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 2,655 - -
Change - -55.68% -62.21% -28.77% 39.34% -1.84% - -
Enterprise Value (EV) 1 13,005 6,723 3,203 2,465 3,039 3,464 3,492 3,575
Change - -48.3% -52.36% -23.04% 23.31% 13.98% 0.78% 2.38%
P/E -34.4x -9.9x -1.96x -0.79x -1.39x -4.86x -11.7x -17.3x
PBR 3.42x 1.77x 0.92x 0.96x 2.25x 4.23x 5.11x 5.95x
PEG - -0.2x -0x -0x 0x 0.1x 0.2x 0.5x
Capitalization / Revenue 32.4x 10.3x 3.06x 3.09x 3.81x 3.24x 2.74x 2.29x
EV / Revenue 25.9x 9.58x 3.59x 3.92x 4.28x 4.23x 3.6x 3.08x
EV / EBITDA -38.5x -15x -3.95x -2.7x -5.2x -16.9x -28.1x -29.6x
EV / EBIT -29.7x -9.89x -2.38x -1.22x -2.07x -11.6x -18.6x -47.8x
EV / FCF -23.6x -5.2x -1.78x -2.32x -4.7x -9.49x -61.3x 44.4x
FCF Yield -4.24% -19.2% -56.3% -43.1% -21.3% -10.5% -1.63% 2.25%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.82 -1.25 -2.3 -2.68 -1.42 -0.3909 -0.1631 -0.1096
Distribution rate - - - - - - - -
Net sales 1 502.3 701.4 891.3 628.8 709.9 818.8 970.6 1,159
EBITDA 1 -337.5 -448.3 -810 -911.5 -584.5 -205.5 -124.3 -120.7
EBIT 1 -437.3 -679.6 -1,344 -2,020 -1,467 -299.5 -187.4 -74.77
Net income 1 -460 -724 -1,369 -2,105 -1,632 -576.7 -240 -168.4
Net Debt 1 -3,266 -487.6 478.1 524 335 809.7 836.9 920
Reference price 2 28.230 12.370 4.500 2.130 1.970 1.900 1.900 1.900
Nbr of stocks (in thousands) 5,76,356 5,82,904 6,05,502 9,11,197 13,72,819 13,97,195 - -
Announcement Date 01/03/22 01/03/23 29/02/24 03/03/25 02/03/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-4.86x4.23x-16.86x-.--% 265.47Cr
33x2.61x16.92x1.37% 14TCr
20.82x1.16x8.56x0.85% 2.95TCr
12.52x1.61x8.65x1.88% 2.54TCr
10x3.29x6.3x-.--% 1.88TCr
17.3x4.06x14.08x3.81% 1.48TCr
22.33x2.66x12.57x-.--% 1.28TCr
-14.06x0.99x24.54x-.--% 1.26TCr
10.96x0.75x9.22x4.48% 1.14TCr
17.84x1.11x9.3x1.5% 969.19Cr
Average 12.59x 2.25x 9.33x 1.39% 2.78TCr
Weighted average by Cap. 23.01x 2.30x 13.65x 1.39%

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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  4. Valuation Plug Power Inc.