Palantir Technologies Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dots on the line: a member of Congress whose Hunch portfolio holds PLTR filed a disclosure; its hover says what the disclosure reports of PLTR: each trade, bought or sold, with the amount range the member filed (the House asks for a range, not the amount), or in an annual report the range of the holding’s value, the ranges of its entries added up (“in all”) where the report lists PLTR more than once, in several accounts or share classes: a sum that bounds the value as the ranges do but is not a range the form offers. An annual report’s row has no latest trade. Filings: the Clerk of the House. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Government was 54% and Commercial was 46% of revenue.

Quarters: Palantir Technologies Inc.'s SEC filings, named by the month they end. Fiscal years: Palantir Technologies Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $36.3 ends up as net income. Net margin rose from −19.6% to 36.3% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Palantir Technologies Inc.'s annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 151.5 (growth 95.9% + FCF margin 55.6%): strong, clears the 40 line. Stock pay is 13.5% of revenue; counted as a cost, it brings the FCF margin down to 42.1%.

Palantir Technologies trades at 55.3× revenue on 95.9% growth. NET grows fastest of its peers, 39.2%, and costs 41.6×.

Growth: revenue in the quarter ended Sep 2026 against the quarter ended Sep 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Sep 2026. From SEC filings.

Customers and suppliers

In its latest annual report Palantir Technologies buys from Amazon, Microsoft; sells to the U.S. government.

Their suppliers

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon, Microsoft

CoreWeave CRWVto Microsoft

AMD AMDto Microsoft

Show 5

Suppliers

Amazon AMZN

Microsoft MSFT

 

PLTRPalantir Technologies

Customers

U.S. government

Partners

FujitsuIntegrate Foundry and AIP into Fujitsu Uvance

SSOMPO HoldingsCo-owner of Japanese venture

HD HyundaiCo-owner of South Korean venture

Named in other companies’ filings

L3Harris Technologies LHXco-develops with it · Develop new capabilities for customersRed Cat Holdings RCATcalls it a partner · Integrate visual navigation software into drones

Only the companies Palantir Technologies names in its 10-K filed Feb 17, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Palantir Technologies. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 55.3x, above the peer median of 22.9x.

EV/revenue above the peer median of 22.9x: pricier than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $222, 30% above the current price; 67% of 33 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 22 analysts (67%). Sell or Strong Sell: 2.

Over the past year the average of the analysts' latest price targets went from $189.19 to $234.69 (+24%), while PLTR went from $172.14 to $171.58 (0%). In the past three months targets were raised 14 times and never cut. 9 upgrades and 1 downgrade over the year; the latest: Goldman Sachs moved it to Buy from Neutral on Oct 8, 2026.

The day after each of these reports the stock moved −4.9% (Sep 2025, beat); +7.7% (Dec 2025, beat); −5.7% (Mar 2026, beat); −4.7% (Sep 2026, beat).

For the quarter ending Dec 2026 (Palantir Technologies reports on Feb 1, 2027), analysts expect adjusted earnings of $0.52 a share, 108% more than the $0.25 of a year earlier, and revenue of $2.7B, up 90% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $2.54 a share, 49% more than the year before's estimate of $1.70, and revenue of $13.1B, up 53% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $4.0B in free cash flow over the year, of which $20M went back to shareholders (dividends plus buybacks), leaving $4.0B in the company.

Palantir Technologies had 2.57B diluted shares in the quarter ended Sep 2026, 0.1% more than a year earlier, and 6.5% more each year on average since Mar 2021. It spent $19M on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 238.1% and its net income rose 235.0%: fewer shares added about 3 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 7.1, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

2 portfolios Hunch tracks hold PLTR: 1 member of Congress and 1 fund. It is 17.7% of UNICOM Systems's portfolio (10.7% as filed).

• FundUNICOM SystemsUNICOM Systems' own stock investmentsPLTR is 18% of this portfolio11% as filed-7.3%1-year backtest
• CongressCleo FieldsU.S. Representative (Louisiana)PLTR is 2% of this portfolio+32.2%2-year backtest

PLTR's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 16 held PLTR at the end of their latest quarter (for most, Q2 2026). Over that quarter 9 added shares, 4 cut, 1 bought new, 1 sold all and 2 held the same. The largest of them is Norges Bank, 31.08M shares worth $3.6B at Jun 30, 2026, 7.3% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of PLTR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $394M of PLTR on the open market in the 12 months to Nov 12, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Peter Thiel (Director), who sold $290M in 7 sales.

From the Form 4s filed with the SEC about Palantir Technologies Inc. (61 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 234 other transactions (grants, option exercises, shares sold to pay tax, gifts and other transfers).

Insights that mention PLTR