Plug Power, Inc. — Earnings Quality Grade F
PLUG · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 69 days, change -22 days YoY
AR growth -14.3% vs revenue growth 12.9%
Revenue 12.9%, CFFO 26.5%. Cash follows revenue
Expense Quality
Inventory -23.7% vs COGS -24.1%. Normal
CapEx growth -62.4% vs revenue 12.9%. Normal
SG&A/Gross Profit = -156.8%, excellent (<30%)
Gross margin swung +65.3pp (-99.4% → -34.1%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.7B)
Accruals ratio = -42.2%. Low accruals
Cash $0.4B covers only 37% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 3% of equity. Manageable
Interest coverage = -10.4x (<2x). Financial stress
Other assets -30.4% vs revenue 12.9%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -65% YoY. Normal
Manipulation Score
M-Score = -3.67 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25