Palantir Technologies
PLTR on Nasdaq. Palantir sells data software to governments and commercial companies. Market value $299.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.74 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 67 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$189.40 a share, 78% above its 1-year low
Over the past year the price has ranged from $106.37 to $207.52.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $3.4 billion in the past 12 months, $2.1 billion in the year to December 2025.
| Revenue | |||||
| Revenue | $1.5bn | $1.9bn | $2.2bn | $2.9bn | $4.5bn |
| Operating margin | |||||
| Operating margin | -26.7% | -8.5% | 5.4% | 10.8% | 31.6% |
| Debt to equity | |||||
| Debt to equity | 0.00 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 2.03bn | 2.10bn | 2.20bn | 2.34bn | 2.39bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 32.6% a year
- Buying back its own sharesNo, 18% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.9 billion last quarter, up 93% on a year ago.
- Profit: $1.1 billion, up 225% on a year ago.
- It keeps 43 cents of each $1 of sales as operating profit, up from 17 cents a year earlier.
- Spare cash over the past 12 months: $3.4 billion, up from $1.7 billion.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $726m |
| December 2024 | $828m |
| March 2025 | $884m |
| June 2025 | $1.0bn |
| September 2025 | $1.2bn |
| December 2025 | $1.4bn |
| March 2026 | $1.6bn |
| June 2026 | $1.9bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $144m |
| December 2024 | $79m |
| March 2025 | $214m |
| June 2025 | $327m |
| September 2025 | $476m |
| December 2025 | $609m |
| March 2026 | $871m |
| June 2026 | $1.1bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 2 November 2026
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
6 long-term investors we follow own it, up from 5 last quarter. 2,842 funds in all.
- H&H International InvestmentDuan Yongping
- Value
- $7m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $59m | 0.1% | Cut |
| Oasis ManagementSeth Fischer | $14m | 1.7% | New |
| H&H International InvestmentDuan Yongping | $7m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $398,895 | <0.1% | Cut |
| Matrix Asset AdvisorsDavid Katz | $240,690 | <0.1% | Cut |
Largest holders overall
- BlackRock$22.1bn
- Vanguard Capital Management$17.0bn
- State Street$12.2bnAdded
- Invesco$8.2bnAdded
- Geode Capital Management$6.4bn
- Vanguard Portfolio Management$5.9bn
- Morgan Stanley$4.0bnAdded
- Norges Bank$3.6bnNew
- JPMorgan Chase$3.4bnAdded
- Goldman Sachs Group$2.6bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor7.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $868m, $519m of it under preset trading plans.
- Moore Alexander D.DirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 16,000
- Price
- $172.64
- Value
- $3m
- Stat Lauren Elaina FriedmanDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 1,342
- Price
- $182.50
- Value
- $244,915
- Buckley JeffreySee RemarksSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 1,250
- Price
- $174.29
- Value
- $217,863
- Karp Alexander C.See Remarks, DirectorSoldunder a preset trading plan
- Date
- 20 August 2026
- Shares
- 492,348
- Price
- $174.79
- Value
- $86m
- Buckley JeffreySee RemarksSoldunder a preset trading plan
- Date
- 20 August 2026
- Shares
- 2,055
- Price
- $174.83
- Value
- $359,271
- Moore Alexander D.DirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 16,000
- Price
- $174.28
- Value
- $3m
- Sankar ShyamSee RemarksSoldunder a preset trading plan
- Date
- 6 August 2026
- Shares
- 35,000
- Price
- $155.70
- Value
- $5m
- Stat Lauren Elaina FriedmanDirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 3,032
- Price
- $165.00
- Value
- $500,280
- Moore Alexander D.DirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 16,000
- Price
- $134.05
- Value
- $2m
- Sankar ShyamSee RemarksSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 185,000
- Price
- $130.00
- Value
- $24m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Moore Alexander D. Director | Sold under a preset trading plan | 16,000 | $172.64 | $3m |
| 1 September 2026 | Stat Lauren Elaina Friedman Director | Sold under a preset trading plan | 1,342 | $182.50 | $244,915 |
| 21 August 2026 | Buckley Jeffrey See Remarks | Sold under a preset trading plan | 1,250 | $174.29 | $217,863 |
| 20 August 2026 | Karp Alexander C. See Remarks, Director | Sold under a preset trading plan | 492,348 | $174.79 | $86m |
| 20 August 2026 | Buckley Jeffrey See Remarks | Sold under a preset trading plan | 2,055 | $174.83 | $359,271 |
| 17 August 2026 | Moore Alexander D. Director | Sold under a preset trading plan | 16,000 | $174.28 | $3m |
| 6 August 2026 | Sankar Shyam See Remarks | Sold under a preset trading plan | 35,000 | $155.70 | $5m |
| 5 August 2026 | Stat Lauren Elaina Friedman Director | Sold under a preset trading plan | 3,032 | $165.00 | $500,280 |
| 15 July 2026 | Moore Alexander D. Director | Sold under a preset trading plan | 16,000 | $134.05 | $2m |
| 2 July 2026 | Sankar Shyam See Remarks | Sold under a preset trading plan | 185,000 | $130.00 | $24m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
• there may be a decline in the U.S.
Could happen• there may be a decline in the U.S. and other government budgets, changes in spending or budgetary priorities, or delays in contract awards; and • the multi-class structure of our common stock, the Founder Voting Trust Agreement, and the Founder Voting Agreement concentrate voting power with certain stockholders, in particular, Stephen Cohen, Alexander Karp, and Peter Thiel (our “Founders”) and their affiliates.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.