Palantir Technologies Inc., total asset turnover, long-term trends, calculation

	Total asset turnover	=	Revenue¹	÷	Total assets¹
Dec 31, 2025	0.50	=	4,475,446)	÷	8,900,392)
Dec 31, 2024	0.45	=	2,865,507)	÷	6,340,884)
Dec 31, 2023	0.49	=	2,225,012)	÷	4,522,425)
Dec 31, 2022	0.55	=	1,905,871)	÷	3,461,239)
Dec 31, 2021	0.47	=	1,541,889)	÷	3,247,450)
Dec 31, 2020	0.41	=	1,092,673)	÷	2,690,504)

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$ in thousands

The total asset turnover ratio for the period demonstrates a fluctuating pattern. Initially, the ratio increased from 2020 to 2022, followed by a decline in 2023, a further decrease in 2024, and a subsequent recovery in 2025.

Overall Trend: From 2020 to 2025, the ratio exhibits volatility. While there is an overall increase from 0.41 in 2020 to 0.50 in 2025, the path is not consistently upward. The ratio peaked at 0.55 in 2022 before experiencing a dip.
Initial Increase (2020-2022): The ratio increased from 0.41 in 2020 to 0.47 in 2021, and then to 0.55 in 2022. This suggests improving efficiency in utilizing assets to generate revenue during this period. The company was generating more revenue per dollar of assets.
Subsequent Decline (2022-2024): Following the peak in 2022, the ratio decreased to 0.49 in 2023 and further to 0.45 in 2024. This indicates a reduced efficiency in asset utilization. The company generated less revenue for each dollar of assets held during these years.
Recovery (2024-2025): The ratio experienced a recovery in 2025, increasing to 0.50. This suggests a partial restoration of asset utilization efficiency. While not reaching the 2022 peak, the increase indicates a positive trend in revenue generation relative to asset base.
Relationship to Revenue and Assets: Revenue consistently increased throughout the period. However, total assets grew at a faster rate between 2022 and 2024, which likely contributed to the decline in the total asset turnover ratio. The slower asset growth in 2025, coupled with continued revenue growth, facilitated the ratio’s recovery.

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Palantir Technologies Inc., total asset turnover, 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.
Dec 31, 2025	0.50	1.07	0.81	0.75	0.52	0.45	0.52	0.44	0.51	0.46	0.34	0.39	0.37	0.51	0.15	0.47
Dec 31, 2024	0.45	1.16	0.71	0.80	0.52	0.46	0.46	0.46	0.51	0.48	0.38	0.40	0.35	0.54	0.47	0.44
Dec 31, 2023	0.49	1.25	0.65	0.61	0.72	0.45	0.54	0.46	0.52	0.51	0.37	0.48	0.32	0.52	0.57	0.46
Dec 31, 2022	0.55	1.30	0.65	0.48	0.69	0.40	0.56	0.48	0.46	0.54	0.39	0.45	0.28	0.54	0.54	0.49
Dec 31, 2021	0.47	1.17	0.58	0.45	0.68	0.32	0.43	0.43	0.62	0.50	0.31	0.42	0.32	0.55	0.48	0.50
Dec 31, 2020	0.41	1.20	0.53	—	0.68	0.34	0.32	0.47	0.70	0.47	0.34	0.38	0.31	0.52	0.46	0.53