Quality Investor

Palantir Technologies Inc.

Rank #212Hypergrowth

PLTR · Nasdaq · Technology

Palantir Technologies Inc. (PLTR) — Rank #212 by gross profitability (GP/assets 0.32) · ROE 16.6% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001321655 · all metrics point-in-time as of the filing date.

About

Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally.

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It provides Palantir Gotham integrates with other platforms for defense offerings which enables users to see, understand, and act in the modern battlespace; operations centers to the tactical edge; integrating data from domains and sensors in near real-time; and situational awareness and accelerating operational decision-making, as well as facilitates the hand-off between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform. It also offers Palantir Foundry, a platform that helps organizations operate by creating a central operating system for their data; and allows individual users to integrate and analyze the data they need in one place. In addition, it provides Palantir Apollo, a software that delivers software and updates across the business, as well as enables customers to deploy their software virtually in any environment; and Palantir Artificial Intelligence Platform that provides unified access to open-source, self-hosted, and commercial large language models (LLMs) that can transform structured and unstructured data into LLM-understandable objects and can turn organizations' actions and processes into tools for humans and LLM-driven agents. The company also has a strategic partnership with Ondas Inc. to develop and deploy AI-enabled operational capabilities to scale stratospheric, aerial, and land-based ISR missions. The company has a strategic collaboration with NVIDIA to deliver an intelligent engine for running NVIDIA AI and Nemotron open models in sovereign environments and with PwC to transform critical business operations and deliver measurable enterprise value.

The company was incorporated in 2003 and is headquartered in Aventura, Florida.

Industry
Software - Infrastructure
Sector
Technology
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

PLTR+549.1% · +45.4% CAGRSPY+80.3% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$417.47B

P/E (annual)

275.8

P/S (annual)

93.3

P/B

42.7

P/OCF (annual)

195.6

Shareholder Yield

-4.7%

Employees

4,401

Industry

Software - Infrastructure

Exchange

Nasdaq

Signal Flags

5 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
RPO outpacing revenueRemaining performance obligations growing faster than recognized revenue — forward demand building
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.32
Return on equity
16.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.18
Current ratio
7.23×
Net cash
$9.41B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
15.3%

Growth

1/2 pass
Revenue growth
56.2%
Piotroski F-Score
N/A
Share dilution
4.7%

Terry Smith quality gate

Passes 3/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

40.9%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 4.7% — per-share value needs a total required return of 45.6% once share-count change is priced in.

vs. own 6-year median revenue growth: 34.9%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

34.8%

r = 10% (base)

40.9%

r = 12%

46.2%

Net debt / market cap: -2.1%

Base FCF: $2.1B3Y mean FCF: $1.3B

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

211.1xCheap
211.1xmed 260.0x655.9x

P / S

Price / revenue per share

76.2xExpensive
9.2xmed 21.6x106.6x

P / B

Price / book value per share

46.2xExpensive
6.8xmed 15.4x61.0x

P / GP

Price / gross profit per share

92.6xExpensive
11.7xmed 30.1x132.8x

P / FCF

Price / free cash flow per share

162.4xExpensive
70.8xmed 95.2x267.6x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

43rd pctl of 38 SIC 7372 peers

Return on equity

16.6%

Gross margin

82.4%

86th pctl of 38 SIC 7372 peers

Revenue growth (YoY)

56.2%

RPO growth (YoY)

141.2%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

32.9%

Revenue CAGR (5Y)

32.6%

Earnings CAGR (3Y)

FCF CAGR (3Y)

125.3%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.18

91st pctl of 33 SIC 7372 peers (best = lowest)

Current ratio

7.23×

95th pctl of 38 SIC 7372 peers

Quick ratio

7.09×

Net cash

$9.41B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$2.10B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.29

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

15.3%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Hypergrowth
Op. Leverage