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Palantir Technologies Inc.

PLTR

Technology Software Infrastructure

Palantir Technologies Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.5 billion, up 56.2% from fiscal 2024.

Revenue
+95.9%
EPS
+135.8%
Free cash flow
+138.9%

Quarter to September 2026, against a year earlier

169.37 8.99 +5.61%
Market cap
$386.4B
P/E
111×
Fwd P/E
95.6×
Dividend yield
—
F-score
8/9
ROIC
265.3%
Net debt / EBITDA
−5.0×
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Government
  • Commercial

Every year since 2018 →

Insider Decisions last twelve months

Net sold
$704.2M
Trades
39 sells · 0 buys
Ownership
7.72%

Capital & Financial Ratios $m

Size
Market Cap 386,440
Revenue ttm 7,288
Net income ttm 3,688
Free cash flow ttm 4,054
Net debt Q (10,562)
Valuation
P/E 110.6 (above 35: high)
Forward P/E 95.6 (above 35: high)
Price / sales 55.9 (above 10: high)
Forward P/S Powerpack
Price / FCF 100.5
Price / book 35.9 (above 6: high)
Financial health
Current ratio Q 7.1 (at or above 1.5: strong)
Debt / equity Q n/m
Interest coverage Q 24.1
Growth
Revenue growth Q +95.9% (above 0%: growing)
Operating income growth Q +175.9% (above 0%: growing)
EPS, this year +123.6% (at or above 15%: strong)
EPS, next year A +49.4% (at or above 15%: strong)
Revenue, next year A +91.1% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +71.0% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 54.5×, against a ten-year median of 29.3×; over the ten years it ranged from 6.0× in 2022 to 121× in 2025.
P/E against its own 10 years 3.46%
10-year low 10-year high
P/S against its own 10 years 70.29%
10-year low 10-year high
P/B against its own 10 years 71.99%
10-year low 10-year high
EV/Sales against its own 10 years 70.36%
10-year low 10-year high
EV/FCF against its own 10 years 49.57%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,674 5,230 7,177 10,562
Receivables 365 575 1,042 1,883
Inventory — — — —
Other — — — —
4,139 5,934 8,358 12,768
2023 2024 2025 Q'26
Payables 12 0 8 624
ST’ Debt — — — —
Other 210 265 357 513
746 996 1,176 1,798

Compound Annual Growth %

10y 5y 3y
Sales — 32.58% 32.92%
Cash Flow — 0.00% 112.09%
Earnings — 0.00% 0.00%
Book Value — 37.52% 41.51%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.41 Actual 0.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.23 0.25 Beat by 0.02
Q1 FY26 0.29 0.33 Beat by 0.04
Q2 FY26 0.35 0.41 Beat by 0.06
Q3 FY26 0.41 0.44 Beat by 0.03
Q4 FY26 0.52 — Reports 1 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.34 0.41 0.44 — —
’25 0.08 0.13 0.18 0.24 0.63
’24 0.04 0.06 0.06 0.03 0.19
’23 0.01 0.01 0.03 0.04 0.09
’22 (0.05) (0.09) (0.06) 0.02 (0.17)
’21 (0.07) (0.07) (0.05) (0.08) (0.27)
’20 (0.09) (0.17) (0.94) (0.08) (1.20)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,633 1,935 2,313 — —
’25 884 1,004 1,181 1,407 4,475
’24 634 678 726 828 2,866
’23 525 533 558 608 2,225
’22 446 473 478 509 1,906
’21 341 376 392 433 1,542
’20 229 252 289 322 1,093
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 899 1,216 1,205 — —
’25 310 539 508 777 2,134
’24 130 144 420 460 1,154
’23 187 90 133 301 712
’22 35 62 47 79 224
’21 117 23 101 93 334
’20 (287) 61 (52) (18) (297)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 892 1,202 1,197 — —
’25 304 532 501 764 2,101
’24 127 141 416 457 1,141
’23 183 86 132 296 697
’22 20 57 33 74 184
’21 116 22 95 88 321
’20 (290) 58 (54) (23) (309)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 31.8% a year for ten years.

Implied
31.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 595 743 1,093 1,542 1,906 2,225 2,866 4,475 7,288 +33.4% 8,551 13,112 19,166 +62.4%
Gross margin, % — — 72.22 67.36 67.74 77.99 78.56 80.62 80.25 82.37 84.74 +10.2 pt
EBT — — (571) (567) (1,179) (488) (361) 237 489 1,657 3,739 n/m
EBT margin, % — — (95.89) (76.39) (107.90) (31.68) (18.94) 10.66 17.07 37.03 51.31 +132.9 pt
Net income — 0 (580) (580) (1,166) (520) (371) 217 468 1,635 3,688 n/m
Per share, $
Per share, $ Revenue — — 1.11 1.29 1.12 0.80 0.92 1.04 1.27 1.89 3.03 +7.9%
Earnings — — (1.08) (1.00) (1.19) (0.27) (0.18) 0.10 0.21 0.69 1.53 n/m
Cash flow — — (0.07) (0.29) (0.30) 0.17 0.11 0.33 0.51 0.90 1.70 n/m
Capex — — (0.01) (0.02) (0.01) (0.01) (0.02) (0.01) (0.01) (0.01) (0.02) +1.8%
Free cash flow — — (0.09) (0.31) (0.32) 0.17 0.09 0.32 0.51 0.89 1.69 n/m
Book value — — 0.00 (3.43) 1.56 1.19 1.28 1.66 2.26 3.16 4.72 n/m
Shares, m — — 537 577 978 1,924 2,064 2,147 2,250 2,370 2,392 +23.6%
Valuation, ×
Valuation, × P/E — — 0.00 0.00 0.00 0.00 0.00 186.08 378.15 257.61 110.58 102.7
P/S — — 8.60 8.60 38.01 22.72 6.92 16.00 59.39 94.11 55.91 31.8
P/B — — 6.87 6.87 27.28 15.29 4.99 10.00 33.41 56.25 35.91 20.1
EV/Sales — — 6.96 6.96 36.31 21.19 5.64 14.44 57.63 92.55 54.48 30.2
EV/FCF — — (14.99) (14.99) (128.58) 101.69 58.53 46.09 144.71 197.19 97.95 48.7
Cash, $m
Cash, $m Operating cash flow — — (39) (165) (297) 334 224 712 1,154 2,134 4,097 n/m
Capex — — (7) (13) (12) (13) (40) (15) (13) (34) (43) +25.8%
Free cash flow — — (46) (178) (309) 321 184 697 1,141 2,101 4,054 n/m
Balance, $m
Balance, $m Working capital — — 688 486 1,654 2,203 2,454 3,393 4,938 7,183 10,970 +39.8%
Net debt — — (1,127) (735) (1,851) (2,561) (2,634) (3,674) (5,230) (7,177) (10,562) +30.3%
Shareholders’ equity — — — (1,981) 1,523 2,291 2,642 3,561 5,094 7,488 11,345 n/m
Returns, %
Returns, % ROA — — 0.00 (73.79) (54.45) (17.53) (11.14) 5.26 8.51 21.32 34.09 +21.3 pt
ROIC — — 0.00 0.00 0.00 0.00 (1,149.86) 0.00 0.00 284.20 265.31 +284.2 pt
ROE — — 32.05 31.52 509.24 (27.29) (15.15) 6.76 10.68 25.83 40.69 (6.2) pt
People
People Employees — — — 2,391 2,439 2,920 3,838 3,735 3,936 4,429 — +10.8%
Revenue/emp, $m — — 0.00 0.31 0.45 0.53 0.50 0.60 0.73 1.01 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 9 Nov 2026

Business profile

Updated

Palantir builds software that helps organizations bring together data, decisions and operations. Its customers include government agencies and commercial businesses. The company was founded in 2003, is headquartered in Miami and is led by Chief Executive Officer Alexander Karp.

Its four principal platforms are Gotham, Foundry, Apollo and the Artificial Intelligence Platform, or AIP. Gotham helps defense and intelligence users combine information from different sources to support operations. Foundry helps organizations connect and analyze data, build applications and manage workflows. All commercial customers and many government customers use Foundry.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Government 2,402 53.68%
Commercial 2,073 46.32%
Gross margin 82.37%
Operating margin 31.59%
Pre-tax margin 37.03%

Revenue by segment since 2018

Palantir Technologies Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MSFT Microsoft Corporation $3.94T 28.4× 26.6× +18.80% (above 0%: growing) +32.24% (above 0%: growing) −27.39% (below 0%: shrinking) 67.79% 49.76% Compare
PLTR Palantir Technologies Inc. $386.4B 111× 95.6× +95.87% (above 0%: growing) +135.80% (above 0%: growing) +138.89% (above 0%: growing) 83.43% 46.89%
ORCL Oracle Corporation $351.1B 18.5× 17.4× +29.61% (above 0%: growing) +51.92% (above 0%: growing) −1,390.61% (below 0%: shrinking) 60.03% 34.78% Compare
PANW Palo Alto Networks, Inc. $257.0B 624× 204× +34.46% (above 0%: growing) n/m +34.26% (above 0%: growing) 67.57% 5.04% Compare
CRWD CrowdStrike $222.1B 6,489× 1,864× +25.83% (above 0%: growing) n/m +32.03% (above 0%: growing) 74.57% (2.26%) Compare
NET Cloudflare, Inc. $95.7B — (loss-making) — (loss-making) +39.23% (above 0%: growing) n/m +9.48% (above 0%: growing) 71.21% (8.68%) Compare
FTNT Fortinet, Inc. $87.3B 39.5× 36.8× +20.49% (above 0%: growing) +37.40% (above 0%: growing) +55.38% (above 0%: growing) 78.95% 33.89% Compare
SNPS Synopsys, Inc. $86.3B 82.1× 110× +42.37% (above 0%: growing) +88.74% (above 0%: growing) +18.01% (above 0%: growing) 72.57% 14.43% Compare
XYZ Block, Inc. $51.7B 117× 52.8× +9.88% (above 0%: growing) +23.20% (above 0%: growing) −30.59% (below 0%: shrinking) 48.15% 6.38% Compare
Median of peers $158.9B 82.1× 52.8× +27.72% +37.40% +13.75% 69.50% 10.41%

All 183 Software Infrastructure stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Piper Sandler Nov 9, 2026 Target raised Outperform 235.00
Morgan Stanley Nov 9, 2026 Target raised Hold 233.00
Goldman Sachs Nov 9, 2026 Upgrade Buy 230.00
Bank of America Nov 8, 2026 Reiterated Buy 255.00
JPMorgan Nov 6, 2026 Initiated Outperform 262.00
Barclays Nov 6, 2026 Target raised Outperform 265.00 → 273.00
Citi Nov 4, 2026 Target raised Buy 250.00 → 265.00
Truist Securities Nov 4, 2026 Target raised — 223.00 → 250.00
Northland Nov 4, 2026 Target raised — 200.00 → 210.00
Deutsche Bank Nov 4, 2026 Target raised — 225.00 → 240.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 59.77%
Held by the ten largest 32.45%
Holder Shares Stake Change
Vanguard 219.80m 9.15% +1.98m
BlackRock 189.82m 7.90% +826.72k
State Street 104.49m 4.35% +2.86m
Invesco 70.44m 2.93% +1.46m
Geode Capital Management 55.33m 2.30% −536.36k
Morgan Stanley 34.02m 1.42% +1.82m
Norges Bank 31.08m 1.29% +31.08m
JPMorgan Chase 29.49m 1.23% +7.94m
Goldman Sachs 22.71m 0.94% +5.17m
Fidelity (FMR) 22.57m 0.94% +3.57m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.62m 11.09b 754.78
2024 4.63m 6.79b 321.15
2023 3.50m 1.10b 72.91
2022 5.49m (1.71b) 27.26
2021 4.48m (894.13m) 77.32
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Palantir Technologies Inc. (PLTR) Latest News

9 Nov

Impact 4 · · Barchart
Impact 3 · · GuruFocus.com

8 Nov

Impact 3 · · TheStreet

6 Nov

Impact 3 · · Barchart
Impact 3 · · Barchart
Impact 3 · · The Motley Fool
Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · The Motley Fool

5 Nov

Impact 3 · · 24/7 Wall St.
Impact 3 · · Barchart
Impact 3 · · The Motley Fool
Impact 3 · · 24/7 Wall St.
Impact 3 · · Trefis

4 Nov

Impact 4 · · Benzinga
Impact 3 · · TheStreet
Impact 3 · · Insider Monkey
Impact 3 · · GuruFocus.com
Impact 3 · · TIKR
Impact 3 · · Simply Wall St.
Impact 3 · · GuruFocus.com
Impact 3 · · Zacks
Impact 3 · · The Motley Fool
Impact 3 · · Stocktwits
Impact 3 · · TIKR
Impact 3 · · Stocktwits

3 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · TheStreet
Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool

PLTR metrics, ten years each

stockrow.com/PLTR · Data as of Nov 9, 2026 · For information only; not investment advice. · © 2026 stockrow.com