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Plug PowerXSWX:PLUG -1.54%45 Debt-to-Equity is 1.35 as of Mar. 2026, which is 125% above its 10-year median of 0.60. GuruFocus rates XSWX:PLUG with a GF Score™ of 45/100 and a GF Value™ of CHF1.27. The stock has 6 warning signs investors should review. Among 2,681 Industrial Products companies, Plug Power ranks worse than 92.58% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Plug Power's Debt-to-Equity or its related term are showing as below:
XSWX:PLUG'
s Debt-to-Equity Range Over the Past 10 Years
Min: -241.91 Med: 0.6 Max: 100.45
Current: 1.35
During the past 13 years, the highest Debt-to-Equity Ratio of Plug Power was 100.45. The lowest was -241.91. And the median was 0.60.
XSWX:PLUG's Debt-to-Equity is ranked worse than 92.58% of 2681
companies
in the Industrial Products industry
Industry Median: 0.28
vs XSWX:PLUG: 1.35
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Plug Power Debt-to-Equity Related Terms
Plug Power Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Plug Power's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XSWX:PLUG vs HAYW, ATKR, TE: Debt-to-Equity Comparison
For the Electrical Equipment & Parts subindustry, Plug Power's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Plug Power Debt-to-Equity vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Plug Power's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Plug Power's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Plug Power (XSWX:PLUG) has a Debt-to-Equity of 1.35 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Plug Power and its competitors. This is 125% above median its historical median of 0.60. According to the industry distribution chart, Plug Power ranks #2482 out of 2681 companies in the Industrial Products industry, placing it in the top 92.6%.
Is Plug Power's Debt-to-Equity too high?
Plug Power's current Debt-to-Equity of 1.35 is 125% above median its 10-year median of 0.60. The Industrial Products industry median Debt-to-Equity is 0.28. Plug Power's value of 1.35 is 382.1% above this industry median. Based on the distribution chart, Plug Power ranks #2482 out of 2681 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Plug Power has a GF Score™ of 45/100, reflecting its overall financial health beyond just this single metric.
How does Plug Power's Debt-to-Equity compare to HAYW and ATKR?
According to the Industrial Products industry distribution chart, Plug Power ranks #2482 out of 2681 companies for Debt-to-Equity. This places Plug Power in the lower half of its industry. The industry median Debt-to-Equity is 0.28. Plug Power's value of 1.35 is 382.1% above this benchmark. While the company's 10-year median is 0.60 vs. the industry median of 0.28, Plug Power has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Industrial Products company?
The median Debt-to-Equity among Industrial Products companies is 0.28, based on 2,681 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Plug Power's current Debt-to-Equity of 1.35 is 382.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Plug Power and its competitors. For the Industrial Products industry, the median Debt-to-Equity is 0.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Plug Power's current Debt-to-Equity is 1.35, which is 125% above median its own 10-year median of 0.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Plug Power stock overvalued right now?
Plug Power (XSWX:PLUG) has a current Debt-to-Equity of 1.35. The stock's GF Value™ is CHF1.27, compared to a current price of CHF1.81 — trading 42.2% above its estimated fair value. The current Debt-to-Equity is 1.35, which is 125% above median its 10-year median of 0.60 and 382.1% above the Industrial Products industry median of 0.28. Plug Power's overall GF Score™ is 45/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Plug Power (XSWX:PLUG), the current Debt-to-Equity is 1.35 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Plug Power (XSWX:PLUG) Overvalued in 2026?
Based on GuruFocus' analysis, Plug Power stock appears to be overvalued.
The current stock price of CHF1.81 is trading 42.2% above its estimated GF Value™ of CHF1.27.
Key valuation signals for XSWX:PLUG:
Debt-to-Equity: 1.35 (125% above median its 10-year median of 0.60)
GF Value™: CHF1.27 vs. price of CHF1.81 (42.2% above fair value)
Industry Position: 382.1% above the Industrial Products median (#2482 of 2681)
No single metric tells the full story. See the XSWX:PLUG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Plug Power Inc is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets, including material handling, e-mobility, power generation, and industrial applications.
45GF Score
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