PLTRPalantir Technologies
Is the business good?
A genuinely good business: 7 of 9 health tests passed, earnings fully cash-backed (1.3×), and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 24% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PLTR?
Palantir Technologies keeps 43% of every revenue dollar as operating profit, against 7.5% for the median Software - Infrastructure name.
Operating margin · Software - Infrastructure median 7.5% · 12 months to Q2 2026
- Cash conversion
- 1.31×
Cash conversion · 3.12× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.23%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 10%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −107% |
| FY2021 | −27% |
| FY2022 | −8.5% |
| FY2023 | 5.4% |
| FY2024 | 11% |
| FY2025 | 32% |
Details›
- Gross margin12 months to Q2 2026
- 85%
- Operating margin12 months to Q2 2026
- 43%
- Net margin12 months to Q2 2026
- 49%
- Free cash flow margin
- 55%
- R&D as % of revenue
- 10%
- Revenue, trailing twelve months
- $6.16B
- Free cash flow, trailing twelve months
- $3.36B
- Net income, trailing twelve months
- $3.02B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from PLTR and who it buys from, as the companies report it.
- Top three customers16%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; PLTR’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Software, Infrastructure
The closest names by size in the same industry