PLTR
SP100NasdaqGSPalantir Technologies Inc.
Technology · Software - Infrastructure · United States
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. 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. The company 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 was incorporated in 2003 and is headquartered in Aventura, Florida.
www.palantir.com ↗Shares trade at a premium 145.3× trailing earnings, easing to 61.7× on forward estimates. Profitability shows a net margin of 43.7% and return on equity of 32.6%. Leverage is modest at -3.9× net debt/EBITDA. Revenue grew 84.7% year-on-year. The mean analyst target of USD183.12 sits 41.6% above the current price (Buy, 27 analysts).
business model
Palantir builds software platforms for data integration, analytics, and decision-making, sold to government and commercial customers on a subscription and usage basis. Its model centers on deploying platforms (Gotham, Foundry, and the newer AIP artificial-intelligence platform) that operationalize large, complex datasets, often beginning with pilot deployments that expand into larger enterprise contracts.
revenue segments
Revenue is split between Government and Commercial customers, and geographically between US and international. The US commercial business has been a key growth driver alongside long-standing government and defense work, with AIP boot camps used to accelerate adoption.
key dependencies
Depends on government and defense budgets, security clearances and contract awards, large-enterprise adoption of its AI platform, and the ability to convert pilots into expanding contracts. It relies on a relatively concentrated set of large customers and continued demand for AI-enabled analytics.
competitors
Competes with in-house data engineering and analytics teams, cloud-data platforms such as Snowflake and Databricks, hyperscaler analytics tools from Amazon, Microsoft, and Google, government-focused integrators, and other AI and data-integration software vendors.
moat
Its moat stems from deep integration into mission-critical government and enterprise workflows, hard-to-displace data ontologies, specialized security accreditations for classified environments, and switching costs once its platforms become the operational backbone for decisions.
risks
Risks include reliance on lumpy government contracting and budget cycles, customer concentration, a premium valuation sensitive to growth deceleration, competition from well-funded cloud and AI vendors, and reputational and regulatory scrutiny tied to government and defense work.
Financials & metrics
as of 28 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $4.48B | $2.87B | $2.23B | $1.91B | — |
| Cost of revenue | $789.18M | $565.99M | $431.11M | $408.55M | — |
| Gross profit | $3.69B | $2.30B | $1.79B | $1.50B | — |
| Operating expense | $2.27B | $1.99B | $1.67B | $1.66B | — |
| R&D | $557.68M | $507.88M | $404.62M | $359.68M | — |
| Operating income | $1.41B | $310.40M | $119.97M | -$161.20M | — |
| Interest expense | — | — | $3.47M | $4.06M | $3.64M |
| Pretax income | $1.66B | $489.17M | $237.09M | -$361.03M | — |
| Tax provision | $22.72M | $21.25M | $19.72M | $10.07M | — |
| Net income | $1.63B | $462.19M | $209.82M | -$373.70M | — |
| EBITDA | $1.44B | $341.99M | $153.32M | -$138.68M | — |
| Diluted EPS | $0.63 | $0.19 | $0.09 | -$0.18 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $8.90B | $6.34B | $4.52B | $3.46B | — |
| Current assets | $8.36B | $5.93B | $4.14B | $3.04B | — |
| Cash & equivalents | $1.42B | $2.10B | $831.05M | $2.60B | — |
| Total liabilities | $1.41B | $1.25B | $961.46M | $818.80M | — |
| Current liabilities | $1.18B | $996.02M | $746.02M | $587.94M | — |
| Total debt | $229.34M | $239.22M | $229.39M | $249.40M | — |
| Shareholders' equity | $7.39B | $5.00B | $3.48B | $2.57B | — |
| Retained earnings | -$3.56B | -$5.19B | -$5.65B | -$5.86B | — |
| Working capital | $7.18B | $4.94B | $3.39B | $2.45B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $2.13B | $1.15B | $712.18M | $223.74M | — |
| Investing cash flow | -$2.78B | -$340.65M | -$2.71B | -$45.43M | — |
| Financing cash flow | -$26.91M | $463.36M | $218.84M | $86.00M | — |
| Capital expenditure | -$33.88M | -$12.63M | -$15.11M | -$40.03M | — |
| Free cash flow | $2.10B | $1.14B | $697.07M | $183.71M | — |
| Share buybacks | -$74.98M | -$64.20M | $0.00 | $0.00 | — |
| End cash position | $1.45B | $2.12B | $850.11M | $2.63B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 28 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 27 Aug 2026News
Sector peers
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