Palantir Technologies (PLTR)
Information Technology · $445B market cap · SEC CIK 0001321655
fundamentals score out of 100
Next reports on Nov 2, 2026, with analysts expecting $0.42 in earnings per share.
The case for PLTR
- Revenue up 78.9% on the year.
- Earns 37% back on shareholder equity.
- Generated $2.1B of free cash flow in FY2025, 47% of revenue.
- 49% of revenue drops through to net profit.
- Earnings per share up 290.0%.
- Has compounded revenue at 32.6% a year over five years.
The case against
- Very expensive at 147.4× earnings. Years of growth are already in the price.
- Priced at 72.2× sales, which leaves no room for a stumble.
- Priced at 29× book value. Very little hard asset backing here.
- Swings harder than the market (beta 1.66).
- Free cash flow is only 0.5% of its market value, a thin cash return for the price.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 8 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 94 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 93 |
| Momentumhow the price has behaved lately | 73 |
| Stabilityhow violently it moves, what it owes and what it pays you | 59 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 147.4× |
|---|---|
| Price / book | 28.62× |
| Price / sales | 72.2× |
| Revenue growth (YoY) | +78.9% |
| EPS growth (YoY) | +290.0% |
| Gross margin | 85% |
| Operating margin | 43% |
| Net margin | 49% |
| Return on equity | 37% |
| Debt / equity | 0.00× |
| Current ratio | 7.23 |
| Dividend yield | none |
| Beta | 1.66 |
| 52-week range | $106.37 – $207.52 |
| Position in that range | 78% of the way up |
| 3-month return | +42.5% |
| 1-year return | +0.4% |
Five years of financials, as filed
Pulled from Palantir Technologies's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.5B | $2.9B | $2.2B | $1.9B | $1.5B |
| Gross profit | $3.7B | $2.3B | $1.8B | $1.5B | $1.2B |
| Operating income | $1.4B | $310M | $120M | -$161M | -$411M |
| Net income | $1.6B | $462M | $210M | -$374M | -$520M |
| Operating cash flow | $2.1B | $1.2B | $712M | $224M | $334M |
| Capital expenditure | $33.9M | $12.6M | $15.1M | $40.0M | $12.6M |
| Total assets | $8.9B | $6.3B | $4.5B | $3.5B | $3.2B |
| Total liabilities | $1.4B | $1.2B | $961M | $819M | $956M |
| Shareholder equity | $7.4B | $5.0B | $3.5B | $2.6B | $2.3B |
| Cash | $1.4B | $2.1B | $831M | $2.6B | $2.3B |
| Long-term debt | — | — | — | — | $0 |
| Free cash flow | $2.1B | $1.1B | $697M | $184M | $321M |
| Gross margin | 82.4% | 80.2% | 80.6% | 78.6% | 78.0% |
| Operating margin | 31.6% | 10.8% | 5.4% | -8.5% | -26.7% |
| Net margin | 36.3% | 16.1% | 9.4% | -19.6% | -33.7% |
| Diluted shares | 2.6B | 2.5B | 2.3B | 2.1B | 1.9B |
Share count is up 33.4% over 4 years. Your slice has been diluted.
What Palantir Technologies says it does
Overview We build software that empowers organizations to effectively integrate their data, decisions, and operations at scale. We were founded in 2003 and started building software for the intelligence community in the United States to assist in counterterrorism investigations and operations. We later began working with commercial enterprises, who often faced fundamentally similar challenges in working with data. We have built four principal software platforms, Palantir Gotham ("Gotham"), Palantir Foundry ("Foundry"), Palantir Apollo ("Apollo"), and our Artificial Intelligence Platform ("AIP"). Foundry is our foundational data operations platform, which provides the core capabilities for data management, logic authoring, systemic mapping development through Palantir Ontology ("Ontology"), analytics, and workflow development. AIP is our generative artificial intelligence ("AI") platform, which provides secure connectivity to…
Risk factors PLTR lists in its 10-K
- Gross Profit and Gross Margin, Excluding Stock-Based Compensation
- Components of Results of Operations
- Net Income Attributable to Noncontrolling Interests
- Comparison of the Years Ended December 31, 2025 and 2024
- Note 4. Investments and Fair Value Measurements
- Note 8. Commitments and Contingencies
- Critical Accounting Policies and Estimates
- Note 2. Significant Accounting Policies
- Revenue from Contracts with Customers
- Report of Independent Registered Public Accounting Firm
- Opinion on the Financial Statements
- How We Addressed the Matter in Our Audit
- Opinion on Internal Control Over Financial Reporting
- Definition and Limitations of Internal Control Over Financial Reporting