PLTR — Palantir Technologies Inc.
Snapshot dated October 7, 2026.
Palantir Technologies Inc. provides software platforms that integrate, manage, and secure data for large-scale, complex organizations. Its flagship offerings include Palantir Gotham, designed primarily for government and defense agencies, and Palantir Foundry, which caters to commercial enterprises across sectors like energy, transportation, and finance. More recently, the company launched its Artificial Intelligence Platform (AIP), which allows organizations to deploy large language models on their private data sets. The business operates across two main revenue segments: Government and Commercial, with significant contracts supporting intelligence operations and industrial data integration. Headquartered in Denver, the company serves hundreds of customers globally, ranging from national intelligence agencies to multinational Fortune 500 corporations. Palantir maintains a distinct position in the software landscape, often operating as a specialized provider for data environments where standard off-the-shelf software is insufficient.
Fair Value / Share
$24.33
Price on October 7, 2026
$191.15
Upside to fair value
-87.27%
Data by Equibles and SEC filings. Figures are as of October 7, 2026 and are not live.
Earnings Yield
Earnings Yield shows how much profit a company generates relative to its share price. EPS ÷ Stock Price.
Stock Price
$191.15
Market Cap
$491,005,858,100
Net Income (TTM)
$3,016,692,000
Diluted Shares
2.57 billion
EPS (TTM)
$1.17
Earnings Yield
0.61%
0.6% vs ~4-5% bonds · Software - Infrastructure median 2.2% (75 companies, excl. PLTR)
Show the 75 companies behind the medianHide the companies behind the median
| Company | Net income (TTM) | Market cap | Earnings yield |
|---|---|---|---|
| MSFTMicrosoft Corp | $133.7B | $3.8T | 3.5% |
| ORCLOracle Corp | $18.9B | $414.6B | 4.6% |
| PANWPalo Alto Networks Inc | $307M | $306.5B | 0.1% |
| CRWDCrowdStrike Holdings, Inc. | $45M | $274.1B | 0.0% |
| FTNTFortinet, Inc. | $2.1B | $127.3B | 1.7% |
| SNPSSynopsys Inc | $1.1B | $81.6B | 1.3% |
| CRWVCoreWeave, Inc. | -$1.9B | $47.8B | -4.0% |
| XYZBlock, Inc. | $358.3M | $44.7B | 0.8% |
| TWLOTwilio Inc | $1.1B | $42.4B | 2.7% |
| NTAPNetApp, Inc. | $1.4B | $39.5B | 3.6% |
| OKTAOkta, Inc. | $296M | $34.1B | 0.9% |
| MDBMongoDB, Inc. | $58.9M | $33.1B | 0.2% |
| ZSZscaler, Inc. | -$63.2M | $32.3B | -0.2% |
| VRSNVerisign Inc/Ca | $850M | $25.9B | 3.3% |
| CPAYCorpay, Inc. | $1.1B | $25.6B | 4.4% |
| FFIVF5, Inc. | $726.5M | $25.1B | 2.9% |
| RBRKRubrik, Inc. | -$254.4M | $22.7B | -1.1% |
| IOTSamsara Inc. | $90.6M | $22.2B | 0.4% |
| NTNXNutanix, Inc. | $1.5B | $18.4B | 8.2% |
| TOSTToast, Inc. | $486M | $17.7B | 2.7% |
| DOCNDigitalOcean Holdings, Inc. | $235.2M | $17.3B | 1.4% |
| AKAMAkamai Technologies Inc | $411M | $15.9B | 2.6% |
| ZETAZeta Global Holdings Corp. | -$2.2M | $14.2B | -0.0% |
| GENGen Digital Inc. | $1.1B | $12.9B | 8.1% |
| SAILSailPoint, Inc. | -$197.2M | $11.8B | -1.7% |
| GTLBGitlab Inc. | -$52.7M | $7.8B | -0.7% |
| SSentinelOne, Inc. | -$340.1M | $7.8B | -4.4% |
| DBXDropbox, Inc. | $442.8M | $7.7B | 5.7% |
| NTSKNetskope Inc | -$737.2M | $7.2B | -10.2% |
| PATHUiPath, Inc. | $361.9M | $6.5B | 5.6% |
| WEXWEX Inc. | $350.7M | $6.1B | 5.8% |
| DOXAmdocs Ltd | $564.7M | $6.1B | 9.3% |
| QLYSQualys, Inc. | $206.5M | $6B | 3.5% |
| ACIWAci Worldwide, Inc. | $225.7M | $4.9B | 4.6% |
| RELYRemitly Global, Inc. | $305M | $4.5B | 6.7% |
| BOXBox Inc | $130.7M | $4.5B | 2.9% |
| DLOdLocal Ltd | $204M | $4.1B | 5.0% |
| GCTGigaCloud Technology Inc | $156.1M | $3.9B | 4.0% |
| PAYPaymentus Holdings, Inc. | $84.9M | $3.8B | 2.2% |
| TENBTenable Holdings, Inc. | $6.7M | $3.7B | 0.2% |
| INFQInfleqtion, Inc. | -$71.5M | $3.3B | -2.2% |
| FOURShift4 Payments, Inc. | $102M | $3B | 3.4% |
| NTCTNetscout Systems Inc | $121M | $2.9B | 4.2% |
| AVPTAvePoint, Inc. | $71.5M | $2.8B | 2.5% |
| TDCTeradata Corp | $458M | $2.7B | 17.0% |
| APPNAppian Corp | -$10.6M | $2.5B | -0.4% |
| PAYOPayoneer Global Inc. | $50.3M | $2.4B | 2.1% |
| NNNextnav Inc. | -$111.9M | $2.4B | -4.6% |
| EEFTEuronet Worldwide, Inc. | $288.4M | $2.4B | 12.0% |
| RAMPLiveRamp Holdings, Inc. | $155.7M | $2.3B | 6.8% |
| FLYWFlywire Corp | $34M | $2.1B | 1.6% |
| CALXCalix, Inc | $51.2M | $2.1B | 2.4% |
| BANDBandwidth Inc. | -$5.1M | $2B | -0.3% |
| ATENA10 Networks, Inc. | $43M | $1.9B | 2.3% |
| MQMarqeta, Inc. | $10.4M | $1.8B | 0.6% |
| EVTCEVERTEC, Inc. | $97.6M | $1.7B | 5.8% |
| AIC3.ai, Inc. | -$446.4M | $1.7B | -27.0% |
| PRGSProgress Software Corp /Ma | $92.4M | $1.6B | 5.7% |
| PGYPagaya Technologies Ltd. | $126.8M | $1.5B | 8.4% |
| AEVAAeva Technologies, Inc. | -$32.4M | $1B | -3.2% |
| RXTRackspace Technology, Inc. | -$159M | $1B | -15.7% |
| SABRSabre Corp | $717.5M | $879.8M | 81.5% |
| BLZEBackblaze, Inc. | -$20.4M | $828.2M | -2.5% |
| NUAINew ERA Energy & Digital, Inc. | -$53.9M | $752.3M | -7.2% |
| PAYSPaysign, Inc. | $15.8M | $715.4M | 2.2% |
| OSPNOneSpan Inc. | $68.4M | $656.3M | 10.4% |
| PRTHPriority Technology Holdings, Inc. | $56.2M | $641.4M | 8.8% |
| CCSIConsensus Cloud Solutions, Inc. | $94.7M | $635.7M | 14.9% |
| YEXTYext, Inc. | $26.1M | $632.5M | 4.1% |
| KDKKodiak AI, Inc. | -$304.6M | $487.5M | -62.5% |
| IIIVi3 Verticals, Inc. | $8.5M | $391.7M | 2.2% |
| BKKTBakkt, Inc. | -$39.5M | $365.1M | -10.8% |
| LSAKLesaka Technologies Inc | $2.8M | $358.7M | 0.8% |
| PSFEPaysafe Ltd | -$123.8M | $335.7M | -36.9% |
| TLSTelos Corp | -$15.7M | $301.9M | -5.2% |
Peer yields are net income ÷ market cap from the Equibles screener, as of 2026-10-07; PLTR's own figure is EPS ÷ price from SEC filings, so small gaps between the two methods are expected. Data by Equibles.
AI Analysis
Palantir Technologies currently trades at $191.15 per share with an EPS of $1.17, resulting in an earnings yield of 0.61%. This figure sits significantly below the 4-5% annual return typically available from safe, guaranteed alternatives like bonds. This gap implies that the current market price expects substantial future growth in earnings, as each dollar of current profit is priced at a premium compared to risk-free assets. For the earnings yield to rise, either the stock price would need to decrease or the company's annual earnings would need to increase. The company's yield is 1.6 percentage points below the 2.23% median yield of its Software - Infrastructure industry peers. This single metric does not account for the company's debt levels, future growth trajectory, or broader market volatility.
Return on Capital
EBIT ÷ (Net Working Capital + Net Fixed Assets) — how efficiently the business turns capital into profit.
EBIT (TTM)
$2,634,652,000
Net Working Capital
$7,533,884,000
Net Fixed Assets
$61,403,000
Invested Capital
$7,595,287,000
Return on Capital
34.69%
34.69% ROC · 2/2: above the 15% floor, above the Software - Infrastructure median of 31.6% (24 companies, excl. PLTR)
Show the 25 companies behind the medianHide the companies behind the median
| Company | EBIT (TTM) | Invested capital | ROC |
|---|---|---|---|
| MSFTMicrosoft Corp | $155.2B | $340.3B | 45.6% |
| ORCLOracle Corp | $23.1B | $108B | 21.4% |
| PANWPalo Alto Networks Inc | $695M | -$3.3B | Capital-free |
| CRWDCrowdStrike Holdings, Inc. | -$133M | -$1.3B | Loss on negative capital |
| FTNTFortinet, Inc. | $2.4B | $132.1M | 1848.8% |
| SNPSSynopsys Inc | $802.4M | -$162M | Capital-free |
| CRWVCoreWeave, Inc. | -$231M | $29.8B | -0.8% |
| XYZBlock, Inc. | $1.2B | $6.5B | 17.9% |
| TWLOTwilio Inc | $289.9M | $2.3B | 12.6% |
| NTAPNetApp, Inc. | $1.8B | $744M | 248.5% |
| OKTAOkta, Inc. | $232M | $334M | 69.5% |
| MDBMongoDB, Inc. | -$14.5M | $1.5B | -1.0% |
| ZSZscaler, Inc. | -$133.3M | $1.9B | -7.0% |
| VRSNVerisign Inc/Ca | $1.2B | -$1.4B | Capital-free |
| CPAYCorpay, Inc. | $2.2B | $1.4B | 161.6% |
| FFIVF5, Inc. | $812.1M | -$231.7M | Capital-free |
| RBRKRubrik, Inc. | -$282.4M | $564.7M | -50.0% |
| IOTSamsara Inc. | $19.4M | $401.3M | 4.8% |
| NTNXNutanix, Inc. | $274M | $703.8M | 38.9% |
| TOSTToast, Inc. | $431M | $680M | 63.4% |
| DOCNDigitalOcean Holdings, Inc. | $149.7M | $925.3M | 16.2% |
| AKAMAkamai Technologies IncIts invested capital could not be established from its filings. | $455.7M | — | Skipped |
| ZETAZeta Global Holdings Corp. | $24.7M | $101.7M | 24.3% |
| GENGen Digital Inc. | $2.1B | -$1.8B | Capital-free |
| SAILSailPoint, Inc. | -$220.5M | -$119M | Loss on negative capital |
The same companies as the earnings yield comparison, each measured with PLTR's own formula — EBIT ÷ (net working capital + net fixed assets) — from its latest SEC filings. Capital-free companies rank above every percentage; skipped companies are not in the median. Data by Equibles and SEC filings.
AI Analysis
Return on Capital for PLTR is 34.69%, derived from $2.6B of EBIT divided by $7.6B of invested capital, which consists of $7.5B in net working capital and $61.4M in net fixed assets. This figure exceeds the 15% minimum threshold. Compared to the Software - Infrastructure median of 31.6%, the company's return is above the industry benchmark by more than 3 percentage points. Given these results, the verdict is strong. This metric measures the profit generated relative to the tangible operating capital required to run the business. The result would shift if the company’s operating profit fluctuates or if there are significant changes to the capital intensity of its business model. Importantly, this measure does not capture intangible investments like R&D that are typically expensed rather than capitalized, which may mean the business is deploying more capital for growth than the balance sheet reflects.
Acquirer's Multiple
Enterprise Value ÷ Operating Earnings — how many years of operating earnings it would take to buy the whole business.
| Company | Operating earnings | Enterprise value | Multiple |
|---|---|---|---|
| PLTRPalantir Technologies Inc. | $2.6B | $489.1B | Above range for acquisition target |
| SNOWSnowflake Inc. | -$1.2B | $117.2B | — |
| MDBMongoDB, Inc. | -$14.5M | $28.3B | — |
Where PLTR sits: Above range for acquisition target — operating earnings are too thin relative to enterprise value for the multiple to carry meaning, and there is no usable peer multiple to compare against either.
What does “above range for acquisition target” mean?Hide the “above range for acquisition target” explanation
The multiple is not shown as a number: PLTR’s trailing operating earnings are so small relative to its enterprise value that dividing one by the other would produce a figure in the hundreds or thousands of x — arithmetically correct, but not a meaningful comparison, since a small change in one quarter’s operating income would swing it wildly without saying anything new about the business. The price here implies a bet on operating profit growing dramatically from a near-zero base, not a price you could sensibly compare to a peer’s multiple. By this measure alone — years of current operating earnings required to buy the whole business — a figure this far outside the meaningful range would flag the company as one an acquirer should not pay this price for, on today’s earnings.
Show the enterprise value bridge for each companyHide the enterprise value bridge
PLTR
Debt $0. This is the company's reported total debt — borrowings due within a year plus long-term borrowings. The company separately reports $211.4M of operating lease liabilities as of 2026-06-30. These are excluded from debt because operating lease cost already sits inside operating earnings — counting the liability again as debt would charge the business twice for the same thing.
SNOW
Named as a competitor: competes in enterprise data warehousing and analytics platforms
Debt $2.3B. This is the company's reported total debt — borrowings due within a year plus long-term borrowings. The company separately reports $479.8M of operating lease liabilities as of 2026-07-31 ($420M non-current, $59.8M current). These are excluded from debt because operating lease cost already sits inside operating earnings — counting the liability again as debt would charge the business twice for the same thing.
MDB
Named as a competitor: competes in operational database and enterprise data management platforms
Debt $6.7M. This is reported total debt, including $26.4M of finance lease obligations ($6.7M + $19.7M in the filing). Finance leases are counted as debt because they are a borrowing in substance — the company has committed to fixed payments for an asset it effectively owns.
Operating earnings — PLTR
AI Analysis
Palantir Technologies Inc. (PLTR) holds an enterprise value of $489.1B and TTM operating earnings of $2.6B. Its Acquirer's Multiple is above the range where this measure is meaningful; its operating earnings are too thin relative to its enterprise value, implying that the current price reflects a bet on operating profit growing dramatically from a near-zero base. Competitor Snowflake Inc. (SNOW) has an enterprise value of $117.2B with -$1.2B in operating earnings, and MongoDB, Inc. (MDB) has an enterprise value of $28.3B with -$14.5M in operating earnings. Both competitors are losing money right now, so no Acquirer's Multiple can be calculated for them. The computed comparison is: Above range for acquisition target — operating earnings are too thin relative to enterprise value for the multiple to carry meaning, and there is no usable peer multiple to compare against either. This comparison would change if these businesses materially increased their sustained operating earnings or altered their capital structures.
FS-Score
A 10-check read on financial health, across profitability, balance-sheet stability and operating momentum.
FS-Score
9/10
This company scores high on profitability, stability, and momentum.
Section 1
Current Profitability
3/3
This section is Strong because the company generated positive accounting profits and even higher levels of cash flow relative to its asset base. Each of the three profitability signals passed, confirming that earnings are backed by actual cash inflows.
- Return on Assets reached 18.26%, confirming the business is profitable.
- Free Cash Flow to Total Assets is positive at 23.60%.
- The accruals check passed with a value of 1.31, as cash flow from operations exceeded net income.
A score of 3/3 indicates high current profitability, which would only be undermined if cash flow from operations were to fall below net income or if returns on assets turned negative.
Return on Assets (ROA > 0)
PassFree Cash Flow to Total Assets (FCFTA > 0)
PassAccruals (CFO / Net Income > 1)
PassSection 2
Stability
2/3
The stability profile is Mixed, as the company improved its liquidity and maintained a clean debt profile but continues to increase its overall share count. While the balance sheet remains liquid, the failure of the dilution check indicates that existing ownership is being spread across more shares.
- Leverage remained at 0, passing the check as debt levels did not rise.
- Liquidity improved as the current ratio rose from 5.96 to 7.11.
- Net dilution failed as diluted shares outstanding increased from 2.45 billion to 2.57 billion.
To reach a perfect score in this section, the company would need to offset share issuances with buybacks to keep the diluted share count flat or declining year over year.
Change in Leverage (↓ or unchanged)
PassChange in Liquidity (↑ Current Ratio)
PassNet Dilution (annual diluted weighted-average shares, this year vs last)
FailSection 3
Recent Operational Improvements
4/4
This section is Strong, with the company showing progress across all four operational efficiency metrics compared to the previous year. Improvements in margins and asset utilization suggest the business is becoming more efficient as it scales.
- Return on Assets improved significantly from 7.29% to 18.26%.
- Free Cash Flow to Total Assets increased from 18.00% to 23.60%.
- Gross Margin expanded from 80.25% to 82.37%, indicating better cost control or pricing.
- Asset Turnover rose from 0.45 to 0.5, showing more revenue generated per dollar of assets.
Maintaining this momentum requires continued growth in revenue and margins that outpaces the growth in the company's total asset base.
Change in ROA (↑)
PassChange in FCFTA (↑)
PassChange in Gross Margin (↑)
PassChange in Asset Turnover (↑)
PassFramework conclusion
With a total score of 9/10, the company demonstrates high financial stability driven by strong current profitability and broad operational improvements. This high score suggests that if the stock is trading at a low valuation, that price is more likely a result of market mispricing than a sign of internal financial distress. The only weakness identified is the year-over-year increase in the share count, which prevents a perfect score.
- The 18.26% Return on Assets shows the company is successfully generating profit from its resources.
- A Current Ratio of 7.11 indicates a very high level of short-term liquidity.
- Gross Margin improved to 82.37%, suggesting strengthened operational efficiency.
- Diluted shares outstanding rose to 2.57 billion, the only signal that did not pass.
Intrinsic Value (DCF)
A 10-year discounted cash flow, then the bridge from business value to value per share.
Reported cash flow → unlevered free cash flow
Free Cash Flow (reported)
$3.4B
+ After-Tax Interest Expense
$0
= Unlevered Free Cash Flow
$3.4B
Business value (10-year DCF)
PV of Years 1–10
$28.8B
PV of Terminal Value
$31.7B
= Business Value
$60.5B
Terminal value share
52.35%
Business value → share value
Intrinsic Value (business)
$60.5B
+ Cash & Equivalents
$2B
− Debt
$0
= Shareholders' Value
$62.5B
÷ Diluted Shares
2.57 billion
= Fair Value / Share
$24.33
Divided by 2.57 billion diluted shares — the weighted-average diluted count from the most recent quarterly income statement, for the quarter ended 2026-06-30.
Risk bucket → discount rate
mid (12%)
Year-1 FCF
$3.4B
Trailing twelve months.
FY2023 $697.1M · FY2024 $1.1B · FY2025 $2.1B
Growth rate (yrs 1–10)
11%
Terminal growth (after yr 10)
3%
Assumed FCF growth: 11%/yr · Revenue growth: last FY +56.2% · 5-yr avg +32.6%/yr
Revenue: FY2020 $1.1B · FY2021 $1.5B · FY2022 $1.9B · FY2023 $2.2B · FY2024 $2.9B · FY2025 $4.5B
The growth assumption applies to free cash flow, not revenue, so free cash flow can grow faster than sales if margins recover.
AI Analysis
The valuation of Palantir Technologies relies on a 12% discount rate and an 11.00% annual growth rate. The mid-tier risk bucket (12%) reflects a balance between the company's sticky, non-cyclical government contracts and its fortress balance sheet, against the volatility of its free cash flow as it scales and potential client concentration. The growth rate of 11.00% is applied to the $3.4B starting Year-1 free cash flow. This rate is intentionally held below the discount rate in accordance with the model's structural rules, reflecting the expected deceleration in growth as the enterprise market matures and the difficulty of compounding an already significant cash flow base. The 3% terminal growth rate used for valuations beyond year ten is fixed by the framework rather than chosen specifically for this company. The valuation is derived by adding the present value of the next decade's free cash flow to the present value of the terminal year's cash flows, then adjusting for the company's $2B in cash and its $0 in debt before dividing by the 2.57 billion shares outstanding. This process results in a fair value per share of $24.33. Against the current price of $191.15, the upside to fair value is -87.27%. Because the current price sits above the computed fair value per share, there is no margin of safety for this estimate. If the inputs were adjusted, the result would be most sensitive to changes in the growth rate, as small variations in the 11.00% assumption compound over the ten-year forecast period.
Overall Verdict
How the five signals above stack up together, then the full synthesis.
Earnings Yield
0.61% vs ~4-5% bond-yield benchmark
Return on Capital
34.69% ROC · 2/2: above the 15% floor, above the Software - Infrastructure median of 31.6%
Acquirer's Multiple
Above range for acquisition target — operating earnings are too thin relative to enterprise value for the multiple to carry meaning, and there is no usable peer multiple to compare against either.
FS-Score
9/10 — Financial rockstar
Intrinsic Value
-87.27% upside to fair value
This assessment reveals a tension between the company's operational efficiency and its current market price. The Return on Capital of 34.69% and the FS-Score of 9/10 indicate a robust internal financial structure, suggesting the business generates significant returns on the capital invested in its infrastructure. Conversely, the valuation checks present a different picture: the Earnings Yield of 0.61% falls well below the benchmark, the Acquirer's Multiple is not available as a meaningful figure because operating earnings are too thin relative to enterprise value, and the stock is priced at -87.27% upside to fair value. These metrics indicate that while the business demonstrates strong operational performance, the market price currently embeds high expectations that diverge from the earnings-based valuation models. The overall signal is yellow because the high operational quality is offset by valuation metrics that sit outside typical historical or benchmark ranges. A shift in the Earnings Yield would most significantly alter this result, as it would bridge the gap between the firm's operational strength and its current pricing.
Comments
Notes from readers on PLTR — one each. Comments stay with the company, so they carry across to a later snapshot, and each one shows the date it was written.
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