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 2,920 - -
Change - -55.68% -62.21% -28.77% 39.34% 7.98% - -
Enterprise Value (EV) 1 13,005 6,723 3,203 2,465 3,039 3,730 3,757 3,840
Change - -48.3% -52.36% -23.04% 23.31% 22.72% 0.73% 2.21%
P/E -34.4x -9.9x -1.96x -0.79x -1.39x -5.34x -12.8x -19.1x
PBR 3.42x 1.77x 0.92x 0.96x 2.25x 4.65x 5.62x 6.55x
PEG - -0.2x -0x -0x 0x 0.1x 0.2x 0.6x
Capitalization / Revenue 32.4x 10.3x 3.06x 3.09x 3.81x 3.57x 3.02x 2.53x
EV / Revenue 25.9x 9.58x 3.59x 3.92x 4.28x 4.56x 3.88x 3.33x
EV / EBITDA -38.5x -15x -3.95x -2.7x -5.2x -18.4x -31.7x -74x
EV / EBIT -29.7x -9.89x -2.38x -1.22x -2.07x -12.6x -20.1x -49.5x
EV / FCF -23.6x -5.2x -1.78x -2.32x -4.7x -10.2x -44.8x 98.5x
FCF Yield -4.24% -19.2% -56.3% -43.1% -21.3% -9.85% -2.23% 1.02%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.82 -1.25 -2.3 -2.68 -1.42 -0.3914 -0.1635 -0.1096
Distribution rate - - - - - - - -
Net sales 1 502.3 701.4 891.3 628.8 709.9 818.5 967.8 1,153
EBITDA 1 -337.5 -448.3 -810 -911.5 -584.5 -202.7 -118.6 -51.9
EBIT 1 -437.3 -679.6 -1,344 -2,020 -1,467 -296.9 -187 -77.54
Net income 1 -460 -724 -1,369 -2,105 -1,632 -575.5 -240.2 -167.2
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 2.090 2.090 2.090
Nbr of stocks (in thousands) 576,356 582,904 605,502 911,197 1,372,819 1,397,195 - -
Announcement Date 3/1/22 A 3/1/23 A 2/29/24 A 3/3/25 A 3/2/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-5.34x4.56x-18.4x-.--% 2.92B
-40.69x8.04x-189.21x-.--% 2.4B
-6.33x7.17x-11.99x-.--% 1.45B
-44.57x13.62x1632.58x-.--% 1.17B
-11.68x1.62x-3.87x-.--% 650M
23.86x1.74x9.43x-.--% 411M
-6.28x54.63x-9.29x - 149M
Average -13.00x 13.06x 201.32x 0% 1.31B
Weighted average by Cap. -18.95x 7.53x 151.80x 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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  4. Valuation Plug Power Inc.
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