Palantir Technologies Inc. PLTR

Information TechnologySoftware & IT ServicesUnited States of America

Last close 184.11 USD on Nov 1, 2026, +3.6% year to date

Quant rating

Quant rating A+ Rank 16 of 389 in Information Technology

Growth A 12 of 389
Valuation C 352 of 389
Quality A 15 of 389
Revisions B 128 of 389
Momentum A 43 of 389

Wall Street consensus Buy (2.06)Average target 210.87 USD +14.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 442.4B
Enterprise value: 433.1B
52-week range: 106.38 – 212.82
3-year range: 14.92 – 212.82
Dividend yield: –
Beta (5 years): 1.64
Shares outstanding: 2,403M
Next earnings: Nov 2, 2026

About the company

Palantir Technologies Inc. is engaged in building software to assist in counterterrorism investigations and operations. The Company has built four principal software platforms, including Palantir Gotham (Gotham), Palantir Foundry (Foundry), Palantir Apollo (Apollo), and Palantir Artificial Intelligence Platform (AIP). Apollo is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems. Gotham enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants. Foundry transforms the ways organizations operate by creating a central operating system for their data. AIP enables responsible artificial intelligence (AI)-advantage across the enterprise by using primary, core components built to effectively activate large language models and other AI within any organization.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,475	2,866	2,225	1,906	1,542	–
Revenue growth	56.2%	28.8%	16.7%	23.6%	41.1%	32.6%
EPS (basic, normalized)	0.75	0.41	0.25	0.06	0.13	–
EPS growth	82.9%	64.0%	316.7%	−53.8%	–	–
Gross margin	82.4%	80.2%	80.6%	78.6%	78.0%	80.0%
Net margin	36.3%	16.1%	9.4%	−19.6%	−33.7%	1.7%
ROE	26.2%	10.9%	6.9%	−15.4%	−27.3%	0.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	9,409
Current ratio	7.23x
Long-term debt (mil)	0
Net debt (mil)	−9,298
Total equity (mil)	9,774
Net debt / equity	−0.95x
Net debt / EBITDA	−4.08x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,475	+56.2%	96.8x	2,280	+110.8%	189.9x	0.75	+82.9%	245.5x
2026	8,200	+83.2%	52.8x	4,970	+117.9%	87.2x	1.60	+113.4%	115.0x
2027	12,250	+49.4%	35.4x	7,594	+52.8%	57.0x	2.32	+45.2%	79.2x
2028	17,376	+41.8%	24.9x	11,514	+51.6%	37.6x	3.42	+47.1%	53.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	8,200	+0.2%	+6.4%	+12.8%	1.60	−0.5%	+8.9%	+21.7%
2027	12,250	+0.6%	+10.4%	+18.2%	2.32	−0.3%	+10.7%	+25.1%
2028	17,376	+1.3%	+11.4%	+17.5%	3.42	+1.1%	+13.5%	+29.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	634	678	726	828	884	1,004	1,181	1,407	1,633	1,935
Sales mean (mil)	625	652	703	776	863	940	1,092	1,324	1,540	1,805
Surprise	+1.4%	+4.0%	+3.2%	+6.7%	+2.4%	+6.8%	+8.2%	+6.3%	+6.0%	+7.2%
EPS reported	0.08	0.09	0.10	0.14	0.13	0.16	0.21	0.25	0.33	0.41
EPS mean	0.08	0.08	0.09	0.11	0.13	0.14	0.17	0.23	0.28	0.35
Surprise	+2.0%	+10.8%	+10.6%	+26.5%	+1.4%	+16.1%	+24.7%	+8.6%	+18.1%	+18.0%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PLTR Palantir Technologies Inc.	442.4B	−4.08x	36.3%	45.26x	115.0x	79.2x	87.2x	57.0x
GOOGL Alphabet Inc.	3.43T	−0.67x	32.8%	5.08x	14.1x	18.6x	14.3x	10.9x
MSFT Microsoft Corporation	3.88T	0.22x	40.3%	8.24x	26.2x	21.9x	16.2x	13.1x
ORCL Oracle Corporation	396.1B	2.81x	26.6%	5.92x	16.0x	11.9x	9.4x	6.6x
PANW Palo Alto Networks, Inc.	299.4B	−0.31x	2.7%	10.85x	87.5x	75.0x	60.0x	51.7x
CRWD CrowdStrike Holdings, Inc.	256.4B	−3.19x	−3.4%	50.26x	199.4x	155.9x	139.0x	106.5x
Mean		−0.87x	22.6%	20.93x	76.4x	60.4x	54.3x	41.0x
Median		−0.49x	29.7%	9.54x	56.8x	48.4x	38.1x	32.4x

Technical analysis

1M−1.8%
3M+49.0%
1Y−2.9%
3Y+1,121.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Palantir Technologies Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,475	2,866	2,225	1,906	1,542	1,093
Cost of revenue	789	566	431	409	339	353
Gross profit	3,686	2,300	1,794	1,497	1,202	740
Selling, general & administrative expenses	1,715	1,481	1,269	1,299	1,226	1,352
Research & development	558	508	405	360	387	561
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	0.7
Other operating expenses	0	0	0	0	0	0
Operating income	1,414	310	120	−161	−411	−1,174
Net interest income (expense)	229	197	125	−143	70.8	−15.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	14.2	−18.0	−7.5	−57.1	−148	10.3
Net income before taxes	1,657	489	237	−361	−488	−1,179
Provision for taxes	22.7	21.3	19.7	10.1	31.9	−12.6
Minority interest	−9.6	−5.7	−7.5	−2.6	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,625	462	210	−374	−520	−1,166
Extraordinary items	–	–	–	–	–	–
Net income	1,625	462	210	−374	−520	−1,166
EBIT, normalized	1,414	310	120	−161	−411	−1,173
EBITDA, normalized	1,440	342	153	−139	−396	−1,159
Basic EPS, normalized	0.75	0.41	0.25	0.06	0.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Palantir Technologies Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	7,177	5,230	3,674	2,634	2,525	2,011
Receivables	1,042	575	365	258	191	157
Total inventory	–	–	–	–	–	–
Prepaid expenses	137	122	99.3	133	111	51.9
Other current assets	2.5	7.7	0.4	16.2	36.6	37.3
Total current assets	8,358	5,934	4,139	3,042	2,863	2,257
Property, plant & equipment	252	240	231	269	248	247
Goodwill	–	–	–	37.9	–	–
Intangibles	–	18.1	25.9	35.5	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	290	148	127	76.8	136	186
Total assets	8,900	6,341	4,522	3,461	3,247	2,691
Liabilities
Accounts payable	8.1	0.1	12.1	44.8	74.9	16.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	225	351	137	88.6	101	115
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	943	645	597	455	484	473
Total current liabilities	1,176	996	746	588	660	604
Long-term debt	0	0	0	0	0	198
Minority interest	101	91.1	85.4	77.1	–	–
Other liabilities	237	250	215	231	296	366
Total liabilities	1,513	1,338	1,047	896	956	1,168
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.4	2.3	2.2	2.1	2.0	1.8
Additional paid-in capital	10,933	10,194	9,122	8,428	7,777	6,489
Retained earnings (accumulated deficit)	−3,562	−5,187	−5,650	−5,859	−5,486	−4,965
Treasury stock	–	–	–	–	–	0
Other equity	13.9	−5.6	0.8	−5.3	−2.3	−2.7
Total equity	7,387	5,003	3,476	2,565	2,291	1,523
Total liabilities & shareholders' equity	8,900	6,341	4,522	3,461	3,247	2,691

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Palantir Technologies Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,635	468	217	−371	−520	−1,166
Depreciation, depletion & amortization	26.1	31.6	33.4	22.5	14.9	13.9
Deferred taxes	–	–	−4.8	−0.2	43.3	–
Non-cash items	684	724	460	840	888	1,310
Changes in working capital	−210	−70.1	6.2	−267	−92.1	−454
Cash from operations	2,134	1,154	712	224	334	−297
Investing activities
Capital expenditures	−33.9	−12.6	−15.1	−40.0	−12.6	−12.2
Other investing cash flows	−2,750	−328	−2,696	−5.4	−385	−2.7
Cash from investing	−2,784	−341	−2,711	−45.4	−398	−14.9
Financing activities
Financing cash flow items	−81.0	−218	0.6	−0.1	−0.7	−0.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	54.1	681	218	86.1	307	1,037
Cash from financing	−26.9	463	219	86.0	307	1,036
Foreign exchange effects	7.5	−6.7	2.9	−3.9	−3.9	1.3
Net change in cash	−669	1,270	−1,777	260	239	726
Free cash flow	2,101	1,141	697	184	321	−309

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.