Palantir Technologies Inc. (NASDAQ:PLTR)

The composition of assets has undergone significant shifts over the five-year period. A notable trend is the substantial fluctuation in the allocation between cash and marketable securities, alongside changes in the relative importance of current versus noncurrent assets.

Cash and Cash Equivalents

The proportion of assets held as cash and cash equivalents demonstrated a considerable decrease from 70.54% in 2021 to 16.00% in 2025. This represents a significant shift in asset allocation, particularly pronounced between 2021 and 2023. The value peaked at 75.08% in 2022 before declining sharply.

Marketable Securities

In contrast to cash, marketable securities experienced a dramatic increase as a percentage of total assets, rising from 7.21% in 2021 to 64.64% in 2025. The largest increase occurred between 2022 and 2023, coinciding with the decrease in cash holdings. The proportion fluctuated between 49.39% and 64.64% in the last three years of the period.

Current Assets

Current assets consistently represent the majority of total assets, ranging between 87.88% and 93.91% throughout the period. A slight upward trend is observed, with current assets increasing from 88.17% in 2021 to 93.91% in 2025. This suggests a growing reliance on short-term assets.

Noncurrent Assets

Noncurrent assets have decreased as a percentage of total assets, falling from 11.83% in 2021 to 6.09% in 2025. This decline mirrors the increase in current assets and is driven primarily by changes in cash, marketable securities, and operating lease right-of-use assets. The decrease is relatively consistent year-over-year.

Property and Equipment, Net

Property and equipment, net, represent a small and decreasing portion of total assets, declining from 0.96% in 2021 to 0.58% in 2025. This suggests limited investment in fixed assets relative to overall asset size.

Operating Lease Right-of-Use Assets

The proportion of assets allocated to operating lease right-of-use assets has decreased from 6.68% in 2021 to 2.25% in 2025, indicating a reduction in lease obligations relative to total assets.

Accounts Receivable, Net & Other Current Assets

Accounts receivable, net, and prepaid expenses and other current assets both show a gradual increasing trend as a percentage of total assets, though they remain relatively small portions of the overall asset base. Accounts receivable increased from 5.88% to 11.71%, while prepaid expenses and other current assets decreased from 4.54% to 1.56%.

Overall, the asset allocation strategy appears to have shifted significantly towards more liquid assets, specifically marketable securities, while decreasing reliance on cash and noncurrent assets. The increasing proportion of current assets suggests a focus on short-term liquidity.