Plug Power (PLUG) Operating Margin (2010 - 2026)
Plug Power (PLUG) reported Operating Margin of 66.96% for Q1 2026, up 6654.0% year-over-year from 0.99% in Q1 2025, and up 80.24% quarter-over-quarter from 338.87% in Q4 2025.
Plug Power (PLUG) Operating Margin (2010 - 2026) Analysis & Trends
Plug Power (PLUG) has 17 years of Operating Margin data on file, last reported at 66.96% in Q1 2026.
- Operating Margin for Q1 2026 came in at 66.96%, up 6654.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 189.04% (up 11287.0% YoY), and the FY2025 annual result was 206.7%, up 11452.0% from the prior year.
- Operating Margin grew to 66.96% in Q1 2026 per PLUG's latest filing, from 338.87% in the prior quarter.
- Over five years, Operating Margin peaked at 66.96% in Q1 2026 and troughed at 678.75% in Q4 2024.
- A 5-year average of 177.85% and a median of 124.43% in 2024 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2024 and 2025: Operating Margin sank 39701 bps in 2024, then jumped 33988 bps in 2025.
- A 5-year view of Operating Margin shows it stood at 105.89% in 2022, then sank by 166 bps to 281.74% in 2023, then tumbled by 141 bps to 678.75% in 2024, then soared by 50 bps to 338.87% in 2025, then soared by 80 bps to 66.96% in 2026.
- Business Quant data shows PLUG's Operating Margin at 66.96% in Q1 2026, 338.87% in Q4 2025, and 196.99% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Novonix | 479.97 Bn | 479.92 Bn | - | - |
| 2 | Vertiv Holdings | 114.69 Bn | 112.19 Bn | 999.70 Mn | 16.61% |
| 3 | Bloom Energy | 79.53 Bn | 77.06 Bn | 225.54 Mn | 9.61% |
| 4 | nVent Electric | 27.08 Bn | 26.89 Bn | 445.60 Mn | 15.76% |
| 5 | Hubbell | 26.67 Bn | 26.16 Bn | 505.30 Mn | 17.39% |
| 6 | Advanced Energy Industries | 13.19 Bn | 13.19 Bn | 200.90 Mn | 13.37% |
| 7 | Powell Industries | 10.63 Bn | 10.09 Bn | 87.94 Mn | 19.41% |
| 8 | Ballard Power Systems | 10.07 Bn | 9.54 Bn | 5.64 Mn | -33.48% |
| 9 | Acuity Inc. (De) | 9.39 Bn | 9.12 Bn | 520.40 Mn | 12.60% |
| 10 | Plug Power | 3.75 Bn | 3.37 Bn | -21.61 Mn | -66.96% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -66.96% |
| Dec 31, 2025 | -338.87% |
| Sep 30, 2025 | -196.99% |
| Jun 30, 2025 | -101.71% |
| Mar 31, 2025 | -133.50% |
| Dec 31, 2024 | -678.75% |
| Sep 30, 2024 | -124.43% |
| Jun 30, 2024 | -170.68% |
| Mar 31, 2024 | -215.70% |
| Dec 31, 2023 | -281.74% |
| Sep 30, 2023 | -137.87% |
| Jun 30, 2023 | -89.88% |
| Mar 31, 2023 | -99.77% |
| Dec 31, 2022 | -105.89% |
| Sep 30, 2022 | -84.69% |
| Jun 30, 2022 | -97.12% |
| Mar 31, 2022 | -98.83% |
| Dec 31, 2021 | -123.99% |
| Sep 30, 2021 | -68.55% |
| Jun 30, 2021 | -71.96% |