Very little debt to repay and plenty of cash on hand, so it is hard to shake.
Metrics · D/E ~2% · Current Ratio 7.23
💲Is the price expensive now?
On the expensive side
Even accounting for growth expectations, the price is set high.
Metrics · P/E 123.5 · P/B 35.0
💡Virtually debt-free (net cash, 7.2 current ratio) with 43% operating and 49% net margins. But at 124x P/E and 56x P/S it remains extremely expensive.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: Company filings, stockanalysis (margins, debt, liquidity, P/B are TTM), as of 2026-08-04
Business Summary · Key Value Metrics
Big-data analytics software for governments and enterprises. Core products are Gotham (government/defense), Foundry (enterprise), and AIP (a generative-AI operating system). FY2025 revenue $4.48B, operating income $1.41B (31.6% margin), net income $1.64B. TTM operating margin 42.8%, net margin 49%. U.S. government/defense contracts and the commercial segment are growing together.
Current Price
$144.45
+14.97%+$18.80· Extended hours 2026-08-03
Analyst Consensus Target (external reference)
$193.38
Avg. of 35 external analysts · TradingView (analyst consensus)
P/E (TTM)
123.5x
TTM · extreme overvaluation
P/S (TTM)
56.2x
TTM · among highest in software
Operating Margin
42.8%
TTM (recent quarter 47.1%)
Net Margin
49.0%
TTM
Revenue Growth
+78.9%
TTM YoY · accelerating
Market Cap
$346B
Post-earnings extended hours, Aug 3
Economic Moat · Key Business Segments
Gotham (government/defense) is deeply embedded in U.S. government and clearance-holding agencies, where multi-year, long-term contracts and security clearances form the entry barrier. Foundry (enterprise) and AIP integrate an organization's data into an ontology (a model of objects and relationships), so switching costs are high once adopted. Within FY2025 revenue of $4.48B, government and commercial grew together, and data integration, security clearances, and the ontology are the core moat (source: company IR, 10-K).
Gotham (Government/Defense)
Embedded across U.S. government and intelligence agencies. Classified security clearances and multi-year contracts form the entry barrier.
Foundry (Enterprise)
Integrates an organization's entire data into an ontology. Once embedded in operations, switching costs are high.
AIP
An operational layer connecting generative AI to real workflows and decisions. Driving commercial-segment growth.
Ontology / Security Clearances
The data-and-object model and government security clearances are assets that are hard to replicate quickly.
Financial Trends (2019–2026, 8 years)
Revenue grew from $1.54B in FY2021 to $4.48B in FY2025, and growth is accelerating (FY2024 +28.8% → FY2025 +56.2%). In Q2 2026 (reported Aug 3), revenue of $1.94B (+93%), GAAP operating income of $912M (47% margin), and net income of $1.06B (diluted EPS $0.41) crushed consensus, as U.S. commercial revenue jumped +149%. The company then raised FY2026 revenue guidance from $7.65B to $8.15B (+82%). TTM revenue reached $6.16B with a 42.8% operating and 49.0% net margin, yet the 124x P/E keeps valuation extreme (source: company IR, SEC EDGAR, tvremix).
Public financials 2019–2026 (8 years). Not a full 10-year span.
8-Year Growth
Revenue$4.5B · CAGR +35.0%
Operating Income$1.4B
EPS$0.63
8-Year Valuation
P/E (year-end)123.5x · avg 248.6x
ROE26.0% · avg -12.1%
Operating Margin31.6% · avg -24.6%
📊 Annual Data Table (PLTR) — expand/collapse
Year
Revenue (B$)
Op. Income (B$)
EPS ($)
P/E (x)
ROE (%)
Op. Margin (%)
2019
0.74
-0.58
-1.02
—
-76.6
-77.6
2020
1.09
-1.17
-1.19
—
-22.7
-107.5
2021
1.54
-0.41
-0.27
—
-14
-26.7
2022
1.91
-0.16
-0.18
—
-15
-8.5
2023
2.23
0.12
0.09
191
7
5.4
2024
2.87
0.31
0.19
398
10.8
10.8
2025
4.48
1.41
0.63
282
26
31.6
2026
—
—
—
123.5
—
—
— = no data for that year/metric (P/E omitted before EPS turned positive)
4-Year CAGR: Revenue +30.5% (FY2021→25 4y CAGR) · Operating Income Turned profitable · Net Income Turned profitable · EPS Turned profitable
Source: SEC EDGAR (10-K), macrotrends, tvremix, company IR. Direct-listed Sep 2020 — public annual data spans 2019–2025 plus 2026 P/E (TTM) only (8 years). 2019–2020 operating income, EPS, margins, and ROE cross-checked vs 10-K and macrotrends. EPS and operating income are GAAP. P/E is year-end from FY2023 profitability onward; 2026 is TTM at 124x (post-earnings extended hours on Aug 3). ROE here is fiscal-year end, which differs from the TTM figure (38.4%).
Mega-Cap Value Metric Comparison
Among data-and-analytics software peers (SNOW, DDOG), only PLTR shows clear GAAP operating profitability. Its 42.8% operating margin, 49.0% net margin, +78.9% revenue growth, and 38.4% ROE are all the highest, but its 56.2x P/S is also the highest. SNOW has ~$5.0B TTM revenue but runs a loss (operating margin -25.6%), while DDOG is just turning profitable (net margin 3.7%) (P/S, margins, growth, ROE all TTM · source: tvremix).
Metric
★ PLTR
SNOW
DDOG
P/S (TTM)
56.2
21.1
26.8
Operating Margin
42.8%
-25.6%
-0.7%
Net Margin
49.0%
-23.7%
3.7%
Revenue YoY Growth
+78.9%
+31.1%
+29.5%
ROE
38.4%
-55.1%
3.9%
P/S used instead of P/E (SNOW has no P/E due to losses; DDOG's 730x P/E is an outlier). All TTM · Source: tvremix, as of 2026-08-04.
Key Risk Factors (from 10-K)
●
Extreme Overvaluation— A 124x P/E, 56x P/S, and 35x P/B are still extreme relative to earnings, sales, and book value. After a +15% after-hours jump following the Aug 3 earnings release, even a slight slowdown in growth risks a sharp valuation re-rating.Source: TradingView
●
Dependence on Government Budgets and Policy— A large share of revenue comes from U.S. government and defense contracts. Federal budget cuts (e.g., DOGE efficiency drives) or policy shifts would hit directly.Source: Company 10-K Risk Factors
●
Stock-Based Compensation (SBC) Dilution— Heavy stock-based compensation raises the share count and dilutes per-share value, creating a gap between GAAP and adjusted earnings.Source: Company 10-K
●
Key-Person and Concentration Risk— High reliance on key people such as CEO Alex Karp and on a few large customers. A sales-concentration risk.Source: Company 10-K Risk Factors
●
Intensifying Competition— Competition from cloud and AI giants like Microsoft and Google in the data-and-AI platform space.Source: Company 10-K
Q. What are Palantir's (PLTR) key metrics?P/E (TTM) 123.5, P/S (TTM) 56.2, ROE 38.4%, operating margin 42.8% (TTM), net margin 49.0%, TTM revenue YoY +78.9%, and TTM revenue of $6.16B (source: tvremix, SEC, as of 2026-08-04). Price, P/E, and P/S are based on the post-earnings extended-hours price of $144.45 on Aug 3.
Q. What is the analyst price-target consensus for Palantir?The average analyst price target is about $193.38. This is an external consensus, not our own estimate, and implies +33.9% versus the post-earnings extended-hours price of $144.45 on Aug 3. Note that the consensus dispersion is wide for this stock. Source: tvremix, 2026-08.
Q. Isn't a 124x P/E too expensive?A 124x P/E and 56x P/S are extremely high in absolute terms. Revenue is indeed growing fast (+78.9%), but the risk of a valuation re-rating is also large. We do not provide definitive buy or sell opinions.
Q. Is Palantir profitable?Yes. After turning GAAP-profitable in FY2023, it posted FY2025 operating income of $1.41B (31.6% margin) and net income of $1.64B. It has sustained GAAP profits through Q2 2026 (47% operating margin), carries almost no debt (about $9.2B net cash) and a 7.2 current ratio, so its balance sheet is solid (source: SEC 10-K, company IR).
Q. Who are the main competitors and peers?In data-and-analytics software, Snowflake (SNOW) and Datadog (DDOG); across platforms and AI more broadly, its competitive scope overlaps with Microsoft and Google.