Are hydrogen stocks worth buying?

Hydrogen stocks can be worth buying. The global hydrogen industry has tremendous growth potential. The fuel could one day replace natural gas for residential, commercial, and industrial usage. It could also be an important low-carbon fuel for the transportation industry. If hydrogen lives up to its promise, companies focused on the sector could see significant revenue and earnings growth, giving their stocks enough fuel to skyrocket.

Who is the largest hydrogen producer in the United States?

Air Products is the world's largest producer of hydrogen.

What hydrogen stock is Amazon investing in?

In 2022, Amazon (NASDAQ:AMZN) signed a green hydrogen supply deal with Plug Power. The agreement will provide the e-commerce giant with emissions-free fuel to power some of its fleet, starting in 2025. As part of the deal, Amazon received warrants to purchase up to 16 million shares of Plug Power.

Which hydrogen ETF is best?

As of June 2026, one exchange-traded fund (ETF) focused on hydrogen stocks: Global X Hydrogen ETF (NASDAQ: HYDR). The pure-play hydrogen ETF is very small (roughly $166 million of assets under management). It has a reasonable ETF expense ratio (0.5%) and holds about 25 hydrogen stocks.

What sectors are driving growth in hydrogen stocks?

The primary sectors driving growth in hydrogen stocks are energy, technology, and industrials.

Should I invest in individual hydrogen stocks or ETFs?

There are limited investment options in the hydrogen sector. There's only one tiny ETF focused on hydrogen stocks (Global X Hydrogen ETF), and most pure play hydrogen companies aren't yet profitable. As a result, the best strategy would be to invest in a basket of several hydrogen stocks. This approach would help limit risk while still enabling you to capitalize on the expected long-term growth of hydrogen demand.

Is now a good time to invest in hydrogen?

Now is a good time to selectively invest in hydrogen. Companies like Bloom Energy are seeing booming demand for their advanced fuel cell systems to support AI data centers. However, demand for other forms of hydrogen isn't as robust due to more challenging market conditions. Given these dynamics, investors should focus on investing in hydrogen companies capitalizing on data center demand.

9 Best Hydrogen Stocks for 2026 and How to Invest

A look at some of the leading hydrogen energy stocks investors should keep an eye on in the coming year.

By Matthew DiLallo – Updated Jun 3, 2026 at 11:34 AM EST | Fact-checked by Frank Bass

Key Points

Hydrogen stocks require a long-term investment mindset due to currently high production costs and market challenges.
Top companies, such as Air Products, are leading in hydrogen production with large-scale projects.
Invest cautiously in a hydrogen ETF or a mix of hydrogen stocks to capture the potential growth in this clean energy source.

Hydrogen stocks are publicly traded companies that produce hydrogen or manufacture products that use or produce it. Hydrogen is a compelling alternative fuel because it can help decarbonize hard-to-electrify sectors, such as heavy industry, long-haul transport, and potentially power generation and storage. The catch is that companies need to produce hydrogen, which is more expensive, especially for lower-carbon varieties (green hydrogen produced by renewable energy and blue hydrogen produced from natural gas and supported by carbon capture and storage).

That’s why investors should view hydrogen as a long-duration theme: massive potential, but timelines and economics still need work.

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9 top hydrogen stocks for 2026

Given the vast potential of clean hydrogen, a growing number of companies are investing in the sector. Many energy and industrial companies are in the early stages of building and developing hydrogen energy projects.

Here are nine leading hydrogen companies to watch as this industry emerges.

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Ticker Information Table
Name and ticker	Market cap	Dividend yield	Industry
Linde (NASDAQ:LIN)	$234.8 billion	1.20%	Chemicals
Bloom Energy (NYSE:BE)	$81.7 billion	0.00%	Electrical Equipment
Plug Power (NASDAQ:PLUG)	$5.1 billion	0.00%	Electrical Equipment
Ballard Power Systems (NASDAQ:BLDP)	$1.8 billion	0.00%	Electrical Equipment
Air Products And Chemicals (NYSE:APD)	$62.9 billion	2.54%	Chemicals
Cummins (NYSE:CMI)	$94.2 billion	1.17%	Machinery
FuelCell Energy (NASDAQ:FCEL)	$1.2 billion	0.00%	Electrical Equipment
Itm Power Plc (OTC:ITMPF)	$1.6 billion	0.00%	Electrical Equipment
Tidewater Renewables (TSX:LCFS)	$420.5 million	0.00%	Oil, Gas and Consumable Fuels

Data as of Jun 4, 2026. Showing 9 of 9 total entries.

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1. Air Products

Air Products (APD +0.44%) is a global leader in supplying industrial gases and liquefied natural gas (LNG) processing technology and equipment. It's also one of the world's largest suppliers of merchant hydrogen and a leader in hydrogen fuel infrastructure (it won a $140 million contract to provide liquid hydrogen to several NASA facilities in 2026 and a three-year agreement to supply low-carbon liquid hydrogen to the European Space Agency). It has more than 100 hydrogen plants with the capacity to produce 7 million kilograms of fuel each day.

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NYSE: APD

Air Products And Chemicals

Today's Change

(0.44%) $1.25

Current Price

$283.52

Key Data Points

Market Cap

$63B

Day's Range

$281.92 - $285.42

52wk Range

$229.11 - $307.96

Volume

15.3K

Avg Vol

1.2M

Gross Margin

31.97%

Dividend Yield

2.54%

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Air Products has several major hydrogen projects underway that it expects to complete in the coming years. For example, it has completed 90% of the construction of its NEOM Green Hydrogen Project in Saudi Arabia, which should begin production by 2027. It's also working on a potential $8 billion blue hydrogen project in Louisiana that it could approve by the middle of 2026. In December 2025, Air Products reported that it was in advanced negotiations to potentially connect these projects to Yara's world-scale ammonia network.

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2. Ballad Power Systems

NASDAQ: BLDP

Ballard Power Systems

Today's Change

(0.58%) $0.04

Current Price

$6.09

Key Data Points

Market Cap

$1.8B

Day's Range

$5.75 - $6.12

52wk Range

$1.36 - $6.57

Volume

7.2M

Avg Vol

7.2M

Gross Margin

8.96%

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Ballard Power Systems (BLDP +0.83%) is a pioneer in the hydrogen industry. The Canadian company debuted the world's first fuel cell bus more than 30 years ago. Today, Ballard produces zero-emission fuel cells for the electrification of buses, commercial trucks, and marine vehicles, as well as stationary power solutions.

Ballard reported strong first-quarter results in May 2026. Revenue rocketed 26% year over year to $19.4 million, driven by increased engine shipments during the quarter. The company also saw strong momentum in the fuel cell bus market, including increased long-term customer commitments. Leading UK-based bus maker Wrightbus nominated Ballard as the fuel cell supplier for its next-generation StreetDeck Hydroliner Gen 3.0 hydrogen bus platform in early May. Solaris also selected Ballard as the fuel cell supplier for its next-generation hydrogen bus in May.

Last year marked a turning point for Ballard. Its revenue soared, and it made excellent progress reducing costs, meaningfully improving its profitability. The company has a strong financial position, giving it the flexibility to capitalize on the strong demand for fuel cell buses in North America and Europe.

3. Plug Power

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NASDAQ: PLUG

Plug Power

Today's Change

(0.00%) $0.00

Current Price

$3.69

Key Data Points

Market Cap

$5.1B

Day's Range

$3.50 - $3.71

52wk Range

$0.86 - $4.58

Volume

1.4M

Avg Vol

79.2M

Gross Margin

-2565.51%

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Plug Power (PLUG -0.14%) is a pioneer in the hydrogen fuel cell industry. It created the first commercially viable market for hydrogen fuel cell technology and has deployed an industry-leading 74,000 fuel cell systems for the e-mobility market (using electric powertrain technologies to power vehicles and fleets).

It's one of the world's largest hydrogen buyers and operates a leading hydrogen refueling network in North America with more than 280 fueling stations. Plug Power is building an end-to-end green hydrogen network to produce, store, and deliver the fuel across North America and Europe.

Plug Power has struggled to fund its operations and growth over the years due to its heavy operating losses. However, cost-cutting initiatives and a refocused growth strategy are starting to deliver results. Plug Power's revenue growth accelerated in the first quarter (up 22%) while it delivered a 71% year-over-year margin improvement. That has Plug Power on track to achieve its goals of reaching profitability by the end of 2028.

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4. Bloom Energy

NYSE: BE

Bloom Energy

Today's Change

(1.73%) $4.98

Current Price

$292.30

Key Data Points

Market Cap

$82B

Day's Range

$272.50 - $295.52

52wk Range

$19.97 - $322.83

Volume

191.4K

Avg Vol

10.5M

Gross Margin

31.08%

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Bloom Energy's (BE +1.46%) mission is to produce clean, reliable, and affordable energy. The company has developed the Bloom Energy Server, an electric power-generation platform. It also created the Bloom Electrolyzer, using the same solid oxide technology as its Bloom Energy Server. The product can produce clean hydrogen 15% to 45% more efficiently than others on the market.

Bloom Energy believes the Bloom Electrolyzer is a major leap forward for hydrogen. It hopes the technology will enable heavy industries, such as steel, chemicals, cement, and glass manufacturing, to decarbonize.

Bloom Energy can pair its Bloom Electrolyzer with solar energy and wind energy to generate green hydrogen, which it can store and eventually turn back into electricity for future use. It has the potential to be the solution of choice for powering artificial intelligence (AI), including data centers and businesses using the technology for productivity gains. The company expanded its strategic partnership with Oracle (ORCL +3.02%) in April to deploy up to 2.8 gigawatts of its advanced fuel cells to accelerate the build-out of AI infrastructure.

Bloom Energy grew its revenue by 130% in the first quarter of 2026 to over $750 million. It also boosted its full-year outlook. Bloom now expects to generate between $3.4 billion and $3.8 billion of revenue in 2026, an 80% increase from last year (and an acceleration from its initial guidance of 60% revenue growth).

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5. Linde

NASDAQ: LIN

Linde

Today's Change

(0.04%) $0.23

Current Price

$506.20

Key Data Points

Market Cap

$235B

Day's Range

$504.56 - $512.14

52wk Range

$387.78 - $521.28

Volume

49.9K

Avg Vol

2.3M

Gross Margin

37.79%

Dividend Yield

1.20%

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Linde (LIN +0.11%) has developed several technologies to efficiently compress and safely refuel hydrogen. It also offers technologies to lower carbon emissions through carbon capture and storage.

Linde is building a 100-megawatt renewable hydrogen plant for Shell (SHEL -0.04%) in Germany, which it expects will begin commercial operations in 2027.

In June 2025, Linde signed a long-term agreement to supply industrial gases to a $4 billion low-carbon ammonia facility currently under construction in Louisiana. Linde will invest $400 million in a new on-site facility that will complement the company's existing hydrogen and syngas (synthesis gas) infrastructure in the region.

While Linde is an early hydrogen leader, it has been skeptical of the sector's near-term growth prospects. The company believes it will take five to seven years for hydrogen technology to mature. As that happens, the industry will be able to approve more commercially viable projects.

6. Cummins

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NYSE: CMI

Cummins

Today's Change

(0.36%) $2.49

Current Price

$684.82

Key Data Points

Market Cap

$94B

Day's Range

$668.17 - $686.73

52wk Range

$307.90 - $718.08

Volume

333.3K

Avg Vol

876.2K

Gross Margin

25.09%

Dividend Yield

1.17%

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Cummins (CMI +0.45%) is a global power solutions company. It produces advanced diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related parts. Among its solutions are fuel cell and electric power technologies, as well as hydrogen production technologies. Accelera by Cummins is its business segment dedicated to zero-emissions technology, such as fuel cell engines.

In February 2026, Cummins announced that it intends to stop new commercial activity in the electrolyzer space (part of its Accelera segment) due to deteriorating market conditions. The company sold its rail-related hydrogen fuel cell activities to Alstom in April 2026, strengthening the European sustainable mobility giant's hydrogen business. Cummins, like many others in the hydrogen sector, has had to meaningfully temper its expectations for hydrogen adoption over the past year.

7. FuelCell Energy

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NASDAQ: FCEL

FuelCell Energy

Today's Change

(3.44%) $0.75

Current Price

$22.56

Key Data Points

Market Cap

$1.2B

Day's Range

$20.33 - $22.88

52wk Range

$3.78 - $27.69

Volume

171.8K

Avg Vol

6.4M

Gross Margin

-1594.68%

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FuelCell Energy (FCEL +3.44%) is a global leader in delivering distributed baseload energy (on-site power to provide steady energy to a building). The company's proprietary fuel cell technology includes carbonate fuel cells (powered by natural gas and biofuels) and hydrogen fuel cells. The company also makes carbon recovery and carbon capture systems.

FuelCell Energy has shifted its focus to the data center market in recent months, where it sees significant opportunities for its efficient and resilient power solutions. In January 2026, the company formed a strategic collaboration with Sustainable Development Capital to explore the deployment of up to 450 megawatts (MW) of advanced fuel-cell systems to support data center growth. It introduced a standardized 12.5 MW on-site power system in March and announced plans to expand the manufacturing capacity at its Torrington facility by more than three times to meet expected demand. FuelCell Energy is growing rapidly, with its revenue surging 61% in the first quarter to $30.5 million.

8. ITM Power

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OTC: ITMPF

Itm Power Plc

Today's Change

(-2.59%) $-0.06

Current Price

$2.26

Key Data Points

Market Cap

$1.6B

Day's Range

$2.13 - $2.26

52wk Range

$0.76 - $2.85

Volume

11.8K

Avg Vol

50.7K

Gross Margin

-9672.74%

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ITM Power designs and manufactures proton exchange membrane (PEM) electrolyzers to produce green hydrogen. Based in England, ITM has spent the past quarter-century developing the world's most advanced PEM electrolyzer technology. CEO Dennis Shultz believes "green hydrogen will play an important role in the energy transition." That's driving his strategy to become a more focused, more capable technology and manufacturing company to meet the fast-growing demand for green hydrogen.

As of early 2026, the company had nearly 500 megawatts (MW) of electrolyzers either deployed or under contract. Meanwhile, it had over 550 MW of additional capacity reservations.

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9. Tidewater Renewables

TSX: LCFS

Tidewater Renewables

Today's Change

(-4.68%) $-0.54

Current Price

$11.00

Key Data Points

Market Cap

$420M

Day's Range

$10.41 - $11.36

52wk Range

$2.14 - $13.42

Volume

18.9K

Avg Vol

24.2K

Gross Margin

13.02%

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Tidewater Renewables is a renewable fuels company. Its objective is to become the leading renewable fuel producer in Canada.

The company operates a complex for renewable diesel and renewable hydrogen in Canada. The facility produces renewable hydrogen, which it uses in its refinery operations. Tidewater Renewables has also proposed building a sustainable aviation fuel facility at that complex, which would utilize clean hydrogen to produce sustainable aviation fuels.

How to invest in hydrogen stocks

Open your brokerage app: Log in to your brokerage account where you handle your investments. If you don't have one yet, take a look at our favorite brokers and trading platforms to find the right one for you.
Search for the stock: Enter the ticker into the search bar to bring up the stock's trading page.
Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
Submit your order: Confirm the details and submit your buy order.
Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.

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Benefits and risks of investing in hydrogen stocks

Investing in hydrogen stocks has its share of pros and cons. Some benefits of investing in hydrogen stocks include:

Growth potential: Hydrogen could become a multitrillion-dollar global market in the coming decades, potentially fueling strong gains for top hydrogen stocks.
Cleaner: Hydrogen is a cleaner fuel than oil and natural gas, so investing in the sector can help protect the environment.
Diversification: Investing in the hydrogen sector can help diversify your portfolio.
Income potential: Some hydrogen stocks pay dividends, enabling you to generate some passive income.

On the other hand, some risks of investing in hydrogen stocks include:

Market challenges: The hydrogen market is highly volatile, driven by fluctuating prices and changing government policies. These and other issues have caused some hydrogen companies to cancel major expansion projects.
Higher-risk companies: Many hydrogen companies have higher risk profiles due to money-losing operations and weaker balance sheets.
Limited direct investment options: There are only a few pure-play hydrogen companies and one hydrogen ETF, limiting investment options for investors.

Should you invest in hydrogen stocks?

Hydrogen has enormous long-term potential, helping decarbonize heavy industry, replace natural gas in some applications, and store renewable energy. If the technology scales, it could support a multitrillion-dollar global market.

At the same time, hydrogen is still in its early stages of commercial development. Clean hydrogen remains expensive to produce, and wider adoption depends on cost reductions, infrastructure build-out, and ongoing policy support, all of which can change over time.

Because of that uncertainty, hydrogen stocks tend to carry higher risk profiles. Many pure-play companies are unprofitable, while larger firms involved in hydrogen generate most of their revenue elsewhere. For investors, that means hydrogen may be better approached cautiously, either as a small thematic allocation, a basket of companies with different risk profiles, or through a hydrogen ETF.

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FAQ

Hydrogen stocks FAQ

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About the Author

Matt DiLallo has been a contributing Motley Fool stock analyst specializing in the energy, industrials, and real estate sectors since 2012. He also covers dividend-paying stocks, pre-IPO companies, ETFs, and other investing topics. He holds an MBA from Liberty University.

TMFmd19

@MatthewDiLallo

Matt DiLallo has positions in Brookfield Asset Management. The Motley Fool has positions in and recommends Bloom Energy, Brookfield Asset Management, and Cummins. The Motley Fool recommends Linde. The Motley Fool has a disclosure policy.

9 Best Hydrogen Stocks for 2026 and How to Invest

A look at some of the leading hydrogen energy stocks investors should keep an eye on in the coming year.

Key Points

9 top hydrogen stocks for 2026

1. Air Products

Key Data Points

2. Ballad Power Systems

Key Data Points

3. Plug Power

Key Data Points

4. Bloom Energy

Key Data Points

5. Linde

Key Data Points

6. Cummins

Key Data Points

7. FuelCell Energy

Key Data Points

8. ITM Power

Key Data Points

9. Tidewater Renewables

Key Data Points

How to invest in hydrogen stocks

Benefits and risks of investing in hydrogen stocks

Should you invest in hydrogen stocks?

Related investing topics

5 Best Energy Stocks for 2026 and How to Invest

Best Renewable Energy Dividend Stocks of 2026

Best Oil ETFs for 2026 and How to Invest

Best Oil Dividend Stocks to Buy in 2026

FAQ

Hydrogen stocks FAQ

Are hydrogen stocks worth buying?

Are hydrogen stocks worth buying?

Who is the largest hydrogen producer in the United States?

Who is the largest hydrogen producer in the United States?

What hydrogen stock is Amazon investing in?

What hydrogen stock is Amazon investing in?

Which hydrogen ETF is best?

Which hydrogen ETF is best?

What sectors are driving growth in hydrogen stocks?

What sectors are driving growth in hydrogen stocks?

Should I invest in individual hydrogen stocks or ETFs?

Should I invest in individual hydrogen stocks or ETFs?

Is now a good time to invest in hydrogen?

Is now a good time to invest in hydrogen?

About the Author

Read Next

Stocks Mentioned

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Premium Investing Services

9 top hydrogen stocks for 2026

1. Air Products

Key Data Points

Key Data Points

3. Plug Power

Key Data Points

Key Data Points

Key Data Points

6. Cummins

Key Data Points

7. FuelCell Energy

Key Data Points

8. ITM Power

Key Data Points

How to invest in hydrogen stocks

Benefits and risks of investing in hydrogen stocks

Should you invest in hydrogen stocks?

5 Best Energy Stocks for 2026 and How to Invest

Best Renewable Energy Dividend Stocks of 2026

Best Oil ETFs for 2026 and How to Invest

Best Oil Dividend Stocks to Buy in 2026

Hydrogen stocks FAQ

Are hydrogen stocks worth buying?

Are hydrogen stocks worth buying?

Who is the largest hydrogen producer in the United States?

Who is the largest hydrogen producer in the United States?

What hydrogen stock is Amazon investing in?

What hydrogen stock is Amazon investing in?

Which hydrogen ETF is best?