Plug Power (PLUG) Return on Invested Capital [ROIC] (2016 - 2026)
Plug Power (PLUG) recorded Return on Invested Capital [ROIC] of -188.44% in Q2 2026, down 94.20 percentage points from -94.24% a year earlier and down 31.61 percentage points from the prior quarter.
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Analysis
Plug Power (PLUG) Return on Invested Capital [ROIC] (2016 - 2026) Analysis & Trends
For FY2025, Plug Power reported Return on Invested Capital [ROIC] of -102.13%, down 17.51 percentage points from FY2024.
- Annual Return on Invested Capital [ROIC] has declined for four straight years, with a five-year change of -34.75 percentage points (FY2020 to FY2025).
- Across earlier years, Return on Invested Capital [ROIC] came in at -84.62% in FY2024 (-46.25 pp), -38.37% in FY2023 (-22.72 pp), -15.65% in FY2022 (-1.83 pp) and -13.82% in FY2021 (+53.56 pp).
- The Q2 2026 figure is the lowest quarterly Return on Invested Capital [ROIC] since Q4 2018.
- On a year-over-year basis, Return on Invested Capital [ROIC] has declined for 16 consecutive quarters, with an average year-over-year change of -49.47 percentage points over the last eight quarters.
- Peak year-over-year performance for Return on Invested Capital [ROIC] in the last five years was a gain of 42.55 percentage points in Q4 2021, against a drop of 94.20 percentage points in Q2 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at -156.83% (Q1 2026), -105.92% (Q4 2025) and -107.07% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Plug Power | 2.10 Bn | 1.18 Bn | -1.68 Mn | -188.44% |
| 2 | Rex American Resources | 1.34 Bn | -116.99 Mn | 53.30 Mn | - |
| 3 | Green Plains | 962.04 Mn | 362.71 Mn | 113.03 Mn | 10.32% |
| 4 | Clean Energy Fuels | 425.46 Mn | -143.79 Mn | 41.24 Mn | -2.26% |
| 5 | Montauk Renewables | 394.64 Mn | 322.42 Mn | - | 0.27% |
| 6 | Gevo | 346.10 Mn | 55.29 Mn | 19.80 Mn | - |
| 7 | Aemetis | 127.48 Mn | 113.45 Mn | 29.47 Mn | 2.75% |
| 8 | OPAL Fuels | 42.98 Mn | -235.96 Mn | 24.47 Mn | 0.00% |
| 9 | Blue Biofuels | 36.46 Mn | 36.27 Mn | - | - |
| 10 | NewHydrogen | 22.54 Mn | 19.34 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -188.44% |
| Mar 31, 2026 | -156.83% |
| Dec 31, 2025 | -105.92% |
| Sep 30, 2025 | -106.08% |
| Jun 30, 2025 | -93.42% |
| Mar 31, 2025 | -100.33% |
| Dec 31, 2024 | -81.36% |
| Sep 30, 2024 | -44.24% |
| Jun 30, 2024 | -47.22% |
| Mar 31, 2024 | -47.56% |
| Dec 31, 2023 | -41.66% |
| Sep 30, 2023 | -26.01% |
| Jun 30, 2023 | -21.78% |
| Mar 31, 2023 | -18.75% |
| Dec 31, 2022 | -16.39% |
| Sep 30, 2022 | -14.79% |
| Jun 30, 2022 | -12.94% |
| Mar 31, 2022 | -11.27% |
| Dec 31, 2021 | -9.04% |
| Sep 30, 2021 | -14.76% |
API Access
Plug Power Return on Invested Capital [ROIC] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=PLUG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "ticker": "PLUG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=PLUG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();