Palantir Technologies Inc., P/S, long-term trends, calculation

	P/S	=	Share price^{1, 2, 3}	÷	Sales per share¹	Sales per share¹	=	Revenue¹ (in thousands)	÷	No. shares of common stock outstanding²
Feb 17, 2026	71.09	=	133.02	÷	1.87	1.87	=	4,475,446	÷	2,391,675,711
Feb 18, 2025	102.00	=	124.62	÷	1.22	1.22	=	2,865,507	÷	2,345,356,506
Feb 20, 2024	23.27	=	23.40	÷	1.01	1.01	=	2,225,012	÷	2,212,732,992
Feb 21, 2023	9.34	=	8.47	÷	0.91	0.91	=	1,905,871	÷	2,101,387,197
Feb 24, 2022	15.58	=	11.83	÷	0.76	0.76	=	1,541,889	÷	2,030,118,339
Feb 26, 2021	39.86	=	23.90	÷	0.60	0.60	=	1,092,673	÷	1,822,267,548

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ US$

² Data adjusted for splits and stock dividends.

³ Closing price as at the filing date of Palantir Technologies Inc. Annual Report.

The price-to-sales ratio exhibited significant fluctuations between 2021 and the projected values for 2026. Initial observations reveal a substantial decrease followed by a dramatic increase in the ratio.

Overall Trend: From February 2021 to February 2023, the price-to-sales ratio demonstrated a consistent downward trend, decreasing from 39.86 to 9.34. This suggests a declining valuation relative to sales during this period. However, beginning in February 2024, the ratio experienced a sharp increase, reaching 102.00 by February 2025, and remaining elevated at 71.09 in the subsequent year. This indicates a substantial shift in investor sentiment or expectations regarding future sales growth.
Price and Sales Relationship: The share price and sales per share both increased over the observed period. However, the magnitude of the increase in share price, particularly between 2024 and 2025, significantly outpaced the growth in sales per share. This disparity is a primary driver of the observed increase in the price-to-sales ratio. The ratio’s movement is not solely attributable to changes in either metric individually, but rather their combined effect.
Ratio Volatility: The price-to-sales ratio displayed considerable volatility. The initial decline suggests a potential correction or reassessment of the company’s valuation. The subsequent surge indicates a renewed, and substantial, investor confidence. This level of fluctuation warrants further investigation into the underlying factors influencing both the share price and sales performance.

In summary, the price-to-sales ratio experienced a period of decline followed by a period of rapid growth. This pattern is closely linked to the relative growth rates of the share price and sales per share, and highlights a significant shift in market valuation.

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Palantir Technologies Inc., P/S, long-term trends, comparison to competitors

	Palantir Technologies Inc.	Accenture PLC	Adobe Inc.	AppLovin Corp.	Cadence Design Systems Inc.	CrowdStrike Holdings Inc.	Datadog Inc.	International Business Machines Corp.	Intuit Inc.	Microsoft Corp.	Oracle Corp.	Palo Alto Networks Inc.	Salesforce Inc.	ServiceNow Inc.	Synopsys Inc.	Workday Inc.
Feb 17, 2026	71.09	2.15	5.25	25.35	15.27	19.36	12.53	3.19	9.90	13.54	10.32	13.82	7.40	9.20	13.05	7.65
Feb 18, 2025	102.00	3.48	8.27	23.14	15.26	26.10	16.12	3.81	10.72	12.82	7.44	13.62	8.45	18.99	12.45	9.61
Feb 20, 2024	23.27	2.98	13.88	6.14	20.02	12.81	20.19	2.73	10.72	11.60	6.63	10.87	5.84	17.52	14.75	7.71
Feb 21, 2023	9.34	2.56	8.95	1.80	14.23	30.15	14.64	1.94	9.30	10.40	4.25	9.62	7.40	12.75	10.03	11.19
Feb 24, 2022	15.58	4.28	14.94	5.99	12.55	48.70	49.25	1.94	16.09	12.81	5.38	10.72	9.24	19.02	13.22	13.95
Feb 26, 2021	39.86	3.26	17.04	—	13.85	22.79	49.57	1.47	11.78	10.85	4.33	6.66	8.88	25.66	10.08	10.65