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Palantir Technologies Inc. (PLTR) USD

Software platforms integrating data and analytics for defense, intelligence, and large enterprises.

At a glance: strengths & risks
✓Revenue growing (+93% y/y, Q2 2026)✓Profit growing (+225% y/y, Q2 2026)✓Margins improving (27%→62%, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 132.7 vs avg 270.9)

Sector: Technology

US_PLTR

Price chart

170.3 USDDay -2.31%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
170.3 USD · -2.31%
Market cap
407.2 bn USD

Growth

Δ revenue y/y
92.8%
Δ EBITDA y/y
336.0%

Multiples

P/E (LTM)
135.0x
3y avg: 221.3x
P/B (FY)
—
P/E (ann.)
95.9x
EV/EBITDA (LTM)
—
3y avg: 270.9x
EV/EBITDA (ann.)
81.2x

Cash return

Dividend yield
—
FCF yield (LTM)
2.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+14.0%
↓ details

Liquidity

Daily turnover (US listing)
4.2 bln USD

Shares: yahoo_fundamentals_timeseries/PLTR

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1935.5
y/y 92.8%
912.0
y/y 238.6%
290.7
y/y 4351.6%
1202.7
y/y 336.0%
1061.9
y/y 225.0%
1216.2-14.611678.6
y/y 58.6%
9774.2
y/y 64.9%
46.6%-16367.7SEC EDGAR
2026-03-31Q1 2026 (3M)PARTIAL1632.6
y/y 84.7%
754.0
y/y 328.3%
6.8
y/y 2.2%
760.8
y/y 316.5%
870.5
y/y 306.7%
899.2-7.410199.2
y/y 51.4%
8449.7
y/y 55.8%
44.0%-7814.4Link
2025-12-31Q4 2025 (3M)OK1406.8
y/y 70.0%
575.4
y/y 5110.5%
7.0
y/y 0.2%
582.4
y/y 3126.8%
608.7
y/y 670.4%
777.3-13.38900.4
y/y 40.4%
7387.3
y/y 47.6%
23.3%-6947.7Link
2025-09-30Q3 2025 (3M)OK1181.1
y/y 62.8%
393.3
y/y 247.6%
6.0
y/y -26.1%
399.2
y/y 229.3%
475.6
y/y 231.4%
507.7-6.88114.0
y/y 40.7%
6590.5
y/y 46.5%
10.1%-6202.4Link
2025-06-30Q2 2025 (3M)OK1003.7
y/y 48.0%
269.3
y/y 155.7%
6.5
y/y -18.9%
275.8
y/y 143.3%
326.7
y/y 143.6%
539.3-7.67365.7
y/y 41.9%
5928.9
y/y 46.4%
23.0%-5762.6Link
2025-03-31Q1 2025 (3M)OK883.9
y/y 39.3%
176.0
y/y 117.7%
6.6
y/y -21.5%
182.7
y/y 104.5%
214.0
y/y 102.8%
310.3-6.26736.9
y/y 40.1%
5424.2
y/y 43.7%
16.4%-5186.1Link
2024-12-31Q4 2024 (3M)OK827.5
y/y 36.0%
11.0
y/y -83.2%
7.0
y/y -12.1%
18.0
y/y -75.5%
79.0
y/y -15.4%
460.3-3.16340.9
y/y 40.2%
5003.3
y/y 44.0%
9.7%-4990.8Link
2024-09-30Q3 2024 (3M)OK725.5
y/y 30.0%
113.1
y/y 183.0%
8.1
y/y -6.6%
121.2
y/y 149.2%
143.5
y/y 100.7%
419.8-4.05768.1
y/y 37.6%
4498.1
y/y 41.0%
4.5%-4309.7Link
2024-06-30Q2 2024 (3M)OK678.1
y/y 27.2%
105.3
y/y 945.7%
8.1
y/y -4.1%
113.4
y/y 513.8%
134.1
y/y 376.9%
144.2-2.95191.9
y/y 30.4%
4050.5
y/y 33.5%
13.7%-3740.0Link
2024-03-31Q1 2024 (3M)OK634.3
y/y 20.8%
80.9
y/y 1865.5%
8.4
y/y 1.4%
89.3
y/y 618.3%
105.5
y/y 528.1%
129.6-2.74807.1
y/y 30.5%
3775.2
y/y 34.7%
11.6%-3650.8Link
2023-12-31Q4 2023 (3M)OK608.4
y/y —
65.8
y/y —
8.0
y/y —
73.8
y/y —
93.4
y/y —
301.2-4.94522.4
y/y —
3475.6
y/y —
6.3%-3444.8Link
2023-09-30Q3 2023 (3M)OK558.2
y/y —
40.0
y/y —
8.7
y/y —
48.6
y/y —
71.5
y/y —
133.4-1.64193.4
y/y —
3190.0
y/y —
3.1%-3047.3Link
2023-06-30Q2 2023 (3M)OK533.3
y/y —
10.1
y/y —
8.4
y/y —
18.5
y/y —
28.1
y/y —
90.2-3.93980.3
y/y —
3035.2
y/y —
3.9%-2857.3Link
2023-03-31Q1 2023 (3M)OK525.2
y/y —
4.1
y/y —
8.3
y/y —
12.4
y/y —
16.8
y/y —
187.4-4.83683.1
y/y —
2803.2
y/y —
—-2645.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)211
− Cash & equivalents9 200
Net debt-8 989

Net debt / LTM EBITDA: -3.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 500-1 000-50005001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-20 000-15 000-10 000-5 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 2.50x of reported net profit; after capex, 2.47x. Loss years (2021, 2022) are left out of the ratio.
year20212022202320242025
cash flow / profit——3.39x2.50x1.31x
accruals, % of assets-26.3%-17.3%-11.1%-10.9%-5.7%
Last twelve months (to 2026-06-30): 1.13x of profit came back as operating cash flow.
net debt / EBITDA -4.8x · capex 0.9x of depreciation · share count +7.5% a year
● Diluted share count grew 7.5% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +14.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (1 203 − 276) × 2.45
2 270
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (407 220 + -16 368) ÷ 2 945
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 10 605 + 0 + 21 − 0
10 626
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.3% × 407 220
−1 273
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (2 270 × 21.0 + 10 626 − 1 273) ÷ 407 220
+14.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • share-count dilution 0.3%/yr (valued at market: -1273)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +56% vs +29% the year before — a +27.4 pp move. 3-year CAGR +33%.
revenue growth by year: 2023 +17% · 2024 +29% · 2025 +56%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 113.8x · 3-year average 203.1x

EV/EBITDA3-year 75th pct

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Palantir Technologies Inc. (PLTR) — from primary filings.

Frequently asked questions

What is Palantir Technologies Inc. (PLTR)'s P/E ratio?
Palantir Technologies Inc. (PLTR) trades at a P/E of 135.0x (price to trailing 12-month earnings).
What is Palantir Technologies Inc. (PLTR)'s EV/EBITDA?
Palantir Technologies Inc. (PLTR) trades at 132.7x EV/EBITDA.
What is Palantir Technologies Inc. (PLTR)'s P/B ratio?
Palantir Technologies Inc. (PLTR) trades at a P/B of 55.1x.
What is Palantir Technologies Inc. (PLTR)'s return on equity (ROE)?
Palantir Technologies Inc. (PLTR)'s ROE is 46.6%.
What is Palantir Technologies Inc. (PLTR)'s market capitalization?
Palantir Technologies Inc. (PLTR)'s market cap is 407.2 bn USD.

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