NASDAQ: PLTR · Application Software
Palantir Technologies
Palantir Technologies builds software that lets governments and companies integrate their data, decisions and operations. Founded in 2003 to support U.S. intelligence and counterterrorism work, it sells four platforms — Gotham (government), Foundry (data operations), Apollo (software deployment) and AIP (its generative AI platform). 2025 revenue rose 56% to $4.48 billion, split between government ($2.40 billion) and commercial ($2.07 billion) customers, with 74% from the United States, and Palantir earned $1.63 billion of net income, its third profitable year. Growth accelerated in 2026: second-quarter revenue nearly doubled to $1.94 billion and net income rose to $1.07 billion. It had no debt, $7.2 billion of cash and short-term Treasuries, and $11.2 billion of remaining deal value at the end of 2025.
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:29 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-1710-Q (quarter ended 2026-09-30) · filed 2026-11-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 32.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 31.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +6.4 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -5.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.31x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 115.5x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.92
Higher than 96% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 84% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 61% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 1% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 35% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$177.23close on 2026-11-04
Market cap$423.79B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 115.5x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 57.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 289.3x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 0.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 282.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 57.5x
Book value at FY2025 year-end
At FY2025 year-end: 294.1x
EBITDA for FY2025
At FY2025 year-end: 0.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.18B → $2.31B (vs. a year earlier)↑ +95.9%$1.18B → $2.31B (vs. a year earlier)
- Operating margin33.3% → 46.9% (vs. a year earlier)↑ +13.6 pts33.3% → 46.9% (vs. a year earlier)
- Net income$476M → $1.13B (vs. a year earlier)↑ +137.2%$476M → $1.13B (vs. a year earlier)
- Diluted EPS$0.18 → $0.44 (vs. a year earlier)↑ +144.4%$0.18 → $0.44 (vs. a year earlier)
- Cash$2.03B → $3.62B (vs. previous quarter-end)↑ +78.3%$2.03B → $3.62B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 2, 2026.
Management outlook ↑ Raised
Raised revenue guidance to $8.530-$8.534 billion. Source sentence
We are raising our revenue guidance to between $8.530 - $8.534 billion.
Key changes
Q3 revenue up 96% to $2.313B. Source sentence
Revenue grew 96% year-over-year and 20% quarter-over-quarter to $2.313 billion
U.S. commercial revenue up 148% to $984M. Source sentence
◦ U.S. commercial revenue grew 148% year-over-year and 29% quarter-over-quarter to $984 million
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Palantir Technologies Inc.
- Headquarters
- AVENTURA, FL
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: PLTR
- Industry
- Application Software
- CIK
- 1321655
- Website
- https://www.palantir.com/ ↗
Workforce (as of FY2025 year-end)
Employees
4,429
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 33–36 days after quarter end (Feb 2, 2026; Feb 3, 2025; Feb 5, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 33–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 2, 2026 (+33 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 3, 2026 (+34 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | May 4, 2026 (+34 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 2, 2026 (+33 days) | Feb 17, 2026 10-K (+48 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 3, 2025 (+34 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 4, 2025 (+35 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | May 5, 2025 (+35 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 3, 2025 (+34 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 4, 2024 (+35 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 5, 2024 (+36 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | May 6, 2024 (+36 days) | May 7, 2024 10-Q (+37 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 5, 2024 (+36 days) | Feb 20, 2024 10-K (+51 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Government
Gotham
Software for government defense and intelligence operations.
Commercial
Foundry
Data operations platform for data integration, the Ontology, analytics and workflows.
Commercial
AIP
Artificial Intelligence Platform that puts generative AI to work on customers' data and operations.
Government
Apollo
Continuous delivery system for deploying software across environments.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for Palantir's products.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Second quarter 2026
Revenue $1,935M versus $1,004M (+93%); net income $1,066M versus $329M.
Source: Form 10-Q (quarter ended 2026-06-30)
First half 2026
Revenue $3,568M versus $1,888M; net income attributable $1,932M versus $541M.
Source: Form 10-Q (quarter ended 2026-06-30)
Buyback authorization
Board authorized up to $1.0B of Class A share repurchases in August 2023.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
1.30x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$34M ÷ $26M = 1.30x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
12.5%
formularesearch & development expense ÷ revenue × 100
e.g.$558M ÷ $4,475M × 100 = 12.5%
Where the money goes, over time
Unit: $M. Capex went from $12M in FY2020 to $34M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$4.48B
As reported in the 10-K
Revenue CAGR (5 years)
+32.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($4,475M ÷ $1,093M) ^ (1÷5) − 1 = 32.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
31.6%▲favorable
+139.0pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,414M ÷ $4,475M × 100 = 31.6%
ROE (FY2025)
26.2%▲favorable
6-year average: -12.5%
As reported in the 10-K
P/B (FY2025 end)
57.54x
formulafiscal year-end closing price ÷ book value per share
e.g.$177.75 ÷ $3.09 = 57.54x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
294.1x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($425,034M + $0M − $1,424M) ÷ ($1,414M + $26M) = 294.1x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +32.6% a year over 5 years (strong growth)
From $1.09B in FY2020 to $4.48B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -107.4% → 31.6%
How much operating profit is left per $100 of revenue. It moved +139.0 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 83.0% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -12.5% over 6 years (latest: 26.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Software development
- Deployment and expansion with customers
- Operations and maintenance services
06 · what it draws on
Key resources
- 4,429 full-time employees (Dec 31, 2025), 28% outside the U.S.
- Gotham, Foundry, Apollo and AIP platforms
- Ontology data layer
02 · why customers buy
Value propositions
- Software platforms (Gotham, Foundry, AIP) that integrate data and AI for decisions.
04 · how it keeps them
Customer relationships
- Subscriptions with expanding deployments; no customer was 10% or more of revenue.
03 · how it reaches them
Channels
- An account-based direct sales force and partnerships.
01 · who it serves
Customer segments
- Government agencies (U.S., U.K. and allies)
- Commercial enterprises
09 · where money goes
Cost structure
FY2025, share of revenue ($4.48B)
- Cost of revenue17.6%
- Research & development12.5%
- Selling, general & administrative14.7%
- Other operating costs23.6%
Operating profit left: 31.6% of revenue. Depreciation & amortization (inside the costs above): $26M. Capital spending: $34M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Subscription and software fees
- Professional services
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Licenses software (subscriptions, mostly hosted) and provides related services to governments and enterprises; deployments often start small and expand.
01 what it draws on
Inputs & resources
- 4,429 full-time employees (Dec 31, 2025), 28% outside the U.S.
- Gotham, Foundry, Apollo and AIP platforms
- Ontology data layer
02 what it does
Activities
- Software development
- Deployment and expansion with customers
- Operations and maintenance services
03 who it serves
Customers
- Government agencies (U.S., U.K. and allies)
- Commercial enterprises
04 how money comes in
How it earns
- Subscription and software fees
- Professional services
How the business makes money
- Government revenue $2.40B (+53%) and commercial $2.07B (+60%) in 2025.
- No customer was 10% or more of revenue in 2023–2025.
- Total remaining deal value $11.2B at end-2025 ($6.8B commercial, $4.4B government).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Palantir’s business is built on government contracts.
Government as customer
Government contracts
Government IDIQ contracts totaling $12.3B are excluded from its remaining deal value.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Export controls and sanctions
Violations of export and anti-bribery laws could bring loss of export privileges.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Government
2,402.3 (54%)Commercial
2,073.2 (46%)
Source: Form 10-K (FY2025) Revenue by operating segment; total $4,475M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (2025)
United States — 74% of revenue
Revenue by country / region (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
3,320 (74%)United Kingdom
427.4 (10%)Rest of world
728 (16%)
Source: Form 10-K (FY2025) U.S. 74%, U.K. 10%; rest of world calculated as total less those two.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Government agencies and commercial enterprises; no customer was 10% or more of revenue in 2023–2025.
Named by the company
No customer is named.
Suppliers
Cloud hosting providers and other technology suppliers.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says Palantir competes with large enterprise software companies, government contractors and system integrators, without naming them.
Competitors named in the 10-K
Peer group the company chose
Executive compensation peer group (2026 proxy), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
18 publicly traded technology companies chosen with Semler Brossy for revenue, market cap, business fit and talent pools.
- Palo Alto Networkssite ↗
- Oktasite ↗
- Autodesksite ↗
- Paycomsite ↗
- Cloudflaresite ↗
- Snowflakesite ↗
- CrowdStrikesite ↗
- The Trade Desksite ↗
- Datadogsite ↗
- Twiliosite ↗
- DocuSignsite ↗
- UiPathsite ↗
- Fortinetsite ↗
- Unity Softwaresite ↗
- HubSpotsite ↗
- Workdaysite ↗
- MongoDBsite ↗
- Zscalersite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,093 | 1,542 | 1,906 | 2,225 | 2,866 | 4,475 |
| Operating income | -1,174 | -411 | -161 | 120 | 310 | 1,414 |
| Pretax income | -1,179 | -488 | -361 | 237 | 489 | 1,657 |
| Net income (attributable) | -1,166 | -520 | -374 | 210 | 462 | 1,625 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 41.1% | 23.6% | 16.7% | 28.8% | 56.2% |
| Operating margincalcoperating income ÷ revenue × 100 | -107.4% | -26.7% | -8.5% | 5.4% | 10.8% | 31.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -106.7% | -33.7% | -19.6% | 9.4% | 16.1% | 36.3% |
| Balance sheet ($M) | ||||||
| Total assets | 2,691 | 3,247 | 3,461 | 4,522 | 6,341 | 8,900 |
| Total equity | 1,523 | 2,291 | 2,642 | 3,561 | 5,094 | 7,488 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 198 | 0 | — | — | — | — |
| Equity ratio | 56.6% | 70.5% | 74.1% | 76.9% | 78.9% | 83.0% |
| ROE | -76.6% | -27.3% | -15.4% | 6.9% | 10.9% | 26.2% |
| Cash flow ($M) | ||||||
| Operating CF | -297 | 334 | 224 | 712 | 1,154 | 2,134 |
| Investing CF | -15 | -398 | -45 | -2,711 | -341 | -2,784 |
| Financing CF | 1,036 | 307 | 86 | 219 | 463 | -27 |
| Free cash flowcalccash flow from operations − capital expenditures | -309 | 321 | 184 | 697 | 1,141 | 2,101 |
| Cash and equivalents | 2,011 | 2,291 | 2,599 | 831 | 2,099 | 1,424 |
| Per share & other | ||||||
| EPS ($) | -1.20 | -0.27 | -0.18 | 0.09 | 0.19 | 0.63 |
| BVPS ($) | 0.85 | 1.13 | 1.22 | 1.58 | 2.14 | 3.09 |
| P/E (x) | — | — | — | 190.8 | 398.1 | 282.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | — | 241.0 | 511.1 | 294.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 27.72 | 16.12 | 5.25 | 10.87 | 35.35 | 57.54 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $2.31B+95.9% | $1.08B+175.9% | $1.13B+137.2% | $0.44 |
| 2026-06-30 | $1.94B+92.8% | $912M+238.6% | $1.06B+225.0% | $0.41 |
| 2026-03-31 | $1.63B+84.7% | $754M+328.3% | $871M+306.7% | $0.34 |
| 2025-12-31 † | $1.41B+70.0% | $575M+5110.5% | $609M+670.4% | — |
| 2025-09-30 | $1.18B | $393M | $476M | $0.18 |
| 2025-06-30 | $1B | $269M | $327M | $0.13 |
| 2025-03-31 | $884M | $176M | $214M | $0.08 |
| 2024-12-31 † | $828M | $11M | $79M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
21.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,414M × (1 − 2.5%) ÷ $6,291M × 100 = 21.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
15.51%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $425.03B ÷ ($425.03B + $0) = 100.0%
e.g.Debt weight: $0 ÷ ($425.03B + $0) = 0.0%
e.g.WACC: 15.5% × 100.0% + 5.0% × (1 − 2.5%) × 0.0% = 15.51%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 12.7%–18.7% and ROIC − WACC runs +3.2 to +9.2 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 15.51% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.92 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 15.51%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 2.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 15.51%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.92 (price-derived adjusted beta. Raw β 2.38, R² 0.25, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 2.377 + 0.33 = 1.923
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.92 × 5.5% = 15.5%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
15.0%
Perpetual FCF growth: g = r − FCF ÷ EV = 15.5% − 0.5%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+32.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.1B (operating CF − capex); enterprise value $416.61B = market cap $423.79B (latest close, 2026-11-04) + debt $0 − cash and short-term investments $7.18B; r = WACC of 15.5% using this page’s default assumptions (β 1.92, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$60.02B
FCF $2.1B ÷ (15.5% − 12.0%)
Theoretical ÷ actual enterprise value
0.14x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 13.5% | 14.5% | 15.5% | 16.5% | 17.5% |
|---|---|---|---|---|---|
| 0% | 0.04x | 0.03x | 0.03x | 0.03x | 0.03x |
| 2% | 0.04x | 0.04x | 0.04x | 0.03x | 0.03x |
| 4% | 0.05x | 0.05x | 0.04x | 0.04x | 0.04x |
| 6% | 0.07x | 0.06x | 0.05x | 0.05x | 0.04x |
| 8% | 0.09x | 0.08x | 0.07x | 0.06x | 0.05x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.40x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -6.7%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 85%
Most profit comes from core operations.
- !
Days sales outstanding: 52 → 66 days
Receivables are growing faster than revenue — worth checking for looser collection terms or channel stuffing.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,134M ÷ $1,625M = 1.31x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,414M ÷ $1,657M × 100 = 85%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($575M + $1,042M) ÷ 2 ÷ $4,475M × 365 = 66 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class A shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 63.0%
- Directors & officers (shares)
- 3.4%
- Everyone else (est.)
- 33.6%
- Directors & officers (voting power)
- 50.8%
- Institutional-ownership rank
- 401 of 416
- Beta (adjusted)
- 1.92
of Class A shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 96% of covered companies have more
above 1 = swings more than the market
- 1,449.7M shares reported by 2,844 13F filers ÷ 2,300.7M Class A shares outstanding on 2026-07-27. Option positions are excluded.
- Only the listed Class A shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. Includes the votes of Class F shares held by the founders.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
19
Strengths & weaknessesSite analysis
Strengths
1. Fast growth
Revenue grew from $1.09B (2020) to $4.48B (2025), and Q2 2026 revenue rose 93%.
Evidence: SEC EDGAR XBRL; Form 10-Q (quarter ended 2026-06-30)
2. High profitability
Operating income reached $1.41B in 2025 (32% of revenue) after losses through 2022.
Evidence: SEC EDGAR XBRL
3. Net cash, no debt
No debt outstanding at end-2025, with $500M of undrawn revolving commitments.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Customer concentration
The 10-K warns that a limited number of customers account for a substantial portion of revenue.
Evidence: Form 10-K (FY2025)
2. Government dependence
Government customers provided 54% of 2025 revenue, exposed to budget and procurement cycles.
Evidence: Form 10-K (FY2025)
3. Long, uneven sales cycles
The 10-K says sales cycles are often long and unpredictable, and full deal value may not be realized.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
282.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
0.5%
(Operating CF − capex) ÷ market cap
1. AI platform leader in its niche
AIP and Foundry drive rapid commercial growth.
- What has to hold
- Enterprises keep scaling AI deployments.
- The other side
- Valuation already reflects high growth; P/E was 282x at 2025 year-end.
Evidence: Form 10-K (FY2025)
2. Government franchise
Deep relationships with U.S. and allied governments.
- What has to hold
- Defense and intelligence budgets keep funding software.
- The other side
- Political and budget shifts.
Evidence: Form 10-K (FY2025)
2020 EPS (−$1.20) is as reported; the share count rose sharply around the September 2020 direct listing.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$7.18B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash-rich balance sheet
Cash, cash equivalents and short-term U.S. Treasury securities totaled $7.2B at end-2025, with no debt outstanding.
Source: Form 10-K (FY2025)
Profitable since 2023
Net income positive in 2023, 2024 and 2025.
Source: SEC EDGAR XBRL
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
A 2022 securities class action (Cupat) was dismissed with prejudice in April 2025; plaintiffs appealed, and the Tenth Circuit heard argument in March 2026. Related derivative suits are pending.
1 open matter
Cupat securities class action
On appealClass actionShareholders v. Palantir and certain officers and directors (D. Colo.; 10th Cir.)
Consolidated suits filed in 2022 allege false and misleading statements about Palantir's business and prospects under the Exchange Act and Securities Act. The district court dismissed the case with prejudice on April 4, 2025; plaintiffs appealed, and the Tenth Circuit held oral argument on March 16, 2026.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 8, Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Customer/supplier concentration
Large customers
- Company disclosure (summarized from the 10-K)
- Loss or reduction of large customers or government programs could cut revenue.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
Government contracting
- Company disclosure (summarized from the 10-K)
- Government contracts carry budget, termination and compliance risks.
- Company’s stated mitigation
- The FCPA or other applicable laws and regulations also require that we keep accurate books and records and maintain internal controls and compliance procedures designed to prevent any such actions.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with large enterprise software companies, government contractors and system integrators.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Labor & workforce
Talent
- Company disclosure (summarized from the 10-K)
- Growth depends on hiring and retaining skilled engineers worldwide.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
No longer in the text (4)
There are no guarantees that our Share Repurchase Program will result in increased shareholder value.
In August 2023, our Board of Directors authorized a stock repurchase program of up to $1.0 billion of our outstanding shares of Class A common stock (the “Share Repurchase Program”). Read more
We have repurchased, and may continue to repurchase, shares of Class A common stock from time to time, as authorized by our Board of Directors, through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions. The timing and the amount of stock repurchases in the Share Repurchase Program will be determined by Palantir’s management, based on its evaluation of factors including business and market conditions, corporate and regulatory requirements, and other considerations.
There are a number of ways in which the Share Repurchase Program could fail to result in enhanced shareholder value. Read more
For example, any failure to repurchase stock after we have announced our intention to do so may negatively impact our stock price. The existence of the Share Repurchase Program could also cause our stock price to trade higher than it otherwise would and could potentially reduce the market liquidity for our stock. The market price of our common stock could decline below the levels at which we repurchased shares and short-term stock price fluctuations could reduce the effectiveness of this program.
Additionally, repurchasing our Class A common stock will reduce the amount of cash, cash equivalents and marketable securities we have available to fund working capital, capital expenditures, capital preserving investments, strategic acquisitions or business opportunities, and other general corporate purposes, and there are no guarantees that the Share Repurchase Program will result in increased shareholder value. Furthermore, the timing and amount of repurchases have been, and will in the future be, subject to liquidity, market and economic conditions, compliance with applicable legal requirements, and other relevant factors.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 17, 2026 ↗ with the 10-K filed Feb 18, 2025 ↗.
25
What to watch going forwardSite analysis
- Growth of U.S. commercial and AIP adoption.
- Government contract awards and budgets.
- Profit margins as headcount grows.
- Tenth Circuit decision in the securities appeal.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:29 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-17Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Palantir Technologies’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.