Question 1

What is Plug Power's P/S ratio?

Accepted Answer

Plug Power (PLUG) P/S ratio is 4.2× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Plug Power specifically, the relevant sector benchmark is the current sector median of 3.1×.

Question 5

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

Accepted Answer

Plug Power's P/S ratio of 4.2× is below its own 5-year average of 33.0× and above the sector median of 3.1×. That places the current reading at the 49th 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/S ratio range?

Accepted Answer

In the available daily series, Plug Power (PLUG) P/S ratio has ranged from a low of 0.3× in 2013 to a high of 817.0× in 2021. The 5-year average is 33.0× and the 5-year median is 4.2×.

Question 7

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

Accepted Answer

Plug Power (PLUG) P/S ratio at the end of 2025 was 3.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$710M	3.2×	+0.1×	Dec 31, 2025
2024	$1.95B	$629M	3.1×	+0.0×	Dec 31, 2024
2023	$2.73B	$891M	3.1×	-7.2×	Dec 31, 2023
2022	$7.21B	$701M	10.3×	-22.1×	Dec 31, 2022
2021	$16.3B	$502M	32.4×	—	Dec 31, 2021
2020	$14.4B	-$93.3M	—	—	Dec 31, 2020
2019	$749M	$223M	3.4×	+1.9×	Dec 31, 2019
2018	$271M	$182M	1.5×	-2.6×	Dec 31, 2018
2017	$538M	$133M	4.0×	+1.5×	Dec 31, 2017
2016	$217M	$85.9M	2.5×	-1.1×	Dec 31, 2016
2015	$372M	$103M	3.6×	-4.5×	Dec 31, 2015
2014	$519M	$64.2M	8.1×	+2.1×	Dec 31, 2014
2013	$160M	$26.6M	6.0×	+5.3×	Dec 31, 2013
2012	$19.1M	$26.1M	0.7×	-0.7×	Dec 31, 2012
2011	$38.3M	$27.6M	1.4×	-1.3×	Dec 31, 2011
2010	$48.7M	$17.8M	2.7×	-4.7×	Dec 31, 2010
2009	$91.7M	$12.3M	7.5×	+2.4×	Dec 31, 2009
2008	$91.2M	$17.9M	5.1×	-16.1×	Dec 31, 2008
2007	$345M	$16.3M	21.2×	-21.5×	Dec 31, 2007
2006	$335M	$7.84M	42.7×	+12.9×	Dec 31, 2006
2005	$403M	$13.5M	29.8×	+2.2×	Dec 31, 2005
2004	$447M	$16.1M	27.7×	-7.2×	Dec 31, 2004
2003	$436M	$12.5M	34.9×	+15.6×	Dec 31, 2003
2002	$227M	$11.8M	19.2×	—	Dec 31, 2002


Franklin Electric Co. (FELE)	1.9×
Lockheed Martin (LMT)	1.8×
Upwork (UPWK)	1.8×
Boeing (BA)	1.8×
General Dynamics (GD)	1.8×
Expeditors International (EXPD)	1.7×
Northrop Grumman (NOC)	1.7×
Masco (MAS)	1.6×
Pool (POOL)	1.4×
C.H. Robinson Worldwide (CHRW)	1.2×
Alamo Group (ALG)	1.2×
Huntington Ingalls Industries (HII)	1.2×
Jacobs Solutions (J)	1.1×
Textron (TXT)	1.0×
Tennant (TNC)	1.0×
United Parcel Service (UPS)	0.9×
Delta Air Lines (DAL)	0.9×
FedEx (FDX)	0.9×
AGCO (AGCO)	0.8×
United Airlines Holdings (UAL)	0.7×
Stanley Black & Decker (SWK)	0.7×
Matthews International (MATW)	0.7×
Amentum Holdings (AMTM)	0.5×
ABM Industries (ABM)	0.3×
Andersons (ANDE)	0.2×

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

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

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

About P/S Ratio at Plug Power (PLUG)

Plug Power P/S Ratio by Year

Plug Power P/S Ratio 2025: 3.2×

Plug Power P/S Ratio 2024: 3.1×

Plug Power P/S Ratio 2023: 3.1×

Plug Power P/S Ratio 2022: 10.3×

Plug Power P/S Ratio 2021: 32.4×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Plug Power (PLUG) Key Financials