Discounted Cash Flow

Plug Power Inc.

PLUG · Based on 10 years of SEC filings · Converted from EUR to USD

⚠ Cash flow predictability 48/100 (moderate) — FCF YoY std dev 59%, net income 53% (full history)

DCF estimate unavailable — No positive free cash flow in recent history — company has not generated positive FCF

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $99.8m $-66.8m $-37.6m -66.9% $-0.32
2017 $119.9m (20.2%) $-147.6m (-121.1%) $-74.7m (-98.5%) -123.1% (-84.0%) $-0.60 (-87.5%)
2018 $202.9m (69.1%) $-90.7m (38.5%) $-72.9m (2.4%) -44.7% (63.7%) $-0.36 (40.0%)
2019 $267.4m (31.8%) $-99.3m (-9.4%) $-66.4m (8.8%) -37.1% (17.0%) $-0.36 (0.0%)
2020 $-108.3m (-140.5%) $-692.5m (-597.5%) $-206.8m (-211.2%) 639.4% (1822.5%) $-1.68 (-366.7%)
2021 $583.5m (638.8%) $-534.3m (22.8%) $-616.0m (-197.9%) -91.6% (-114.3%) $-0.82 (51.2%)
2022 $814.8m (39.6%) $-841.0m (-57.4%) $-1.5b (-138.6%) -103.2% (-12.7%) $-1.25 (-52.4%)
2023 $1.0b (27.1%) $-1.6b (-89.1%) $-2.1b (-40.0%) -153.6% (-48.8%) $-2.30 (-84.0%)
2024 $730.4m (-29.5%) $-2.4b (-53.8%) $-1.2b (42.7%) -334.7% (-118.0%) $-2.68 (-16.5%)
2025 $824.6m (12.9%) $-1.9b (22.5%) $-751.6m (36.3%) -229.8% (31.3%) $-1.42 (47.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

No positive free cash flow in recent history — company has not generated positive FCF

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.