Stock Analysis on Net
Stock Analysis on Net

Palantir Technologies Inc. (NASDAQ:PLTR)

Common-Size Balance Sheet: Assets 
Quarterly Data

Palantir Technologies Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 22.47 16.00 19.92 12.62 14.75 33.10 13.33 9.87 10.83 18.38 24.81 26.53 34.34 75.08 72.65 71.85 68.37 70.54 72.42 76.12 77.61
Marketable securities 56.23 64.64 59.43 68.84 65.86 49.39 65.81 67.14 69.64 62.87 53.49 51.44 44.52 1.02 1.73 3.02 7.61 7.21 4.59 0.00 0.00
Accounts receivable, net 13.78 11.71 12.40 10.15 10.76 9.07 11.58 12.70 10.13 8.07 10.26 9.44 6.90 7.46 10.34 8.10 7.73 5.88 5.41 7.90 5.02
Prepaid expenses and other current assets 1.17 1.56 1.76 1.93 1.88 2.04 2.07 2.23 1.69 2.20 2.28 2.46 2.65 4.32 4.06 5.45 4.48 4.54 4.77 2.55 3.28
Current assets 93.65% 93.91% 93.50% 93.55% 93.26% 93.59% 92.79% 91.94% 92.28% 91.51% 90.84% 89.87% 88.41% 87.88% 88.78% 88.43% 88.20% 88.17% 87.20% 86.57% 85.92%
Property and equipment, net 0.55 0.58 0.56 0.59 0.59 0.63 0.70 0.84 0.98 1.06 1.20 1.36 1.71 2.00 1.74 1.45 1.26 0.96 0.89 0.81 0.91
Operating lease right-of-use assets 2.25 2.25 2.52 2.76 3.11 3.17 3.67 4.11 3.61 4.04 4.54 5.02 5.70 5.79 6.01 6.44 6.78 6.68 6.85 6.80 7.08
Other assets 3.56 3.26 3.42 3.10 3.05 2.62 2.85 3.11 3.13 3.39 3.43 3.76 4.18 4.34 3.47 3.68 3.77 4.19 5.06 5.82 6.10
Noncurrent assets 6.35% 6.09% 6.50% 6.45% 6.74% 6.41% 7.21% 8.06% 7.72% 8.49% 9.16% 10.13% 11.59% 12.12% 11.22% 11.57% 11.80% 11.83% 12.80% 13.43% 14.08%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The asset composition demonstrates a significant shift toward increased liquidity and a reduction in noncurrent asset concentration over the analyzed period. Total current assets have expanded from 85.92% of total assets in March 2021 to 93.65% by March 2026, indicating a highly liquid balance sheet structure.

Liquidity and Treasury Management
A fundamental transition is observed in the allocation of liquid assets. Cash and cash equivalents, which dominated the balance sheet at 77.61% in March 2021, experienced a steady decline, dropping significantly to a range between 10% and 22% from March 2023 onwards. Conversely, marketable securities emerged as the primary asset component, rising from negligible levels in early 2021 to a peak of 69.64% in December 2023 and maintaining a dominant position throughout 2024 and 2025. This pattern suggests a strategic shift toward optimizing yield on excess capital while maintaining immediate availability.
Working Capital Dynamics
Accounts receivable, net, show a gradual upward trajectory, increasing from 5.02% in March 2021 to 13.78% by March 2026. This increase suggests a growth in credit sales or a lengthening of the collection cycle relative to total asset growth. Prepaid expenses and other current assets have trended downward, moving from 3.28% in March 2021 to 1.17% by March 2026, indicating a reduced proportion of assets tied up in advance payments.
Noncurrent Asset Deleveraging
Noncurrent assets have contracted from 14.08% in March 2021 to 6.35% in March 2026. This decline is driven primarily by a reduction in operating lease right-of-use assets, which fell from 7.08% to 2.25%. Property and equipment, net, also decreased from 0.91% to 0.55% over the same period. The overall trend reflects a move toward an asset-light operational model where long-term physical and contractual assets represent a diminishing fraction of the total balance sheet.

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