A Business at a Glance
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Palantir Technologies Inc.
PLTR
$317.1B
Mkt Cap
$122.92
-0.36%
Palantir Technologies Inc. (PLTR) has a current P/E ratio of 195.1.
Palantir Technologies Inc. (PLTR) has a 5-year average return on invested capital (ROIC) of -7.7%. This is below average and may indicate limited pricing power.
Palantir Technologies Inc. (PLTR) has a market capitalization of $294.7B. It is classified as a mega-cap stock.
Palantir Technologies Inc. (PLTR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.02%.
Palantir Technologies Inc. (PLTR) operates in the Services-Prepackaged Software industry, within the Technology sector.
Palantir Technologies Inc. (PLTR) reported annual revenue of $4.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Palantir Technologies Inc. (PLTR) has a net profit margin of 36.3%. This is a strong margin indicating high profitability.
Palantir builds software platforms that enable organizations to integrate data, decisions, and operations at scale, serving both government and commercial customers globally. The company's four principal platforms—Gotham, Foundry, Apollo, and AIP—work together as vertically integrated systems where Gotham serves defense and intelligence operations with real-time data integration and situational awareness, Foundry functions as a central operating system for data management and analytics across industries, Apollo enables continuous delivery and orchestration of software in any environment, and AIP provides generative AI capabilities that connect large language models with organizational data and operations. The Palantir Ontology, which systematically maps data to meaningful context and integrates data, logic, and actions into a decision-centric architecture, serves as the foundational layer enabling users of varying technical abilities to collaborate across data engineering, analytics, data science, and business operations. Palantir's business model targets large-scale, complex opportunities at major government and commercial institutions where high installation costs, failure risks, and long sales cycles create barriers to entry; the company emphasizes rapid deployment—often delivering working solutions in days rather than months or years—and has expanded customer access through AIP bootcamps, a Developer Tier offering, and direct account-based sales. As of December 31, 2025, Palantir had 954 customers, with 54% of revenue from government and 46% from commercial segments, and maintains a global presence with 74% of revenue from the United States and 26% from international markets.
【Accelerating commercial momentum】 Management expects continued strong growth driven by expanding demand for AIP and U.S. commercial opportunities, with the company raising full-year 2026 revenue guidance to reflect accelerating performance. The company remains committed to investing in product development and elite technical talent while maintaining sustained GAAP profitability and expanding adjusted operating margins. Management emphasizes that the company's platforms—particularly Ontology, AIP, and orchestration capabilities—represent transformative technology, and notes that recent geopolitical crises have accelerated customer adoption by demonstrating the value of rapid software deployment over lengthy internal development efforts. The company anticipates continued expansion of its Rule of 40 score and strong free cash flow generation, positioning it for sustained growth across both government and commercial sectors.
| Metric | Target | Period |
|---|---|---|
| Revenue | $7.650 billion to $7.662 billion | FY2026 |
| U.S. Commercial Revenue | in excess of $3.224 billion | FY2026 |
| Adjusted Income from Operations | $4.440 billion to $4.452 billion | FY2026 |
| Adjusted Free Cash Flow | $4.2 billion to $4.4 billion | FY2026 |
Revenue (FY2026): “For full year 2026, we are raising our revenue guidance to between $7.650 billion and $7.662 billion.”
U.S. Commercial Revenue (FY2026): “We are raising our U.S. commercial revenue guidance to in excess of $3.224 billion, representing a growth rate of at least 120%.”
Adjusted Income from Operations (FY2026): “We are raising our adjusted income from operations guidance to between $4.440 billion and $4.452 billion.”
Adjusted Free Cash Flow (FY2026): “We are raising our adjusted free cash flow guidance to between $4.2 billion and $4.4 billion”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.2B | 4.5B | 2.9B | 2.2B | 1.9B | 1.5B |
| Net Income | 2.3B | 1.6B | 462M | 210M | -374M | -520M |
| EPS | $0.96 | $0.63 | $0.19 | $0.09 | $-0.18 | $-0.27 |
| Free Cash Flow | 2.7B | 2.1B | 1.1B | 697M | 184M | 321M |
| ROIC | 464.7% | 317.3% | 7.0% | 3.6% | -15.4% | -25.9% |
| Gross Margin | 84.1% | 64.8% | 56.6% | 54.1% | 78.6% | 78.0% |
| Debt/Equity | 0.00 | 0.03 | 0.05 | 0.07 | 0.10 | 0.29 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 2.0B | 1.4B | 310M | 120M | -161M | -411M |
| Operating Margin | 38.1% | 31.6% | 10.8% | 5.4% | -8.5% | -26.7% |
| ROE | 27.0% | 26.2% | 10.9% | 6.9% | -15.4% | -27.3% |
| Shares Outstanding | 2,397M | 2,579M | 2,433M | 2,331M | 2,076M | 1,927M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 595M | 743M | 1.1B | 1.5B | 1.9B | 2.2B | 2.9B | 4.5B | 5.2B |
| Gross Margin | 72.2% | 67.4% | 67.7% | 78.0% | 78.6% | 54.1% | 56.6% | 64.8% | 84.1% |
| R&D | 285M | 306M | 561M | 387M | 360M | 405M | 508M | 558M | 584M |
| SG&A | 306M | 321M | 669M | 612M | 596M | 524M | 593M | 658M | 677M |
| EBIT | -623M | -576M | -1.2B | -411M | -161M | 120M | 310M | 1.4B | 2.0B |
| Op. Margin | -104.7% | -77.6% | -107.4% | -26.7% | -8.5% | 5.4% | 10.8% | 31.6% | 38.1% |
| Net Income | -598M | -588M | -1.2B | -520M | -374M | 210M | 462M | 1.6B | 2.3B |
| Net Margin | -100.5% | -79.2% | -106.7% | -33.7% | -19.6% | 9.4% | 16.1% | 36.3% | 43.7% |
| Non-Recurring | 24M | 23M | 674K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | N/A | -36.2% | -34.5% | -25.9% | -15.4% | 3.6% | 7.0% | N/M | N/M |
| ROE | 36.8% | 31.5% | -76.6% | -27.3% | -15.4% | 6.9% | 10.9% | 26.2% | 27.0% |
| ROA | N/A | -73.6% | -54.4% | -17.5% | -11.1% | 5.3% | 8.5% | 21.3% | 22.4% |
| Cash Flow | |||||||||
| Op. Cash Flow | -39M | -165M | -297M | 334M | 224M | 712M | 1.2B | 2.1B | 2.7B |
| Free Cash Flow | -52M | -178M | -309M | 321M | 184M | 697M | 1.1B | 2.1B | 2.7B |
| Owner Earnings | -301M | -419M | -1.6B | -459M | -364M | 203M | 431M | 1.4B | 2.0B |
| CapEx | 13M | 13M | 12M | 13M | 40M | 15M | 13M | 34M | 35M |
| Maint. CapEx | 14M | 12M | 14M | 15M | 23M | 33M | 32M | 26M | 26M |
| Growth CapEx | 0 | 841K | 0 | 0 | 18M | 0 | 0 | 7.7M | 8.8M |
| D&A | 14M | 12M | 14M | 15M | 23M | 33M | 32M | 26M | 26M |
| CapEx/OCF | N/A | N/A | N/A | 3.8% | 17.9% | 2.1% | 1.1% | 1.6% | 1.3% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 7.7M | 11M | 3.8M | 0 | 0 | 0 | 64M | 75M | 58M |
| Buyback Yield | 0.0% | N/A | 0.0% | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% |
| Stock-Based Comp | 249M | 242M | 1.3B | 778M | 565M | 476M | 692M | 684M | 730M |
| Debt Repayment | 56M | 150M | 400M | 200M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | -683M | -2.6B | -1.9B | -2.4B | -3.4B | -5.0B | -6.9B | -8.0B |
| Cash & Equiv. | 1.1B | 1.1B | 2.0B | 2.3B | 2.6B | 831M | 2.1B | 1.4B | 8.0B |
| Long-Term Debt | N/A | 396M | 198M | 0 | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | -0.20 | 0.30 | 0.29 | 0.10 | 0.07 | 0.05 | 0.03 | 0.00 |
| Interest Coverage | -181.2 | -188.3 | -83.0 | -112.9 | -39.7 | 34.6 | N/A | N/A | N/A |
| Equity | -1.8B | -2.0B | 1.5B | 2.3B | 2.6B | 3.5B | 5.0B | 7.4B | 8.4B |
| Total Assets | N/A | 1.6B | 2.7B | 3.2B | 3.5B | 4.5B | 6.3B | 8.9B | 10.2B |
| Total Liabilities | N/A | 1.4B | 1.2B | 956M | 819M | 961M | 1.2B | 1.4B | 1.6B |
| Intangibles | N/A | N/A | N/A | 3.8M | 36M | 26M | 18M | N/A | N/A |
| Retained Earnings | N/A | -3.8B | -5.0B | -5.5B | -5.9B | -5.6B | -5.2B | -3.6B | -2.7B |
| Working Capital | N/A | 486M | 1.7B | 2.2B | 2.5B | 3.4B | 4.9B | 7.2B | 8.2B |
| Current Assets | 3.4M | 1.2B | 2.3B | 2.9B | 3.0B | 4.1B | 5.9B | 8.4B | 9.6B |
| Current Liabilities | N/A | 729M | 604M | 660M | 588M | 746M | 996M | 1.2B | 1.4B |
| Per Share Data | |||||||||
| EPS | -1.17 | -1.02 | -1.20 | -0.27 | -0.18 | 0.09 | 0.19 | 0.63 | 0.96 |
| Owner EPS | -0.59 | -0.73 | -1.63 | -0.24 | -0.18 | 0.09 | 0.18 | 0.55 | 0.82 |
| Book Value | -3.43 | -3.44 | 1.57 | 1.19 | 1.24 | 1.49 | 2.06 | 2.86 | 3.52 |
| Cash Flow/Share | -0.08 | -0.29 | -0.31 | 0.17 | 0.11 | 0.31 | 0.47 | 0.83 | 0.96 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 511.2M | 576.6M | 972.0M | 1.9B | 2.1B | 2.3B | 2.4B | 2.6B | 2.4B |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 195.1 | 416.2 | 299.5 | 128.7 |
| P/FCF | N/A | N/A | N/A | 111.4 | 68.6 | 58.7 | 168.6 | 231.7 | 109.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 143.9 |
| Price/Book | N/A | N/A | 34.2 | 15.6 | 4.9 | 11.8 | 38.4 | 65.9 | 34.9 |
| Price/Sales | N/A | N/A | 32.4 | 30.4 | 11.0 | 13.8 | 28.0 | 79.0 | 56.4 |
| FCF Yield | N/A | N/A | -0.6% | 0.9% | 1.5% | 1.7% | 0.6% | 0.4% | 0.9% |
| Market Cap | 0 | N/A | 52.0B | 35.8B | 12.6B | 40.9B | 192.4B | 486.8B | 294.7B |
| Avg. Price | 0.00 | N/A | 17.44 | 24.30 | 10.07 | 13.16 | 32.97 | 136.98 | 122.92 |
| Year-End Price | 0.00 | N/A | 25.63 | 18.57 | 6.07 | 17.56 | 79.08 | 188.71 | 122.92 |
Palantir Technologies Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 134.1x vs a median of 63.7x. The company's 5-year average gross margin is 66.4%. At current prices, the estimated annualized return to fair value is +49.8%.
Palantir Technologies Inc. (PLTR) generated $2.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Palantir Technologies Inc. (PLTR) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
Palantir Technologies Inc. (PLTR) reported earnings per share (EPS) of $0.63 in its most recent fiscal year.
Palantir Technologies Inc. (PLTR) has a return on equity (ROE) of 26.2%. This indicates the company generates strong returns for shareholders.
Palantir Technologies Inc. (PLTR) has a 5-year average gross margin of 66.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for Palantir Technologies Inc. (PLTR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Palantir Technologies Inc. (PLTR) has a book value per share of $2.86, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong growth driven by expanding demand for AIP and U.S. commercial opportunities, with the company raising full-year 2026 revenue guidance to reflect accelerating performance. The company remains committed to investing in product development and elite technical talent while maintaining sustained GAAP profitability and expanding adjusted operating margins. Management emphasizes that the company's platforms—particularly Ontology, AIP, and orchestration capabilities—represent transformative technology, and notes that recent geopolitical crises have accelerated customer adoption by demonstrating the value of rapid software deployment over lengthy internal development efforts. The company anticipates continued expansion of its Rule of 40 score and strong free cash flow generation, positioning it for sustained growth across both government and commercial sectors.
Based on recent SEC filings and earnings calls, Palantir Technologies Inc. (PLTR) has provided the following forward guidance: Revenue: $7.650 billion to $7.662 billion (FY2026); U.S. Commercial Revenue: in excess of $3.224 billion (FY2026); Adjusted Income from Operations: $4.440 billion to $4.452 billion (FY2026); Adjusted Free Cash Flow: $4.2 billion to $4.4 billion (FY2026).