# Planet Labs PBC (PL)

> Source: Nexqual · https://nexqual.com/PL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Planet Labs PBC (PL), nexqual.com/PL" · informational, not investment advice.

**Price:** USD 13.08 (-4.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.71 · day 12.87–13.59 · 52w 10.52–51.76 · market cap $4.76B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $378M, net income -$360M (-95.1% margin), free cash flow $24.7M (SEC filings).
- 1 of 80 tracked superinvestors hold PL (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $32.0M; 1 not under a Rule 10b5-1 plan ($7.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (12 analysts), mean target USD 30.27 (range 17–50).
- Total return with dividends: 1Y +1.0% vs S&P 500 +14.9%; 5Y +30.9% vs S&P 500 +80.3%.
- Next earnings: 2026-09-03, EPS estimate USD -0.03, revenue estimate $104M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $131M | $191M | $221M | $244M | $308M | $378M |
| Gross profit | $48.2M | $94.0M | $113M | $140M | $172M | — |
| Operating income | -$128M | -$176M | -$170M | -$116M | -$95.1M | -$103M |
| Net income | -$137M | -$162M | -$141M | -$123M | -$247M | -$360M |
| EPS (diluted) | -$1.72 | -$0.61 | -$0.50 | -$0.42 | -$0.80 | — |
| Free cash flow | -$52.5M | -$84.4M | -$88.7M | -$58.7M | $57.6M | $24.7M |
| Gross margin | 36.8% | 49.2% | 51.2% | 57.2% | 56.1% | — |
| Operating margin | -97.6% | -91.9% | -76.9% | -47.5% | -30.9% | -27.2% |
| Net margin | -104.5% | -84.7% | -63.7% | -50.4% | -80.2% | -95.1% |
| Revenue growth | +15.9% | +45.8% | +15.4% | +10.7% | +25.9% | — |
| Cash + short-term investments | $491M | $409M | $299M | $222M | $640M | — |
| Total debt | $0K | — | — | $0K | $447M | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 12.6x · EV/Sales 11.5x · P/FCF 192.9x · P/B 8.4x · FCF yield 0.52% · Earnings yield -7.56% · Net cash $417M · EV $4.34B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.04% | $4.9M | Reduced -30.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
14 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Robinson Kristen | Director | 40,000 | $566K | 17.4% | Yes (adopted January 22, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-13 | Raymond John W | Director | 6,494 | $99K | 14.9% | Yes (adopted January 22, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-01 | Brennan Ita M | Director | 11,500 | $187K | 4.4% | Yes (adopted January 14, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-17 | Johnson Ashley F. | President & CFO | 55,663 | $944K | 3.5% | Yes (adopted April 23, 2026) | Too little history (no open-market trades in 2025) |
| 2026-09-17 | Schingler Robert H | Co-Founder Chief Strategy Off. | 52,240 | $886K | 5.5% | Yes (adopted April 23, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-23 | Johnson Ashley F. | President & CFO | 110,028 | $2.4M | 6.1% | Yes (adopted April 23, 2026) | Too little history (no open-market trades in 2025) |
| 2026-07-15 | Robinson Kristen | Director | 37,107 | $930K | 13.9% | Yes (adopted January 22, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-13 | Raymond John W | Director | 6,494 | $170K | 13% | Yes (adopted January 22, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-10 | Schingler Robert H | Co-Founder Chief Strategy Off. | 89,593 | $2.3M | 7.9% | Yes (adopted July 14, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-10 | Marshall William Spencer | Co-Founder and CEO | 200,000 | $5.2M | 6.9% | Yes (adopted July 12, 2025) | Too little history (no open-market trades in 2024) |
| 2026-07-01 | Brennan Ita M | Director | 11,500 | $379K | 4.4% | Yes (adopted January 14, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-15 | Brennan Ita M | Director | 36,500 | $1.2M | 12.1% | Yes (adopted January 14, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-06 | Schingler Robert H | Co-Founder Chief Strategy Off. | 73,683 | $2.6M | 5.6% | Yes (adopted July 14, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-06 | Marshall William Spencer | Co-Founder and CEO | 200,000 | $7.0M | 5.9% | Yes (adopted July 12, 2025) | Too little history (no open-market trades in 2024) |
| 2026-04-02 | Johnson Ashley F. | President & CFO | 200,000 | $7.0M | 9.5% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 12 analysts; mean target USD 30.27 (low 17, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Morgan Stanley | Target lowered | Equal-Weight | $35 → $19 |
| 2026-10-09 | Barclays | Initiated | Equal-Weight | $17 |
| 2026-09-04 | Citizens | Reiterated | Market Perform |  |
| 2026-09-04 | Needham | Target lowered | Buy | $53 → $40 |
| 2026-07-14 | Goldman Sachs | Target raised | Neutral | $22 → $25 |
| 2026-07-01 | Wedbush | Reiterated | Outperform | $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.0% | +30.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.0% | +5.5% |
| Volatility (annualized) | 91.5% | 80.0% |
| Max drawdown | -74.5% (May 2026→Oct 2026) | -84.7% (Nov 2021→Apr 2024) |

## Peers (Aerospace & Defense)
KTOS (Kratos Defense & Security Solut) USD 38.27 -1.21% · SARO (StandardAero, Inc.) USD 21.72 +1.26% · CAE (CAE Inc) USD 25.02 +2.08% · DRS (Leonardo DRS, Inc.) USD 34.3 +1.06% · MOG-A (Moog Inc.) USD 341.71 -6.96% · HII (Huntington Ingalls Industries, ) USD 278.86 +1.79%

## More
Full page: https://nexqual.com/PL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PL's own 10-K filed 2026-03-23 (https://www.sec.gov/Archives/edgar/data/1836833/000119312526119957/pl-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | SpaceX | "There are also a limited number of suppliers able to launch our satellites, including ArianeSpace SA, Blue Origin, LLC, Firefly Aerospace Inc., ISAR Aerospace Technologies Inc., Mitsubishi Heavy Industries, Ltd., NewSpac…" |
| Supplier | Blue Origin | "There are also a limited number of suppliers able to launch our satellites, including ArianeSpace SA, Blue Origin, LLC, Firefly Aerospace Inc., ISAR Aerospace Technologies Inc., Mitsubishi Heavy Industries, Ltd., NewSpac…" |
| Supplier | Firefly Aerospace Inc. (FLY) | "There are also a limited number of suppliers able to launch our satellites, including ArianeSpace SA, Blue Origin, LLC, Firefly Aerospace Inc., ISAR Aerospace Technologies Inc., Mitsubishi Heavy Industries, Ltd., NewSpac…" |
| Supplier | ISAR Aerospace Technologies | "There are also a limited number of suppliers able to launch our satellites, including ArianeSpace SA, Blue Origin, LLC, Firefly Aerospace Inc., ISAR Aerospace Technologies Inc., Mitsubishi Heavy Industries, Ltd., NewSpac…" |
| Supplier | Mitsubishi Heavy Industries | "There are also a limited number of suppliers able to launch our satellites, including ArianeSpace SA, Blue Origin, LLC, Firefly Aerospace Inc., ISAR Aerospace Technologies Inc., Mitsubishi Heavy Industries, Ltd., NewSpac…" |
| Supplier | NewSpace India | "There are also a limited number of suppliers able to launch our satellites, including ArianeSpace SA, Blue Origin, LLC, Firefly Aerospace Inc., ISAR Aerospace Technologies Inc., Mitsubishi Heavy Industries, Ltd., NewSpac…" |
| Supplier | Rocket Lab USA | "There are also a limited number of suppliers able to launch our satellites, including ArianeSpace SA, Blue Origin, LLC, Firefly Aerospace Inc., ISAR Aerospace Technologies Inc., Mitsubishi Heavy Industries, Ltd., NewSpac…" |
| Supplier | Stoke Space Technologies | "(SpaceX), and Stoke Space Technologies, Inc. Increased tariffs on our suppliers' products are expected to increase the cost of manufacturing and deploying our satellites." |
| Partner | Alphabet (Google) (GOOGL) | "These efforts include our technology partnerships, such as with Carbon Mapper and NASA Jet Propulsion Laboratory, our partnerships with Telesat and SES as part of the NASA Communications Services Project ("CSP"), and our…" |
| Competitor | Airbus | "Competition in Earth Observation Satellites and Satellite Services: We see the market for satellite imagery, satellite manufacturing and satellite services and related products and services as mainly divided between incu…" |
| Competitor | Apple (AAPL) | "Existing competitors include (without limitation) Airbus Defense and Space, BlackSky Technology, Inc., ImageSat International N.V., Vantor Holdings, Inc., Intuitive Machines, Inc., Satellogic Inc., and CG Satellite, fore…" |
| Competitor | Microsoft (MSFT) | "Existing competitors include (without limitation) Airbus Defense and Space, BlackSky Technology, Inc., ImageSat International N.V., Vantor Holdings, Inc., Intuitive Machines, Inc., Satellogic Inc., and CG Satellite, fore…" |
| Competitor | Amazon (AMZN) | "In addition, the increase in launch vehicle development along with frequent and routine transport access to space, as well as the new fleets of satellites from companies such as SpaceX, OneWeb and Amazon Leo, may lower b…" |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA | $55.2M | 47.6% | +135.2% |
| North America | $39.0M | 33.6% | +25.5% |
| Asia Pacific & Japan | $19.1M | 16.5% | +18.2% |
| Latin America | $2.7M | 2.4% | +2.5% |
| Total revenue | $116.1M | 100% | — |

## Customer concentration

Period ended 2026-07-31: 17%, 11%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-09-03).

## Company outlook (8-K filed 2026-09-03)

- "For the third quarter of fiscal year 2027, ending October 31, 2026, Planet expects revenue to be in the range of approximately $101 million to $105 million."
- "Non-GAAP gross margin is expected to be in the range of approximately 56% to 58%."
- "Adjusted EBITDA loss is expected to be in the range of approximately ($6) to ($1) million for the quarter."
- "Capital expenditures are expected to be in the range of approximately $30 million and $37 million for the quarter."

Analysts expect $104.4M for the current quarter, +1.4% vs the guidance midpoint $103.0M. Source: https://www.sec.gov/Archives/edgar/data/1836833/000119312526381874/pl-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $-0.03 | $-0.02 | +16.7% | $104.4M | 6 |
| Next quarter (ends 2027-01-31) | $-0.03 | $-0.01 | +86.6% | $123.6M | 6 |
| Current fiscal year (ends 2027-01-31) | $-0.06 | $-0.08 | -32.5% | $437.7M | 8 |
| Next fiscal year (ends 2028-01-31) | $-0.00 | $0.00 | -137.5% | $570.5M | 8 |