PLUG · CIK 0001093691 · FY2025 live · 2025-12-31
PLUG POWER INC
View as
Model
Classic Z
FY2025
−5.29
Zone
Distress
vs FY2024
−1.88
Market DD
—
1y PD
—
−5.29
Z″ −11.47
Score −5.29 · distress below 1.80, grey to 2.99, safe at 3.00 and above.
Classic Z factor contributions
X1 Working capital / assets
Short-term liquidity versus the size of the balance sheet.
0.311.2 × = 0.37X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−3.171.4 × = −4.44X3 EBIT / assets
Operating return on assets. Highest weight in the original model.
−0.573.3 × = −1.87X4 Book equity / liabilities
Book equity versus the liability stack. Mega-caps often look greyer here than they would if X4 used market cap.
0.610.6 × = 0.37X5 Sales / assets
Asset turnover — how much revenue the asset base supports.
0.271 × = 0.27
Five-year path
Z plus liquidity (working capital / assets) and earnings (EBIT / assets) over the last 5 annual filings.
Overview
rule-v1
PLUG POWER INC is on classic Z at −5.29 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print. Versus FY2024 the live print is still distress (−1.88 from −3.42). No market tape loaded. Classic Z was fit on manufacturers; buybacks can send retained earnings negative at otherwise healthy issuers, and X4 is book equity, not market cap.
Book screen Distress; market PD —. Tape not priced — not a single default call.
MD&A excerpt
Management addresses hydrogen-production cost, customer-equipment deployments, and a history of working-capital strain around inventory and vendor terms. The MD&A discusses project-level financing and a reduced capital-spend plan. Liquidity is described as dependent on additional capital-market or project-finance access in addition to cash on hand.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Classic Z scores · 8th percentile in Industrials.
- NMHIDistressNature's Miracle Holding Inc.−5.15
- XOSDistressXos, Inc.−5.45
- SKYXDistressSKYX Platforms Corp.−5.56
- LIQTDistressLIQTECH INTERNATIONAL INC−5.01
- EOSEDistressEos Energy Enterprises, Inc.−4.84
- ELPWDistressElong Power Holding Ltd.−4.74
- BEEMDistressBeam Global−4.69
- WKHSDistressWorkhorse Group Inc.−4.56
KPI widgets
Current assets
$1.4B
Total assets
$2.6B
Current liabilities
$611M
Total liabilities
$1.6B
Working capital
$800M
Retained earnings
−$8.2B
EBIT
−$1.5B
Total sales
$710M
Book equity
$978M
Accession 0001104659-26-022286. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Classic Z is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 12 Sept 2026.