Company / R&D Expense
PLUG POWER INC R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$58.0M
FY2025
5-year range
$58.0M / $113.7M
FY2021-FY2025
Trend
-24.9%
vs FY2024
Sector context
#98 of 174
Industrials
What the data says
At $58M, PLUG POWER INC's r&d expense ranks #98 of 174 in the Industrials sector. R&D Expense has fluctuated over the past 10 years, ranging from $6M in FY2016 to $114M in FY2023.
Based on SEC 10-K filings.
$58M in FY2025 with a 5-year CAGR of +15.8%.
Declined from $114M to $58M over the past 2 years.
Industrials sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- -16.5%
- 5-Year CAGR
- +15.8%
- 10-Year CAGR
- -
Sector benchmark
#98 of 174 in IndustrialsTop 56% of 174This company $58.0M Sector average $273.7M
▼
-78.8% below sector average
Key checks
Key Insights
- 5-year CAGR of +15.8%, indicating consistent growth.
- In FY2025, r&d expense decreased 24.9% year-over-year.
- Ranks #98 out of 174 companies in the Industrials sector.
- Peak r&d expense was recorded in FY2023.
Company context
Key Data Points
- Altman Z-Score -3.69 (distress zone, below 1.8 threshold)
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $58.0M | -24.9% |
| FY2024 | $77.2M | -32.1% |
| FY2023 | $113.7M | +14.2% |
| FY2022 | $99.6M | +53.8% |
| FY2021 | $64.8M | +132.6% |
| FY2020 | $27.8M | +84.9% |
| FY2019 | $15.1M | -28.9% |
| FY2018 | $21.2M | +41.7% |
| FY2017 | $14.9M | +131.1% |
| FY2016 | $6.5M | +107.3% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026