Question 1

What is Plug Power's P/B ratio?

Accepted Answer

Plug Power (PLUG) P/B ratio is 4.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Plug Power specifically, the relevant sector benchmark is the current sector median of 4.6×.

Question 5

Is Plug Power's P/B ratio high or low?

Accepted Answer

Plug Power's P/B ratio of 4.1× is above its own 5-year average of 2.0× and below the sector median of 4.6×. That places the current reading at the 94th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Plug Power's historical P/B ratio range?

Accepted Answer

In the available daily series, Plug Power (PLUG) P/B ratio has ranged from a low of 0.4× in 2025 to a high of 100.0× in 2018. The 5-year average is 2.0× and the 5-year median is 1.8×.

Question 7

What was Plug Power's P/B ratio in 2025?

Accepted Answer

Plug Power (PLUG) P/B ratio at the end of 2025 was 2.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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.


2025	$2.28B	$978M	2.3×	+1.2×	Dec 31, 2025
2024	$1.95B	$1.73B	1.1×	+0.2×	Dec 31, 2024
2023	$2.73B	$2.9B	0.9×	-0.8×	Dec 31, 2023
2022	$7.21B	$4.06B	1.8×	-1.8×	Dec 31, 2022
2021	$16.3B	$4.61B	3.5×	-21.1×	Dec 31, 2021
2020	$14.4B	$586M	24.6×	+21.4×	Dec 31, 2020
2019	$749M	$235M	3.2×	-96.8×	Dec 31, 2019
2018	$271M	$2.71M	100.0×	+92.7×	Dec 31, 2018
2017	$538M	$73.6M	7.3×	+4.8×	Dec 31, 2017
2016	$217M	$85.1M	2.5×	-0.4×	Dec 31, 2016
2015	$372M	$125M	3.0×	-0.3×	Dec 31, 2015
2014	$519M	$158M	3.3×	—	Dec 31, 2014
2013	$160M	-$17.9M	—	—	Dec 31, 2013
2012	$19.1M	$15M	1.3×	-0.0×	Dec 31, 2012
2011	$38.3M	$29M	1.3×	+0.2×	Dec 31, 2011
2010	$48.7M	$42.9M	1.1×	+0.1×	Dec 31, 2010
2009	$91.7M	$88.3M	1.0×	+0.3×	Dec 31, 2009
2008	$91.2M	$126M	0.7×	-0.7×	Dec 31, 2008
2007	$345M	$249M	1.4×	+0.2×	Dec 31, 2007
2006	$335M	$295M	1.1×	-2.1×	Dec 31, 2006
2005	$403M	$125M	3.2×	-1.2×	Dec 31, 2005
2004	$447M	$102M	4.4×	+1.4×	Dec 31, 2004
2003	$436M	$144M	3.0×	+0.6×	Dec 31, 2003
2002	$227M	$92.7M	2.5×	—	Dec 31, 2002


Thomson Reuters (TRI)	3.3×
Snap-on (SNA)	3.2×
Ingersoll Rand (IR)	3.1×
PACCAR (PCAR)	3.1×
Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
Delta Air Lines (DAL)	2.8×
United Airlines Holdings (UAL)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.6×
Upwork (UPWK)	2.5×
McGrath RentCorp (MGRC)	2.2×
Tennant (TNC)	2.2×
Serve Robotics (SERV)	2.0×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Andersons (ANDE)	1.9×
Archer Aviation (ACHR)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
Redwire (RDW)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×

P/B Ratio for Plug Power (PLUG) 2002-2026

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

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

About P/B Ratio at Plug Power (PLUG)

Plug Power P/B Ratio by Year

Plug Power P/B Ratio 2025: 2.3×

Plug Power P/B Ratio 2024: 1.1×

Plug Power P/B Ratio 2023: 0.9×

Plug Power P/B Ratio 2022: 1.8×

Plug Power P/B Ratio 2021: 3.5×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Plug Power (PLUG) Key Financials