Plug Power Inc. (PLUG) Balance Sheet
PLUG balance sheet, 2025
December 31, 2025 · U.S. dollars$2.59B assets = $1.59B liabilities + $1.00B equity
Both columns are drawn to the same scale: what PLUG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PLUG financial health
Current ratio2.31
Comfortable · current assets cover current liabilities 2.31×
Debt / equity1.02
Moderate leverage · $1.02 of debt for each $1 of equity
Equity / assets37.7%
Balanced · of assets funded by shareholders
Cash / debt55.7%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles1.1%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
PLUG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $240.8M2016 | $2.59B2025 | +30.2%/yr | |
| Total liabilities | $155.7M2016 | $1.59B2025 | +29.5%/yr | |
| Shareholders’ equity | $85.1M2016 | $978.1M2025 | +31.2%/yr | |
| Cash & short-term investments | $46.0M2016 | $555.3M2025 | +31.9%/yr | |
| Total debt | $68.3M2016 | $997.2M2025 | +34.7%/yr | |
| Net cash (debt) | −$22.3M2016 | −$441.9M2025 | −$419.6M | |
| Working capital | $44.4M2016 | $799.7M2025 | +$755.2M | |
| Book value per share | $1.652020 | $0.842025 | −12.6%/yr | |
| Current ratio | 1.672016 | 2.312025 | +0.64 | |
| Debt / equity | 0.802016 | 1.022025 | +0.22 | |
| Shares outstanding | 354.8M2020 | 1.16B2025 | +26.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PLUG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
PLUG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
PLUG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PLUG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $555.3M | $205.7M | $135.0M | $2.16B | $3.87B | $448.1M | $152.5M | $38.6M | $24.8M | $46.0M |
| Cash & equivalents | $555.3M | $205.7M | $135.0M | $690.6M | $2.48B | $448.1M | $152.5M | $38.6M | $24.8M | $46.0M |
| Short-term investments | — | — | −$817.6M | $1.47B | $1.39B | $0 | — | — | $13.9M | $11.2M |
| Receivables | $240.0M | $251.3M | $370.1M | $191.9M | $131.3M | $113.5M | $45.8M | $37.3M | $24.2M | $11.9M |
| Inventory | $521.0M | $682.6M | $961.3M | $645.6M | $269.2M | $134.2M | $114.6M | $47.9M | $48.8M | $29.9M |
| Other current assets | $94.0M | $337.9M | $320.6M | $309.3M | $178.5M | $82.4M | $82.1M | $31.8M | $21.8M | $23.1M |
| Total current assets | $1.41B | $1.48B | $1.79B | $3.31B | $4.45B | $778.3M | $394.9M | $155.6M | $119.6M | $110.9M |
| Property, plant & equipment (net) | $631.0M | $1.28B | $2.00B | $1.22B | $573.6M | $229.2M | $202.6M | $159.6M | $97.5M | $62.3M |
| Goodwill & intangible assets | $29.2M | $84.7M | $188.9M | $456.3M | $378.6M | $111.4M | $109.2M | $12.9M | $13.2M | $12.2M |
| Long-term investments | $46.9M | $85.5M | $63.8M | $31.2M | $12.9M | $1.0M | $0 | $0 | $0 | $0 |
| Other non-current assets | $477.2M | $674.9M | $858.4M | $748.3M | $536.5M | $236.2M | $191.9M | $62.2M | $40.5M | $55.4M |
| Total assets | $2.59B | $3.60B | $4.90B | $5.76B | $5.95B | $1.36B | $898.7M | $390.3M | $270.8M | $240.8M |
| Liabilities | ||||||||||
| Accounts payable | $168.7M | $220.8M | $257.8M | $191.9M | $129.0M | $58.8M | $39.8M | $34.8M | $42.4M | $32.1M |
| Short-term debt | $160.7M | $226.4M | $317.0M | $121.1M | $92.8M | $117.2M | $89.5M | $91.1M | $53.3M | $32.5M |
| Deferred revenue | $66.7M | $144.1M | $204.1M | $131.8M | $116.4M | $17.2M | $14.9M | $12.1M | $8.6M | $5.7M |
| Total current liabilities | $610.6M | $748.5M | $964.8M | $635.3M | $420.6M | $252.2M | $187.6M | $146.4M | $115.7M | $66.5M |
| Long-term debt | $624.1M | $323.0M | $196.5M | $193.9M | $192.6M | $85.6M | $110.2M | $63.4M | $13.4M | $20.8M |
| Lease obligations | $293.7M | $696.4M | $769.7M | $695.7M | $489.5M | $454.1M | $205.3M | $192.3M | $71.6M | $44.6M |
| Other long-term liabilities | $356.5M | $723.6M | $843.3M | $874.9M | $731.2M | $432.0M | $366.3M | $177.9M | $68.1M | $68.4M |
| Total liabilities | $1.59B | $1.80B | $2.00B | $1.70B | $1.34B | $769.8M | $664.2M | $387.6M | $197.2M | $155.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $13.9M | $9.3M | $6.3M | $6.1M | $5.9M | $4.1M | $3.5M | $2.3M | $2.3M | $1.9M |
| Retained earnings (deficit) | −$8.23B | −$6.59B | −$4.49B | −$3.12B | −$2.40B | −$1.46B | −$1.40B | −$1.26B | −$1.18B | −$1.05B |
| Treasury stock | — | — | — | — | −$72.5M | −$40.4M | −$31.2M | −$30.6M | −$3.1M | −$3.1M |
| Accumulated other comprehensive income | $6.8M | −$2.5M | −$6.8M | −$26.0M | −$1.5M | $1.8M | $1.2M | $1.6M | $2.2M | $247,000 |
| Minority interest | $25.2M | $73.6M | $0 | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $978.1M | $1.73B | $2.90B | $4.06B | $4.61B | $586.3M | $234.6M | $2.7M | $73.6M | $85.1M |
| Key figures | ||||||||||
| Total debt | $997.2M | $1.08B | $1.13B | $898.7M | $810.1M | $560.1M | $526.8M | $272.5M | $103.7M | $68.3M |
| Net cash (debt) | −$441.9M | −$872.9M | −$991.0M | $1.26B | $3.06B | −$112.0M | −$374.3M | −$233.9M | −$78.9M | −$22.3M |
| Working capital | $799.7M | $729.0M | $822.2M | $2.67B | $4.03B | $526.1M | $207.3M | $9.2M | $3.9M | $44.4M |
| Tangible book value | $948.8M | $1.65B | $2.71B | $3.60B | $4.23B | $474.9M | $125.3M | −$10.2M | $60.4M | $72.9M |
| Book value per share | $0.84 | $2.02 | $4.87 | $7.00 | $8.25 | $1.65 | — | — | — | — |
| Shares outstanding | 1.16B | 858.4M | 595.5M | 579.7M | 558.2M | 354.8M | — | — | — | — |
| Current ratio | 2.31 | 1.97 | 1.85 | 5.20 | 10.58 | 3.09 | 2.11 | 1.06 | 1.03 | 1.67 |
| Quick ratio | 1.30 | 0.61 | 0.52 | 3.70 | 9.51 | 2.23 | 1.06 | 0.52 | 0.42 | 0.87 |
| Debt / equity | 1.02 | 0.62 | 0.39 | 0.22 | 0.18 | 0.96 | 2.25 | 100.45 | 1.41 | 0.80 |
| Equity / assets | 37.7% | 48.1% | 59.1% | 70.4% | 77.4% | 43.2% | 26.1% | 0.7% | 27.2% | 35.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $161.9M | $223.2M | $555.3M | $165.9M | $140.7M | $295.8M | $205.7M | $93.9M | $62.4M | $172.9M | $135.0M | $567.4M |
| Cash & equivalents | $161.9M | $223.2M | $555.3M | $165.9M | $140.7M | $295.8M | $205.7M | $93.9M | $62.4M | $172.9M | $135.0M | $110.8M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $0 | $456.6M |
| Receivables | $125.9M | $211.6M | $240.0M | $193.0M | $236.5M | $236.5M | $251.3M | $312.7M | $322.8M | $278.8M | $370.1M | $275.6M |
| Inventory | $493.4M | $516.2M | $521.0M | $555.1M | $643.9M | $693.5M | $682.6M | $885.8M | $939.5M | $975.9M | $961.3M | $1.02B |
| Other current assets | $365.1M | $323.8M | $94.0M | $276.9M | $308.9M | $308.1M | $337.9M | $341.6M | $347.8M | $339.0M | $320.6M | $372.7M |
| Total current assets | $1.15B | $1.27B | $1.41B | $1.19B | $1.33B | $1.53B | $1.48B | $1.63B | $1.67B | $1.77B | $1.79B | $2.24B |
| Property, plant & equipment (net) | $579.7M | $449.8M | $631.0M | $1.25B | $1.31B | $1.30B | $1.28B | $2.09B | $2.06B | $2.01B | $2.00B | $1.82B |
| Goodwill & intangible assets | $27.3M | $28.2M | $29.2M | $77.9M | $81.0M | $82.8M | $84.7M | $175.0M | $178.3M | $183.3M | $188.9M | $441.2M |
| Long-term investments | $50.7M | $45.6M | $46.9M | $43.3M | $46.2M | $85.1M | $85.5M | $92.8M | $96.8M | $66.7M | $63.8M | $78.9M |
| Other non-current assets | $388.6M | $569.8M | $477.2M | $539.0M | $586.6M | $633.3M | $674.9M | $732.8M | $774.4M | $816.3M | $858.4M | $871.5M |
| Total assets | $2.19B | $2.37B | $2.59B | $3.10B | $3.35B | $3.63B | $3.60B | $4.72B | $4.78B | $4.85B | $4.90B | $5.45B |
| Liabilities | ||||||||||||
| Accounts payable | $144.3M | $144.3M | $168.7M | $162.2M | $152.1M | $243.1M | $220.8M | $247.5M | $308.9M | $349.0M | $257.8M | $292.9M |
| Short-term debt | $66.0M | $142.6M | $160.7M | $429.4M | $378.2M | $231.9M | $226.4M | $222.5M | $165.2M | $162.8M | $157.2M | $159.2M |
| Deferred revenue | $60.3M | $68.5M | $66.7M | $88.2M | $107.1M | $137.6M | $144.1M | $132.3M | $174.8M | $179.9M | $204.1M | $176.6M |
| Total current liabilities | $493.9M | $540.7M | $610.6M | $902.5M | $835.8M | $788.4M | $748.5M | $786.9M | $809.6M | $911.4M | $964.8M | $930.6M |
| Long-term debt | $735.4M | $677.6M | $624.1M | $122.3M | $135.3M | $257.0M | $323.0M | $151.6M | $211.0M | $210.8M | $196.5M | $196.3M |
| Lease obligations | $243.6M | $263.3M | $293.7M | $603.4M | $646.4M | $670.4M | $696.4M | $715.7M | $702.0M | $736.5M | $769.7M | $774.0M |
| Other long-term liabilities | $376.0M | $376.0M | $356.5M | $581.3M | $618.7M | $655.5M | $723.6M | $757.0M | $770.7M | $795.9M | $843.3M | $815.9M |
| Total liabilities | $1.61B | $1.59B | $1.59B | $1.61B | $1.59B | $1.70B | $1.80B | $1.70B | $1.79B | $1.92B | $2.00B | $1.94B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $14.0M | $14.0M | $13.9M | $12.2M | $11.7M | $10.0M | $9.3M | $9.0M | $8.1M | $7.1M | $6.3M | $6.2M |
| Retained earnings (deficit) | −$8.66B | −$8.47B | −$8.23B | −$7.38B | −$7.02B | −$6.79B | −$6.59B | −$5.26B | −$5.05B | −$4.79B | −$4.49B | −$3.85B |
| Accumulated other comprehensive income | $2.5M | $3.4M | $6.8M | $3.8M | $3.5M | −$5.2M | −$2.5M | −$1.6M | −$1.9M | −$9.1M | −$6.8M | −$1.6M |
| Minority interest | $5.5M | $24.1M | $25.2M | $82.0M | $82.9M | — | — | — | — | — | — | — |
| Total shareholders' equity | $581.8M | $749.8M | $978.1M | $1.42B | $1.68B | $1.86B | $1.73B | $3.03B | $2.99B | $2.93B | $2.90B | $3.51B |
| Key figures | ||||||||||||
| Total debt | $823.1M | $1.01B | $997.2M | $991.4M | $992.0M | $986.7M | $1.08B | $928.6M | $916.0M | $950.1M | $966.1M | $972.9M |
| Net cash (debt) | −$661.2M | −$787.0M | −$441.9M | −$825.5M | −$851.2M | −$690.9M | −$872.9M | −$834.7M | −$853.7M | −$777.3M | −$831.1M | −$405.5M |
| Working capital | $652.5M | $734.1M | $799.7M | $288.4M | $494.2M | $745.5M | $729.0M | $847.1M | $862.8M | $855.1M | $822.2M | $1.31B |
| Tangible book value | $554.5M | $721.6M | $948.8M | $1.34B | $1.60B | $1.77B | $1.65B | $2.85B | $2.81B | $2.75B | $2.71B | $3.07B |
| Book value per share | $0.42 | $0.54 | $0.84 | $1.22 | $1.49 | $1.96 | $1.90 | $3.53 | $4.06 | $4.57 | $4.78 | $5.85 |
| Shares outstanding | 1.39B | 1.39B | 1.16B | 1.16B | 1.13B | 945.8M | 913.9M | 858.4M | 736.8M | 641.3M | 606.1M | 599.5M |
| Current ratio | 2.32 | 2.36 | 2.31 | 1.32 | 1.59 | 1.95 | 1.97 | 2.08 | 2.07 | 1.94 | 1.85 | 2.41 |
| Quick ratio | 0.58 | 0.80 | 1.30 | 0.40 | 0.45 | 0.68 | 0.61 | 0.52 | 0.48 | 0.50 | 0.52 | 0.91 |
| Debt / equity | 1.41 | 1.35 | 1.02 | 0.70 | 0.59 | 0.53 | 0.62 | 0.31 | 0.31 | 0.32 | 0.33 | 0.28 |
| Equity / assets | 26.5% | 31.7% | 37.7% | 45.6% | 50.1% | 51.1% | 48.1% | 64.1% | 62.5% | 60.4% | 59.1% | 64.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
PLUG financial position
At the end of fiscal 2025 (December 31, 2025), Plug Power had total assets of $2.6 billion (down 28.0% from a year earlier), total liabilities of $1.6 billion and shareholders' equity of $978.1 million. It held $555.3 million in cash and short-term investments against $997.2 million of debt, net debt of $441.9 million. Its current ratio was 2.31. In the latest quarter (ended June 30, 2026) total assets were $2.2 billion and equity $581.8 million.
Related: PLUG income statement, PLUG cash flow statement, PLUG key metrics. See the PLUG stock overview for the latest quote and news.
PLUG balance sheet FAQ
What are Plug Power's total assets?
Plug Power reported total assets of $2.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.6 billion a year earlier.
How much debt does Plug Power have?
Plug Power had $997.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.02.
How much cash does Plug Power have?
Plug Power held $555.3 million in cash and short-term investments at the end of fiscal 2025; with $997.2 million of debt that is net debt of $441.9 million.
What is Plug Power's book value?
Plug Power's shareholders' equity (book value) was $978.1 million at the end of fiscal 2025, or $0.84 per share.
What is Plug Power's current ratio?
Plug Power had current assets of $1.4 billion and current liabilities of $610.6 million, a current ratio of 2.31 (it can cover its short-term obligations).
How much goodwill does Plug Power have?
Plug Power carried $29.2 million of goodwill and intangible assets, 1.1% of total assets, at the end of fiscal 2025.