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Forgent Power Solutions vs Plug Power: FPS and PLUG compared
Forgent Power Solutions is the larger company: $462M of revenue in its latest quarter (Q4 FY26) against $178M for Plug Power (Q2 2026). Forgent Power Solutions is growing faster (+94% against +2% a year earlier). Forgent Power Solutions is more profitable, with an operating margin of 19.9% against -36.0%.
Where the money goes: FPS and PLUG
Forgent Power Solutions (FPS) · Q4 FY26
Forgent Power Solutions, Q4 FY26: revenue $462M (+94% year over year), operating margin 19.9%, net earnings $53.3M, operating cash flow $73.9M. The chart follows the revenue to costs, profit and cash.
Plug Power (PLUG) · Q2 2026
Plug Power, Q2 2026: revenue $178M (+2% year over year), operating margin -36.0%, net loss $190M, operating cash flow −$94.1M. The chart follows the revenue to costs, profit and cash.
| Forgent Power Solutions (FPS) | Plug Power (PLUG) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q2 2026 |
| Revenue | $462M | $178M |
| Revenue growth, Y/Y | +94% | +2% |
| Gross margin | 36.1% | — |
| Operating margin | 19.9% | -36.0% |
| Net earnings | $53.3M | −$190M |
| Net margin | 11.5% | -106.6% |
| Operating cash flow | $73.9M | −$94.1M |
| Free cash flow | $42.6M | — |
| Market value | $4.6B | — |
| P/E | 55.7× | — |
| Analysts’ mean target | $53.75 | — |
Where the revenue comes from
Forgent Power Solutions
- Custom products: $292M (63%)
- Powertrain solutions: $147M (32%)
- Services: $12.3M (3%)
- Standard products: $11.2M (2%)
Plug Power
- Sales of equipment, related infrastructure and other: $82.1M (46%)
- Fuel delivered to customers and related equipment: $39.5M (22%)
- Services performed on fuel cell systems and related infrastructure: $29.8M (17%)
- Sales of cryogenic equipment and liquefiers: $26.7M (15%)
Questions
Which is bigger, Forgent Power Solutions or Plug Power?
Forgent Power Solutions is the larger company: $462M of revenue in its latest quarter (Q4 FY26) against $178M for Plug Power (Q2 2026).
Is Forgent Power Solutions or Plug Power growing faster?
Forgent Power Solutions is growing faster (+94% against +2% a year earlier).
Which is more profitable, Forgent Power Solutions or Plug Power?
Forgent Power Solutions is more profitable, with an operating margin of 19.9% against -36.0%.
More: Forgent Power Solutions earnings · how Forgent Power Solutions makes money · Plug Power earnings · how Plug Power makes money
From the companies' latest 10-Q, 10-K or earnings release (10-K filed Sep 15, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.