US · Nasdaq · PLTR
Palantir (PLTR) stock analysis: valuation and financials
Technology · Computer Software: Prepackaged Software
$209.00 -0.0% Price as of Oct 12, 2026
High-quality, founder-led platform with 56.2% FY2025 growth, 54.6% FCF margin and $9.4B net cash, but at 81.6x sales the price already assumes bull-case execution.
- Market cap
- $502.0B
- P/E
- 166.4x
- EV/Sales
- 80.0x
- FCF yield
- 0.7%
- 52-week range
- $107.27 – $209.05
- Next earnings
- Nov 2, 2026
Research as of Oct 13, 2026
Business quality scorecard
- Growth100
- Profitability100
- Cash flow70
- Balance sheet100
- Capital allocation50
- Innovation46
- Valuation25
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Government agencies and commercial enterprises pay subscription-style fees to use Gotham, Foundry, Apollo and AIP; both customer segments are the profit engine, with FY2025 operating income of $1.414B on $4.475B revenue (31.6% operating margin, 82.4% gross margin).
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.9B | $2.2B | $2.9B | $4.5B |
| Revenue growth | +41.1% | +23.6% | +16.7% | +28.8% | +56.2% |
| Gross margin | 78.0% | 78.6% | 80.6% | 80.2% | 82.4% |
| Operating margin | -26.7% | -8.5% | 5.4% | 10.8% | 31.6% |
| Net income | -$520.4M | -$373.7M | $209.8M | $462.2M | $1.6B |
| Free cash flow | $321.2M | $183.7M | $697.1M | $1.1B | $2.1B |
| FCF margin | 20.8% | 9.6% | 31.3% | 39.8% | 46.9% |
Amounts in USD · What is free cash flow?
Margins Gross margin 82.4% in FY2025 vs 80.3% FY2024, 84.8% TTM, 84.7% in Q2 FY2026; operating margin 31.6% vs 10.8%, 42.8% TTM. Revenue +56% against cost of revenue +39% and R&D intensity down to 12.5%.
- Cash flow WatchTTM operating cash flow of $3.4B exceeds net income of $3.017B (cash conversion 1.74x); FCF $3.358B is a 54.6% margin, up from 46.9% in FY2025 and from -$308.8M in FY2020.
- Debt LowNet cash of $9.409B, net debt/EBITDA -3.53x; no borrowings outstanding since FY2021, with total debt of $198M only in FY2020.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- $9.4B
- Total debt
- —
- Net cash
- $9.4B
- Current ratio
- 7.2x
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management StrongFounder-led continuity: CEO Karp and President Cohen remain in place and the other officers have 12-20 years of tenure; revenue reached $6.156B TTM, up 78.9% year over year.
- Credibility HighFive straight quarterly revenue guides beaten: Q2 FY2025 $934–938M vs $1.004B actual; Q3 $1.083–1.087B vs $1.181B; Q4 $1.327–1.331B vs $1.407B; Q1 FY2026 $1.532–1.536B vs $1.633B; Q2 FY2026 $1.797–1.801B vs $1.935B.
Of 8 guided figures checked: 8 beat, 0 in range, 0 missed.
Valuation range
Implied value per share · Price when researched: $209.00
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.