Plug Power Inc (NASDAQ: PLUG)

Sector: Industrials Industry: Electrical Equipment & Parts CIK: 0001093691
Market Cap 1.63 Bn
P/B 1.15
P/E -0.77
P/S 2.41
ROIC (Qtr) -79.82
Div Yield % 0.00
Rev 1y % (Qtr) 1.91
Total Debt (Qtr) 991.43 Mn
Debt/Equity (Qtr) 0.70
Add ratio to table...

About

Investment thesis

Bull case

  • Operating cash flow of (518.43M) provides exceptional 141.22x coverage of minority interest expenses (3.67M), showing strong core operations.
  • Strong tangible asset base of 3.03B provides 3.05x coverage of total debt 991.43M, indicating robust asset backing and low credit risk.
  • Tangible assets of 3.03B provide exceptional 24.76x coverage of deferred revenue 122.27M, showing strong service capability backing.
  • Strong free cash flow of (674.60M) provides 125.44x coverage of acquisition spending (5.38M), indicating disciplined M&A strategy.
  • Robust tangible asset base of 3.03B provides 10.50x coverage of working capital 288.37M, indicating strong operational backing.

Bear case

  • Investment activities of (161.54M) provide weak support for R&D spending of 58.96M, which is -2.74x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 849.02M provide limited coverage of acquisition spending of (5.38M), which is -157.87x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of (518.43M) provides insufficient coverage of deferred revenue obligations of 122.27M, which is -4.24x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (518.43M) shows concerning coverage of stock compensation expenses of 54.49M, with a -9.51 ratio indicating potential earnings quality issues.
  • Free cash flow of (674.60M) provides weak coverage of capital expenditures of 156.16M, with a -4.32 ratio suggesting additional external financing needs for growth initiatives.

Product and Service Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Electrical Equipment & Parts
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 VRT Vertiv Holdings Co 93.00 Bn 69.78 9.09 3.16 Bn
2 BE Bloom Energy Corp 34.73 Bn -392.76 17.16 2.99 Bn
3 HUBB Hubbell Inc 27.97 Bn 31.52 4.78 2.33 Bn
4 NVT nVent Electric plc 19.43 Bn 76.81 8.40 1.56 Bn
5 AYI Acuity Inc. (De) 12.85 Bn 109.95 6.86 0.91 Bn
6 AEIS Advanced Energy Industries Inc 11.80 Bn 79.52 6.56 0.68 Bn
7 NVX NOVONIX Ltd 11.53 Bn -174.00 1,943.36 -
8 ENS EnerSys 6.79 Bn 21.71 1.82 1.18 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.56 3.49
EV to Cash from Ops. EV/CFO -3.36 9.10
EV to Debt EV to Debt 1.76 113.17
EV to EBIT EV/EBIT -0.85 -17.64
EV to EBITDA EV/EBITDA -0.89 3.56
EV to Free Cash Flow [EV/FCF] EV/FCF -2.59 39.13
EV to Market Cap EV to Market Cap 1.07 2.59
EV to Revenue EV/Rev 2.58 77.74
Price to Book Value [P/B] P/B 1.15 4.98
Price to Earnings [P/E] P/E -0.77 23.89
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -2.92
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 3.27
Dividend per Basic Share Div per Share (Qtr) 0.00 0.37
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1.79
Interest Coverage Int. cover (Qtr) -34.09 -16.86
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 67.40 -135.37
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -15.11 92.17
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 5.22
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -50.38 -45.52
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -55.98 -56.26
EBIT Growth (1y) % EBIT 1y % (Qtr) -50.50 -64.20
EBT Growth (1y) % EBT 1y % (Qtr) -50.37 8.52
EPS Growth (1y) % EPS 1y % (Qtr) -10.23 13.91
FCF Growth (1y) % FCF 1y % (Qtr) 48.86 -66.58
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 21.32 15.53
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.22 0.63
Cash Payout Ratio Cash Payout (Qtr) 0.00 -0.10
Cash Ratio Cash Ratio (Qtr) 0.94 3.50
Current Ratio Curr Ratio (Qtr) 1.32 5.07
Debt to Equity Ratio Debt/Equity (Qtr) 0.70 0.41
Interest Cover Ratio Int Coverage (Qtr) -34.09 -16.86
Times Interest Earned Times Interest Earned (Qtr) -34.09 -16.86
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -296.60 -1,947.23
EBIT Margin % EBIT Margin % (Qtr) -305.10 -2,051.19
EBT Margin % EBT Margin % (Qtr) -314.05 -2,170.94
Gross Margin % Gross Margin % (Qtr) -71.30 2.02
Net Profit Margin % Net Margin % (Qtr) -313.70 -2,202.04