Planet Labs PBC (PL)
Market Price (6/29/2026): $27.12 | Market Cap: $9.4 BilSector: Industrials | Industry: Aerospace & Defense
Planet Labs PBC (PL)
Market Price (6/29/2026): $27.12Market Cap: $9.4 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Megatrend and thematic driversMegatrends include Advanced Aviation & Space, Cloud Computing, and Sustainable Resource Management. Themes include Commercial Space Exploration, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -107 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -32% Expensive valuation multiplesP/SPrice/Sales ratio is 28x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 71x Stock price has recently run up significantly12M Rtn12 month market price return is 346% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.4% High stock price volatilityVol 12M is 103% Key risksPL key risks include [1] execution challenges with its next-generation Pelican and Tanager satellite constellations, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space, Cloud Computing, and Sustainable Resource Management. Themes include Commercial Space Exploration, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -107 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -32% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 28x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 71x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 346% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.4% |
| High stock price volatilityVol 12M is 103% |
| Key risksPL key risks include [1] execution challenges with its next-generation Pelican and Tanager satellite constellations, Show more. |
Qualitative Assessment
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Planet Labs PBC (PL) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Robust Fiscal Q1 2027 Financial Results and Upbeat Guidance.
Planet Labs PBC reported record fiscal first quarter 2027 revenue of $94.2 million for the quarter ending April 30, 2026, representing a 42% year-over-year increase and surpassing analyst estimates of $90.39 million. The company also demonstrated strong future revenue visibility with remaining performance obligations (RPOs) growing 81% year-over-year to $816 million, and backlog increasing 72% year-over-year to over $906 million. Furthermore, Planet Labs PBC raised its full-year fiscal 2027 revenue guidance to a range of $425 million to $441 million.
2. Expansion of Government and International Contracts.
During the period, Planet Labs PBC secured significant contracts, including a $22 million one-year extension with the National Geospatial-Intelligence Agency (NGA) for AI-enabled maritime surveillance solutions. The company also received a new NGA contract, in partnership with the Defense Innovation Unit, for its Global Monitoring Service to support national defense priorities. Additionally, Planet successfully launched three more Pelican satellites, notably including Sweden's first sovereign reconnaissance satellite, just four months after the contract signing. These wins were complemented by an eight-figure, one-year contract with an international Defense & Intelligence customer and a seven-figure deal with the Czech government for AI-powered agriculture monitoring.
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Planet Labs PBC (PL) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Robust Fiscal Q1 2027 Financial Results and Upbeat Guidance.
Planet Labs PBC reported record fiscal first quarter 2027 revenue of $94.2 million for the quarter ending April 30, 2026, representing a 42% year-over-year increase and surpassing analyst estimates of $90.39 million. The company also demonstrated strong future revenue visibility with remaining performance obligations (RPOs) growing 81% year-over-year to $816 million, and backlog increasing 72% year-over-year to over $906 million. Furthermore, Planet Labs PBC raised its full-year fiscal 2027 revenue guidance to a range of $425 million to $441 million.
2. Expansion of Government and International Contracts.
During the period, Planet Labs PBC secured significant contracts, including a $22 million one-year extension with the National Geospatial-Intelligence Agency (NGA) for AI-enabled maritime surveillance solutions. The company also received a new NGA contract, in partnership with the Defense Innovation Unit, for its Global Monitoring Service to support national defense priorities. Additionally, Planet successfully launched three more Pelican satellites, notably including Sweden's first sovereign reconnaissance satellite, just four months after the contract signing. These wins were complemented by an eight-figure, one-year contract with an international Defense & Intelligence customer and a seven-figure deal with the Czech government for AI-powered agriculture monitoring.
3. Continuous Innovation in AI and Satellite Technology.
Planet Labs PBC continued to advance its technological capabilities through strategic investments in AI and satellite development. The company launched the private beta of its natural-language AI application, SuperRes, and successfully demonstrated running AI in space. Further solidifying its commitment to innovation, Planet partnered with NVIDIA to develop the world's first GPU-native AI engine for planetary intelligence. These advancements, alongside the successful launch of three additional high-resolution Pelican satellites, totaling nine on orbit, underscored the company's leading position in Earth observation and geospatial solutions.
4. Positive Analyst Sentiment and Increased Price Targets.
Following the strong operational and financial announcements, several investment analysts revised their outlooks and significantly increased price targets for Planet Labs PBC. Needham & Company LLC raised its price objective from $40.00 to $53.00, while Craig Hallum boosted its target from $36.00 to $49.00, and Wedbush reiterated an "Outperform" rating with a $50.00 price target, all on June 5, 2026. These upward revisions by key firms reflected growing market confidence in the company's growth trajectory and future potential.
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Stock Movement Drivers
Fundamental Drivers
The 12.1% change in PL stock from 2/28/2026 to 6/28/2026 was primarily driven by a 18.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6282026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.14 | 27.07 | 12.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 282 | 336 | 18.8% |
| P/S Multiple | 26.4 | 27.9 | 5.4% |
| Shares Outstanding (Mil) | 309 | 346 | -10.5% |
| Cumulative Contribution | 12.1% |
Market Drivers
2/28/2026 to 6/28/2026| Return | Correlation | |
|---|---|---|
| PL | 12.1% | |
| Market (SPY) | 6.6% | 31.3% |
| Sector (XLI) | 2.6% | 22.1% |
Fundamental Drivers
The 127.5% change in PL stock from 11/30/2025 to 6/28/2026 was primarily driven by a 102.1% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6282026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.90 | 27.07 | 127.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 262 | 336 | 27.9% |
| P/S Multiple | 13.8 | 27.9 | 102.1% |
| Shares Outstanding (Mil) | 304 | 346 | -12.0% |
| Cumulative Contribution | 127.5% |
Market Drivers
11/30/2025 to 6/28/2026| Return | Correlation | |
|---|---|---|
| PL | 127.5% | |
| Market (SPY) | 7.3% | 28.7% |
| Sector (XLI) | 18.6% | 25.1% |
Fundamental Drivers
The 604.9% change in PL stock from 5/31/2025 to 6/28/2026 was primarily driven by a 498.2% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6282026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.84 | 27.07 | 604.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 244 | 336 | 37.3% |
| P/S Multiple | 4.7 | 27.9 | 498.2% |
| Shares Outstanding (Mil) | 296 | 346 | -14.2% |
| Cumulative Contribution | 604.9% |
Market Drivers
5/31/2025 to 6/28/2026| Return | Correlation | |
|---|---|---|
| PL | 604.9% | |
| Market (SPY) | 25.1% | 24.5% |
| Sector (XLI) | 28.6% | 23.0% |
Fundamental Drivers
The 489.8% change in PL stock from 5/31/2023 to 6/28/2026 was primarily driven by a 329.8% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6282026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.59 | 27.07 | 489.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 191 | 336 | 75.5% |
| P/S Multiple | 6.5 | 27.9 | 329.8% |
| Shares Outstanding (Mil) | 270 | 346 | -21.8% |
| Cumulative Contribution | 489.8% |
Market Drivers
5/31/2023 to 6/28/2026| Return | Correlation | |
|---|---|---|
| PL | 489.8% | |
| Market (SPY) | 81.3% | 37.8% |
| Sector (XLI) | 95.7% | 37.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PL Return | -38% | -29% | -43% | 64% | 388% | 34% | 168% |
| Peers Return | -6% | -31% | -8% | 26% | 24% | 19% | 11% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| PL Win Rate | 44% | 33% | 50% | 50% | 67% | 67% | |
| Peers Win Rate | 55% | 42% | 48% | 53% | 60% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PL Max Drawdown | - | -43% | -60% | -37% | -54% | -49% | |
| Peers Max Drawdown | -32% | -48% | -44% | -40% | -41% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BKSY, SATL, TRMB, LHX, LDOS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | PL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.4% | -18.8% |
| % Gain to Breakeven | 90.2% | 23.1% |
| Time to Breakeven | 45 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.5% | -9.5% |
| % Gain to Breakeven | 62.6% | 10.5% |
| Time to Breakeven | 387 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.8% | -6.7% |
| % Gain to Breakeven | 51.0% | 7.1% |
| Time to Breakeven | 574 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.6% | -24.5% |
| % Gain to Breakeven | 55.3% | 32.4% |
| Time to Breakeven | 16 days | 427 days |
In The Past
Planet Labs PBC's stock fell -47.4% during the 2025 US Tariff Shock. Such a loss loss requires a 90.2% gain to breakeven.
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| Event | PL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.4% | -18.8% |
| % Gain to Breakeven | 90.2% | 23.1% |
| Time to Breakeven | 45 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.5% | -9.5% |
| % Gain to Breakeven | 62.6% | 10.5% |
| Time to Breakeven | 387 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.8% | -6.7% |
| % Gain to Breakeven | 51.0% | 7.1% |
| Time to Breakeven | 574 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.6% | -24.5% |
| % Gain to Breakeven | 55.3% | 32.4% |
| Time to Breakeven | 16 days | 427 days |
In The Past
Planet Labs PBC's stock fell -47.4% during the 2025 US Tariff Shock. Such a loss loss requires a 90.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Planet Labs PBC (PL)
Planet Labs PBC (PL) is a leading provider of Earth observation data, operating a large constellation of satellites that continuously image the planet. The company designs, constructs, and launches its own satellites to collect high-cadence geospatial data, meaning it captures frequent updates of the Earth's surface. This vast amount of imagery and data is then delivered to customers worldwide through its sophisticated online platform, enabling timely insights and monitoring of global changes.
The core product offered by Planet Labs is this high-resolution geospatial data, accessible as a service. To make this data valuable and actionable, the company utilizes a proprietary cloud-native technology, referred to as Open Geospatial Consortium, which performs critical processing tasks. This technology harmonizes images for time-series analysis, allows for data fusion, and prepares the imagery for advanced analysis. Planet Labs also develops and integrates the space-based hardware and related software systems essential for its end-to-end operations.
Planet Labs serves a broad and diverse customer base across various industries and government sectors. Its data and insights are utilized in agriculture for crop monitoring, in mapping for updating geographic information systems, and in forestry for tracking environmental changes. The company also caters to the finance and insurance sectors for risk assessment and monitoring, as well as federal, state, and local government bodies for applications ranging from environmental protection to urban development and disaster response.
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Here are 1-2 brief analogies for Planet Labs PBC (PL):
- Bloomberg for Earth observation data.
- A Google Maps that's updated daily from space, for businesses and governments.
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The major products and services of Planet Labs PBC are:
- Geospatial Data: High-cadence satellite imagery and other geospatial information collected from its constellations of satellites.
- Geospatial Data Processing and Analysis Platform: A cloud-native proprietary technology that processes, harmonizes, and enables analysis of geospatial images for time series and data fusion.
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Planet Labs PBC (PL) serves a diverse customer base, primarily consisting of businesses across various industries and government agencies. While the company's financial filings indicate no single customer accounts for 10% or more of its revenue, several entities are widely recognized as significant or major customers:
- U.S. Government Agencies: Planet Labs holds significant contracts with various U.S. government bodies, including the National Geospatial-Intelligence Agency (NGA), the U.S. Department of Agriculture (USDA), the National Aeronautics and Space Administration (NASA), and the National Oceanic and Atmospheric Administration (NOAA). These are government entities, not publicly traded companies.
- ESRI (Environmental Systems Research Institute): A global market leader in geographic information system (GIS) software, ESRI is a long-standing partner and customer that integrates Planet Labs' data into its widely used ArcGIS platform. ESRI is a private company and does not have a public stock symbol.
- Airbus Defence and Space: A division of Airbus, which is a major international aerospace company. Airbus Defence and Space leverages Planet Labs' geospatial data for various intelligence and defense applications. Airbus SE is a public company (Euronext Paris: AIR, OTCQX: EADSY).
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Here are the major suppliers for Planet Labs PBC:
- SpaceX
- Rocket Lab USA, Inc. (RKLB)
- Northrop Grumman Corporation (NOC)
- Indian Space Research Organization
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William Marshall, Chief Executive Officer
Will Marshall is the Co-Founder and CEO of Planet Labs PBC. Prior to co-founding Planet, he was a scientist at NASA/USRA, where he served as a systems engineer on the lunar orbiter mission “LADEE” and was a member of the science team for the lunar impactor mission “LCROSS”. He also co-invented a method for space debris collision avoidance using lasers and co-led the PhoneSat project, which tested smartphones in space, inspiring Planet’s satellite approach.
Ashley Johnson, President and Chief Financial Officer
Ashley Johnson serves as Planet's President and Chief Financial Officer. She joined Planet as CFO in February 2020 and assumed the President role in March 2024. Previously, she was the Chief Financial Officer and Chief Operating Officer at Wealthfront Inc. Before that, she held roles including Chief Financial Officer and interim Chief Executive Officer at ServiceSource. Ms. Johnson also founded GreenAtom, a professional services firm in the Clean Technology industry, and worked at General Atlantic, a private equity firm, and Morgan Stanley in venture investing and investment banking.
Robert Schingler, Jr., Chief Strategy Officer
Robert Schingler, Jr. is a Co-Founder and the Chief Strategy Officer of Planet Labs PBC.
James Mason, Chief Space Officer
James Mason is the Chief Space Officer at Planet Labs, having previously served as the Senior Vice President of Space Systems. He joined Planet in 2011 as a systems engineer and has been instrumental in managing the company's satellite constellation. Before joining Planet, Mr. Mason was a research scientist at NASA, specializing in orbital dynamics and space debris remediation. He also served as the Director of the African Space Institute, working to enhance South Africa's space sector.
Troy Toman, Chief Product Officer
Troy Toman was promoted to Chief Product Officer in September 2024. He has been with Planet since 2014, helping to build the company's software engineering, product, and design teams. Prior to Planet, he held various roles in the technology industry, including positions at Rackspace, Veritas, Inktomi, and Sun Microsystems.
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The key risks to Planet Labs PBC (PL) include:
- Persistent Unprofitability and Cash Burn: Planet Labs PBC has consistently reported significant net losses and faces challenges in achieving sustainable profitability, with analysts not expecting the company to break even within the next three years. The company's focus on scaling operations and investing in new technologies may continue to weigh on margins in the short term, and cash burn remains a key concern.
- Intense Competition and Shrinking Barriers to Entry: Planet Labs operates in a highly competitive space sector, facing established aerospace companies, emerging satellite operators, and even competition from free public data sources. The decreasing costs of launching satellites are lowering barriers to entry, which could intensify competition and challenge Planet's market position.
- Challenges in Commercial Revenue Growth and Market Adoption: The company has experienced softening commercial revenue, with the market in certain sectors like agriculture and ESG not materializing as initially forecasted. This indicates broader obstacles in commercial adoption, including pricing and the identification of large-scale use cases, which could hinder overall revenue growth despite diversified streams.
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The clear emerging threat to Planet Labs PBC is the growing ambition and capabilities of large cloud providers (such as Amazon Web Services, Google Cloud, and Microsoft Azure) to establish comprehensive geospatial intelligence platforms. These companies are rapidly expanding their offerings to include satellite ground station services, robust data processing and analytics powered by advanced artificial intelligence and machine learning, and integrated solutions for accessing and deriving insights from various geospatial datasets. By leveraging their immense computing power, global infrastructure, existing customer bases, and ability to aggregate data from multiple sources (including publicly available datasets, commercial partners, and potentially even their own constellations), these tech giants pose a significant threat. They could effectively commoditize the delivery and analysis of satellite imagery by offering a superior, more integrated, and potentially lower-cost end-to-end platform that bundles data access with sophisticated analytics, directly challenging Planet Labs' proprietary platform and unique data offerings.
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Planet Labs PBC (PL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Strong Demand from Government and Defense Sectors: Planet Labs is experiencing significant growth and securing substantial multi-year contracts within the defense and intelligence, as well as civil government sectors. For example, Q3 FY2026 saw defense and intelligence revenue accelerate to over 70% year-over-year growth. Notable contract wins and renewals include agreements with the National Geospatial-Intelligence Agency (NGA) under the Luno B program, the National Reconnaissance Office (NRO) which includes a pathway for high-resolution Pelican imagery, the U.S. Navy, NATO, the German government, and a significant multi-year agreement with the Swedish Armed Forces. This robust demand from sovereign customers contributes significantly to the company's growing backlog and remaining performance obligations, providing strong revenue visibility for the coming years.
- Expansion into Higher-Value Satellite Services and Solutions: The company is strategically shifting from being solely a satellite imagery provider to offering a more comprehensive, solutions-focused satellite services firm. This involves leveraging AI for actionable analytics and delivering "complete analytical packages" to customers, such as global monitoring solutions. This shift toward high-margin, recurring revenue streams through long-term service contracts is a major growth driver.
- Deployment of Next-Generation Satellite Constellations and Enhanced Capabilities: The launch and planned deployment of new and upgraded satellite constellations, including high-resolution Pelican satellites, additional SuperDoves, and the upcoming Owl fleet, are crucial for future growth. These new satellites are designed to deliver higher resolution imagery (e.g., 40 cm-class with Pelican, targeting 30 cm-class with next-gen Pelicans, and 1-meter class with Owl), offer near-daily global coverage, and provide lower latency data, meeting evolving customer demands for more precise and timely geospatial intelligence.
- Advancements in AI-Enabled Analytics and New Product Development: Planet Labs is heavily investing in artificial intelligence to enhance its data offerings. This includes strategic acquisitions like Bedrock Research, an AI solutions company, and R&D partnerships such as Project Suncatcher with Google, which explores scaled AI computing in space. These efforts are yielding new AI-powered analytic products, such as the Aircraft Detection Analytic Feed and "Methane Quicklook" products, which automate detection and provide precise insights. Integrating AI capabilities directly onto satellites ("AI at the edge") aims to significantly reduce latency and provide faster, more efficient data analysis for customers. This transformation into a "full-stack data insights platform" is expected to drive demand.
- International Market Expansion and Strategic Partnerships: Planet Labs is expanding its global footprint, with notable revenue growth reported in regions like EMEA, Asia-Pacific, and Latin America. The company is establishing new satellite manufacturing facilities, such as one planned for Berlin, to de-risk supply chains and meet growing European demand. Furthermore, strategic partnerships with commercial entities, such as AXA Digital Commercial Platform for disaster management, and government agencies, like the Slovenian government for agriculture and urban planning, are expanding their customer base and applications for their data and services.
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Share Issuance
- Planet Labs PBC issued 0.50% Convertible Senior Notes due 2030.
- The number of shares outstanding saw a significant increase of 235.54% from fiscal year 2022 to fiscal year 2023.
- Earnout Class A and Class B shares were issued to the CEO and CFO in February 2026 after the stock reached a $21.00 threshold.
Inbound Investments
- In Q3 of fiscal year 2026, Planet Labs PBC raised $460 million of convertible debt to strengthen its balance sheet.
- Institutional ownership is strong, with major shareholders including Alphabet Inc., BlackRock, Inc., and Vanguard Group Inc.
- Barclays significantly raised its stake by 758% in Q3, and Van ECK boosted its holdings by 77.9%.
Outbound Investments
- In Q3 of fiscal year 2026, Planet Labs PBC announced the acquisition of Bedrock Research, an AI-enabled solutions company, to accelerate its roadmap.
Capital Expenditures
- Capital expenditures, including capitalized software development, were $42.4 million for the full fiscal year 2024, representing approximately 19% of revenue.
- For the full fiscal year 2026, capital expenditures are projected to be between $81 million and $85 million, with a focus on AI-enabled solutions and next-generation satellite fleets.
- In fiscal year 2023, capital expenditures were $10.44 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.89 |
| Mkt Cap | 10.6 |
| Rev LTM | 2,011 |
| Op Inc LTM | 314 |
| FCF LTM | 261 |
| FCF 3Y Avg | 493 |
| CFO LTM | 319 |
| CFO 3Y Avg | 527 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 8.9% |
| Rev Chg Q | 11.9% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 6.6% |
| Op Inc Chg 3Y Avg | 10.2% |
| Op Mgn LTM | -11.0% |
| Op Mgn 3Y Avg | 9.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 12.5% |
| CFO/Rev 3Y Avg | 10.6% |
| FCF/Rev LTM | 11.1% |
| FCF/Rev 3Y Avg | 8.6% |
Price Behavior
| Market Price | $27.07 | |
| Market Cap ($ Bil) | 8.6 | |
| First Trading Date | 04/26/2021 | |
| Distance from 52W High | -47.3% | |
| 50 Days | 200 Days | |
| DMA Price | $37.66 | $24.35 |
| DMA Trend | up | up |
| Distance from DMA | -28.1% | 11.2% |
| 3M | 1YR | |
| Volatility | 106.1% | 103.1% |
| Downside Capture | 587.50 | 283.93 |
| Upside Capture | 260.05 | 409.16 |
| Correlation (SPY) | 42.3% | 29.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.15 | 1.85 | 1.29 | 1.72 | 1.80 | 2.14 |
| Up Beta | 4.04 | -0.91 | -1.86 | -1.90 | -0.40 | 1.67 |
| Down Beta | 2.69 | 1.50 | -0.36 | 0.03 | 1.44 | 2.16 |
| Up Capture | 631% | 529% | 643% | 1429% | 2133% | 9171% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 22 | 32 | 63 | 131 | 379 |
| Down Capture | 326% | 334% | 188% | 183% | 123% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 19 | 31 | 61 | 117 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PL | |
|---|---|---|---|---|
| PL | 351.7% | 102.8% | 1.91 | - |
| Sector ETF (XLI) | 27.5% | 16.5% | 1.29 | 25.6% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 30.0% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 19.9% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | 9.1% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 2.3% |
| Bitcoin (BTCUSD) | -44.2% | 42.5% | -1.25 | 28.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PL | |
|---|---|---|---|---|
| PL | 16.4% | 80.9% | 0.54 | - |
| Sector ETF (XLI) | 14.5% | 17.6% | 0.65 | 35.7% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 37.9% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 11.1% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 9.6% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 26.3% |
| Bitcoin (BTCUSD) | 10.9% | 54.0% | 0.39 | 21.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PL | |
|---|---|---|---|---|
| PL | 7.8% | 79.8% | 0.53 | - |
| Sector ETF (XLI) | 14.5% | 20.1% | 0.63 | 35.4% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 37.7% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 11.0% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 9.5% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 26.1% |
| Bitcoin (BTCUSD) | 54.7% | 66.4% | 0.95 | 20.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/15/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/4/2026 | -26.0% | -21.5% | |
| 3/19/2026 | 25.5% | 20.2% | 39.1% |
| 12/10/2025 | 35.0% | 27.3% | 96.6% |
| 9/8/2025 | 47.9% | 49.8% | 133.4% |
| 6/4/2025 | 49.4% | 36.1% | 73.7% |
| 3/20/2025 | -10.6% | -12.3% | -30.2% |
| 12/9/2024 | -4.2% | 7.2% | -8.2% |
| 9/5/2024 | -28.2% | -17.3% | -9.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 6 |
| # Negative | 11 | 10 | 12 |
| Median Positive | 19.5% | 20.2% | 56.4% |
| Median Negative | -11.5% | -14.8% | -11.3% |
| Max Positive | 49.4% | 49.8% | 133.4% |
| Max Negative | -30.4% | -33.7% | -31.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/4/2026 | -26.0% | -21.5% | |
| 3/19/2026 | 25.5% | 20.2% | 39.1% |
| 12/10/2025 | 35.0% | 27.3% | 96.6% |
| 9/8/2025 | 47.9% | 49.8% | 133.4% |
| 6/4/2025 | 49.4% | 36.1% | 73.7% |
| 3/20/2025 | -10.6% | -12.3% | -30.2% |
| 12/9/2024 | -4.2% | 7.2% | -8.2% |
| 9/5/2024 | -28.2% | -17.3% | -9.7% |
| 6/6/2024 | 11.0% | 4.4% | -2.7% |
| 3/28/2024 | -11.8% | -17.6% | -31.8% |
| 12/7/2023 | -5.4% | -1.9% | -12.5% |
| 9/7/2023 | -11.0% | -8.4% | -15.3% |
| 6/8/2023 | -30.4% | -29.6% | -30.0% |
| 3/29/2023 | 0.8% | 3.4% | 15.3% |
| 12/14/2022 | -5.4% | -7.3% | -3.3% |
| 9/12/2022 | 13.5% | 23.2% | 0.4% |
| 6/14/2022 | -11.5% | -5.4% | -10.1% |
| 3/31/2022 | 10.2% | 6.3% | -1.8% |
| 12/13/2021 | -22.1% | -33.7% | -30.0% |
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 6 |
| # Negative | 11 | 10 | 12 |
| Median Positive | 19.5% | 20.2% | 56.4% |
| Median Negative | -11.5% | -14.8% | -11.3% |
| Max Positive | 49.4% | 49.8% | 133.4% |
| Max Negative | -30.4% | -33.7% | -31.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/05/2026 | 10-Q |
| 01/31/2026 | 03/23/2026 | 10-K |
| 10/31/2025 | 12/10/2025 | 10-Q |
| 07/31/2025 | 09/08/2025 | 10-Q |
| 04/30/2025 | 06/04/2025 | 10-Q |
| 01/31/2025 | 03/26/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/05/2024 | 10-Q |
| 04/30/2024 | 06/06/2024 | 10-Q |
| 01/31/2024 | 03/29/2024 | 10-K |
| 10/31/2023 | 12/08/2023 | 10-Q |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/09/2023 | 10-Q |
| 01/31/2023 | 03/30/2023 | 10-K |
| 10/31/2022 | 12/14/2022 | 10-Q |
| 07/31/2022 | 09/12/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/05/2026 | 10-Q |
| 01/31/2026 | 03/23/2026 | 10-K |
| 10/31/2025 | 12/10/2025 | 10-Q |
| 07/31/2025 | 09/08/2025 | 10-Q |
| 04/30/2025 | 06/04/2025 | 10-Q |
| 01/31/2025 | 03/26/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/05/2024 | 10-Q |
| 04/30/2024 | 06/06/2024 | 10-Q |
| 01/31/2024 | 03/29/2024 | 10-K |
| 10/31/2023 | 12/08/2023 | 10-Q |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/09/2023 | 10-Q |
| 01/31/2023 | 03/30/2023 | 10-K |
| 10/31/2022 | 12/14/2022 | 10-Q |
| 07/31/2022 | 09/12/2022 | 10-Q |
| 04/30/2022 | 06/14/2022 | 10-Q |
| 01/31/2022 | 04/14/2022 | 10-K |
Recent Forward Guidance
Updated 6/5/2026Latest: Q1 2027 Earnings Reported 6/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | 102.00 Mil | 104.50 Mil | 107.00 Mil | Higher New | |||
| Q2 2027 Non-GAAP Gross Margin | 52.0% | 53.5% | 55.0% | 7.0% | 3.5% | Higher New | Guidance: 50.0% for Q1 2027 |
| Q2 2027 Adjusted EBITDA | 0 | 2.50 Mil | 5.00 Mil | -155.6% | Higher New | Guidance: -4.50 Mil for Q1 2027 | |
| Q2 2027 Capital Expenditures | 21.00 Mil | 24.00 Mil | 27.00 Mil | 20.0% | Higher New | Guidance: 20.00 Mil for Q1 2027 | |
| 2027 Revenue | 425.00 Mil | 433.00 Mil | 441.00 Mil | 1.3% | Raised | Guidance: 427.50 Mil for 2027 | |
| 2027 Non-GAAP Gross Margin | 52.0% | 53.0% | 54.0% | 3.9% | 2.0% | Raised | Guidance: 51.0% for 2027 |
| 2027 Adjusted EBITDA | 0 | 5.00 Mil | 10.00 Mil | 0 | Affirmed | Guidance: 5.00 Mil for 2027 | |
| 2027 Capital Expenditures | 80.00 Mil | 87.50 Mil | 95.00 Mil | 0 | Affirmed | Guidance: 87.50 Mil for 2027 | |
Prior: Q4 2026 Earnings Reported 3/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 87.00 Mil | 89.00 Mil | 91.00 Mil | ||||
| Q1 2027 Non-GAAP Gross Margin | 49.0% | 50.0% | 51.0% | ||||
| Q1 2027 Adjusted EBITDA | -6.00 Mil | -4.50 Mil | -3.00 Mil | ||||
| Q1 2027 Capital Expenditures | 17.00 Mil | 20.00 Mil | 23.00 Mil | ||||
| 2027 Revenue | 415.00 Mil | 427.50 Mil | 440.00 Mil | ||||
| 2027 Non-GAAP Gross Margin | 50.0% | 51.0% | 52.0% | ||||
| 2027 Adjusted EBITDA | 0 | 5.00 Mil | 10.00 Mil | ||||
| 2027 Capital Expenditures | 80.00 Mil | 87.50 Mil | 95.00 Mil | ||||
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brennan, Ita M | Direct | Sell | 4172026 | 33.91 | 36,500 | 1,237,580 | 8,956,620 | Form | |
| 2 | Schingler, Robert H | Co-Founder Chief Strategy Off. | Ulysses Trust 02021.1, Dated February 26, 2021 | Sell | 4082026 | 35.07 | 73,683 | 2,584,358 | 8,996,060 | Form |
| 3 | Marshall, William Spencer | Co-Founder and CEO | Direct | Sell | 4082026 | 35.07 | 200,000 | 7,014,520 | 111,977,202 | Form |
| 4 | Johnson, Ashley F | President & CFO | Direct | Sell | 4062026 | 35.10 | 200,000 | 7,020,219 | 66,522,257 | Form |
| 5 | Smith, Gary B | Direct | Sell | 2032026 | 12.69 | 20 | 254 | 411,857 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brennan, Ita M | Direct | Sell | 4172026 | 33.91 | 36,500 | 1,237,580 | 8,956,620 | Form | |
| 2 | Schingler, Robert H | Co-Founder Chief Strategy Off. | Ulysses Trust 02021.1, Dated February 26, 2021 | Sell | 4082026 | 35.07 | 73,683 | 2,584,358 | 8,996,060 | Form |
| 3 | Marshall, William Spencer | Co-Founder and CEO | Direct | Sell | 4082026 | 35.07 | 200,000 | 7,014,520 | 111,977,202 | Form |
| 4 | Johnson, Ashley F | President & CFO | Direct | Sell | 4062026 | 35.10 | 200,000 | 7,020,219 | 66,522,257 | Form |
| 5 | Smith, Gary B | Direct | Sell | 2032026 | 12.69 | 20 | 254 | 411,857 | Form | |
| 6 | Smith, Gary B | Direct | Buy | 2032026 | 15.66 | 20 | 313 | 508,762 | Form | |
| 7 | Johnson, Ashley F | President & CFO | Direct | Sell | 1222026 | 27.01 | 150,731 | 4,071,803 | 52,841,541 | Form |
| 8 | Schingler, Robert H | Co-Founder Chief Strategy Off. | Direct | Sell | 12302025 | 19.35 | 73,782 | 1,428,036 | 22,543,097 | Form |
| 9 | Marshall, William Spencer | Co-Founder and CEO | Direct | Sell | 12302025 | 19.36 | 200,000 | 3,871,840 | 54,873,459 | Form |
| 10 | Schingler, Robert H | Co-Founder Chief Strategy Off. | Direct | Sell | 10152025 | 15.50 | 81,656 | 1,265,333 | 19,971,782 | Form |
| 11 | Marshall, William Spencer | Co-Founder and CEO | Direct | Sell | 10152025 | 15.50 | 200,000 | 3,099,320 | 48,913,267 | Form |
| 12 | Bass, Carl | Direct | Sell | 10082025 | 15.67 | 376,748 | 5,903,264 | 4,975,378 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Aerospace & Defense Resources |
| Defense News |
| FlightGlobal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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