Stock Analysis on Net
Stock Analysis on Net

Palantir Technologies Inc. (NASDAQ:PLTR)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Palantir Technologies Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Accounts payable 0.03 0.00 0.47 1.30 0.74 0.27 0.23 0.12 0.12 1.29 1.79 1.73 0.83 2.31 0.55 1.01 0.57
Accrued liabilities 5.51 6.73 4.60 3.77 4.29 4.93 4.17 4.64 4.74 4.99 4.96 5.71 4.52 4.80 5.57 5.41 6.02
Deferred revenue, current 4.73 4.09 4.10 5.36 4.93 5.46 5.33 6.54 6.23 5.30 5.72 6.69 6.58 7.02 6.45 6.32 6.19
Customer deposits, current 3.43 4.18 6.36 4.27 4.53 4.64 5.46 4.62 3.79 4.10 7.05 4.91 7.02 4.98 7.22 8.38 8.30
Operating lease liabilities, current 0.66 0.69 0.83 0.85 1.12 1.20 1.24 1.30 1.44 1.30 1.21 1.25 1.21 1.23 1.35 1.08 1.07
Current liabilities 14.36% 15.71% 16.36% 15.54% 15.61% 16.50% 16.43% 17.22% 16.33% 16.99% 20.74% 20.28% 20.16% 20.33% 21.14% 22.19% 22.15%
Deferred revenue, noncurrent 0.54 0.63 0.14 0.30 0.43 0.62 0.83 1.27 1.48 0.29 0.95 1.04 1.00 1.24 0.83 1.32 1.49
Customer deposits, noncurrent 0.02 0.03 0.06 0.03 0.03 0.03 0.05 0.08 0.11 0.11 0.17 0.47 0.67 1.04 1.33 2.04 2.35
Debt, noncurrent, net 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.58
Operating lease liabilities, noncurrent 2.97 3.08 3.59 4.13 3.39 3.87 4.39 4.88 5.60 5.90 6.17 6.58 6.86 6.78 6.81 7.04 7.38
Other noncurrent liabilities 0.19 0.22 0.25 0.30 0.21 0.24 0.27 0.30 0.37 0.37 0.06 0.07 0.07 0.07 0.18 0.14 0.14
Noncurrent liabilities 3.72% 3.95% 4.04% 4.76% 4.06% 4.76% 5.55% 6.53% 7.56% 6.67% 7.35% 8.16% 8.60% 9.13% 9.14% 10.54% 17.94%
Total liabilities 18.08% 19.66% 20.40% 20.30% 19.68% 21.26% 21.98% 23.75% 23.89% 23.66% 28.09% 28.44% 28.76% 29.45% 30.28% 32.73% 40.09%
Common stock, $0.001 par value 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
Additional paid-in capital 154.35 160.77 169.16 182.27 193.94 201.71 213.14 220.41 232.64 243.50 249.63 247.38 239.63 239.48 235.00 237.16 228.65
Accumulated other comprehensive income (loss), net -0.04 -0.09 0.09 -0.10 -0.12 0.02 -0.17 -0.13 -0.12 -0.15 -0.30 -0.20 -0.12 -0.07 -0.05 0.00 0.03
Accumulated deficit -73.82 -81.81 -91.30 -104.20 -115.33 -124.92 -136.95 -146.08 -158.63 -169.29 -177.48 -175.68 -168.33 -168.92 -165.29 -169.96 -168.83
Total Palantir’s stockholders’ equity 80.51% 78.91% 77.98% 78.02% 78.53% 76.85% 76.07% 74.25% 73.95% 74.12% 71.91% 71.56% 71.24% 70.55% 69.72% 67.27% 59.91%
Noncontrolling interests 1.41 1.44 1.62 1.68 1.79 1.89 1.95 2.00 2.16 2.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total equity 81.92% 80.34% 79.60% 79.70% 80.32% 78.74% 78.02% 76.25% 76.11% 76.34% 71.91% 71.56% 71.24% 70.55% 69.72% 67.27% 59.91%
Total liabilities and equity 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: 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).

Current Liabilities
Current liabilities as a percentage of total liabilities and equity have progressively declined from 22.15% in March 2021 to 14.36% in March 2025. This indicates a gradual reduction in short-term financial obligations relative to the overall capital structure over the analyzed periods.
Accounts Payable and Accrued Liabilities
Accounts payable show variability with a peak of 2.31% in December 2021 and reaching near zero in December 2024, indicating a decreasing reliance on payables. Accrued liabilities fluctuate moderately around 4.5% to 6.7%, with a slight upward trend toward the end of the period, suggesting relatively stable accrued expenses.
Deferred Revenue and Customer Deposits

Both current deferred revenue and current customer deposits fluctuate with no consistent upward or downward trend but generally show a decrease from earlier to later periods. Current deferred revenue moves from a high of approximately 7.02% in December 2021 to about 4.73% in March 2025. Current customer deposits fall from 8.3% in March 2021 to 3.43% in March 2025. Noncurrent deferred revenue and customer deposits also decrease over time, indicating reduced long-term customer prepayments or advance payments.

Operating Lease Liabilities
Both current and noncurrent operating lease liabilities as a portion of total liabilities and equity decline consistently. Current liabilities reduce from about 1.07% to 0.66%, while noncurrent liabilities decrease substantially from 7.38% to 2.97%, reflecting a diminishing lease commitment over time.
Noncurrent Liabilities
The noncurrent liabilities category shows a notable decrease from 17.94% in March 2021 to 3.72% in March 2025. This includes declines in several specific noncurrent items such as the net noncurrent debt (absent data post-2021) and operating lease liabilities, reinforcing a trend of reduced long-term obligations.
Total Liabilities
Total liabilities as a percentage of total liabilities and equity steadily decrease from 40.09% early in the period to 18.08% by March 2025, exhibiting a clear decline in overall liabilities weight within the company's capital structure.
Stockholders' Equity

Total equity rises over time, from 59.91% in March 2021 to 81.92% in March 2025, indicating an increasing proportion of equity financing relative to liabilities. This growth largely reflects changes in accumulated deficit and additional paid-in capital.

The accumulated deficit decreases in magnitude from -168.83% in March 2021 to -73.82% in March 2025, suggesting a trend towards narrowing losses or improved retained earnings.

Additional paid-in capital decreases from a high point near 249.63% in late 2022 to 154.35% by March 2025, indicating either less new equity issuance or capitalization compared to prior periods.

Minor fluctuations are observed in accumulated other comprehensive income/loss, with periodic small positive and negative values but no significant directional trend.

Noncontrolling Interests
Noncontrolling interests as a percentage of total liabilities and equity appear starting mid-2022 at around 2.23% and gradually decline to 1.41% by March 2025, showing a modest decrease in minority stakeholder claim.
Overall Capital Structure Trends
The analysis reveals a consistent shift from liabilities toward equity in the overall capital structure. Total liabilities steadily reduce, while total equity proportionally increases, influenced by decreasing accumulated deficit and relatively stable paid-in capital. Lease-related liabilities and customer-related deferred revenues decline, signaling less dependence on leased assets and customer advances over time. The data suggests strengthening financial flexibility and potentially a more stable financial position by the end of the observed periods.