Palantir Technologies (PLTR)
Market Price (8/6/2026): $156.5 | Market Cap: $375.6 BilInvestor Relations Sector: Information Technology | Industry: Application Software
Palantir Technologies (PLTR)
Market Price (8/6/2026): $156.5Market Cap: $375.6 BilSector: Information TechnologyIndustry: Application Software
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 79% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 55%, CFO LTM is 3.4 Bil, FCF LTM is 3.4 Bil Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Cloud Computing, Digital Health & Telemedicine, Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 62x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 144x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 112x, P/EPrice/Earnings or Price/(Net Income) is 126x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% 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 -3.7% Short seller report Key risksPLTR key risks include [1] its exceptionally high valuation, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 79% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 55%, CFO LTM is 3.4 Bil, FCF LTM is 3.4 Bil |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Cloud Computing, Digital Health & Telemedicine, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 62x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 144x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 112x, P/EPrice/Earnings or Price/(Net Income) is 126x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| 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 -3.7% |
| Short seller report |
| Key risksPLTR key risks include [1] its exceptionally high valuation, Show more. |
Qualitative Assessment
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Palantir Technologies (PLTR) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.
Palantir's stock experienced a significant surge following the release of its fiscal Q2 2026 results (period ended June 30, 2026) on August 3, 2026. The company reported revenue of $1.94 billion, marking a 93% year-over-year increase, which comfortably surpassed analysts' expectations of $1.81 billion. Adjusted earnings per share (EPS) also impressed, coming in at $0.41 against estimates ranging from $0.33 to $0.35. Furthermore, Palantir raised its full-year 2026 revenue guidance for the third consecutive quarter to approximately $8.15 billion-$8.16 billion, exceeding the prior analyst consensus of around $7.7 billion.
2. Accelerating U.S. Commercial Revenue Growth Driven by AI Platform Adoption.
A core driver of the positive trend was the accelerating and robust performance of Palantir's U.S. commercial segment, particularly through the adoption of its Artificial Intelligence Platform (AIP). U.S. commercial revenue soared by 149% year-over-year in fiscal Q2 2026, reaching $764 million. This followed strong growth of 133% year-over-year in fiscal Q1 2026. The company also closed a record $2.132 billion in U.S. commercial total contract value, up 153% year-over-year, and saw its U.S. commercial remaining deal value reach $6.238 billion, representing a 124% year-over-year increase. New partnerships with FTAI Aviation and the UK's National Health Service (NHS), announced on August 3, 2026, further highlighted this momentum.
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Palantir Technologies (PLTR) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Earnings Beat and Raised Full-Year Guidance.
Palantir's stock experienced a significant surge following the release of its fiscal Q2 2026 results (period ended June 30, 2026) on August 3, 2026. The company reported revenue of $1.94 billion, marking a 93% year-over-year increase, which comfortably surpassed analysts' expectations of $1.81 billion. Adjusted earnings per share (EPS) also impressed, coming in at $0.41 against estimates ranging from $0.33 to $0.35. Furthermore, Palantir raised its full-year 2026 revenue guidance for the third consecutive quarter to approximately $8.15 billion-$8.16 billion, exceeding the prior analyst consensus of around $7.7 billion.
2. Accelerating U.S. Commercial Revenue Growth Driven by AI Platform Adoption.
A core driver of the positive trend was the accelerating and robust performance of Palantir's U.S. commercial segment, particularly through the adoption of its Artificial Intelligence Platform (AIP). U.S. commercial revenue soared by 149% year-over-year in fiscal Q2 2026, reaching $764 million. This followed strong growth of 133% year-over-year in fiscal Q1 2026. The company also closed a record $2.132 billion in U.S. commercial total contract value, up 153% year-over-year, and saw its U.S. commercial remaining deal value reach $6.238 billion, representing a 124% year-over-year increase. New partnerships with FTAI Aviation and the UK's National Health Service (NHS), announced on August 3, 2026, further highlighted this momentum.
3. Strong Fiscal Q1 2026 Performance and Initial Guidance Raise.
The foundation for the upward trend was established earlier in the period with Palantir's fiscal Q1 2026 earnings report (period ended March 31, 2026), released on May 4, 2026. The company reported revenue of $1.633 billion, an 85% year-over-year increase, and adjusted diluted EPS of $0.33, both surpassing consensus estimates. Following these results, Palantir initially raised its full-year 2026 revenue guidance to between $7.650 billion and $7.662 billion, implying 71% growth, and increased its U.S. commercial revenue guidance to in excess of $3.224 billion, indicating at least 120% growth. This early positive outlook contributed to investor confidence ahead of the even stronger Q2 results.
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Stock Movement Drivers
Fundamental Drivers
The 13.9% change in PLTR stock from 4/30/2026 to 8/5/2026 was primarily driven by a 37.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 139.11 | 158.43 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,475 | 6,156 | 37.5% |
| Net Income Margin (%) | 36.3% | 49.0% | 35.0% |
| P/E Multiple | 205.2 | 126.0 | -38.6% |
| Shares Outstanding (Mil) | 2,397 | 2,400 | -0.1% |
| Cumulative Contribution | 13.9% |
Market Drivers
4/30/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| PLTR | 13.9% | |
| Market (SPY) | 7.1% | 30.3% |
| Sector (XLK) | 16.6% | 27.2% |
Fundamental Drivers
The 8.1% change in PLTR stock from 1/31/2026 to 8/5/2026 was primarily driven by a 74.3% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 146.59 | 158.43 | 8.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,896 | 6,156 | 58.0% |
| Net Income Margin (%) | 28.1% | 49.0% | 74.3% |
| P/E Multiple | 317.7 | 126.0 | -60.3% |
| Shares Outstanding (Mil) | 2,374 | 2,400 | -1.1% |
| Cumulative Contribution | 8.1% |
Market Drivers
1/31/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| PLTR | 8.1% | |
| Market (SPY) | 11.5% | 33.6% |
| Sector (XLK) | 29.4% | 35.1% |
Fundamental Drivers
The 0.1% change in PLTR stock from 7/31/2025 to 8/5/2026 was primarily driven by a 167.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 158.35 | 158.43 | 0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,115 | 6,156 | 97.6% |
| Net Income Margin (%) | 18.3% | 49.0% | 167.5% |
| P/E Multiple | 651.7 | 126.0 | -80.7% |
| Shares Outstanding (Mil) | 2,349 | 2,400 | -2.1% |
| Cumulative Contribution | 0.1% |
Market Drivers
7/31/2025 to 8/5/2026| Return | Correlation | |
|---|---|---|
| PLTR | 0.1% | |
| Market (SPY) | 22.8% | 41.2% |
| Sector (XLK) | 42.1% | 43.4% |
Fundamental Drivers
The 698.5% change in PLTR stock from 7/31/2023 to 8/5/2026 was primarily driven by a 210.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.84 | 158.43 | 698.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,985 | 6,156 | 210.2% |
| P/S Multiple | 21.0 | 61.8 | 193.6% |
| Shares Outstanding (Mil) | 2,105 | 2,400 | -12.3% |
| Cumulative Contribution | 698.5% |
Market Drivers
7/31/2023 to 8/5/2026| Return | Correlation | |
|---|---|---|
| PLTR | 698.5% | |
| Market (SPY) | 74.1% | 50.6% |
| Sector (XLK) | 112.4% | 49.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PLTR Return | -23% | -65% | 167% | 340% | 135% | -8% | 591% |
| Peers Return | 31% | -33% | 52% | 22% | 33% | 14% | 148% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| PLTR Win Rate | 33% | 42% | 67% | 67% | 75% | 50% | |
| Peers Win Rate | 63% | 32% | 67% | 58% | 52% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PLTR Max Drawdown | -54% | -68% | -30% | -23% | -41% | -41% | |
| Peers Max Drawdown | -18% | -43% | -18% | -26% | -27% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, AMZN, GOOGL, SNOW, IBM. See PLTR Returns vs. Peers.
[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 8/5/2026 (YTD)
How Low Can It Go
| Event | PLTR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.0% | -18.8% |
| % Gain to Breakeven | 51.4% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.2% | -7.8% |
| % Gain to Breakeven | 18.0% | 8.5% |
| Time to Breakeven | 3 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.6% | -9.5% |
| % Gain to Breakeven | 18.6% | 10.5% |
| Time to Breakeven | 10 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -63.8% | -24.5% |
| % Gain to Breakeven | 176.2% | 32.4% |
| Time to Breakeven | 446 days | 427 days |
In The Past
Palantir Technologies's stock fell -34.0% during the 2025 US Tariff Shock. Such a loss loss requires a 51.4% gain to breakeven.
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| Event | PLTR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.0% | -18.8% |
| % Gain to Breakeven | 51.4% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -63.8% | -24.5% |
| % Gain to Breakeven | 176.2% | 32.4% |
| Time to Breakeven | 446 days | 427 days |
In The Past
Palantir Technologies's stock fell -34.0% during the 2025 US Tariff Shock. Such a loss loss requires a 51.4% 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 Palantir Technologies (PLTR)
Palantir Technologies Inc. (PLTR) develops and deploys advanced software platforms designed to help organizations analyze vast, complex datasets and identify hidden patterns. Its initial focus and a significant part of its business involve supporting the United States intelligence community in counterterrorism investigations and operations, enabling users to identify threats and facilitate coordinated real-world responses.
The company offers several key products. Palantir Gotham is specifically tailored for government and intelligence agencies, integrating diverse data sources—from signals intelligence to confidential informant reports—to assist analysts and operators. Palantir Foundry serves a broader market, acting as a central operating system for data within various organizations, allowing users to integrate and analyze information to transform operations. Additionally, Palantir provides Apollo, a software platform that enables customers to deploy their own applications virtually in any environment.
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1. Like SAP or Oracle, but focused on being the central operating system for an organization's data, rather than its business processes.
2. A highly specialized Splunk or Microsoft Power BI that identifies hidden patterns in vast, disparate datasets to enable real-world operational responses.
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- Palantir Gotham: A software platform designed for the intelligence community to identify patterns within datasets and facilitate real-world responses to identified threats.
- Palantir Foundry: A platform that serves as a central operating system for an organization's data, enabling users to integrate and analyze data in one place.
- Apollo: Software that allows customers to deploy their own software virtually in any environment.
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Palantir Technologies Inc. sells its software platforms primarily to organizations, including government entities and commercial enterprises, rather than to individuals.
Based on the provided information, its major customers fall into the following categories:
- The Intelligence Community in the United States: This is a primary customer segment for Palantir, for which it builds and deploys software platforms to assist in counterterrorism investigations and operations. This encompasses various U.S. government intelligence agencies.
- Large Organizations and Enterprises: Palantir Foundry is described as a platform that transforms the ways organizations operate by creating a central operating system for their data. This indicates a focus on large commercial companies across different industries, as well as potentially other government departments beyond the intelligence community.
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Amazon.com, Inc. (AMZN)
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Alexander Karp, Chief Executive Officer
Alexander Karp is a co-founder of Palantir Technologies and has served as CEO since its early days. He earned a J.D. from Stanford Law School and a Ph.D. in neoclassical social theory from Goethe University Frankfurt. Before co-founding Palantir in 2003/2004, Karp established and managed the London-based money management firm Caedmon Group, through which he successfully managed investments for high-net-worth clients.
David Glazer, Chief Financial Officer and Treasurer
David Glazer joined Palantir in July 2013 and became Chief Financial Officer in July 2020. Prior to this role, he held various leadership positions within the company, including Head of Finance, Head of Switzerland, and Investor Relations/Global Head of Real Estate. Before joining Palantir, Glazer was a corporate securities attorney at Wilson Sonsini Goodrich & Rosati, where he specialized in advising technology companies on IPOs, mergers, and corporate governance. He holds a J.D. from Emory University School of Law and a B.A. from Santa Clara University.
Shyam Sankar, Chief Technology Officer and Executive Vice President
Shyam Sankar joined Palantir Technologies as its 13th employee in 2006. He pioneered the company's "Forward Deployed Engineer" model, which involves embedding engineers directly with clients to address complex data challenges. Sankar holds a B.S. in Electrical and Computer Engineering from Cornell University and an M.S. in Management Science and Engineering from Stanford University. He also serves as Chairman of Ginkgo Bioworks.
Ryan Taylor, Chief Revenue Officer and Chief Legal Officer
Ryan Taylor has been with Palantir since 2010. Before assuming his current roles, he served as Chief Legal and Business Affairs Officer at Palantir from 2020 to 2023. His professional journey includes roles as an Associate at Covington & Burling and a Law Clerk at the United States District Court for the Central District of California. Taylor holds a J.D. from Harvard Law School and degrees in Management Science & Engineering and Computer Science from Stanford University.
Stephen Cohen, President and Secretary
Stephen Cohen is one of the co-founders of Palantir Technologies. He co-founded the company in 2003/2004 alongside Peter Thiel, Alex Karp, Joe Lonsdale, and Nathan Gettings. He has served in various positions with the company since its inception and is also a member of the Board of Directors.
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Key Risks to Palantir Technologies (PLTR)
- Reliance on Government Contracts and Reputational Risks: Palantir Technologies heavily relies on contracts with government agencies, including the intelligence community and defense sectors, which constitute a significant portion of its revenue. This dependence exposes the company to risks associated with changes in government priorities, political shifts, budget cuts, and contract losses. Furthermore, the nature of its work, particularly in surveillance and data analytics for government entities, often raises concerns regarding data privacy, civil liberties, and ethical implications. Public scrutiny and political backlash related to its operations, especially with agencies like Immigration and Customs Enforcement (ICE), can lead to reputational damage and impact its ability to secure new contracts or retain existing ones. Geopolitical tensions can also influence demand for its software, creating unpredictable revenue streams.
- High Valuation and Commercial Growth Uncertainty: Palantir's stock is frequently noted for its "excessively high" or "stretched" valuation, with high price-to-earnings and price-to-sales ratios. This indicates that the company is "priced for perfection," leaving little margin for error and making the stock highly vulnerable to significant corrections if it fails to consistently meet ambitious growth expectations. While Palantir aims to diversify its revenue by expanding its commercial client base through its Foundry platform, this segment faces challenges. The company's software often involves large, complex, and costly implementations, which may limit its appeal to small and mid-sized businesses and slow down the scaling of its commercial operations, thus sustaining its reliance on government spending for overall growth.
- Intensifying Competition and Potential Loss of Differentiation: The data analytics and artificial intelligence (AI) sectors in which Palantir operates are highly competitive and rapidly evolving. The company faces increasing competition from well-established technology giants such as Microsoft, Amazon Web Services (AWS), and Databricks, as well as emerging startups that are developing rival AI platforms and data solutions. This competitive landscape could lead to an erosion of Palantir's pricing power and a loss of its competitive advantage if competitors achieve feature parity or if customers increasingly opt for in-house developed solutions rather than purchasing Palantir's platforms.
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Here are 3-5 expected drivers of future revenue growth for Palantir Technologies (PLTR) over the next 2-3 years:
- Accelerated Adoption and Expansion of the Artificial Intelligence Platform (AIP): Palantir's Artificial Intelligence Platform (AIP) is consistently highlighted as a primary driver of revenue growth, particularly within the U.S. commercial sector. The company's "bootcamp" go-to-market strategy for AIP is effectively shortening sales cycles and rapidly converting new clients by demonstrating how the platform can integrate generative AI with operational data and workflows to solve real-world business problems. This strategy is enabling triple-digit U.S. commercial growth.
- Strong Growth in U.S. Commercial Business: Palantir's U.S. commercial business, predominantly driven by its Foundry platform, is experiencing significant and accelerating year-over-year revenue increases. This momentum is fueled by strong demand for its AI-driven solutions and the platform's ability to help enterprises turn complex, siloed data into actionable intelligence across various use cases such as supply chain optimization and predictive manufacturing.
- Continued Expansion of Government Contracts: Palantir maintains a strong and growing presence in the government sector, especially with the U.S. government. The Gotham platform continues to be indispensable for governments and defense in mission-critical analytics, integrating vast datasets to identify threats and enhance situational awareness. Securing and expanding large government contracts remains a foundational driver of revenue.
- Increased Customer Lifetime Value and Net Dollar Retention: The company is demonstrating strong customer engagement and expansion, reflected in its high net dollar retention rate and record total contract value (TCV) bookings. Existing customers are increasingly expanding their use of Palantir's platforms, leading to sustained and growing revenue streams as they integrate and apply the software more broadly across their operations.
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Share Repurchases
- Palantir Technologies announced a $1 billion stock buyback program on August 8, 2023, with no specified end date.
- In 2024, the company repurchased and retired 2.1 million shares of its Class A common stock for $64.2 million.
- As of December 31, 2024, $935.8 million remained available for future repurchases under the authorized program.
Share Issuance
- Palantir's annual basic shares outstanding increased to $2.37 billion in 2025, up 5.31% from $2.25 billion in 2024.
- Basic shares outstanding for 2024 increased by 4.78% from $2.147 billion in 2023, which itself was a 4.05% increase from 2022.
- Diluted average shares outstanding grew from $1.9 billion in 2021 to $2.6 billion by the fourth quarter of 2025.
Outbound Investments
- Palantir has engaged in a program of investing in companies, including those going public via SPACs, in exchange for multi-year commitments to use its software.
- As of June 30, [year not specified, but context suggests 2021], the company committed $250 million to a group of 10 companies through SPACs, with potential commercial contracts valued at $428 million.
- No investments were purchased under Investment Agreements during the fiscal years ended December 31, 2025, or 2024.
Capital Expenditures
- Palantir Technologies' annual capital expenditures were $33.88 million in 2025, $12.63 million in 2024, and $15.11 million in 2023.
- In 2022, the company's capital expenditures were $40.03 million.
- Palantir is characterized as a "capital-light software player" maintaining minimal capital expenditures.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 294.75 |
| Mkt Cap | 1,658.2 |
| Rev LTM | 200,468 |
| Op Inc LTM | 53,208 |
| FCF LTM | 8,251 |
| FCF 3Y Avg | 14,514 |
| CFO LTM | 88,146 |
| CFO 3Y Avg | 72,069 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.9% |
| Rev Chg 3Y Avg | 15.8% |
| Rev Chg Q | 21.9% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 21.2% |
| Op Inc Chg 3Y Avg | 23.1% |
| Op Mgn LTM | 25.7% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 33.1% |
| CFO/Rev 3Y Avg | 31.0% |
| FCF/Rev LTM | 19.6% |
| FCF/Rev 3Y Avg | 20.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1,658.2 |
| P/S | 10.4 |
| P/Op Inc | 26.6 |
| P/EBIT | 17.2 |
| P/E | 21.2 |
| P/CFO | 21.8 |
| Total Yield | 4.5% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 1.8% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 15.6% |
| 3M Rtn | 11.6% |
| 6M Rtn | 15.3% |
| 12M Rtn | 12.0% |
| 3Y Rtn | 92.7% |
| 1M Excs Rtn | 11.4% |
| 3M Excs Rtn | 3.8% |
| 6M Excs Rtn | -1.1% |
| 12M Excs Rtn | -8.3% |
| 3Y Excs Rtn | 23.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Government | 2,402 | 1,570 | 1,222 | 1,072 | 897 |
| Commercial | 2,073 | 1,296 | 1,003 | 834 | 645 |
| Total | 4,475 | 2,866 | 2,225 | 1,906 | 1,542 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Government | 1,576 | 948 | 725 | 621 | 542 |
| Commercial | 1,367 | 772 | 521 | 414 | 358 |
| Research and development expenses | -421 | -343 | -307 | -266 | -237 |
| General and administrative expenses | -424 | -375 | -343 | -366 | -295 |
| Stock-based compensation expense | -684 | -692 | -476 | -565 | -778 |
| Total | 1,414 | 310 | 120 | -161 | -411 |
Price Behavior
| Market Price | $158.43 | |
| Market Cap ($ Bil) | 379.3 | |
| First Trading Date | 09/30/2020 | |
| Distance from 52W High | -23.5% | |
| 50 Days | 200 Days | |
| DMA Price | $131.07 | $152.13 |
| DMA Trend | down | down |
| Distance from DMA | 20.9% | 4.1% |
| 3M | 1YR | |
| Volatility | 80.8% | 59.6% |
| Downside Capture | 124.96 | 261.69 |
| Upside Capture | 172.07 | 190.11 |
| Correlation (SPY) | 32.9% | 40.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.24 | 0.87 | 0.74 | 1.17 | 1.62 | 2.10 |
| Up Beta | -1.33 | 1.62 | 0.51 | 0.50 | 0.89 | 1.89 |
| Down Beta | 1.49 | 1.13 | 1.05 | 0.65 | 1.24 | 1.68 |
| Up Capture | -5% | -22% | 29% | 128% | 232% | 7613% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 18 | 30 | 66 | 130 | 400 |
| Down Capture | -94% | 125% | 103% | 165% | 163% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 25 | 33 | 60 | 122 | 347 |
[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 PLTR | |
|---|---|---|---|---|
| PLTR | -1.4% | 60.0% | 0.20 | - |
| Sector ETF (XLK) | 42.5% | 25.9% | 1.33 | 42.9% |
| Equity (SPY) | 23.1% | 12.9% | 1.34 | 40.6% |
| Gold (GLD) | 25.4% | 28.3% | 0.79 | 18.0% |
| Commodities (DBC) | 29.5% | 19.8% | 1.19 | 0.9% |
| Real Estate (VNQ) | 14.4% | 13.7% | 0.74 | -6.5% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 33.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLTR | |
|---|---|---|---|---|
| PLTR | 46.2% | 67.0% | 0.84 | - |
| Sector ETF (XLK) | 20.4% | 25.8% | 0.70 | 53.7% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 53.4% |
| Gold (GLD) | 18.2% | 18.6% | 0.79 | 8.6% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 7.0% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 31.6% |
| Bitcoin (BTCUSD) | 9.9% | 53.0% | 0.37 | 31.1% |
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 PLTR | |
|---|---|---|---|---|
| PLTR | 31.8% | 70.5% | 0.97 | - |
| Sector ETF (XLK) | 24.6% | 24.9% | 0.89 | 48.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 46.2% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 7.7% |
| Commodities (DBC) | 7.1% | 18.0% | 0.31 | 6.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 27.4% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 25.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 29.5% | ||
| 5/4/2026 | -6.9% | -6.3% | -2.6% |
| 2/2/2026 | 6.8% | -3.3% | 3.7% |
| 11/3/2025 | -7.9% | -6.5% | -14.1% |
| 8/4/2025 | 7.8% | 13.7% | -3.6% |
| 5/5/2025 | -12.0% | -4.3% | 5.0% |
| 2/3/2025 | 24.0% | 39.3% | 7.6% |
| 11/4/2024 | 23.5% | 45.5% | 68.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 20.4% | 22.5% | 28.9% |
| Median Negative | -12.0% | -12.3% | -11.9% |
| Max Positive | 30.8% | 49.8% | 89.8% |
| Max Negative | -21.3% | -16.9% | -36.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 29.5% | ||
| 5/4/2026 | -6.9% | -6.3% | -2.6% |
| 2/2/2026 | 6.8% | -3.3% | 3.7% |
| 11/3/2025 | -7.9% | -6.5% | -14.1% |
| 8/4/2025 | 7.8% | 13.7% | -3.6% |
| 5/5/2025 | -12.0% | -4.3% | 5.0% |
| 2/3/2025 | 24.0% | 39.3% | 7.6% |
| 11/4/2024 | 23.5% | 45.5% | 68.7% |
| 8/5/2024 | 10.4% | 22.0% | 27.0% |
| 5/6/2024 | -15.1% | -16.9% | -8.9% |
| 2/5/2024 | 30.8% | 49.8% | 56.5% |
| 11/2/2023 | 20.4% | 23.9% | 35.9% |
| 8/7/2023 | -5.3% | -12.6% | -15.0% |
| 5/8/2023 | 23.4% | 23.0% | 89.8% |
| 2/13/2023 | 21.2% | 11.3% | 3.8% |
| 11/7/2022 | -11.5% | 6.1% | -11.9% |
| 8/8/2022 | -14.2% | -13.4% | -36.4% |
| 5/9/2022 | -21.3% | -12.0% | -3.7% |
| 2/17/2022 | -15.7% | -15.3% | -8.2% |
| 11/9/2021 | -9.3% | -12.5% | -25.9% |
| 8/12/2021 | 11.4% | 13.1% | 17.6% |
| 5/11/2021 | 9.4% | 10.8% | 30.9% |
| 2/16/2021 | -12.8% | -12.3% | -19.7% |
| 11/12/2020 | 8.4% | 30.2% | 86.8% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 20.4% | 22.5% | 28.9% |
| Median Negative | -12.0% | -12.3% | -11.9% |
| Max Positive | 30.8% | 49.8% | 89.8% |
| Max Negative | -21.3% | -16.9% | -36.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 09/30/2020 | 424B4 |
Recent Forward Guidance
Updated 8/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 2.16 Bil | 2.16 Bil | 2.16 Bil | ||||
| Q3 2026 Adjusted Income from Operations | 1.29 Bil | 1.29 Bil | 1.30 Bil | ||||
| 2026 Revenue | 8.15 Bil | 8.15 Bil | 8.16 Bil | 6.5% | Raised | Guidance: 7.66 Bil for 2026 | |
| 2026 U.S. Commercial Revenue | 3.42 Bil | 6.2% | Raised | Guidance: 3.22 Bil for 2026 | |||
| 2026 U.S. Commercial Revenue Growth | 134.0% | 14.0% | Raised | Guidance: 120.0% for 2026 | |||
| 2026 Adjusted Income from Operations | 4.89 Bil | 4.89 Bil | 4.90 Bil | 10.1% | Raised | Guidance: 4.45 Bil for 2026 | |
| 2026 Adjusted Free Cash Flow | 4.50 Bil | 4.60 Bil | 4.70 Bil | 7.0% | Raised | Guidance: 4.30 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.80 Bil | 1.80 Bil | 1.80 Bil | ||||
| Q2 2026 Adjusted Income from Operations | 1.06 Bil | 1.06 Bil | 1.07 Bil | ||||
| 2026 Revenue | 7.65 Bil | 7.66 Bil | 7.66 Bil | 6.5% | Raised | Guidance: 7.19 Bil for 2026 | |
| 2026 U.S. Commercial Revenue | 3.22 Bil | 2.5% | Raised | Guidance: 3.14 Bil for 2026 | |||
| 2026 Adjusted Income from Operations | 4.44 Bil | 4.45 Bil | 4.45 Bil | 7.5% | Raised | Guidance: 4.13 Bil for 2026 | |
| 2026 Adjusted Free Cash Flow | 4.20 Bil | 4.30 Bil | 4.40 Bil | 6.8% | Raised | Guidance: 4.03 Bil for 2026 | |
Q4 2025 Earnings Reported 2/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.53 Bil | 1.53 Bil | 1.54 Bil | 15.4% | Higher New | Guidance: 1.33 Bil for Q4 2025 | |
| Q1 2026 Adjusted Income from Operations | 870.00 Mil | 872.00 Mil | 874.00 Mil | 25.1% | Higher New | Guidance: 697.00 Mil for Q4 2025 | |
| 2026 Revenue | 7.18 Bil | 7.19 Bil | 7.20 Bil | 63.5% | Higher New | Guidance: 4.40 Bil for 2025 | |
| 2026 U.S. Commercial Revenue | 3.14 Bil | 119.4% | Higher New | Guidance: 1.43 Bil for 2025 | |||
| 2026 U.S. Commercial Revenue Growth | 115.0% | 11.0% | Higher New | Guidance: 104.0% for 2025 | |||
| 2026 Adjusted Income from Operations | 4.13 Bil | 4.13 Bil | 4.14 Bil | 92.0% | Higher New | Guidance: 2.15 Bil for 2025 | |
| 2026 Adjusted Free Cash Flow | 3.92 Bil | 4.03 Bil | 4.12 Bil | 101.2% | Higher New | Guidance: 2.00 Bil for 2025 | |
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 1.33 Bil | 1.33 Bil | 1.33 Bil | 22.5% | Higher New | Actual: 1.08 Bil for Q3 2025 | |
| Q4 2025 Adjusted Income from Operations | 695.00 Mil | 697.00 Mil | 699.00 Mil | 40.8% | Higher New | Actual: 495.00 Mil for Q3 2025 | |
| 2025 Revenue | 4.40 Bil | 4.40 Bil | 4.40 Bil | 6.1% | Raised | Guidance: 4.15 Bil for 2025 | |
| 2025 U.S. Commercial Revenue | 1.43 Bil | 10.1% | Raised | Guidance: 1.30 Bil for 2025 | |||
| 2025 U.S. Commercial Revenue Growth | 104.0% | 19.0% | Raised | Guidance: 85.0% for 2025 | |||
| 2025 Adjusted Income from Operations | 2.15 Bil | 2.15 Bil | 2.15 Bil | 12.4% | Raised | Guidance: 1.92 Bil for 2025 | |
| 2025 Adjusted Free Cash Flow | 1.90 Bil | 2.00 Bil | 2.10 Bil | 5.3% | Raised | Guidance: 1.90 Bil for 2025 | |
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Moore, Alexander D | Direct | Sell | 7172026 | 134.05 | 16,000 | 2,144,770 | 146,795,438 | Form | |
| 2 | Sankar, Shyam | See Remarks | Direct | Sell | 7072026 | 130.00 | 35,000 | 4,550,000 | 83,562,180 | Form |
| 3 | Sankar, Shyam | See Remarks | See Footnote | Sell | 7072026 | 130.00 | 150,000 | 19,500,000 | 77,986,870 | Form |
| 4 | Moore, Alexander D | Direct | Sell | 6172026 | 133.35 | 16,000 | 2,133,605 | 148,164,876 | Form | |
| 5 | Buckley, Jeffrey | See Remarks | Direct | Sell | 6152026 | 128.80 | 1,481 | 190,753 | 7,757,109 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Moore, Alexander D | Direct | Sell | 7172026 | 134.05 | 16,000 | 2,144,770 | 146,795,438 | Form | |
| 2 | Sankar, Shyam | See Remarks | Direct | Sell | 7072026 | 130.00 | 35,000 | 4,550,000 | 83,562,180 | Form |
| 3 | Sankar, Shyam | See Remarks | See Footnote | Sell | 7072026 | 130.00 | 150,000 | 19,500,000 | 77,986,870 | Form |
| 4 | Moore, Alexander D | Direct | Sell | 6172026 | 133.35 | 16,000 | 2,133,605 | 148,164,876 | Form | |
| 5 | Buckley, Jeffrey | See Remarks | Direct | Sell | 6152026 | 128.80 | 1,481 | 190,753 | 7,757,109 | Form |
| 6 | Stat, Lauren Elaina Friedman | Direct | Sell | 6022026 | 160.00 | 1,598 | 255,680 | 8,803,520 | Form | |
| 7 | Stat, Lauren Elaina Friedman | Direct | Sell | 6022026 | 150.00 | 1,667 | 250,050 | 8,493,000 | Form | |
| 8 | Buckley, Jeffrey | See Remarks | Direct | Sell | 5222026 | 137.41 | 830 | 114,050 | 8,479,159 | Form |
| 9 | Glazer, David A | See Remarks | Direct | Sell | 5222026 | 136.04 | 17,128 | 2,330,130 | 51,048,721 | Form |
| 10 | Taylor, Ryan D | See Remarks | Direct | Sell | 5222026 | 136.04 | 19,662 | 2,674,859 | 27,175,630 | Form |
| 11 | Karp, Alexander C | See Remarks | Direct | Sell | 5222026 | 136.04 | 397,744 | 54,109,936 | 875,057,999 | Form |
| 12 | Sankar, Shyam | See Remarks | Direct | Sell | 5222026 | 136.04 | 165,514 | 22,516,876 | 87,445,971 | Form |
| 13 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 5222026 | 136.04 | 319,934 | 43,524,501 | 80,537 | Form |
| 14 | Buckley, Jeffrey | See Remarks | Direct | Sell | 5222026 | 136.04 | 1,712 | 232,903 | 8,507,643 | Form |
| 15 | Moore, Alexander D | Direct | Sell | 5192026 | 134.04 | 16,000 | 2,144,663 | 150,793,664 | Form | |
| 16 | Moore, Alexander D | Direct | Sell | 4172026 | 139.41 | 16,000 | 2,230,580 | 159,065,202 | Form | |
| 17 | Moore, Alexander D | Direct | Sell | 3182026 | 152.41 | 16,000 | 2,438,623 | 176,339,547 | Form | |
| 18 | Thiel, Peter | See Footnote | Sell | 3042026 | 144.85 | 2,000,000 | 289,707,507 | 1,989,367,131 | Form | |
| 19 | Buckley, Jeffrey | See Remarks | Direct | Sell | 2242026 | 129.08 | 1,232 | 159,027 | 5,564,381 | Form |
| 20 | Buckley, Jeffrey | See Remarks | Direct | Sell | 2242026 | 133.72 | 2,704 | 361,575 | 5,929,073 | Form |
| 21 | Taylor, Ryan D | See Remarks | Direct | Sell | 2242026 | 133.72 | 19,988 | 2,672,765 | 29,340,646 | Form |
| 22 | Glazer, David A | See Remarks | Direct | Sell | 2242026 | 133.72 | 17,438 | 2,331,782 | 52,467,111 | Form |
| 23 | Sankar, Shyam | See Remarks | Direct | Sell | 2242026 | 133.72 | 168,004 | 22,465,231 | 85,952,333 | Form |
| 24 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 2242026 | 133.72 | 327,088 | 43,737,696 | 79,161 | Form |
| 25 | Karp, Alexander C | See Remarks | Direct | Sell | 2242026 | 133.78 | 493,025 | 65,955,988 | 860,495,774 | Form |
| 26 | Stat, Lauren Elaina Friedman | Direct | Sell | 2042026 | 151.14 | 400 | 60,456 | 8,809,497 | Form | |
| 27 | Moore, Alexander D | Direct | Sell | 2042026 | 149.65 | 20,000 | 2,992,984 | 175,535,208 | Form | |
| 28 | Stat, Lauren Elaina Friedman | Direct | Sell | 1062026 | 181.35 | 3,400 | 616,590 | 10,642,887 | Form | |
| 29 | Moore, Alexander D | Direct | Sell | 1062026 | 172.98 | 20,000 | 3,459,615 | 206,362,217 | Form | |
| 30 | Taylor, Ryan D | See Remarks | Direct | Sell | 1062026 | 181.35 | 12,000 | 2,176,200 | 43,416,822 | Form |
| 31 | Glazer, David A | See Remarks | Direct | Sell | 12162025 | 185.91 | 9,000 | 1,673,190 | 76,899,626 | Form |
| 32 | Moore, Alexander D | Direct | Sell | 12032025 | 167.19 | 20,000 | 3,343,833 | 202,799,807 | Form | |
| 33 | Buckley, Jeffrey | See Remarks | Direct | Sell | 11242025 | 157.50 | 1,252 | 197,190 | 7,409,430 | Form |
| 34 | Taylor, Ryan D | See Remarks | Direct | Sell | 11242025 | 162.36 | 36,048 | 5,852,784 | 40,818,982 | Form |
| 35 | Buckley, Jeffrey | See Remarks | Direct | Sell | 11242025 | 156.25 | 300 | 46,875 | 7,546,324 | Form |
| 36 | Taylor, Ryan D | See Remarks | Direct | Sell | 11242025 | 156.25 | 2,252 | 351,878 | 44,915,571 | Form |
| 37 | Glazer, David A | See Remarks | Direct | Sell | 11242025 | 156.25 | 1,973 | 308,286 | 64,632,034 | Form |
| 38 | Sankar, Shyam | See Remarks | Direct | Sell | 11242025 | 156.25 | 19,004 | 2,969,402 | 100,436,219 | Form |
| 39 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 11242025 | 156.25 | 39,136 | 6,115,055 | 92,501 | Form |
| 40 | Karp, Alexander C | See Remarks | Direct | Sell | 11242025 | 156.25 | 45,564 | 7,119,436 | 1,005,048,888 | Form |
| 41 | Buckley, Jeffrey | See Remarks | Direct | Sell | 11242025 | 163.99 | 2,365 | 387,833 | 7,969,183 | Form |
| 42 | Taylor, Ryan D | See Remarks | Direct | Sell | 11242025 | 163.99 | 17,761 | 2,912,566 | 47,508,391 | Form |
| 43 | Glazer, David A | See Remarks | Direct | Sell | 11242025 | 163.99 | 15,557 | 2,551,122 | 68,154,335 | Form |
| 44 | Sankar, Shyam | See Remarks | Direct | Sell | 11242025 | 163.99 | 149,872 | 24,576,902 | 105,407,870 | Form |
| 45 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 11242025 | 163.99 | 308,635 | 50,611,809 | 97,080 | Form |
| 46 | Karp, Alexander C | See Remarks | Direct | Sell | 11242025 | 163.99 | 359,325 | 58,924,266 | 1,054,800,191 | Form |
| 47 | Moore, Alexander D | Direct | Sell | 11052025 | 204.54 | 20,000 | 4,090,887 | 252,198,658 | Form | |
| 48 | Stat, Lauren Elaina Friedman | Direct | Sell | 10072025 | 186.39 | 800 | 149,112 | 11,572,396 | Form | |
| 49 | Moore, Alexander D | Direct | Sell | 10032025 | 184.01 | 20,000 | 3,680,225 | 230,562,038 | Form | |
| 50 | Stat, Lauren Elaina Friedman | spouse | Sell | 9222025 | 177.60 | 9,000 | 1,598,400 | 9,021,014 | Form | |
| 51 | Stat, Lauren Elaina Friedman | spouse | Sell | 9152025 | 165.95 | 21,000 | 3,484,866 | 9,922,576 | Form | |
| 52 | Taylor, Ryan D | See Remarks | Direct | Sell | 9092025 | 158.35 | 36,048 | 5,708,057 | 48,686,645 | Form |
| 53 | Moore, Alexander D | Direct | Sell | 9042025 | 156.42 | 20,000 | 3,128,318 | 199,113,986 | Form | |
| 54 | Glazer, David A | See Remarks | Direct | Sell | 9042025 | 154.47 | 81,000 | 12,511,782 | 66,601,144 | Form |
| 55 | Buckley, Jeffrey | See Remarks | Direct | Sell | 9032025 | 157.00 | 2,803 | 440,071 | 8,000,877 | Form |
| 56 | Sankar, Shyam | See Remarks | Direct | Sell | 8222025 | 159.55 | 30,000 | 4,786,457 | 112,128,497 | Form |
| 57 | Buckley, Jeffrey | See Remarks | Direct | Sell | 8222025 | 155.75 | 1,076 | 167,592 | 8,373,987 | Form |
| 58 | Taylor, Ryan D | See Remarks | Direct | Sell | 8222025 | 155.75 | 9,211 | 1,434,648 | 53,504,208 | Form |
| 59 | Glazer, David A | See Remarks | Direct | Sell | 8222025 | 155.75 | 8,047 | 1,253,350 | 73,889,378 | Form |
| 60 | Sankar, Shyam | See Remarks | Direct | Sell | 8222025 | 155.75 | 77,769 | 12,112,815 | 109,461,569 | Form |
| 61 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 8222025 | 155.75 | 160,164 | 24,946,145 | 92,206 | Form |
| 62 | Karp, Alexander C | See Remarks | Direct | Sell | 8222025 | 155.75 | 186,194 | 29,000,415 | 1,001,848,340 | Form |
| 63 | Buckley, Jeffrey | See Remarks | Direct | Sell | 8222025 | 151.36 | 1,289 | 195,108 | 8,300,807 | Form |
| 64 | Taylor, Ryan D | See Remarks | Direct | Sell | 8222025 | 151.37 | 11,026 | 1,668,970 | 53,391,442 | Form |
| 65 | Glazer, David A | See Remarks | Direct | Sell | 8222025 | 151.37 | 9,633 | 1,458,115 | 73,026,222 | Form |
| 66 | Sankar, Shyam | See Remarks | Direct | Sell | 8222025 | 151.37 | 93,092 | 14,090,976 | 106,378,001 | Form |
| 67 | Sankar, Shyam | See Remarks | Direct | Sell | 8222025 | 151.20 | 375,000 | 56,699,646 | 106,260,579 | Form |
| 68 | Cohen, Stephen Andrew | See Remarks | Direct | Sell | 8222025 | 151.37 | 191,720 | 29,019,923 | 89,609 | Form |
| 69 | Karp, Alexander C | See Remarks | Direct | Sell | 8222025 | 151.37 | 222,878 | 33,736,205 | 973,626,703 | Form |
| 70 | Taylor, Ryan D | See Remarks | Direct | Sell | 8072025 | 175.00 | 30,000 | 5,250,000 | 63,657,125 | Form |
| 71 | Moore, Alexander D | Direct | Sell | 8052025 | 154.73 | 20,000 | 3,094,523 | 200,057,515 | Form | |
| 72 | Taylor, Ryan D | See Remarks | Direct | Sell | 7172025 | 150.00 | 33,335 | 5,000,250 | 54,563,250 | Form |
| 73 | Stat, Lauren Elaina Friedman | Direct | Sell | 7112025 | 139.61 | 800 | 111,688 | 8,779,654 | Form | |
| 74 | Woersching, Eric H | Direct | Sell | 7032025 | 130.95 | 10,214 | 1,337,545 | 307,476 | Form | |
| 75 | Moore, Alexander D | Direct | Sell | 7032025 | 131.06 | 20,000 | 2,621,113 | 172,073,192 | Form | |
| 76 | Taylor, Ryan D | See Remarks | Direct | Sell | 7032025 | 135.31 | 33,335 | 4,510,452 | 49,218,525 | Form |
Investor Activity (13F)
Updated Aug 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cypress Point Wealth Management, LLC | $135.7 Mil | 29.2% | 123 | Hold | 13F |
| Allen Operations LLC | $164.6 Mil | 24.6% | 36 | Hold | 13F |
| Allen Holding Inc /Ny | $219.4 Mil | 21.8% | 9 | TRIM -6.3% | 13F |
| Defender Capital, LLC. | $41.7 Mil | 14.8% | 34 | ADD +17.4% | 13F |
| Fortress Private Ledger, LLC | $40.9 Mil | 12.8% | 245 | ADD +5.4% | 13F |
| UNICOM Systems, Inc. | $122.7 Mil | 12.6% | 32 | Hold | 13F |
| Dock Street Asset Management Inc | $108.9 Mil | 11.5% | 58 | Hold | 13F |
| Hound Partners, LLC | $79.4 Mil | 10.0% | 34 | Hold | 13F |
| Heard Capital LLC | $193.3 Mil | 10.0% | 21 | ADD +46.4% | 13F |
| FFG Partners, LLC | $20.9 Mil | 8.3% | 35 | TRIM -8.9% | 13F |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | $46.8 Mil | 7.9% | 10 | TRIM -84.3% | 13F |
| SW Investment Management LLC | $24.9 Mil | 5.5% | 8 | Hold | 13F |
| Hyperion Asset Management Ltd | $143.1 Mil | 4.6% | 18 | TRIM -35.4% | 13F |
| Matthew 25 Management Corp | $12.5 Mil | 4.2% | 20 | New | 13F |
| Elite Wealth Management, Inc. | $9.6 Mil | 3.1% | 49 | TRIM -8.1% | 13F |
| KADENSA CAPITAL Ltd | $20.6 Mil | 2.9% | 39 | ADD +7.5% | 13F |
| Westwood Wealth Management | $6.3 Mil | 2.5% | 42 | New | 13F |
| Ratan Capital Management LP | $5.5 Mil | 2.0% | 37 | New | 13F |
| Ithaka Group LLC | $9.5 Mil | 2.0% | 38 | Hold | 13F |
| Science & Technology Partners, L.P. | $7.5 Mil | 2.0% | 42 | New | 13F |
| Parker Investment Management, LLC | $12.9 Mil | 2.0% | 37 | ADD +35.9% | 13F |
| BSN CAPITAL PARTNERS Ltd | $37.4 Mil | 1.8% | 41 | New | 13F |
| Proem Advisors LLC | $5.2 Mil | 1.7% | 29 | New | 13F |
| Archon Partners LLC | $14.6 Mil | 1.7% | 39 | TRIM -13.0% | 13F |
| CTC LLC | $18.6 Mil | 1.5% | 25 | TRIM -60.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BSN CAPITAL PARTNERS Ltd | $37.4 Mil | 1.8% | 41 | New | 13F |
| Matthew 25 Management Corp | $12.5 Mil | 4.2% | 20 | New | 13F |
| Science & Technology Partners, L.P. | $7.5 Mil | 2.0% | 42 | New | 13F |
| Westwood Wealth Management | $6.3 Mil | 2.5% | 42 | New | 13F |
| Ratan Capital Management LP | $5.5 Mil | 2.0% | 37 | New | 13F |
| Proem Advisors LLC | $5.2 Mil | 1.7% | 29 | New | 13F |
| Heard Capital LLC | $193.3 Mil | 10.0% | 21 | ADD +46.4% | 13F |
| Parker Investment Management, LLC | $12.9 Mil | 2.0% | 37 | ADD +35.9% | 13F |
| Defender Capital, LLC. | $41.7 Mil | 14.8% | 34 | ADD +17.4% | 13F |
| KADENSA CAPITAL Ltd | $20.6 Mil | 2.9% | 39 | ADD +7.5% | 13F |
| Fortress Private Ledger, LLC | $40.9 Mil | 12.8% | 245 | ADD +5.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| RK Capital Management, LLC/FL | $62.2 Mil | 3.9% | 20 | Exited | Dec 31, 2025 | 13F |
| Agave Capital Management Ltd | $23.4 Mil | 3.9% | 23 | Exited | Dec 31, 2025 | 13F |
| VMS Asset Management Limited | $5.4 Mil | 2.1% | 42 | Exited | Dec 31, 2025 | 13F |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | $46.8 Mil | 7.9% | 10 | TRIM -84.3% | Mar 31, 2026 | 13F |
| CTC LLC | $18.6 Mil | 1.5% | 25 | TRIM -60.4% | Mar 31, 2026 | 13F |
| Hyperion Asset Management Ltd | $143.1 Mil | 4.6% | 18 | TRIM -35.4% | Mar 31, 2026 | 13F |
| Archon Partners LLC | $14.6 Mil | 1.7% | 39 | TRIM -13.0% | Mar 31, 2026 | 13F |
| FFG Partners, LLC | $20.9 Mil | 8.3% | 35 | TRIM -8.9% | Mar 31, 2026 | 13F |
| Elite Wealth Management, Inc. | $9.6 Mil | 3.1% | 49 | TRIM -8.1% | Mar 31, 2026 | 13F |
| Allen Holding Inc /Ny | $219.4 Mil | 21.8% | 9 | TRIM -6.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Allen Holding Inc /Ny | $219.4 Mil | 21.8% | 9 | TRIM -6.3% | 13F |
| Heard Capital LLC | $193.3 Mil | 10.0% | 21 | ADD +46.4% | 13F |
| Allen Operations LLC | $164.6 Mil | 24.6% | 36 | Hold | 13F |
| Hyperion Asset Management Ltd | $143.1 Mil | 4.6% | 18 | TRIM -35.4% | 13F |
| Cypress Point Wealth Management, LLC | $135.7 Mil | 29.2% | 123 | Hold | 13F |
| UNICOM Systems, Inc. | $122.7 Mil | 12.6% | 32 | Hold | 13F |
| Dock Street Asset Management Inc | $108.9 Mil | 11.5% | 58 | Hold | 13F |
| Hound Partners, LLC | $79.4 Mil | 10.0% | 34 | Hold | 13F |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | $46.8 Mil | 7.9% | 10 | TRIM -84.3% | 13F |
| Defender Capital, LLC. | $41.7 Mil | 14.8% | 34 | ADD +17.4% | 13F |
| Fortress Private Ledger, LLC | $40.9 Mil | 12.8% | 245 | ADD +5.4% | 13F |
| BSN CAPITAL PARTNERS Ltd | $37.4 Mil | 1.8% | 41 | New | 13F |
| SW Investment Management LLC | $24.9 Mil | 5.5% | 8 | Hold | 13F |
| FFG Partners, LLC | $20.9 Mil | 8.3% | 35 | TRIM -8.9% | 13F |
| KADENSA CAPITAL Ltd | $20.6 Mil | 2.9% | 39 | ADD +7.5% | 13F |
| CTC LLC | $18.6 Mil | 1.5% | 25 | TRIM -60.4% | 13F |
| Archon Partners LLC | $14.6 Mil | 1.7% | 39 | TRIM -13.0% | 13F |
| Parker Investment Management, LLC | $12.9 Mil | 2.0% | 37 | ADD +35.9% | 13F |
| Matthew 25 Management Corp | $12.5 Mil | 4.2% | 20 | New | 13F |
| Elite Wealth Management, Inc. | $9.6 Mil | 3.1% | 49 | TRIM -8.1% | 13F |
| Ithaka Group LLC | $9.5 Mil | 2.0% | 38 | Hold | 13F |
| Science & Technology Partners, L.P. | $7.5 Mil | 2.0% | 42 | New | 13F |
| Westwood Wealth Management | $6.3 Mil | 2.5% | 42 | New | 13F |
| Ratan Capital Management LP | $5.5 Mil | 2.0% | 37 | New | 13F |
| Proem Advisors LLC | $5.2 Mil | 1.7% | 29 | New | 13F |
PLTR Trade Sentinel
Constructive
CONVICTION RATIONALE
Palantir is in a state of hypergrowth, with U.S. commercial revenue accelerating to 149% year-over-year, driven by its AI platform. This growth is highly profitable, with operating margins expanding to 42.8%. While the competitive threat from large technology companies is significant, current momentum and a backlog up 83% year-over-year support a constructive outlook.
STOCK ARCHETYPE
Enterprise Software Platform(Number of Customers) x (Average Contract Value), with a heavy emphasis on expanding contract value within existing customers. Operating leverage from scaling high-margin software revenue over a relatively fixed R&D and G&A cost base.
INVESTMENT THESIS
Evidence suggests Palantir has hit an inflection point, capturing massive enterprise AI demand and translating it into accelerating, high-margin growth.
- Q2 revenue growth accelerated to a record 93% year-over-year.
- U.S. Commercial revenue growth accelerated to 149% year-over-year in Q2.
- Net dollar retention accelerated to 157% in the latest quarter.
- Remaining Performance Obligations grew 103% year-over-year to $4.9 billion.
- Full-year 2026 U.S. commercial revenue guidance was raised to at least 134% growth.
PRIMARY RISK
Incumbents like Microsoft are not ceding the market, but are leveraging their massive scale and distribution to directly counter Palantir's model, potentially capping growth and compressing margins.
- Microsoft launched a 6,000-person organization to replicate Palantir's deployment model.
- Microsoft's R&D spend of $35.6 billion is over 50 times Palantir's.
- Microsoft's revenue is 53.9 times larger than Palantir's, providing immense scale.
- Competitors have substantially greater financial and technical resources.
- Microsoft is now actively marketing its own 'Sovereign Cloud' solutions.
| KPI | Status | Rationale |
|---|---|---|
| U.S. Commercial Revenue Growth | 149% year-over-year growth for the second quarter of 2026 - Accelerating | The company's U.S. commercial segment is experiencing a period of hyper-growth, with the latest quarter's 149% YoY growth representing a significant acceleration from the prior quarter. Management attributes this momentum to insatiable demand for its Artificial Intelligence Platform (AIP) and what it terms "AI sovereignty." |
| Net Dollar Retention (NDR) | 157% for the second quarter of 2026 - Accelerating | Net Dollar Retention has shown strong and consistent acceleration over the past three quarters, increasing from 139% to 150% and now 157%. This indicates the company is not only retaining customers but is expanding its revenue from them at a rapidly increasing rate, a sign of strong product adoption and upselling. |
| Total TCV Bookings | $3.4 billion (Q2 2026) | Indicates the total value of contracts signed during the period, reflecting sales momentum and future revenue potential. |
| U.S. Commercial TCV Bookings | $2.132 billion (Q2 2026) | Measures sales momentum in the company's fastest-growing and most strategic market segment, reflecting demand for its AI platforms. |
| Total Remaining Deal Value (TRDV) | $13.1 billion (As of Q2 2026) | Represents the total value of contracts that have not yet been recognized as revenue, providing long-term visibility into the business. |
Product Edge vs. Distribution Scale
BULL VIEW
Palantir's specialized platform for mission-critical AI is winning head-to-head, driving 149% U.S. commercial growth that hyperscalers' general-purpose tools cannot match in complex environments.
CORE TENSION
Can Palantir's product-led 149% growth offset Microsoft's new 6,000-person force and 50x larger R&D budget, which the market has not yet priced in?
PREVAILING SENTIMENT
The latest evidence favors the bull case. Palantir's growth is accelerating, and leading indicators like its $13.1 billion in total remaining deal value are strengthening.
BEAR VIEW
Microsoft's launch of a 6,000-person deployment force and its massive enterprise sales channel will neutralize Palantir's go-to-market advantage and commoditize the offering over time.
| Timeline | Event & Metric To Watch |
|---|---|
Q3 2026 | Third Quarter Results Watch: Company guidance for Q3 2026 projects revenue between $2.16 billion and $2.164 billion. |
10/21/2026 | IBM Earnings Report Watch: Peer International Business Machines (IBM) is scheduled to report earnings. |
10/27/2026 | Peer AI Narrative Shift Watch: Peer commentary on enterprise AI adoption, AI sovereignty, and success with their own integrated platforms, challenging Palantir's uniqueness. |
10/28/2026 | Amazon Earnings Report Watch: Peer Amazon.com (AMZN) is scheduled to report earnings. |
11/2/2026 | Elevated Earnings Expectations Watch: Any deceleration in U.S. commercial growth or total revenue growth versus the extremely high Q2 2026 results. |
No set date | UK Regulatory Scrutiny Watch: Official statements or rulings from UK regulators (e.g., Office for Statistics Regulation) or the NHS regarding the FDP contract. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-03 | Q2 Earnings Beat and Raise Details: Reported Q2 revenue growth of 93% and raised full-year 2026 revenue guidance to 82% growth. The stock reacted with a 32.0% two-day gain. | +32.2% $123.06 -> $162.66 |
2026-06-29 | NVIDIA Sovereign AI Partnership Details: Palantir announced a strategic initiative with NVIDIA to deliver an engine for running NVIDIA AI and Nemotron open models in sovereign environments, focusing on government agencies. | +3.3% $112.93 -> $116.67 |
2026-06-22 | US Army NGC2 Role Secured Details: The company announced it secured a foundational role in the U.S. Army's Next Generation Command and Control (NGC2) common data layer baseline. | -9.2% $128.47 -> $116.70 |
2026-05-04 | Q1 Earnings Report and Reaction Details: The company reported 85% revenue growth and raised full-year guidance to 71% growth, yet the stock reacted negatively with a two-day change of -6.0%. | -5.7% $144.07 -> $135.91 |
2026-04-28 | Cleveland-Cliffs AI Partnership Details: The company announced a multi-year strategic partnership with Cleveland-Cliffs to deploy its AI platform across the steelmaker's operations. | -3.6% $143.10 -> $137.97 |
2026-03-24 | Maven AI Becomes Program of Record Details: News reports in March indicated that Palantir's Maven AI became a Pentagon program of record, a move seen as securing long-term, budgeted government contracts and deeper military integration. | -3.7% $160.84 -> $154.96 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: PLTR trades at roughly 54% annualized options-implied volatility versus about 13% for the S&P 500 (4.1x the market), around the 81st percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
MSFT - Microsoft
Scale & Distribution PlayMicrosoft offers exposure to enterprise AI through a much larger, more diversified business with a massive, pre-existing global sales force and a trailing-twelve-month operating margin of 46.8%.
AMZN - Amazon.com
Infrastructure & Flexibility PlayAmazon Web Services provides the foundational cloud infrastructure and the widest array of tools, allowing customers to build custom AI solutions rather than buying a single integrated platform.
Palantir is an enterprise AI infrastructure company whose unique technology (Ontology) and deployment model (FDEs) create a powerful moat, allowing it to capture the immense value of turning AI hype into operational reality.
The company has successfully leveraged its two-decade history in government to pivot into the commercial sector, where its AIP platform is now seen as the essential 'no-slop zone' for enterprises to deploy AI safely and effectively. This has unlocked explosive, triple-digit growth in its key U.S. commercial segment. Palantir's core thesis is that it provides 'AI sovereignty,' allowing customers to own their data and AI-driven advantages, a direct contrast to models that absorb customer IP for training.
Continued triple-digit growth in U.S. Commercial revenue, announcements of major enterprise-wide expansion deals, and evidence of displacing legacy software vendors within customer accounts.
A sharp deceleration in U.S. Commercial growth, management commentary about lengthening sales cycles, or the emergence of a viable competitor with a similar ontology-based approach.
Public or political debates about the company's government work that do not directly impact contract awards or renewals.
Repricing Catalyst
The market's realization that Palantir's AIP platform is a key enabler for enterprise AI, which led to an 'unprecedented' 93% year-over-year revenue growth in Q2 2026 and a massive upward revision to full-year guidance.
Government
$3.2B TTM (52% of Total) · 110% MarginWhat It Is
Sells software platforms, including Palantir Gotham, to U.S. and allied government agencies for defense, intelligence, and civilian functions. The software enables users to integrate data from various sensors and sources to improve situational awareness and accelerate operational decision-making.
Who Pays & How
U.S. and allied government agencies write the checks to gain a decisive advantage and operational superiority. They use the platforms for mission-critical tasks, from counterterrorism to modernizing command and control, relying on Palantir's battle-tested AI capabilities.
Competition
Commercial
$2.9B TTM (48% of Total) · 110% MarginWhat It Is
Sells the Palantir Foundry and AIP platforms to commercial institutions across industries like manufacturing, healthcare, finance, and energy. The software creates a central operating system for their data, logic, and operations.
Who Pays & How
Large commercial enterprises pay to integrate their disparate data systems and deploy AI to redefine how they compete, streamline processes, and create new efficiencies. They choose Palantir to convert AI potential into tangible economic value within a secure, controlled "no-slop zone" that protects their proprietary data.
Competition
Palantir Technologies — Investor Video Playlist








Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
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| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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