Plug Power

PLUG Clean Energy & EV 4/10 Medium Risk

4/10

↑ 1 → 4 over 22 weeks

Sector avg: 3.7/10

▲

Risk Score Increased

3/10 → 4/10

Risk level moved from Low Risk to Medium Risk. Score changed by 1 point as of 2026-07-26. Driver-level breakdown unavailable for this change — likely because the company's reported financial concepts shifted between filings (e.g. a 10-Q omitting a tag the 10-K used) or the scoring methodology was updated. Compare the metrics table below against prior periods on EDGAR for context.

Plug Power carries $4M in long-term debt, with $503M in scheduled principal maturities. PLUG shows negative interest coverage (-22.5x), indicating operating losses exceed interest costs and a strong cash position ($223M) that could cover most of its debt obligations. DebtCanary scores PLUG at 4/10, indicating moderate refinancing pressure.

Maturity Schedule

As of 2026-03-31 (latest SEC filing with maturity data). Debt actions taken after this date will only appear once SEC processes the relevant XBRL filing.

⚠ This schedule may be incomplete: some maturity buckets were excluded because they only appear in older filings. Totals and concentration are not computed from partial schedules.

Period	Amount Due	% of Total
Year 1 (0-12 months)	N/A	N/A
Year 2 (12-24 months)	N/A	N/A
Year 3 (24-36 months)	N/A	N/A
Year 4 (36-48 months)	N/A	N/A
Year 5 (48-60 months)	N/A	N/A
Beyond 5 Years	$503M	100.0%
Total Scheduled Maturities	$503M	100.0%

Why don't these totals match? Total scheduled maturities ($503M) exceeds balance-sheet long-term debt ($4M) by about 99%. The two figures come from different disclosures: the maturity schedule aggregates gross principal repayments from the debt footnote — typically including the current portion of long-term debt and sometimes finance leases — while balance-sheet long-term debt is a carrying value that excludes the current portion and is net of unamortized discounts, premiums, and issuance costs. They can also come from filings with different period-end dates (2026-03-31 vs 2026-03-31). Both numbers are shown exactly as reported to the SEC.

Key Metrics

Total Long-Term Debt

$4M

Near-Term (12mo)

N/A

Interest Coverage

Loss

Debt/Equity

0.01

Cash Coverage

N/A

Operating Income

-$1.5B

How This Score Was Computed

Weighted average of 2 scored components (raw 4.38, rounded to 4). Weights of skipped components are redistributed proportionally among those scored.

Component	Value	Sub-Score	Weight Used
Near-Term Maturity Concentration Parts of the maturity schedule only appear in older filings, so concentration would be measured against an incomplete total. Skipped rather than reported as a misleadingly high number.	N/A	—	not scored
Interest Coverage Ratio Coverage is negative, but debt is minimal or fully covered by cash on hand — weak coverage isn't a refinancing signal here, so the component is excluded rather than penalised.	-22.53x	—	not scored
Debt-to-Equity Ratio Show calculation Long-term debt / Stockholders' equity Long-term debt: $4M Stockholders' equity: $750M	0.01	1/10	62%
Cash Coverage of Near-Term Debt No near-term debt obligation was reported (no Year-1 maturity bucket and no balance-sheet short-term debt).	N/A	—	not scored
Cash Runway Show calculation Cash & equivalents / Monthly operating cash burn Cash & equivalents: $223M Annual operating cash burn: $536M	5 months	10/10	37%

"Weight Used" shows each component's share after the weights of unscored components are redistributed. Full thresholds and formulas are on the methodology page.

Recent SEC Filings

Material disclosures from Plug Power's most recent EDGAR filings. 8-K item labels indicate the type of event reported.

Date	Form	Details
2026-07-13	8-K	Material Agreement, Earnings Results, Reg FD Disclosure
2026-06-15	8-K	Shareholder Vote, Other Events
2026-06-11	8-K	Reg FD Disclosure
2026-06-04	DEFA14A	Additional proxy materials
2026-06-04	DEFA14A	Additional proxy materials
2026-06-04	8-K	Officer / Director Change
2026-05-11	10-Q	Quarterly report
2026-05-11	8-K	Earnings Results

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Data Source: Financial data sourced from SEC EDGAR XBRL filings (10-K annual reports). Fiscal period end: 2026-03-31. Filing date: 2026-05-11. Data last fetched: 2026-07-26. Maturity schedules reflect the company's most recently reported debt repayment obligations. Data quality: Partial.
View SEC EDGAR filings for Plug Power →