Palantir
PLTR Nasdaq Application Software Financials FY2018–FY2025
Palantir's revenue rose 56.2% to $4.5 billion in fiscal 2025. Its operating margin was 31.6%, up from 10.8% a year earlier. Free cash flow was $2.1 billion, up 84.1%. It paid out $75 million in dividends and buybacks, 4% of free cash flow. The diluted share count rose 4.7%.
About these figures. Palantir reports no borrowings, so debt is counted as zero.
What Palantir does
Palantir makes software that helps large organizations pull their data together and use it to run day-to-day operations and make decisions. It sells four main platforms: Gotham, used by defense and intelligence agencies; Foundry, a data system that all of its commercial customers use; Apollo, which delivers and updates software in the cloud, on a customer's own servers or in remote field sites; and AIP, which connects large language models (the technology behind AI chatbots) to a customer's data and workflows.
Palantir reports two segments. Of its $4.5 billion in revenue in 2025, 54% came from government customers and 46% from commercial ones, and most of it came from the United States. Palantir says it competes with large enterprise software companies, government contractors and system integrators.
The company was founded in 2003 to build software for US intelligence agencies and later began selling to businesses. It had 954 customers at the end of 2025. It goes after large, complex projects, often runs short training sessions it calls bootcamps to show results on a customer's own data, and grows by expanding use within existing accounts. It also sells through cloud providers and partners. At the end of 2025 it had about 4,429 full-time employees.
- Legal name
- Palantir Technologies Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0001321655-26-000011
0001321655
Revenue and margins
Palantir had $4.5B of revenue in fiscal 2025, up 56.2% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.1B in fiscal 2025, 46.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Palantir returned $75.0M to shareholders in fiscal 2025, 4% of free cash flow. The diluted share count rose 4.7%.
Value Palantir yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $7.2B and divides by 2,565.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 169.6x · peers 22.0x · sector 33.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Palantir can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.5B | $2.6B | $3.7B | $5.2B | $7.2B |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | — | — | −24.0x | −15.3x | −5.0x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | −112.9x | −39.7x | 34.6x | — | — |
| Current ratio | 4.3x | 5.2x | 5.6x | 6.0x | 7.1x |
| Quick ratio | 4.3x | 5.2x | 5.6x | 6.0x | 7.1x |
| Total assets | $3.2B | $3.5B | $4.5B | $6.3B | $8.9B |
| Total liabilities | $956M | $819M | $962M | $1.2B | $1.4B |
| Shareholders' equity | $2.3B | $2.6B | $3.5B | $5.0B | $7.4B |
| Net debt (− = net cash) | −$2.5B | −$2.6B | −$3.7B | −$5.2B | −$7.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$106M
7 insiders
Of sales under plans
100%
$106M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Alexander D. MooreDirector | Sold plan | 16,000 | $197.99 | $3.2M | Form 4 |
| Oct 9, 2026 | Eric H. WoerschingDirector | Sold plan | 1,000 | $205.00 | $0.2M | Form 4 |
| Oct 8, 2026 | Lauren Elaina Friedman StatDirector | Sold plan | 5,026 | $199.00 | $1.0M | Form 4 |
| Oct 8, 2026 | Ryan D. TaylorSee Remarks | Sold plan | 18,000 | $201.15 | $3.6M | Form 4 |
| Oct 1, 2026 | Lauren Elaina Friedman StatDirector | Sold plan | 1,337 | $189.95 | $0.3M | Form 4 |
| Sep 15, 2026 | Alexander D. MooreDirector | Sold plan | 16,000 | $172.64 | $2.8M | Form 4 |
| Sep 1, 2026 | Lauren Elaina Friedman StatDirector | Sold plan | 1,342 | $182.50 | $0.2M | Form 4 |
| Aug 21, 2026 | Jeffrey BuckleySee Remarks | Sold plan | 1,250 | $174.29 | $0.2M | Form 4 |
| Aug 20, 2026 | Alexander C. KarpSee Remarks, Director | Sold plan | 492,348 | $174.79 | $86.1M | Form 4 |
| Aug 20, 2026 | Jeffrey BuckleySee Remarks | Sold plan | 2,055 | $174.83 | $0.4M | Form 4 |
| Aug 17, 2026 | Alexander D. MooreDirector | Sold plan | 16,000 | $174.28 | $2.8M | Form 4 |
| Aug 6, 2026 | Shyam SankarSee Remarks | Sold plan | 35,000 | $155.70 | $5.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 7 / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | −12.6% | −12.7% | −6.7% |
| Altman Z'' | 4.92 | 7.06 | 10.62 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Palantir PLTR | $505.4B | 56.2% | 31.6% | 46.9% | — | 169.6x | 7 | |
| Adobe ADBE | $104.3B | 10.5% | 36.6% | 41.5% | 65.9% | 14.7x | 7 | Compare → |
| Microsoft MSFT | $3.91T | 17.8% | 46.8% | 20.2% | 30.9% | — | 6 | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $595M | $743M | $1.1B | $1.5B | $1.9B | $2.2B | $2.9B | $4.5B |
| Gross profit | $430M | $500M | $740M | $1.2B | $1.5B | $1.8B | $2.3B | $3.7B |
| Research and development | $286M | $306M | $561M | $388M | $360M | $405M | $508M | $558M |
| Operating income | −$623M | −$576M | −$1.2B | −$411M | −$161M | $120M | $310M | $1.4B |
| Interest expense | $3.4M | $3.1M | $14.1M | $3.6M | $4.1M | $3.5M | — | — |
| Pretax income | −$571M | −$567M | −$1.2B | −$489M | −$361M | $237M | $489M | $1.7B |
| Income tax | $9.1M | $12.4M | −$12.6M | $31.9M | $10.1M | $19.7M | $21.3M | $22.7M |
| Net income | −$580M | −$580M | −$1.2B | −$520M | −$374M | $210M | $462M | $1.6B |
| Diluted EPS | −$1.17 | −$1.02 | −$1.20 | −$0.27 | −$0.18 | $0.09 | $0.19 | $0.63 |
| Diluted shares | 0.54B | 0.58B | 0.98B | 1.92B | 2.06B | 2.30B | 2.45B | 2.57B |
| Cash flow | ||||||||
| Cash from operations | −$39.0M | −$165M | −$297M | $334M | $224M | $712M | $1.2B | $2.1B |
| Capital expenditure | $13.0M | $13.1M | $12.2M | $12.6M | $40.0M | $15.1M | $12.6M | $33.9M |
| Free cash flow | −$52.0M | −$178M | −$309M | $321M | $184M | $697M | $1.1B | $2.1B |
| Depreciation and amortization | $13.9M | $12.3M | $13.9M | $14.9M | $22.5M | $33.4M | $31.6M | $26.1M |
| Stock-based compensation | $249M | $242M | $1.3B | $778M | $565M | $476M | $692M | $684M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $66.7M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $7.7M | $11.2M | $3.8M | $0.0M | $0.0M | $0.0M | $64.2M | $75.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $7.7M | $11.2M | $3.8M | $0.0M | $0.0M | $0.0M | $64.2M | $75.0M |
| Balance sheet | ||||||||
| Cash and short-term investments | $1.1B | $1.1B | $2.0B | $2.5B | $2.6B | $3.7B | $5.2B | $7.2B |
| Total debt | $0.0M | $396M | $198M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $1.2B | $2.3B | $2.9B | $3.0B | $4.1B | $5.9B | $8.4B |
| Current liabilities | — | $729M | $604M | $660M | $588M | $746M | $996M | $1.2B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $31.6M | $29.5M | $31.3M | $69.2M | $47.8M | $39.6M | $52.0M |
| Total assets | — | $1.6B | $2.7B | $3.2B | $3.5B | $4.5B | $6.3B | $8.9B |
| Total liabilities | — | $1.4B | $1.2B | $956M | $819M | $962M | $1.2B | $1.4B |
| Shareholders' equity | −$1.8B | −$2.0B | $1.5B | $2.3B | $2.6B | $3.5B | $5.0B | $7.4B |
| Margins | ||||||||
| Gross margin | 72.2% | 67.4% | 67.7% | 78.0% | 78.6% | 80.6% | 80.3% | 82.4% |
| Operating margin | −104.7% | −77.6% | −107.4% | −26.7% | −8.5% | 5.4% | 10.8% | 31.6% |
| EBITDA margin | −102.4% | −76.0% | −106.1% | −25.7% | −7.3% | 6.9% | 11.9% | 32.2% |
| Net margin | −97.4% | −78.1% | −106.8% | −33.8% | −19.6% | 9.4% | 16.1% | 36.3% |
| FCF margin | −8.7% | −24.0% | −28.3% | 20.8% | 9.6% | 31.3% | 39.8% | 46.9% |
| Returns | ||||||||
| Return on capital employed | — | — | −79.5% | −17.6% | −5.9% | 3.6% | 6.8% | 21.6% |
| Return on equity | — | — | — | −27.3% | −15.4% | 7.0% | 10.9% | 26.2% |
| Return on assets | — | — | −54.5% | −17.5% | −11.1% | 5.3% | 8.5% | 21.3% |
| Growth | ||||||||
| Revenue growth | — | 24.7% | 47.2% | 41.1% | 23.6% | 16.8% | 28.8% | 56.2% |
| Net income growth | — | — | — | — | — | — | 120.3% | 251.6% |
| EPS growth | — | — | — | — | — | — | 111.1% | 231.6% |
| FCF growth | — | — | — | — | −42.8% | 279.4% | 63.7% | 84.1% |
| Share count change | — | 6.1% | 69.7% | 96.4% | 7.3% | 11.3% | 6.7% | 4.7% |
| Financial health | ||||||||
| Net debt / EBITDA | — | — | — | — | — | −24.0x | −15.3x | −5.0x |
| Debt / equity | — | — | 0.1x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | −181.2x | −188.3x | −83.0x | −112.9x | −39.7x | 34.6x | — | — |
| Current ratio | — | 1.7x | 3.7x | 4.3x | 5.2x | 5.6x | 6.0x | 7.1x |
| Quick ratio | — | 1.7x | 3.7x | 4.3x | 5.2x | 5.6x | 6.0x | 7.1x |
| Capital allocation | ||||||||
| Capex / revenue | 2.2% | 1.8% | 1.1% | 0.8% | 2.1% | 0.7% | 0.4% | 0.8% |
| Stock comp / revenue | 41.7% | 32.6% | 116.3% | 50.5% | 29.6% | 21.4% | 24.1% | 15.3% |
| Payouts / FCF | — | — | — | 0.0% | 0.0% | 0.0% | 5.6% | 3.6% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 6.0 | 6.0 | 7.0 | 5.0 | 7.0 |
| Altman Z'' | — | −9.6 | −3.6 | 0.6 | 2.2 | 4.9 | 7.1 | 10.6 |
| Accruals ratio | — | — | −40.6% | −28.8% | −17.8% | −12.6% | −12.7% | −6.7% |
Source: SEC EDGAR XBRL filings (CIK 0001321655). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.