Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform. It also offers Palantir Foundry, a platform that transforms the ways organizations operate by creating a central operating system for their data; and allows individual users to integrate and analyze the data they need in one place. In addition, it provides Palantir Apollo, a software that delivers software and updates across the business, as well as enables customers to deploy their software virtually in any environment; and Palantir Artificial Intelligence Platform (AIP) that provides unified access to open-source, self-hosted, and commercial large language models (LLM) that can transform structured and unstructured data into LLM-understandable objects and can turn organizations' actions and processes into tools for humans and LLM-driven agents. The company was incorporated in 2003 and is headquartered in Denver, Colorado.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	1,905.9	2,225	2,865.5	4,406.2	6,191.5	8,472.6	8,472.6	8,472.6
Revenue % Chg.	23.6%	16.7%	28.8%
EBIT	-161.2	120	310.4	2,152	3,045.8	4,311	4,311	4,311
EBIT Margin	-8.5%	5.4%	10.8%
Tax Rate	-2.8%	8.3%	4.3%
NOPAT	-165.7	110	296.9	1,658.9	2,345.7	3,325.9	3,325.9	3,325.9
NOPAT Margin	-8.7%	4.9%	10.4%	37.6%	37.9%	39.3%	39.3%	39.3%
D&A	22.5	33.4	31.6	30.4	38.9	72.8	72.8	72.8
D&A / Revenue	1.2%	1.5%	1.1%
Capex	-40	-15.1	-12.6	-31.8	-45.7	-65.4	-65.4	-65.4
Capex / Revenue	-2.1%	-0.7%	-0.4%
Chg. NWC	-261.2	6.2	-70.1	-233.1	-327.6	-448.3	-448.3	-448.3
Chg. NWC / Revenue	-13.7%	0.3%	-2.4%
Unlevered FCF (UFCF)	-444.4	134.5	245.8	1,424.4	2,011.3	2,885	2,885	2,885
UFCF % Chg.	-15.8%	-130.3%	82.8%	479.5%	41.2%	43.4%	—	—
PV of UFCF	—	—	—	1,310.2	1,701.8	2,245.3	2,065.3	1,899.8
Sum of PV of UFCF	—	—	—	1,310.2	3,011.9	5,257.3	7,322.6	9,222.4

Cost of Debt
Tax Rate
After Tax Cost of Debt	—
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	239.2
Market Cap	437,527.4
Total Capital	437,766.6
Debt Weighting	0.1%
Equity Weighting	99.9%
WACC	8.7%

Exit Multiple EV/FCF
Terminal Value	431,422.8
PV of Terminal Value	261,312.8
Cumulative PV of UFCF	9,222.4
Net Debt	-6,202.4
Equity Value	276,737.5
Shares Outstanding	2,383.4
Implied Share Price	116.1
Current Share Price	183.6
Implied Upside / (Downside)	-36.7%