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Woodward vs Plug Power: WWD and PLUG compared
Woodward is the larger company: $1.1B of revenue in its latest quarter (Q3 FY26) against $178M for Plug Power (Q2 2026). Woodward is growing faster (+21% against +2% a year earlier). Woodward is more profitable, with an operating margin of 17.4% against -36.0%.
Where the money goes: WWD and PLUG
Woodward (WWD) · Q3 FY26
Woodward, Q3 FY26: revenue $1.1B (+21% year over year), operating margin 17.4%, net earnings $147M, operating cash flow $147M. 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.
| Woodward (WWD) | Plug Power (PLUG) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q2 2026 |
| Revenue | $1.1B | $178M |
| Revenue growth, Y/Y | +21% | +2% |
| Operating margin | 17.4% | -36.0% |
| Net earnings | $147M | −$190M |
| Net margin | 13.2% | -106.6% |
| Operating cash flow | $147M | −$94.1M |
| Free cash flow | $87.1M | — |
| Market value | $19.4B | — |
| P/E | 35.1× | — |
| Analysts’ mean target | $420.50 | — |
Where the revenue comes from
Woodward
- Aerospace: $709M (64%)
- Industrial: $401M (36%)
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, Woodward or Plug Power?
Woodward is the larger company: $1.1B of revenue in its latest quarter (Q3 FY26) against $178M for Plug Power (Q2 2026).
Is Woodward or Plug Power growing faster?
Woodward is growing faster (+21% against +2% a year earlier).
Which is more profitable, Woodward or Plug Power?
Woodward is more profitable, with an operating margin of 17.4% against -36.0%.
More: Woodward earnings · how Woodward makes money · Plug Power earnings · how Plug Power makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 30, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.