power plug (NASDAQ:PLUG) stocks are on the rise. Since the beginning of 2026, the hydrogen fuel company’s shares have increased in value by more than 30%.
Some investors, however, believe the race has only just begun, and certain Wall Street analysts agree. Craig-Hallum analyst Eric Stine, for example, has a $7 price target on Plug Power stock. That price target suggests over 150% upside potential. Stine reiterated his buy rating earlier this month.
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Perhaps the stock will skyrocket in value this year, as Stine predicts. Or perhaps the stock’s rise will be spread over several years. Either way, will you regret not buying Plug Power stock a decade from now? You may be surprised by the answer.
To understand Plug Power’s next decade, it’s helpful to review what happened during the previous decade. Past results may not have much to do with future results. But it’s still a useful indicator for understanding the company’s historical success and how that can contribute to future projects.
Over the past 10 years, Plug Power stock has increased in value by approximately 35%. He S&P 500 Meanwhile, the index is up more than 200% during the same period. This poor performance came even as Plug Power’s revenue grew more than 20% annually, from $86 million in 2016 to more than $700 million in 2025.
This revenue growth was driven by several factors. Ten years ago, revenue was primarily dominated by sales of Plug Power’s GenDrive fuel cell systems designed for material handling vehicles such as forklifts. Over the years, the company has expanded its product line and now earns revenue not only from the sale of equipment, but also from support services, power purchase agreements and fuel deliveries.
In short, Plug Power has invested heavily to become a more mature hydrogen ecosystem provider, not just a one-trick pony. So in some ways, Plug Power as a business has performed excellently over the last decade. Meanwhile, shareholders have largely been left behind, especially when comparing the company’s share price to broader market indices.
What is the reason for this great disconnection? Arguably the biggest hurdle has been shareholder dilution. Over the past 10 years, the total number of Plug Power shares has increased by a staggering 673%. That means a stock purchased in 2016 represents only a fraction of your original ownership percentage today.