SuperworthPalantir Technologies PLTR
- Market cap
- $472.8B
- PE
- 168×
- 3y median 252×
- Forward PE
- 104×
- 6y median 101×
- Price to sales
- 76.8×
- EV/EBIT
- 176×
- Revenue, 12 months
- $6.2B
- +79% on a year ago
- Net margin
- 49.0%
- Free cash flow yield
- 0.7%
A Superworth story
Earnings nearly quadrupled, and the price still needs years more of it
A sharp drop from the October peak trimmed the multiple, not the bet. Growth has to stay fast.
A sharp drop from its October peak, with no new results
Palantir closed at a peak of 209 dollars in early October, then fell about 11% in a week. No new results came out in between. The run that got it there started in late June, at the year's low, and took off the day after the August report, when sales nearly doubled and the company raised its forecast for the year.
Earnings nearly quadrupled in a year, and not by accounting
Trailing earnings per share went from 0.30 to 1.17 dollars in a year. The company's adjusted figure is almost the same as the reported one, so the jump comes from the business itself, not from an accounting choice.
So the PE keeps falling, yet it stays far above its peers
Earnings grew far faster than the price, so the PE fell to about 160. That is lower than on almost nine in ten days since Palantir turned profitable. It still costs well over twice the median of its eight industry peers.
Growth has sped up for eleven quarters running
Twelve-month sales growth has risen every quarter for almost three years, now to 79%. The engine is a push into businesses led by co-founder Alex Karp, chief executive since 2004. In August Palantir forecast U.S. sales to companies, not governments, up at least 134% this year. A September deal to run inside NVIDIA's own supply chain is one sign of it.
Margins are the best in three years, helped by a tiny tax bill
Over the last twelve months Palantir kept 42.8 cents of operating profit from each dollar of sales, higher than at any point on this chart. Net margin runs higher still. Other income adds to profit, and the tax bill came to about 1% of pretax profit, far below what most U.S. companies pay. A normal tax rate would take a real bite out of reported earnings.
On expected earnings it sits near its usual multiple, and stays rich years out
At today's price the stock costs about 98 times the adjusted earnings analysts expect over the next twelve months, close to its usual multiple. Even on their forecast for the year to June 2028 it would cost about 65 times, well above what its peers cost on next year's earnings today. Before late September, this line is rebuilt with hindsight.
Growth is set to slow, and 2 November shows how fast
Analysts see quarterly sales growth easing from nearly doubling in June to about half that pace by next June. Bulls point to a company that just raised its own forecast to 82% growth this year. Bears note it still costs more than seventy times its sales. Beating the September quarter's estimate keeps the acceleration story alive. A miss tests a price set for years of fast growth.
What has happened lately
- The Associated Press (BNN Bloomberg), U.S. stocks hit records as profits keep piling up for Palantir and othersThe day after the Q2 report Palantir jumped 29.5%, on 93% revenue growth, a profit above estimates and a raised 2026 forecast. That jump started the run to the October peak.
- NVIDIA, NVIDIA and Palantir bring sovereign intelligence to critical supply chainsA commercial tie-up that starts inside NVIDIA's own supply chain. U.S. commercial is the segment whose growth the valuation leans on most.
- Palantir (SEC filing), Palantir reports Q2 2026 revenue growth of 93% and raises full-year guidance to 82% growthQ2 revenue of $1.94B, a Q3 guide of $2.160B to $2.164B and a 2026 guide of $8.15B, with U.S. commercial seen up at least 134%. The September quarter is reported on November 2.
Headlines link to the original source.
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Charts
Financials
| Income statement | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $558.2M+17% | $608.4M+20% | $634.3M+21% | $678.1M+27% | $725.5M+30% | $827.5M+36% | $883.9M+39% | $1B+48% | $1.2B+63% | $1.4B+70% | $1.6B+85% | $1.9B+93% | |
| Cost of revenue | $107.9M+0% | $108.6M+4% | $116.3M+8% | $128.6M+20% | $146.6M+36% | $174.5M+61% | $173M+49% | $192.9M+50% | $207.3M+41% | $216M+24% | $215.8M+25% | $296.9M+54% |
| Gross profit | $450.2M+22% | $499.7M+24% | $518.1M+24% | $549.6M+29% | $578.9M+29% | $653M+31% | $710.9M+37% | $810.8M+48% | $973.8M+68% | $1.2B+82% | $1.4B+99% | $1.6B+102% |
| R&D | $105.7M+5% | $109.3M+33% | $110M+22% | $108.8M+9% | $117.6M+11% | $171.5M+57% | $134.9M+23% | $135M+24% | $144.2M+23% | $143.6M−16% | $161M+19% | $192.5M+43% |
| SG&A | $304.5M−8% | $324.6M−5% | $327.2M+1% | $335.5M+6% | $348.2M+14% | $470.4M+45% | $399.9M+22% | $406.4M+21% | $436.3M+25% | $471.9M+0% | $501.8M+26% | $534.1M+31% |
| $40M | $65.8M | $80.9M+1866% | $105.3M+946% | $113.1M+183% | $11M−83% | $176M+118% | $269.3M+156% | $393.3M+248% | $575.4M+5111% | $754M+328% | $912M+239% | |
| Interest expense | $742K−31% | $136K−92% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Pre-tax income | $80M | $106.2M+181% | $110.7M+432% | $140.8M+369% | $157.2M+97% | $80.5M−24% | $223.3M+102% | $332.2M+136% | $480.5M+206% | $621.4M+672% | $888.6M+298% | $1.1B+226% |
| $6.5M+496% | $9.3M+114% | $4.7M+177% | $5.2M+139% | $7.8M+20% | $3.6M−61% | $5.6M+20% | $3.6M−31% | $3.8M−52% | $9.8M+171% | $12.2M+118% | $15.4M+328% | |
| Net income | $71.5M | $93.4M+203% | $105.5M+528% | $134.1M+377% | $143.5M+101% | $79M−15% | $214M+103% | $326.7M+144% | $475.6M+231% | $608.7M+670% | $870.5M+307% | $1.1B+225% |
| $0.03 | $0.04+300% | $0.04+300% | $0.06+500% | $0.06+100% | $0.03−25% | $0.08+100% | $0.13+117% | $0.18+200% | $0.24+700% | $0.34+325% | $0.41+215% | |
| 2.3B+12% | 2.4B+7% | 2.4B+8% | 2.4B+6% | 2.5B+6% | 2.5B+7% | 2.6B+6% | 2.6B+6% | 2.6B+5% | 2.6B+2% | 2.6B+1% | 2.6B+0% |
Net income: 6 periods, Q4 FY20 to Q4 FY25: printed in the fourth-quarter results release.
EPS, diluted: Q4 FY19 and Q4 FY20: quarter's net income to common over its shares, to the cent. 5 periods, Q4 FY21 to Q4 FY25: printed in the fourth-quarter results release.
Diluted shares: Q4 FY19 and Q4 FY20: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 5 periods, Q4 FY21 to Q4 FY25: printed in the fourth-quarter results release.
From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.
Estimates
Next earnings report: .
| Quarter | Revenue | Range | EPS | Range | Analysts |
|---|---|---|---|---|---|
| Q3 FY26 | $2.2B | $2.2B to $2.2B | $0.41 | $0.37 to $0.47 | 17 |
| Q4 FY26 | $2.5B | $2.4B to $2.5B | $0.46 | $0.41 to $0.53 | 16 |
| Q1 FY27 | $2.6B | $2.5B to $2.7B | $0.48 | $0.47 to $0.51 | 8 |
| Q2 FY27 | $2.9B | $2.9B to $3.1B | $0.55 | $0.54 to $0.59 | 7 |
| Q3 FY27 | $3.2B | $3.1B to $3.4B | $0.60 | $0.58 to $0.63 | 7 |
| Q4 FY27 | $3.5B | $3.5B to $3.7B | $0.66 | $0.65 to $0.70 | 12 |
| Q1 FY28 | $3.9B | $3.9B to $4.1B | $0.75 | $0.73 to $0.79 | 9 |
| Q2 FY28 | $4.4B | $4.3B to $4.6B | $0.84 | $0.83 to $0.90 | 8 |
Peers
Companies in Software - Infrastructure nearest Palantir Technologies' size, closest first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| PLTRPalantir Technologies | $472.8B | 168× | 252× | 104× | 76.8× | +79% | 49.0% |
| ORCLOracle | $381.5B | 19.8× | 27.3× | 14.8× | 5.3× | +22% | 26.4% |
| PANWPalo Alto Networks | $311.3B | n/m | 111× | 90.9× | 27.1× | +24% | 2.7% |
| CRWDCrowdStrike | $263.7B | n/m | 438× | 182× | 48.9× | +24% | 0.8% |
| FTNTFortinet | $132.1B | 63.4× | 56.4× | 51.1× | 17.5× | +19% | 28.2% |
| NETCloudflare | $116B | n/m | n/a | 220× | 46.2× | +34% | −8.2% |
| SNPSSynopsys | $82.4B | 76.0× | 54.3× | 24.5× | 8.8× | +46% | 11.4% |
| MSFTMicrosoft | $3.9T | 29.2× | 33.0× | 26.7× | 11.7× | +18% | 40.3% |
| Peer median | $263.7B | 46.3× | 55.3× | 51.1× | 17.5× | +24% | 11.4% |
Investors who own it
Investors we follow who held Palantir Technologies at the end of Jun 30, 2026, from their 13F filings.
- Cathie WoodARK Investment Management2.4% of portfolioadded
- Ron BaronBaron Capital0.0% of portfoliotrimmed
- Baillie GiffordBaillie Gifford0.0% of portfolionew
More on Palantir Technologies
Each number over time
- PE ratio
- Forward PE
- Price to sales ratio
- EV/EBIT
- Price to free cash flow
- Price to book ratio
- Market cap
- Revenue
- EPS
- Free cash flow
- Profit margin
- Shares outstanding
Where it ranks
- #1of 213Technology stocks with the fastest earnings growth
- #2of 141Infrastructure software stocks with the fastest revenue growth
- #1of 57Infrastructure software stocks with the fastest earnings growth
- #3of 137Infrastructure software stocks with the highest profit margins
- #10of 427Technology stocks with the highest profit margins
- #2of 22Infrastructure software stocks with the fastest expected revenue growth
- #8of 17Infrastructure software stocks with the lowest PEG ratio
Its groups
About
- Chief executive
- Alex Karp, since 2004FounderCo-founded Palantir in 2003, co-founder Peter Thiel has been chair since 2003. Source
- Founder chair
- Peter Thiel
- Industry
- Software - Infrastructure
- Sector
- Technology
Valuation data, not investment advice. Prices as of .