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FCF Margin for Plug Power (PLUG)

As of · Reported

Metric

TTM

-90.1%

YoY change

+75.85pp

Trough year (2001)

-1009.6%

Peak year (2019)

-28.5%

FCF Margin history chart for Plug Power (PLUG) from 1998 to 2025

Latest: -93.2%

FCF Margin change chart for Plug Power (PLUG) from 1998 to 2025

Latest: +75.85pp

FCF Margin history table for Plug Power (PLUG) from 1998 to 2025

  • 2025-93.2%+75.85pp
  • 2024-169.0%+33.21pp
  • 2023-202.2%-47.61pp
  • 2022-154.6%-44.87pp
  • 2021-109.8%—
  • 2019-28.5%+15.70pp
  • 2018-44.2%+34.45pp
  • 2017-78.6%+23.43pp
  • 2016-102.1%-52.90pp
  • 2015-49.2%+16.51pp
  • 2014-65.7%+35.78pp
  • 2013-101.5%-23.93pp
  • 2012-77.5%+47.84pp
  • 2011-125.4%+89.65pp
  • 2010-215.0%+100.30pp
  • 2009-315.3%+8.76pp
  • 2008-324.1%-2.92pp
  • 2007-321.2%+283.53pp
  • 2006-604.7%-301.65pp
  • 2005-303.0%-83.02pp
  • 2004-220.0%+89.09pp
  • 2003-309.1%+13.81pp
  • 2002-322.9%+686.68pp
  • 2001-1009.6%-84.72pp
  • 2000-924.9%-610.99pp
  • 1999-313.9%-161.57pp
  • 1998-152.3%—

FCF Margin values are taken from Plug Power's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About FCF Margin at Plug Power (PLUG)

According to Plug Power's latest reported financial statements, the company's latest reported free cash flow margin is -90.1%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

In 2025, Plug Power (PLUG) free cash flow margin totalled -93.18% – expanded 75.9 percentage points year-over-year.

Across the available history, free cash flow margin reached its high of -28.50% in 2019 and its low of -1009.59% in 2001.

Plug Power FCF Margin by Year

Plug Power FCF Margin 2025: -93.2%

Plug Power posted free cash flow margin of -93.18% in 2025, expanded 75.9 percentage points from 2024.

Plug Power FCF Margin 2024: -169.0%

In 2024, Plug Power reported free cash flow margin of -169.03%, expanded 33.2 percentage points from 2023.

Plug Power FCF Margin 2023: -202.2%

Plug Power free cash flow margin in 2023 was -202.25%, contracted 47.6 percentage points from 2022.

Plug Power FCF Margin 2022: -154.6%

2022's free cash flow margin for Plug Power came in at -154.64%, contracted 44.9 percentage points from 2021.

Plug Power FCF Margin 2021: -109.8%

Plug Power free cash flow margin in 2021 was -109.77%.

See more financial history for Plug Power (PLUG).

Sector peers by FCF Margin

Industrials peers of Plug Power (PLUG), ranked by their latest free cash flow margin

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