of 3.77 is considered Overvalued compared with the five-year average of -28.40. The fair price of Plug Power Inc (PLUG) is between 0.94 to 2.02 according to relative valuation methord. Compared to the current price of 2.28 USD , Plug Power Inc is Overvalued By 12.7%.

Relative Value

Fair Zone

0.94-2.02

Current Price：2.28

12.7%

Overvalued

-5.95

-14.15

EV/EBITDA

Plug Power Inc. (PLUG) has a current EV/EBITDA of -14.15. The 5-year average EV/EBITDA is 197.37. The thresholds are as follows: Strongly Undervalued below -1959.44, Undervalued between -1959.44 and -881.03, Fairly Valued between 1275.78 and -881.03, Overvalued between 1275.78 and 2354.19, and Strongly Overvalued above 2354.19. The current Forward EV/EBITDA of -14.15 falls within the Historic Trend Line -Fairly Valued range.

-10.09

EV/EBIT

Plug Power Inc. (PLUG) has a current EV/EBIT of -10.09. The 5-year average EV/EBIT is -30.56. The thresholds are as follows: Strongly Undervalued below -121.66, Undervalued between -121.66 and -76.11, Fairly Valued between 14.99 and -76.11, Overvalued between 14.99 and 60.54, and Strongly Overvalued above 60.54. The current Forward EV/EBIT of -10.09 falls within the Historic Trend Line -Fairly Valued range.

3.77

Plug Power Inc. (PLUG) has a current PS of 3.77. The 5-year average PS is 11.16. The thresholds are as follows: Strongly Undervalued below -15.77, Undervalued between -15.77 and -2.31, Fairly Valued between 24.62 and -2.31, Overvalued between 24.62 and 38.08, and Strongly Overvalued above 38.08. The current Forward PS of 3.77 falls within the Historic Trend Line -Fairly Valued range.

-12.86

P/OCF

Plug Power Inc. (PLUG) has a current P/OCF of -12.86. The 5-year average P/OCF is -57.05. The thresholds are as follows: Strongly Undervalued below -205.27, Undervalued between -205.27 and -131.16, Fairly Valued between 17.06 and -131.16, Overvalued between 17.06 and 91.17, and Strongly Overvalued above 91.17. The current Forward P/OCF of -12.86 falls within the Historic Trend Line -Fairly Valued range.

-11.20

P/FCF

Plug Power Inc. (PLUG) has a current P/FCF of -11.20. The 5-year average P/FCF is -9.00. The thresholds are as follows: Strongly Undervalued below -25.81, Undervalued between -25.81 and -17.41, Fairly Valued between -0.60 and -17.41, Overvalued between -0.60 and 7.81, and Strongly Overvalued above 7.81. The current Forward P/FCF of -11.20 falls within the Historic Trend Line -Fairly Valued range.

Plug Power Inc (PLUG) has a current Price-to-Book (P/B) ratio of 1.89. Compared to its 3-year average P/B ratio of 1.10 , the current P/B ratio is approximately 71.70% higher. Relative to its 5-year average P/B ratio of 2.51, the current P/B ratio is about -24.67% higher. Plug Power Inc (PLUG) has a Forward Free Cash Flow (FCF) yield of approximately -22.04%. Compared to its 3-year average FCF yield of -56.26%, the current FCF yield is approximately -60.83% lower. Relative to its 5-year average FCF yield of -35.35% , the current FCF yield is about -37.66% lower.

1.89

P/B

Median3y

1.10

Median5y

2.51

-22.04

FCF Yield

Median3y

-56.26

Median5y

-35.35

Competitors Valuation Multiple

The average P/S ratio for PLUG's competitors is 1.79, providing a benchmark for relative valuation. Plug Power Inc Corp (PLUG) exhibits a P/S ratio of 3.77, which is 110.68% above the industry average. Given its robust revenue growth of 1.91%, this premium appears unsustainable.

P/S

P/E

EV/EBITDA

EV/EBIT

Revenue Growth

Market Cap

Performance Decomposition

Market capitalization of PLUG increased by 22.58% over the past 1 year. The primary factor behind the change was an decrease in Margin Expansion from -121.55 to -205.31.

The secondary factor is the Revenue Growth, contributed 1.91%to the performance.

Overall, the performance of PLUG in the past 1 year is driven by Margin Expansion. Which is more sustainable.

1.91%

173.73M → 177.06M

Revenue Growth

68.91%

-121.55 → -205.31

Margin Expansion

-48.24%

-2.10 → -1.09

P/E Change

22.58%

1.86 → 2.28

Mkt Cap Growth

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Frequently Asked Questions

Is Plug Power Inc (PLUG) currently overvalued or undervalued?

What is Plug Power Inc (PLUG) fair value?

PLUG's fair value is calculated using relative valuation, based on historical P/E and P/S ranges and their premiums/discounts relative to a competitor average , adjusted by weights. The fair price of Plug Power Inc (PLUG) is between 0.94 to 2.02 according to relative valuation methord.

How does PLUG's valuation metrics compare to the industry average?

What is the current P/B ratio for Plug Power Inc (PLUG) as of Jan 09 2026?

As of Jan 09 2026, Plug Power Inc (PLUG) has a P/B ratio of 1.89. This indicates that the market values PLUG at 1.89 times its book value.

What is the current FCF Yield for Plug Power Inc (PLUG) as of Jan 09 2026?

As of Jan 09 2026, Plug Power Inc (PLUG) has a FCF Yield of -22.04%. This means that for every dollar of Plug Power Inc’s market capitalization, the company generates -22.04 cents in free cash flow.

What is the current Forward P/E ratio for Plug Power Inc (PLUG) as of Jan 09 2026?

As of Jan 09 2026, Plug Power Inc (PLUG) has a Forward P/E ratio of -5.95. This means the market is willing to pay $-5.95 for every dollar of Plug Power Inc’s expected earnings over the next 12 months.

What is the current Forward P/S ratio for Plug Power Inc (PLUG) as of Jan 09 2026?

As of Jan 09 2026, Plug Power Inc (PLUG) has a Forward P/S ratio of 3.77. This means the market is valuing PLUG at $3.77 for every dollar of expected revenue over the next 12 months.

PLUG Valuation