Palantir Technologies Inc.

NasdaqGS-PLTR

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Stock Price	177.6	75.6	17.2	6.4	18.2	23.6
Total Shares Outstanding	2,383.4	2,338.8	2,200.1	2,099.1	2,027.5	1,792.1
Market Cap	423,393.6	176,883.1	37,776.2	13,476.1	36,920.3	42,204.9
Total Enterprise Value (TEV)	417,289.1	171,983.4	34,416.8	11,168.9	34,655.5	40,650.4
Buyback Yield	-0.1%	-0.4%	-0.6%	-0.6%	-1.4%	-2.9%
Debt Paydown Yield	—	—	—	—	0.5%	0.5%
Shareholder Yield	-0.1%	-0.4%	-0.6%	-0.6%	-0.8%	-2.5%
P/S	108.7	61.7	17	7.1	23.9	38.6
P/Gross Profit	134.5	76.9	21.1	9	30.7	57
P/E	423	398.1	190.8	-35.7	-67.4	-19.6
Earnings Yield	0.2%	0.3%	0.5%	-2.8%	-1.5%	-5.1%
P/OCF	233	153.3	53	60.2	110.6	-142.3
P/FCF	236	155	54.2	73.4	114.9	-136.7
FCF Yield	0.4%	0.6%	1.8%	1.4%	0.9%	-0.7%
P/B	64.2	35.4	10.9	5.3	16.1	27.7
EV/Sales	107.1	60	15.5	5.9	22.5	37.2
EV/Gross Profit	132.5	74.8	19.2	7.5	28.8	54.9
EV/EBITDA	476.5	502.9	224.5	-80.5	-87.5	-35
EV/EBIT	491.1	554.1	286.9	-69.3	-84.3	-34.6
EV/OCF	229.6	149	48.3	49.9	103.8	-137.1
EV/FCF	232.6	150.7	49.4	60.8	107.9	-131.6

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Gross Profit Margin	80.8%	80.2%	80.6%	78.6%	78%	67.7%
Operating Margin	21.8%	10.8%	5.4%	-8.5%	-26.7%	-107.4%
EBITDA Margin	22.5%	11.9%	6.9%	-7.3%	-25.7%	-106.1%
Net Profit Margin	28.2%	16.3%	9.8%	-19.5%	-33.7%	-106.7%
Effective Tax Rate	1.5%	4.3%	8.3%	-2.8%	-6.5%	1.1%
Pre-Tax Profit Margin	28.7%	17.1%	10.7%	-18.9%	-31.7%	-107.9%
Free Cash Flow Margin	46%	39.8%	31.3%	9.6%	20.8%	-28.3%
OCF / Sales	46.6%	40.3%	32%	11.7%	21.7%	-27.1%
OCF / Net Income	165.2%	246.6%	327.6%	-60.3%	-64.2%	25.4%
FCF / OCF	98.7%	98.9%	97.9%	82.1%	96.2%	104.1%
FCF / Net Income	163.1%	243.9%	320.7%	-49.5%	-61.7%	26.5%
FCF / EBITDA	204.8%	333.7%	454.6%	-132.5%	-81.1%	26.6%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Return on Invested Capital	66.5%	31.8%	13.1%	-20.7%	-52.3%	-129.6%
Return on Assets	11.6%	5.5%	2.8%	-4.9%	-14.7%	-54.2%
Return on Equity	18.7%	10.8%	7%	-15%	-27.3%	-139.8%
Return on Total Capital	249.4%	91.4%	34.1%	-56.1%	-121.5%	-77.9%
Return on Capital Employed	12.3%	6.8%	3.6%	-5.9%	-17.6%	-79.5%
Return on Tangible Assets	13.6%	8.6%	5.4%	-11.1%	-17.5%	-54.4%
Receivables Turnover	4.9	6.1	7.1	8.5	8.9	10.5
Days Sales Outstanding	74.1	59.9	51.1	43	41.2	34.6
Payables Turnover	22.1	92.6	15.2	6.8	7.4	10.4
Days Payables Outstanding	16.5	3.9	24.1	53.5	49.1	35.2
Cash Conversion Cycle	57.6	55.9	27	-10.4	-7.9	-0.6
Asset Turnover	0.5	0.5	0.6	0.6	0.5	0.5
Fixed Asset Turnover	15.9	12.2	8.9	7.4	6.2	7.9
Operating Cycle	74.1	59.9	51.1	43	41.2	34.6
CapEx to OCF	0	0	0	0.2	0	-0
CapEx to Revenue	0	0	0	0	0	0
CapEx to Depreciation	0.9	0.4	0.5	1.8	0.8	0.9

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	235.4	239.2	229.4	249.4	260.1	456.9
Net Debt	-6,202.4	-4,990.8	-3,444.8	-2,384.3	-2,264.8	-1,554.5
Current Ratio	6.4	6	5.5	5.2	4.3	3.7
Quick Ratio	6.3	5.8	5.4	4.9	4.1	3.6
Cash Ratio	5.5	5.3	4.9	4.5	3.8	3.3
Debt Ratio	0	0	0.1	0.1	0.1	0.2
Assets to Equity	1.2	1.2	1.3	1.3	1.4	1.8
Cash Flow to Debt Ratio	7.7	4.8	3.1	0.9	1.3	-0.6
Long-term Debt to Assets	0	0	0	0.1	0.1	0.2
Net Current Asset Value	6,062.7	4,596.7	3,091.8	2,145.7	1,906.8	1,089.5
Debt / Equity	0	0	0.1	0.1	0.1	0.3
Total Debt / Capitalization	0.7	0.7	0.7	0.8	1	1
Long Term Debt / Capitalization	0.6	0.6	0.6	0.6	0.8	0.9
Long-Term Debt / Equity	0	0	0	0.1	0.1	0.3
Net Debt / EBITDA	-7.1	-14.6	-22.5	17.2	5.7	1.3
EBIT / Interest Expense	—	—	—	—	-112.9	-83
EBITDA / Interest Expense	—	—	—	—	-108.8	-82
(EBITDA - Capex) / Interest Expense	—	—	—	—	-112.3	-82.9

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Revenue per Share	1.5	1.2	1	0.9	0.8	1.1
Basic EPS	0.5	0.2	0.1	-0.2	-0.3	-1.2
Diluted EPS	0.4	0.2	0.1	-0.2	-0.3	-1.2
Book Value per Share	2.6	2	1.5	1.2	1.2	1.6
Tangible Book Value per Share	2.6	2	1.5	1.2	1.2	1.6
Cash per Share	2.5	2.1	1.6	1.3	1.3	2.1
Operating Cash Flow per Share	0.7	0.5	0.3	0.1	0.2	-0.3
Free Cash Flow per Share	0.7	0.5	0.3	0.1	0.2	-0.3
CapEx per Share	0	0	0	0	0	0
Weighted Avg. Shares Outstanding	2,349	2,250.2	2,147.4	2,063.8	1,923.6	977.7
Weighted Avg. Shares Outstanding Diluted	2,553.8	2,450.8	2,297.9	2,063.8	1,923.6	979.3

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
R&D to Revenue	15%	17.7%	18.2%	18.9%	25.1%	51.3%
SG&A to Revenue	44%	51.7%	57%	68.1%	79.5%	123.8%
Stock-based Comp to Revenue	19.7%	24.1%	21.4%	29.6%	50.5%	116.3%