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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>Leo Sun, The Motley FoolSun, Aug 24, 2025, 4:10 PM 5 min readPlug Power trades about 99% below its IPO price.It reinvented itself over the past 26 years, but it still isn’t impressing the bulls.Its stock is cheap, and it could soar higher as its business warms up again.10 stocks we like better than Plug Power ›Plug Power (NASDAQ: PLUG), a leading developer of hydrogen charging and storage technologies, has been a disappointing long-term investment. It went public at a reverse-split-adjusted price of $150 in 1999, soared to a record high of $1,498 at the peak of the dot-com bubble in early 2000, but now trades at less than $2.However, with a market cap of $1.8 billion, Plug looks cheap at less than two times next year's sales. Should you consider it an undervalued play on the nascent hydrogen market?Image source: Getty Images.Plug Power originally planned to build hydrogen charging systems for homes. However, high infrastructure costs, regulatory challenges, and weak consumer demand crushed those dreams.After that plan collapsed, it started to develop hydrogen fuel cells and charging systems for warehouse forklifts instead. Amazon and Walmart became its top customers as well as its biggest investors through stock warrants.The company initially subsidized its fuel cell sales to Amazon and Walmart with those stock warrants. That unusual strategy caused its reported revenue to turn negative in 2020 as its big subsidies eclipsed its other customer payments.After restating its financials, revenue turned positive again in 2021. But over the following three years, its top-line growth slowed, its operating margins collapsed, and its net losses widened at an alarming rate.Most of its growth in 2022 and 2023 was inorganically driven by two acquisitions that expanded its smaller cryogenic-storage equipment business instead of the organic growth of its hydrogen fuel cell, charger, and electrolyzer segments.Metric2021202220232024Revenue$502 million$701 million$891 million$629 millionGrowth (YOY)N/A*40%27%(29%)Operating margin(87%)(97%)(151%)(321%)Net income($460 million)($724 million)($1.37 billion)($2.1 billion)Data source: Plug Power. YOY = year over year. *Due to restatements.Plug Power has already deployed 72,000 fuel cell systems and 275 fueling stations across the world, but rising interest rates, tariffs, and other macro headwinds are curbing the market's appetite for expensive hydrogen charging projects.Many companies also continue to invest in battery-electric solutions, which are generally cheaper and easier to deploy than hydrogen-powered systems. Although Plug Power is gaining traction in warehouses and fulfillment centers, it could struggle to break out of its niche, scale up its business, and generate consistent profits. That's why its stock trades so far below its all-time high -- and why it's trading at such low valuations.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,443.50 -12.00 (-0.19%)Dow Futures45,316.00 -35.00 (-0.08%)Nasdaq Futures23,429.50 -68.75 (-0.29%)Russell 2000 Futures2,338.30 -5.80 (-0.25%)VIX14.79 +0.57 (+4.01%)Gold3,422.20 +4.70 (+0.14%)PortfolioSign in to access your portfolioSign inTop gainersSSL Sasol Limited 6.98 +0.69 (+10.97%)PRM Perimeter Solutions, Inc. 21.21 +1.73 (+8.88%)IREN IREN Limited 23.12 +1.69 (+7.89%)MP MP Materials Corp. 72.31 +4.43 (+6.53%)RKLB Rocket Lab Corporation 47.22 +2.84 (+6.40%)Top losersNEGG Newegg Commerce, Inc. 85.00 -15.75 (-15.63%)KDP Keurig Dr Pepper Inc. 31.10 -4.03 (-11.48%)FRPT Freshpet, Inc. 56.29 -6.33 (-10.11%)TNXP Tonix Pharmaceuticals Holding Corp. 34.59 -3.39 (-8.93%)BMA Banco Macro S.A. 60.00 -5.54 (-8.45%)Most activeOPEN Opendoor Technologies Inc. 4.5400 -0.4700 (-9.38%)NIO NIO Inc. 6.09 -0.25 (-3.94%)INTC Intel Corporation 24.55 -0.25 (-1.01%)NVDA NVIDIA Corporation 179.81 +1.82 (+1.02%)SOFI SoFi Technologies, Inc. 26.15 +1.13 (+4.52%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersTLRY Tilray Brands, Inc. 1.3900 +0.2400 (+20.87%)GPRO GoPro, Inc. 1.6500 +0.4400 (+36.36%)OPAD Offerpad Solutions Inc. 3.6400 +2.1000 (+136.36%)IBKR Interactive Brokers Group, Inc. 62.76 +0.36 (+0.58%)BYND Beyond Meat, Inc. 2.5900 +0.1400 (+5.71%)Top economic events