A Business at a Glance
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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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.5B | 4.5B | 2.9B | 2.2B | 1.9B | 1.5B |
| Net Income | 1.6B | 1.6B | 462M | 210M | -374M | -520M |
| EPS | $0.63 | $0.63 | $0.19 | $0.09 | $-0.18 | $-0.27 |
| Free Cash Flow | 2.1B | 2.1B | 1.1B | 697M | 184M | 321M |
| ROIC | 22.5% | 317.3% | 2372.7% | 356.3% | -14.6% | -22.7% |
| Gross Margin | 64.8% | 64.8% | 56.6% | 54.1% | 78.6% | 78.0% |
| Debt/Equity | 0.03 | 0.03 | 0.05 | 0.07 | 0.10 | 0.11 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.4B | 1.4B | 310M | 120M | -161M | -411M |
| Operating Margin | 31.6% | 31.6% | 10.8% | 5.4% | -8.5% | -26.7% |
| ROE | 22.0% | 26.2% | 9.2% | 6.0% | -14.6% | -22.7% |
| Shares Outstanding | 2,579M | 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 | 4.5B |
| Gross Margin | 72.2% | 67.4% | 67.7% | 78.0% | 78.6% | 54.1% | 56.6% | 64.8% | 64.8% |
| R&D | 285M | 306M | 561M | 387M | 360M | 405M | 508M | 558M | 558M |
| SG&A | 306M | 321M | 669M | 612M | 596M | 524M | 593M | 658M | 658M |
| EBIT | -623M | -576M | -1.2B | -411M | -161M | 120M | 310M | 1.4B | 1.4B |
| Op. Margin | -104.7% | -77.6% | -107.4% | -26.7% | -8.5% | 5.4% | 10.8% | 31.6% | 31.6% |
| Net Income | -598M | -588M | -1.2B | -520M | -374M | 210M | 462M | 1.6B | 1.6B |
| Net Margin | -100.5% | -79.2% | -106.7% | -33.7% | -19.6% | 9.4% | 16.1% | 36.3% | 36.3% |
| Non-Recurring | 24M | 0 | 674K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | N/A | -36.2% | -67.8% | -22.7% | -14.6% | N/M | N/M | N/M | 22.5% |
| ROE | N/A | 29.7% | -76.6% | -22.7% | -14.6% | 6.0% | 9.2% | 26.2% | 22.0% |
| ROA | N/A | -36.9% | -43.4% | -16.0% | -10.8% | 4.6% | 7.3% | 21.3% | 18.3% |
| Cash Flow | |||||||||
| Op. Cash Flow | -39M | -165M | -297M | 334M | 224M | 712M | 1.2B | 2.1B | 2.1B |
| Free Cash Flow | -52M | -178M | -309M | 321M | 184M | 697M | 1.1B | 2.1B | 2.1B |
| Owner Earnings | -301M | -419M | -1.6B | -459M | -364M | 203M | 431M | 1.4B | 1.4B |
| CapEx | 13M | 13M | 12M | 13M | 40M | 15M | 13M | 34M | 34M |
| Maint. CapEx | 14M | 12M | 14M | 15M | 23M | 33M | 32M | 26M | 26M |
| Growth CapEx | 0 | 841K | 0 | 0 | 18M | 0 | 0 | 7.7M | 7.7M |
| 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% | 1.6% |
| 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 | 75M |
| 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 | 684M |
| Debt Repayment | 56M | 150M | 400M | 200M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | -1.8B | -3.6B | -2.3B | -2.4B | -3.4B | -5.0B | -6.9B | -1.2B |
| Cash & Equiv. | 1.1B | 1.1B | 2.0B | 2.3B | 2.6B | 831M | 2.1B | 1.4B | 1.4B |
| Long-Term Debt | N/A | 396M | 198M | 0 | N/A | N/A | N/A | N/A | 229M |
| Debt/Equity | N/A | -0.20 | 0.30 | 0.11 | 0.10 | 0.07 | 0.05 | 0.03 | 0.03 |
| 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 | 7.4B |
| Total Assets | N/A | 1.6B | 2.7B | 3.2B | 3.5B | 4.5B | 6.3B | 8.9B | 8.9B |
| Total Liabilities | N/A | 1.4B | 1.2B | 956M | 819M | 961M | 1.2B | 1.4B | 1.4B |
| Intangibles | N/A | N/A | N/A | N/A | 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 | -3.6B |
| Working Capital | N/A | 486M | 1.7B | 2.2B | 2.5B | 3.4B | 4.9B | 7.2B | 7.2B |
| Current Assets | 3.4M | 1.2B | 2.3B | 2.9B | 3.0B | 4.1B | 5.9B | 8.4B | 8.4B |
| Current Liabilities | N/A | 729M | 604M | 660M | 588M | 746M | 996M | 1.2B | 1.2B |
| Per Share Data | |||||||||
| EPS | -1.17 | -1.02 | -1.20 | -0.27 | -0.18 | 0.09 | 0.19 | 0.63 | 0.63 |
| Owner EPS | -0.59 | -0.23 | -0.78 | -0.24 | -0.18 | 0.09 | 0.18 | 0.55 | 0.55 |
| Book Value | -3.43 | -1.09 | 0.75 | 1.19 | 1.24 | 1.49 | 2.06 | 2.86 | 2.86 |
| Cash Flow/Share | -0.08 | -0.09 | -0.15 | 0.17 | 0.11 | 0.31 | 0.47 | 0.83 | 0.64 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 511.2M | 1.8B | 2.0B | 1.9B | 2.1B | 2.3B | 2.4B | 2.6B | 2.6B |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 195.1 | 416.2 | 299.5 | 215.4 |
| P/FCF | N/A | N/A | N/A | 111.4 | 68.6 | 58.7 | 168.6 | 231.7 | 166.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 246.7 |
| Price/Book | N/A | N/A | 34.2 | 15.6 | 4.9 | 11.8 | 38.4 | 65.9 | 47.4 |
| Price/Sales | N/A | N/A | 32.4 | 30.4 | 11.0 | 13.8 | 28.0 | 79.0 | 78.2 |
| FCF Yield | N/A | N/A | -0.6% | 0.9% | 1.5% | 1.7% | 0.6% | 0.4% | 0.6% |
| Market Cap | 0 | N/A | 52.0B | 35.8B | 12.6B | 40.9B | 192.4B | 486.8B | 350.0B |
| Avg. Price | 0.00 | N/A | 17.44 | 24.30 | 10.07 | 13.16 | 32.97 | 136.98 | 135.70 |
| Year-End Price | 0.00 | N/A | 25.63 | 18.57 | 6.07 | 17.56 | 79.08 | 188.71 | 135.70 |
Palantir Technologies Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Palantir Technologies Inc. trades at 215.4x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 148.0x 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 +53.9%.
Palantir Technologies Inc. (PLTR) has a current P/E ratio of 215.4, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
Palantir Technologies Inc. (PLTR) has a 5-year average return on invested capital (ROIC) of -18.6%. This is below average and may indicate limited pricing power.
Palantir Technologies Inc. (PLTR) has a market capitalization of $350.0B. 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%.
Based on historical P/E analysis, Palantir Technologies Inc. (PLTR) appears expensive. The current P/E of 215.4 is 1336% above its historical median of 15.0. The estimated fair value CAGR (P/E method) is 76.1%.
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 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.