{"schemaVersion":1,"research":true,"symbol":"pltr","name":"Palantir Technologies","topic":"moat","path":"/stock/pltr/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:26:38.526Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Palantir has a qualified narrow moat from switching friction associated with integrated operational software, ongoing maintenance and customer training. Substantial expansion within existing customers supports current embeddedness, although replacement costs are not quantified. Growth, cash generation and profitability demonstrate execution, but do not establish a wide moat or isolate realized pricing power. Customer termination rights, competitors' bundling capabilities and dependence on third-party compatibility constrain durability.","advantages":[{"mechanism":"switching_costs","claim":"Integrated platforms, ongoing operational support and customer training create switching friction. Existing-customer expansion provides operating support for this advantage: existing government and commercial customers contributed $774.0 million and $425.2 million, respectively, to 2025 revenue growth. This supports embedded adoption rather than proving contractual lock-in or quantified replacement costs.","durability":"A current, qualified advantage supported by operational integration and repeat demand. Gotham's disclosed operating history exceeds a decade, but the passages do not establish comparable customer tenure, migration difficulty or exceptional future durability. Continued product usefulness and support are necessary to preserve the advantage.","risks":"Larger competitors can bundle functionality or subsidize offerings; third-party compatibility must be maintained. Customers can terminate many contracts for convenience, and expansion may require costly sales efforts. These are credible erosion channels, not evidence that broad customer losses have occurred.","invalidation":"The thesis would weaken materially if existing-customer revenue contracted persistently because of replacements or reduced deployments, customers demonstrated inexpensive migration with little operational disruption, or bundled alternatives caused sustained concessions and displacement. Termination rights alone do not establish that operational switching friction is absent.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A—platform overview; Gotham integration","excerpt":"Gotham integrates with our other platforms, as well as our broader defense offerings, to power a wide array of missions across allied defense and intelligence operations."},{"id":"e2","sourceId":"filing-2","location":"MD&A—platform overview; Apollo operational role","excerpt":"Apollo, which we began offering as a commercial solution in 2021, is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems."},{"id":"e3","sourceId":"filing-2","location":"Risk Factors—customer training requirements","excerpt":"Our customers typically need training in the proper use of and the variety of benefits that can be derived from our platforms to maximize the potential of our platforms."},{"id":"e4","sourceId":"filing-1","location":"MD&A—2025 revenue growth from existing government customers","excerpt":"Of the increase, $774.0 million was from government customers existing as of December 31, 2024."},{"id":"e5","sourceId":"filing-1","location":"MD&A—2025 revenue growth from existing commercial customers","excerpt":"Of the increase, $425.2 million was from commercial customers existing as of December 31, 2024, including a decrease of $37.0 million of revenue from Strategic Commercial Contracts."},{"id":"e6","sourceId":"filing-1","location":"MD&A—attribution of existing-customer revenue growth","excerpt":"Generally, increases in revenue from our existing customers are related to the increased adoption of our products and services within their organizations."},{"id":"e7","sourceId":"filing-2","location":"MD&A—Gotham operating history","excerpt":"For over a decade, Gotham has surfaced insights for global defense agencies, the intelligence community, disaster relief organizations and beyond."},{"id":"e8","sourceId":"filing-2","location":"Risk Factors—larger competitors' bundling and subsidized offerings","excerpt":"In addition, some of our larger competitors have substantially broader and more diverse product and service offerings and may be able to leverage their relationships with distribution partners and customers based on other products or incorporate functionality into existing products to gain business in a manner that discourages customers from purchasing our platforms, including by selling at zero or negative margins, product bundling, or offering closed technology platforms."},{"id":"e9","sourceId":"filing-2","location":"Risk Factors—third-party compatibility dependence","excerpt":"The competitive position of our platforms depends in part on their ability to operate with third-party products and services, and if we are not successful in maintaining and expanding the compatibility of our platforms with such third-party products and services, our business, financial condition, and results of operations could be adversely impacted."},{"id":"e10","sourceId":"filing-2","location":"Risk Factors—termination for convenience","excerpt":"Many of our contracts, including our government contracts, contain termination for convenience provisions."},{"id":"e11","sourceId":"filing-1","location":"Risk Factors—cost of renewal and deployment expansion efforts","excerpt":"Achieving renewal or expansion of deployments may require us to increasingly engage in sophisticated and costly sales efforts that may not result in additional sales."},{"id":"e12","sourceId":"filing-1","location":"Risk Factors—historical failure to realize full contractual deal value","excerpt":"We historically have not realized all of the revenue from the full deal value of our customer contracts, and we may not do so in the future."},{"id":"e13","sourceId":"filing-1","location":"MD&A—2023–2025 GAAP operating results and expenses","excerpt":"Results of Operations The following table summarizes our consolidated statements of operations data (in thousands): Years Ended December 31, 2025 2024 2023 Revenue $ 4,475,446 $ 2,865,507 $ 2,225,012 Cost of revenue 789,177 565,990 431,105 Gross profit 3,686,269 2,299,517 1,793,907 Operating expenses: Sales and marketing 1,056,859 887,755 744,992 Research and development 557,677 507,878 404,624 General and administrative 657,718 593,481 524,325 Total operating expenses 2,272,254 1,989,114 1,673,941 Income from operations 1,414,015 310,403 119,966 Interest income 229,181 196,792 132,572 Other income (expense), net 14,172 (18,022) (15,447) Income before provision for income taxes 1,657,368 489,173 237,091 Provision for income taxes 22,724 21,255 19,716 Net income 1,634,644 467,918 217,375 Less: Net income attributable to noncontrolling interests 9,611 5,728 7,550 Net income attributable to common stockholders $ 1,625,033 $ 462,190 $ 209,825 The following table sets forth the components of our consolidated statements of operations data as a percentage of revenue: Years Ended December 31, 2025 2024 2023 Revenue 100 % 100 % 100 % Cost of revenue 18 20 19 Gross margin 82 80 81 Operating expenses: Sales and marketing 23 31 34 Research and development 12 18 18 General and administrative 15 20 24 Total operating expenses 50 69 76 Income from operations 32 11 5 Interest income 5 7 6 Other income (expense), net — (1) — Income before provision for income taxes 37 17 11 Provision for income taxes 1 1 1 Net income 36 16 10 Less: Net income attributable to noncontrolling interests — — 1 Net income attributable to common stockholders 36 % 16 % 9 % 74 Table of Contents Comparison of the Years Ended December 31, 2025 and 2024 Revenue Years Ended December 31, Change 2025 2024 Amount % Revenue: Government $ 2,402,287 $ 1,569,605 $ 832,682 53 % Commercial 2,073,159 1,295,902 777,257 60 % Total revenue $ 4,475,446 $ 2,865,507 $ 1,609,939 56 % Revenue increased by $1.6 billion, or 56%, for the year ended December 31, 2025 compared to 2024."},{"id":"e14","sourceId":"filing-2","location":"MD&A—first-half 2026 revenue and growth","excerpt":"For the six months ended June 30, 2026, we generated $3.6 billion in revenue, reflecting a 89% growth rate from the six months ended June 30, 2025 when we generated $1.9 billion in revenue."},{"id":"e15","sourceId":"filing-2","location":"MD&A—first-half 2026 and 2025 operating income","excerpt":"In the six months ended June 30, 2026 and 2025, we generated income from operations of $1.7 billion and $0.4 billion, respectively, or adjusted income from operations of $2.2 billion and $0.9 billion, respectively, when excluding stock-based compensation and related employer payroll taxes."},{"id":"e16","sourceId":"filing-2","location":"MD&A—second-quarter 2026 and 2025 GAAP gross margins","excerpt":"In the three months ended June 30, 2026 and 2025, our gross profit was $1.6 billion and $0.8 billion, respectively, reflecting a gross margin of 85% and 81%, respectively, or 86% and 82%, respectively, when excluding stock-based compensation."},{"id":"e17","sourceId":"filing-2","location":"MD&A—first-half operating cash generation","excerpt":"Net cash provided by operating activities was $2.1 billion and $0.8 billion for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e18","sourceId":"filing-2","location":"Liquidity and Capital Resources—debt and undrawn facility","excerpt":"As of June 30, 2026, we had no outstanding debt balances and additional available and undrawn revolving commitments of $500 million under our credit facility."},{"id":"e19","sourceId":"filing-2","location":"Unaudited condensed consolidated statements of equity—compensation, issuance and repurchases","excerpt":"Condensed Consolidated Statements of Equity (in thousands) (unaudited) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of March 31, 2026 2,397,133 $ 2,397 $ 11,138,528 $ 601 $ (2,691,863) $ 8,449,663 $ 106,618 $ 8,556,281 Issuance of common stock from the exercise of stock options 1,029 1 4,857 — — 4,858 — 4,858 Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) 4,735 5 (5) — — — — — Stock-based compensation — — 265,487 — — 265,487 — 265,487 Other comprehensive loss — — — (7,704) — (7,704) — (7,704) Net income — — — — 1,061,890 1,061,890 4,072 1,065,962 Balance as of June 30, 2026 2,402,897 $ 2,403 $ 11,408,867 $ (7,103) $ (1,629,973) $ 9,774,194 $ 110,690 $ 9,884,884 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of December 31, 2025 2,391,192 $ 2,391 $ 10,933,325 $ 13,942 $ (3,562,390) $ 7,387,268 $ 100,743 $ 7,488,011 Issuance of common stock from the exercise of stock options 2,067 2 9,755 — — 9,757 — 9,757 Issuance of common stock upon release of RSUs and P-RSUs 9,646 10 (10) — — — — — Repurchases of common stock (8) — (1,500) — — (1,500) — (1,500) Stock-based compensation — — 467,297 — — 467,297 — 467,297 Other comprehensive loss — — — (21,045) — (21,045) — (21,045) Net income — — — — 1,932,417 1,932,417 9,947 1,942,364 Balance as of June 30, 2026 2,402,897 $ 2,403 $ 11,408,867 $ (7,103) $ (1,629,973) $ 9,774,194 $ 110,690 $ 9,884,884 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e20","sourceId":"filing-2","location":"MD&A—offered contract durations","excerpt":"While we generally offer contract terms of one to five years in length, our customers sometimes enter into shorter-term contracts."},{"id":"e21","sourceId":"filing-1","location":"Revenue recognition policy—absence of enforceable obligations beyond termination notice","excerpt":"In these arrangements, the Company concluded there are no enforceable rights and obligations after such notice period and therefore the consideration received or due from the customer that is subject to termination for convenience is recorded as customer deposits."},{"id":"e22","sourceId":"filing-2","location":"Risk Factors—government contractual price reduction rights","excerpt":"•for contracts subject to the Truth in Negotiations Act, reduce the contract price or cost where it was increased because a contractor or subcontractor furnished cost or pricing data during negotiations that was not complete, accurate, and current;"},{"id":"e23","sourceId":"filing-2","location":"Risk Factors—existing exclusivity restrictions on sales","excerpt":"These exclusivity provisions limit our ability to license our platforms and provide services to specific customers, or to compete in certain geographic markets or industries, which may limit our growth and negatively impact our results."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation—SARs granted in April 2025","excerpt":"The SARs granted to Messrs. Glazer and Taylor in April 2025 were granted with a per share exercise price of $150 per share, which price was significantly higher than our stock price on the awards’ grant date."},{"id":"e25","sourceId":"filing-3","location":"Pay versus performance—stock-price linkage of executive awards","excerpt":"Tabular List of Financial Performance Measures The financial performance measure used in 2025 to link CAP to performance is our stock price, based on its impact on the value of equity-based awards granted prior to 2025, including awards granted as out-of-the-money options in 2020, which remained outstanding during part or all of 2025."},{"id":"e26","sourceId":"filing-2","location":"Stockholders' equity—Class F voting rights and ownership threshold","excerpt":"The Class F common stock generally gives the Founders the ability to control up to 49.999999% of the total voting power of the Company’s capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100 million of the Company's equity securities as of June 30, 2026."},{"id":"e27","sourceId":"filing-2","location":"Risk Factors—current effects of multiple-class voting structure","excerpt":"Risks Related to the Multiple Class Structure of our Common Stock, the Founder Voting Trust Agreement, and the Founder Voting Agreement The multiple class structure of our common stock has the effect of concentrating voting power with certain stockholders, in particular, our Founders and their affiliates, which will effectively eliminate your ability to influence the outcome of important transactions, including a change in control."},{"id":"e28","sourceId":"filing-3","location":"Audit committee report—independent committee composition","excerpt":"The Audit Committee is a committee of the Board of Directors composed solely of independent directors as required by Nasdaq listing rules and the rules and regulations of the SEC."},{"id":"e29","sourceId":"filing-3","location":"Related person transactions—Audit Committee review criteria","excerpt":"In determining whether to approve, ratify, or disapprove any such transaction, our Audit Committee will consider, among other factors, whether the related person transaction would affect the independence of any director and is on terms that reflect an arms-length transaction – in other words, terms that are no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances, as well as the extent of the related person’s interest in the transaction."},{"id":"e30","sourceId":"filing-2","location":"Commitments and contingencies—absence of historical warranty claims","excerpt":"Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant."},{"id":"e31","sourceId":"filing-1","location":"Issuer purchases—January 2026 termination of repurchase program","excerpt":"The Share Repurchase Program was terminated in January 2026."},{"id":"e32","sourceId":"filing-2","location":"Stock-based compensation—outstanding awards and future expense","excerpt":"Stock-Based Compensation Stock Options and SARs The following table summarizes stock option and SAR activity for the six months ended June 30, 2026 (in thousands, except per share amounts, years, and aggregate intrinsic value): Options Outstanding SARs Outstanding Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Balance as of December 31, 2025 152,202 $ 9.98 6.1 $ 25,536 11,271 $ 130.00 7.1 $ 794 Granted — — 2,889 143.59 Exercised (2,067) 4.72 — — Canceled and forfeited (458) 6.22 (489) 165.15 Balance as of June 30, 2026 149,677 $ 10.06 5.7 $ 15,957 13,671 $ 131.61 11.1 $ 377 Vested and exercisable as of June 30, 2026 79,177 $ 8.89 5.3 $ 8,534 1,772 $ 113.27 40.0 $ 6 As of June 30, 2026, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $361 million, and $136 million, respectively, which is expected to be recognized over a weighted-average service period of five and eight years, respectively."}],"changes":["Retain the previous narrow verdict: integration, training and existing-customer expansion support switching friction without establishing exceptional durability.","Incorporate the supplied first-half 2026 results as additional evidence of execution and margin resilience; they do not independently establish stronger switching costs or realized pricing power.","Make contractual limitations and management assessments explicit using termination provisions, adopted compensation awards, actual dilution and disclosed voting arrangements."],"limitations":["The supplied competitive passages identify generic competitor categories and capabilities, without naming companies as competitors. Companies mentioned in director biographies are not established competitors; the competitor array is therefore empty.","Product integration, training needs and operating history are issuer disclosures. Existing-customer expansion is demonstrated operating evidence, but its attribution to switching friction remains an inference; migration costs and customer-level replacement outcomes are absent.","No comparable-unit prices, renewal price changes, discount trends or price-versus-volume decomposition are supplied. Revenue expansion is attributed generally to increased adoption, so realized pricing power cannot be isolated.","No renewal, churn or cohort retention rates are supplied. Retention is assessed indirectly from existing-customer expansion; aggregate expansion can conceal individual customer departures.","The proxy provides actual compensation and governance disclosures, but the supplied ownership passages do not establish complete executive economic ownership percentages. Stock-price-linked incentives do not prove alignment with durable per-share value.","The latest supplied operating period ends June 30, 2026. Source dates are filing dates with dateKind filed, including August 4, 2026 for filing-2; they are not retrieval dates.","Potential industry-wide adoption of Foundry and AI-related growth do not establish network effects. The passages also do not demonstrate a relative cost advantage or efficient-scale barrier."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Integrated operational software, ongoing updates and customer training support switching friction, corroborated by expansion within existing customers. Replacement difficulty and comparative superiority remain unquantified, so the structural advantage is qualified.","evidenceIds":["e1","e2","e3","e4","e5","e6"]},{"criterion":"durability","grade":2,"rationale":"Gotham's decade-plus operating history and existing-customer expansion support persistence. Offered one-to-five-year terms provide limited protection because many contracts permit termination; neither customer tenure nor durable replacement barriers are established.","evidenceIds":["e7","e4","e5","e20","e10"]},{"criterion":"customer_dependency","grade":3,"rationale":"Existing government and commercial customers generated substantial additional revenue in 2025, generally attributed to broader adoption. Integration and training support meaningful embeddedness. This is indirect evidence of dependency, not proof that customers cannot replace the platforms.","evidenceIds":["e4","e5","e6","e1","e2","e3"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Strong revenue growth and improving operating results show current resilience. Bundled alternatives, third-party compatibility requirements and costly expansion efforts remain credible weaknesses; the passages do not demonstrate sustained resistance to specific competitive displacement attempts.","evidenceIds":["e13","e14","e15","e8","e9","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"The passages establish monetized demand and expansion, but generally attribute existing-customer growth to increased adoption. They disclose neither comparable-unit pricing outcomes nor realized concessions sufficient to assess price realization separately. Higher margins cannot resolve this gap.","evidenceIds":["e6","e13","e16"]},{"criterion":"retention","grade":3,"rationale":"Substantial incremental revenue from existing government and commercial customers demonstrates repeat demand and expansion despite customer termination rights. Assessment is indirect: no renewal or churn rate is disclosed, and expansion may mask losses elsewhere.","evidenceIds":["e4","e5","e6","e10"]},{"criterion":"margin_resilience","grade":3,"rationale":"GAAP gross margins were 81%, 80% and 82% in 2023–2025, and improved to 85% in the second quarter of 2026 from 81% a year earlier. GAAP operating income also increased substantially. These demonstrate margin resilience during expansion, while leaving price, mix and operating leverage effects unresolved.","evidenceIds":["e13","e15","e16"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Actual terms materially constrain commercial freedom: many contracts permit convenience termination, some lack enforceable obligations beyond notice, government contracts provide specified price reduction rights, and exclusivity arrangements restrict some sales. These are disclosed constraints, not merely hypothetical competitive risks; unilateral repricing authority is not established.","evidenceIds":["e10","e21","e22","e23"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation reached $2.1 billion in the first half of 2026, debt remained absent, and 2025 revenue grew much faster than operating expenses. Against this, first-half equity statements show $467.3 million of stock-based compensation and outstanding shares increasing from about 2.391 billion to 2.403 billion. The repurchase program ended in January 2026, and outstanding awards carry further expense. Actual outcomes support a mixed assessment rather than unqualified capital discipline.","evidenceIds":["e17","e18","e13","e19","e31","e32"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual executive SAR grants above the grant-date share price and disclosed stock-price-linked awards provide alignment with shareholder gains. Dilution and voting rights that can preserve substantial influence at a relatively low ownership threshold weaken that alignment. Complete executive economic ownership and links to durable per-share operating value are not established.","evidenceIds":["e24","e25","e19","e26"]},{"criterion":"execution","grade":3,"rationale":"2025 revenue grew 56% with substantial existing-customer expansion; first-half 2026 revenue grew 89%, operating income increased and operating cash generation strengthened. The absence of historical warranty claims provides limited additional support. Execution is assessed from reported operating outcomes, not CEO reputation or a demonstrated causal attribution to individual managers.","evidenceIds":["e13","e4","e5","e14","e15","e17","e30"]},{"criterion":"governance","grade":1,"rationale":"The current multiple-class structure concentrates voting influence and materially restricts outside shareholders' ability to influence important transactions. An independent Audit Committee and related-party review procedures provide safeguards but do not remove this structural weakness. Potential future controlled-company status is not treated as a current exemption.","evidenceIds":["e26","e27","e28","e29"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"0a03a7ede25204f2d2e2746b14de123c8ee2b9309cbc6e7d660deba5d46d7823","updatedAt":"2026-10-18T12:26:38.526Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165526000011/pltr-20251231.htm","publishedAt":"2026-02-17","sha256":"4caf6c339e2720d8d76e47245a4f06a0c1fce9780d8d7b680755015a2c95678d","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165526000041/pltr-20260630.htm","publishedAt":"2026-08-04","sha256":"8003fb34816178824b85cb7ea5118ae22b0da9ff0b962a464eb3bcba3945e02d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165526000019/pltr-20260423.htm","publishedAt":"2026-04-24","sha256":"8510d02031b4646ba93f3506abc02a486421713d359684646318527eb7ed95b9","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165525000022/pltr-20241231.htm","publishedAt":"2025-02-18","sha256":"0671cfae7ed7be43204cb6481b183b755c08b9d73a25c5f16134c389ea9b7d41","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165524000022/pltr-20231231.htm","publishedAt":"2024-02-20","sha256":"1c33b69b27a266c195cb2abea2ba56c5f2eb47b2c0662c65d2c54c621db5a098","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165526000028/pltr-20260331.htm","publishedAt":"2026-05-05","sha256":"6a3bde8aaf26888abc0c7ea86fe7ea008ae7cc78b307b4662fe9badea6b39899","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:51b4a06d580f6b7aee9ccc137bdcb6430156833f16aa98b9954f3981f6b3043f","usage":{"input_tokens":90123,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3790,"reasoning_output_tokens":95},"basisSupplement":{"previousHash":"3ad423e0d742b0bc4beb0e32d59be8ffb1ab0de2a7837a66c29dfc80916b5000","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":77.98777992449521,"operating_margin":-26.658598641017612,"roic":null,"fcf_margin":20.833146873737345,"sbc_revenue":50.47153199743951},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":78.56365934525473,"operating_margin":-8.458127543784443,"roic":null,"fcf_margin":9.639162356738728,"sbc_revenue":29.634639490290787},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":80.62459887856784,"operating_margin":5.3917012582404045,"roic":null,"fcf_margin":31.328774856045715,"sbc_revenue":21.388783521167525},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":80.2481724874516,"operating_margin":10.832393709036483,"roic":null,"fcf_margin":39.82649492742471,"sbc_revenue":24.136671102181918},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":82.36651721415026,"operating_margin":31.594951653980413,"roic":null,"fcf_margin":46.93590314797676,"sbc_revenue":15.284130341422955},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165526000011/pltr-20251231.htm","publishedAt":"2026-02-17","sha256":"4caf6c339e2720d8d76e47245a4f06a0c1fce9780d8d7b680755015a2c95678d","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165526000041/pltr-20260630.htm","publishedAt":"2026-08-04","sha256":"8003fb34816178824b85cb7ea5118ae22b0da9ff0b962a464eb3bcba3945e02d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165526000019/pltr-20260423.htm","publishedAt":"2026-04-24","sha256":"8510d02031b4646ba93f3506abc02a486421713d359684646318527eb7ed95b9","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165525000022/pltr-20241231.htm","publishedAt":"2025-02-18","sha256":"0671cfae7ed7be43204cb6481b183b755c08b9d73a25c5f16134c389ea9b7d41","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165524000022/pltr-20231231.htm","publishedAt":"2024-02-20","sha256":"1c33b69b27a266c195cb2abea2ba56c5f2eb47b2c0662c65d2c54c621db5a098","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1321655/000132165526000028/pltr-20260331.htm","publishedAt":"2026-05-05","sha256":"6a3bde8aaf26888abc0c7ea86fe7ea008ae7cc78b307b4662fe9badea6b39899","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}