# Palantir Technologies Inc. (PLTR)

> Source: Nexqual · https://nexqual.com/PLTR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Palantir Technologies Inc. (PLTR), nexqual.com/PLTR" · informational, not investment advice.

**Price:** USD 196.19 (-2.74% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 201.72 · day 194.54–202.63 · 52w 106.37–212.94 · market cap $471B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.16B, net income $3.02B (49.0% margin), free cash flow $3.36B (SEC filings).
- Valuation: P/E 156.3x (avg 289.9x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold PLTR (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 25 Form 4 filings, $266M; 5 not under a Rule 10b5-1 plan ($125M); 1 by opportunistic insiders (0 outside 10b5-1 plans), 21 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.45 on a 1–5 scale) (31 analysts), mean target USD 206.62 (range 80–265).
- Total return with dividends: 1Y +8.7% vs S&P 500 +14.9%; 5Y +703.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.41, revenue estimate $2.18B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.54B | $1.91B | $2.23B | $2.87B | $4.48B | $6.16B |
| Gross profit | $1.20B | $1.50B | $1.79B | $2.30B | $3.69B | — |
| Operating income | -$411M | -$161M | $120M | $310M | $1.41B | $2.63B |
| Net income | -$520M | -$374M | $210M | $462M | $1.63B | $3.02B |
| EPS (diluted) | -$0.27 | -$0.18 | $0.09 | $0.19 | $0.63 | — |
| Free cash flow | $321M | $184M | $697M | $1.14B | $2.10B | $3.36B |
| Gross margin | 78.0% | 78.6% | 80.6% | 80.2% | 82.4% | — |
| Operating margin | -26.7% | -8.5% | 5.4% | 10.8% | 31.6% | 42.8% |
| Net margin | -33.7% | -19.6% | 9.4% | 16.1% | 36.3% | 49.0% |
| Revenue growth | +41.1% | +23.6% | +16.7% | +28.8% | +56.2% | — |
| Cash + short-term investments | $2.52B | $2.63B | $3.67B | $5.23B | $7.18B | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 156.3x · P/S 76.6x · P/FCF 140.4x · P/B 48.2x · FCF yield 0.71% · Earnings yield 0.64%
P/E at fiscal year-ends: Dec 2025 280.6x, Dec 2024 401.0x, Dec 2023 188.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold PLTR (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Duan Yongping | H&H International Investment | 0.04% | $7.0M | Unchanged | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.03% | $330K | Reduced -14.5% | Q3 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
20 of 25 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 | Moore Alexander D. | Director | 16,000 | $3.2M | 1.5% | Yes | Routine (sold in Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-10-09 | Woersching Eric H. | Director | 1,000 | $205K | 22.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-08 | Stat Lauren Elaina Friedman | Director | 5,026 | $1.0M | 4.9% | Yes | Routine (sold in Jan & Sep each year 2023–2025; this trade is outside those months) |
| 2026-10-08 | Taylor Ryan D. | See Remarks | 18,000 | $3.6M | 6.2% | Yes | Routine (sold in May & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-10-01 | Stat Lauren Elaina Friedman | Director | 1,337 | $254K | 1.3% | Yes | Routine (sold in Jan & Sep each year 2023–2025; this trade is outside those months) |
| 2026-09-15 | Moore Alexander D. | Director | 16,000 | $2.8M | 1.5% | Yes | Routine (sold in Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-09-01 | Stat Lauren Elaina Friedman | Director | 1,342 | $245K | 1.3% | Yes | Routine (sold in Jan & Sep each year 2023–2025) |
| 2026-08-20…2026-08-21 | Buckley Jeffrey | See Remarks | 3,305 | $577K | 5.5% | Yes | Too little history (no open-market trades in 2024) |
| 2026-08-20 | Karp Alexander C. | See Remarks | 492,348 | $86.1M | 7.1% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-17 | Moore Alexander D. | Director | 16,000 | $2.8M | 1.5% | Yes | Routine (sold in Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-06 | Sankar Shyam | See Remarks | 35,000 | $5.4M | 2.7% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-05 | Stat Lauren Elaina Friedman | Director | 3,032 | $500K | 2.8% | Yes | Routine (sold in Jan & Sep each year 2023–2025; this trade is outside those months) |
| 2026-07-15 | Moore Alexander D. | Director | 16,000 | $2.1M | 1.4% | Yes | Routine (sold in Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-07-02 | Sankar Shyam | See Remarks | 185,000 | $24.1M | 13% | Yes | Routine (sold in Feb & May & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | Moore Alexander D. | Director | 16,000 | $2.1M | 1.4% | Yes | Routine (sold in Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-06-11 | Buckley Jeffrey | See Remarks | 1,481 | $191K | 2.4% | Yes | Too little history (no open-market trades in 2024) |
| 2026-05-29…2026-06-01 | Stat Lauren Elaina Friedman | Director | 3,265 | $506K | 3% | Yes | Routine (sold in Jan & Sep each year 2023–2025; this trade is outside those months) |
| 2026-05-20…2026-05-22 | Buckley Jeffrey | See Remarks | 2,542 | $347K | 4% | Yes | Too little history (no open-market trades in 2024) |
| 2026-05-20 | Glazer David A. | See Remarks | 17,128 | $2.3M | 4.4% | No | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-05-20 | Taylor Ryan D. | See Remarks | 19,662 | $2.7M | 9% | No | Routine (sold in May & Aug & Nov each year 2023–2025) |
% 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 2.45 on a 1–5 scale), 31 analysts; mean target USD 206.62 (low 80, high 265).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Citigroup | Target raised | Buy | $245 → $250 |
| 2026-10-15 | Mizuho | Target raised | Outperform | $215 → $245 |
| 2026-10-09 | Barclays | Initiated | Overweight | $265 |
| 2026-10-08 | Goldman Sachs | Upgrade | Neutral → Buy | $230 |
| 2026-09-23 | Rosenblatt | Maintained | Buy | $225 |
| 2026-09-15 | UBS | Target raised | Buy | $220 → $250 |
| 2026-09-11 | DA Davidson | Target raised | Buy | $200 → $250 |
| 2026-09-11 | Rosenblatt | Maintained | Buy | $225 |
| 2026-08-04 | UBS | Target raised | Buy | $200 → $220 |
| 2026-08-04 | Mizuho | Target raised | Outperform | $185 → $215 |
| 2026-08-04 | Citigroup | Target raised | Buy | $200 → $245 |
| 2026-08-04 | DA Davidson | Target raised | Buy | $175 → $200 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.7% | +703.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.7% | +51.5% |
| Volatility (annualized) | 59.4% | 65.9% |
| Max drawdown | -48.2% (Nov 2025→Jun 2026) | -75.8% (Nov 2021→Dec 2022) |

## Peers (Software - Infrastructure)
ORCL (Oracle Corporation) USD 125.54 -2.78% · PANW (Palo Alto Networks, Inc.) USD 354.92 +2.21% · CRWD (CrowdStrike Holdings, Inc.) USD 237.94 -0.58% · FTNT (Fortinet, Inc.) USD 172.98 -0.61% · NET (Cloudflare, Inc.) USD 303.61 -1.18% · SNPS (Synopsys, Inc.) USD 422.48 -6.36%

## More
Full page: https://nexqual.com/PLTR · 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 PLTR's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1321655/000132165526000011/pltr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "We depend on computing infrastructure operated by Amazon Web Services ("AWS"), Microsoft, and other third parties to support some of our customers and any errors, disruption, performance problems, or failure in their or …" |
| Supplier | Microsoft (MSFT) | "We depend on computing infrastructure operated by Amazon Web Services ("AWS"), Microsoft, and other third parties to support some of our customers and any errors, disruption, performance problems, or failure in their or …" |
| Supplier | Fujitsu | "For example, we, through Palantir Technologies Japan KK, entered into a strategic global partnership with Fujitsu Limited through which the parties will incorporate the capabilities of Foundry and AIP as a key element in…" |
| Customer | Further | "Further, if we are not able to recruit, hire, or retain the talent we need because of increased regulation of immigration or work visas, including limitations placed on the number of visas granted, changes to application…" |

Other companies that name PLTR in their own reports (relationship from PLTR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Celularity Inc (CELU) | 10-K 2026-04-30 | "years for access to Palantir's Foundry platform" |
| competitor | Veritone, Inc. (VERI) | 10-K 2026-04-15 | "The market for AI-enabled solutions is rapidly evolving and highly competitive, and we face competition from various sources, including large, well-capitalized technology companies such as Google, Mic…" |
| partner | AIRO Group Holdings, Inc. (AIRO) | 10-K 2026-03-31 | "For example, our Sky-Watch brand has critical partnerships with companies such as Palantir and Helsing that have" |
| partner | Ondas Inc. (ONDS) | 10-K 2026-03-30 | "entered a strategic partnership between Palantir, the Company and World View." |
| competitor | Cognyte Software Ltd. (CGNT) | 20-F 2026-03-25 | "Our global and regional large security competitors include, among others, BAE, Cleartrail, DataWalk, Elbit, L3/Harris, Palantir, Rohde Schwarz and Thales." |
| competitor | ELBIT SYSTEMS LTD (ESLT) | 20-F 2026-03-17 | "We compete with companies that are active in the deep-tech / defense-tech field, such as Anduril Industries, Palantir Technologies, Shield AI, Helsing, Kela AI Systems and Ondas." |
| partner | Stagwell Inc (STGW) | 10-K 2026-03-13 | "We have made investments to develop new marketing services products and technologies, including The Machine, our Palantir partnership, products at The Marketing Cloud and other marketing data, campaig…" |
| partner | SURF AIR MOBILITY INC. (SRFM) | 10-K 2026-03-12 | "Depth: we have deep – and unique – ties across the industry with exclusive relationships with Textron Aviation, manufacturer of the Cessna Caravan aircraft that we operate, and with Palantir Technolog…" |
| partner | Voyager Technologies, Inc./TX (VOYG) | 10-K 2026-03-10 | "We intend to operate Starlab through Starlab Space LLC ("Starlab JV"), a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi, MDA Sp…" |
| partner | Rackspace Technology, Inc. (RXT) | 10-K 2026-03-06 | "•engaging in strategic partnerships, such as Palantir Technologies to advance our AI offerings." |
| competitor | PC CONNECTION INC (CNXN) | 10-K 2026-02-24 | "As we continue to expand and mature our AI services, we compete with other companies that develop and deliver on bespoke AI projects, such as Palantir and Scale.ai." |
| competitor | Rimini Street, Inc. (RMNI) | 10-K 2026-02-19 | "We believe our primary competitors for our Rimini Agentic UX solutions are Oracle and SAP, as well as global systems integrators such as Accenture, IBM, Wipro, Capgemini and DXC, agentic AI platform p…" |
| partner | LEAR CORP (LEA) | 10-K 2026-02-13 | "We are leveraging our internal capabilities through strategic partnerships (e.g., Palantir Technologies, Inc. ("Palantir")) and acquisitions to rapidly develop and deploy automation and AI solutions." |
| partner | L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) | 10-K 2026-02-12 | "We also collaborate with innovative partners, such as our strategic partnerships with Palantir Technologies, Shield Capital, Anduril and Amazon Kuiper to develop new capabilities to meet the demands o…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Government | $990.0M | 51.2% | +79.0% |
| Commercial | $945.4M | 48.8% | +109.8% |
| Total revenue | $1.94B | 100% | — |

## Company outlook (8-K filed 2026-08-03)

- "Guidance to 82% Y/Y Growth and U.S."
- "Comm Revenue Guidance to 134% Y/Y, Crushing Consensus Expectations 8/3/2026 MIAMI — (BUSINESS WIRE) — Palantir Technologies Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.41 | $0.37 | +10.3% | $2.18B | 24 |
| Next quarter (ends 2026-12-31) | $0.46 | $0.42 | +10.1% | $2.46B | 24 |
| Current fiscal year (ends 2026-12-31) | $1.62 | $1.48 | +9.7% | $8.22B | 29 |
| Next fiscal year (ends 2027-12-31) | $2.35 | $2.09 | +12.2% | $12.33B | 29 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-02): ±12.9%; earnings reaction alone ±9.7%; last 8 reports averaged ±15.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 52.6% | ±6.3% |
| 2026-11-06 | 14 | 79.4% | ±12.9% |
| 2026-11-13 | 21 | 71.0% | ±14.0% |
| 2026-11-20 | 28 | 66.1% | ±14.9% |
| 2026-11-27 | 35 | 62.1% | ±15.6% |
| 2026-12-04 | 42 | 60.2% | ±16.6% |
| 2026-12-18 | 56 | 57.8% | ±18.3% |
| 2027-01-15 | 84 | 54.9% | ±21.2% |