Question 1

What is Plug Power's P/FCF ratio?

Accepted Answer

Plug Power (PLUG) P/FCF ratio is currently not available. When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Plug Power?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Plug Power specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Why does Plug Power's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.

Question 6

Why is Plug Power's P/FCF ratio not available?

Accepted Answer

When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.


2025	$2.28B	-$654M	—	—	Dec 31, 2025
2024	$1.95B	-$1.06B	—	—	Dec 31, 2024
2023	$2.73B	-$1.92B	—	—	Dec 31, 2023
2022	$7.21B	-$1.08B	—	—	Dec 31, 2022
2021	$16.3B	-$551M	—	—	Dec 31, 2021
2020	$14.4B	-$204M	—	—	Dec 31, 2020
2019	$749M	-$66.1M	—	—	Dec 31, 2019
2018	$271M	-$77.2M	—	—	Dec 31, 2018
2017	$538M	-$105M	—	—	Dec 31, 2017
2016	$217M	-$87.7M	—	—	Dec 31, 2016
2015	$372M	-$50.8M	—	—	Dec 31, 2015
2014	$519M	-$42.2M	—	—	Dec 31, 2014
2013	$160M	-$27M	—	—	Dec 31, 2013
2012	$19.1M	-$20.2M	—	—	Dec 31, 2012
2011	$38.3M	-$34.6M	—	—	Dec 31, 2011
2010	$48.7M	-$41.9M	—	—	Dec 31, 2010
2009	$91.7M	-$38.8M	—	—	Dec 31, 2009
2008	$91.2M	-$58M	—	—	Dec 31, 2008
2007	$345M	-$52.3M	—	—	Dec 31, 2007
2006	$335M	-$47.4M	—	—	Dec 31, 2006
2005	$403M	-$40.9M	—	—	Dec 31, 2005
2004	$447M	-$35.5M	—	—	Dec 31, 2004
2003	$436M	-$38.6M	—	—	Dec 31, 2003
2002	$227M	-$38.2M	—	—	Dec 31, 2002


Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Plug Power (PLUG)

P/FCF Ratio daily chart for Plug Power (PLUG)

Historical P/FCF Ratio for Plug Power (PLUG) from 2002 to 2025

About P/FCF Ratio at Plug Power (PLUG)

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Plug Power (PLUG) Key Financials