Is Plug Power (NASDAQ:PLUG) a buy in 2026?
No. Plug Power is one to avoid for now, per the Compass.
Negative gross margins after 25 years means the business model itself is the problem, not the hydrogen thesis.
Where PLUG is headed
Plug Power's situation in mid-2027 looks remarkably like its situation in mid-2024, mid-2021, and mid-2014: revenue is growing, losses are widening in absolute dollars, the share count is higher, and management is promising that scale will fix the unit economics any quarter now. The company sells hydrogen products at a NEGATIVE 31% gross margin. They lose money on every forklift fuel cell, every electrolyzer, every kilogram of liquid hydrogen before a single dollar of corporate overhead, R&D, or interest expense gets allocated. Twenty-five years in. This is not a scaling problem. It is a structural problem with the cost curve of green hydrogen versus the price customers will actually pay.
Read the full Compass Direction on PLUG
The complete destination call, the overlooked angle, milestones, and bull, base, and bear price scenarios.
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Frequently asked questions
Is Plug Power (NASDAQ:PLUG) a buy in 2026?
No. Plug Power is one to avoid for now, per the Compass. Negative gross margins after 25 years means the business model itself is the problem, not the hydrogen thesis.
What is PLUG's Compass Score?
Plug Power scores 46/100 on Alexandria's Compass, placing it in the "Neutral" tier. Scores blend eight factors and update weekly.
What is the price target for PLUG?
Alexandria's full Compass Direction includes bull, base, and bear price scenarios with the valuation math behind each. Read the full breakdown on the PLUG page.
Compass verdicts are AI-generated, forward-looking editorial research from publicly available data, not investment advice or a recommendation regarding any security. Scores and verdicts update as the data changes.