Analysis of Geographic Areas
Palantir Technologies Inc. operates in 3 regions: United States; United Kingdom; and Rest of world.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2020
- Total Asset Turnover since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Sales (P/S) since 2020
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Area Asset Turnover
Palantir Technologies Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Rest of world |
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).
Asset turnover ratios across the reported geographic areas demonstrate varying performance and trends over the five-year period. Significant fluctuations are observed in each region, indicating shifts in operational efficiency and asset utilization.
- United States
- The United States experienced a substantial decrease in asset turnover from 46.94 in 2021 to 24.92 in 2022. This was followed by a recovery, with the ratio increasing to 47.81 in 2023 and continuing upward to 82.73 in 2024. The upward trend persisted into 2025, reaching 87.14. This suggests improved efficiency in utilizing assets to generate revenue within the United States after an initial period of decline.
- United Kingdom
- The United Kingdom exhibited a consistent upward trend in asset turnover throughout the period. Starting at 20.70 in 2021, the ratio increased to 32.75 in 2022 and 40.21 in 2023. Further gains were made in 2024, reaching 54.06, and continued into 2025, culminating in a ratio of 85.02. This indicates a steady improvement in asset utilization and revenue generation within the United Kingdom.
- Rest of World
- The “Rest of World” region showed a marked decline in asset turnover from 116.49 in 2021 to 33.08 in 2022. A recovery began in 2023, with the ratio increasing to 46.74, and this positive momentum continued through 2024 (59.87) and 2025 (82.44). While starting from a significantly higher base than the other regions, the initial decline was substantial, followed by a strong recovery period.
- Comparative Analysis
- In 2021, the “Rest of World” demonstrated the highest asset turnover ratio, significantly exceeding those of the United States and the United Kingdom. However, by 2022, the United States and the “Rest of World” experienced considerable declines, while the United Kingdom showed improvement. By 2025, all three regions converged towards similar asset turnover ratios, ranging from 82.44 to 87.14, suggesting a potential standardization of operational efficiency across these geographic areas. The volatility observed in the “Rest of World” region warrants further investigation to understand the drivers behind the initial decline and subsequent recovery.
Area Asset Turnover: United States
Palantir Technologies Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
The financial performance related to asset utilization within the United States demonstrates significant fluctuations over the observed period. Revenue consistently increased, while the value of property and equipment, net, exhibited a more volatile pattern. This interplay directly impacts the area asset turnover ratio, which reveals how efficiently assets are being used to generate sales within this geographic region.
- Revenue
- Revenue originating from the United States experienced substantial growth throughout the period. It increased from US$879.156 million in 2021 to US$1.161 million in 2022, followed by further increases to US$1.378 million in 2023, US$1.900 million in 2024, and reaching US$3.320 million in 2025. This represents a consistent upward trajectory, indicating expanding market presence or increased sales effectiveness.
- Property and Equipment, Net
- The net value of property and equipment exhibited a less consistent trend. It rose significantly from US$18.728 million in 2021 to US$46.599 million in 2022, before decreasing to US$28.825 million in 2023 and further to US$22.968 million in 2024. A subsequent increase to US$38.102 million was observed in 2025. These fluctuations suggest potential investments in, and subsequent disposals or depreciation of, fixed assets.
- Area Asset Turnover
- The area asset turnover ratio, a key indicator of asset efficiency, displayed considerable variation. It began at 46.94 in 2021, decreased substantially to 24.92 in 2022, then rebounded to 47.81 in 2023. A marked increase was observed in 2024, reaching 82.73, and continued to rise to 87.14 in 2025. The initial decline in 2022 coincided with a significant increase in property and equipment, net, suggesting that the increased investment had not yet translated into proportional revenue gains. The subsequent increases in the ratio from 2023 onwards indicate improved efficiency in asset utilization, likely driven by the continued revenue growth and stabilization of asset values.
Overall, the United States area asset turnover ratio demonstrates a strong positive trend in recent years, despite initial volatility. The substantial revenue growth, coupled with a more controlled approach to property and equipment investment, appears to be driving this improved efficiency.
Area Asset Turnover: United Kingdom
Palantir Technologies Inc.; United Kingdom; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
The financial performance of the United Kingdom geographic area demonstrates a strong positive trend in asset utilization between 2021 and 2025. Revenue consistently increased over the period, while the value of property and equipment, net, decreased. This combination resulted in a substantial improvement in area asset turnover.
- Revenue
- Revenue generated in the United Kingdom exhibited consistent growth, increasing from US$173.362 million in 2021 to US$427.398 million in 2025. This represents a cumulative increase of approximately 146.8% over the five-year period. The growth rate appears to accelerate in later years, with a more significant jump between 2023 and 2025.
- Property and Equipment, Net
- The net value of property and equipment decreased steadily from US$8.375 million in 2021 to US$5.027 million in 2025. This indicates a reduction in the investment in fixed assets within the United Kingdom area, potentially due to increased efficiency or a shift towards more intangible assets.
- Area Asset Turnover
- Area asset turnover experienced a significant and consistent increase, rising from 20.70 in 2021 to 85.02 in 2025. This indicates a substantial improvement in the efficiency with which assets are used to generate revenue. The ratio more than quadrupled over the period, suggesting that the area is becoming increasingly effective at converting its investments into sales. The accelerating growth in revenue, coupled with the declining value of property and equipment, net, are the primary drivers of this improvement.
The observed trends suggest that the United Kingdom area is successfully leveraging its asset base to generate revenue. The decreasing investment in property and equipment, net, does not appear to be hindering revenue growth, and may even be contributing to improved asset turnover. Continued monitoring of these trends will be important to assess the sustainability of this performance.
Area Asset Turnover: Rest of world
Palantir Technologies Inc.; Rest of world; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
Analysis of the Rest of World geographic area reveals a fluctuating pattern in financial performance between 2021 and 2025. Revenue demonstrates consistent growth throughout the period, while net property and equipment exhibits initial increases followed by a decline. The area asset turnover ratio shows significant volatility, ultimately trending upwards.
- Revenue
- Revenue for the Rest of World area increased from US$489.371 million in 2021 to US$728.005 million in 2025. This represents a cumulative growth of approximately 48.7% over the five-year period. Annual growth rates were positive each year, indicating sustained expansion in this region.
- Property and Equipment, Net
- Net property and equipment experienced an increase from US$4.201 million in 2021 to US$15.825 million in 2022. However, subsequent years show a decreasing trend, falling to US$8.831 million by 2025. This suggests potential asset disposals or depreciation exceeding new investments in the latter part of the period.
- Area Asset Turnover
- The area asset turnover ratio exhibited substantial variation. It began at 116.49 in 2021, decreased sharply to 33.08 in 2022, and then increased to 46.74 in 2023. Further increases were observed in 2024 (59.87) and 2025 (82.44). This indicates an improving efficiency in generating revenue from assets in the Rest of World area, particularly in the most recent years. The initial high value in 2021, followed by a dramatic drop, warrants further investigation to understand the underlying causes of the fluctuation. The subsequent upward trend suggests improved asset utilization or a change in the composition of assets.
The combination of growing revenue and decreasing property and equipment, coupled with the increasing asset turnover ratio, suggests that the Rest of World area is becoming more efficient in its operations. The initial volatility in asset turnover should be examined to determine if it represents a temporary anomaly or a fundamental shift in the region’s asset management strategy.
Revenue
Palantir Technologies Inc., revenue by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Rest of world | |||||
| Total |
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).
Revenue experienced consistent growth across all geographic areas examined between 2021 and 2025. The United States represents the largest contributor to overall revenue, and demonstrates the most substantial growth in absolute terms. While the United Kingdom and Rest of World segments exhibit positive trends, their relative contribution to total revenue remains smaller compared to the United States.
- United States Revenue Trend
- Revenue from the United States increased significantly from US$879.156 million in 2021 to US$3,320.043 million in 2025. This represents a compound annual growth rate (CAGR) of approximately 30.7%. Growth was consistent year-over-year, with accelerating increases observed in 2024 and 2025.
- United Kingdom Revenue Trend
- Revenue from the United Kingdom increased from US$173.362 million in 2021 to US$427.398 million in 2025. This represents a CAGR of approximately 17.7%. Growth was relatively steady, although the rate of increase appears to have slowed slightly between 2022 and 2023 before resuming a similar pace.
- Rest of World Revenue Trend
- Revenue from the Rest of World increased from US$489.371 million in 2021 to US$728.005 million in 2025. This represents a CAGR of approximately 11.7%. Growth was consistent, but the lowest among the three geographic areas.
- Total Revenue Trend
- Total revenue increased from US$1,541.889 million in 2021 to US$4,475.446 million in 2025, representing a CAGR of approximately 23.3%. The increasing contribution from each geographic area drove this overall growth.
- Geographic Revenue Contribution
- In 2021, the United States accounted for approximately 57.0% of total revenue. By 2025, this proportion increased to approximately 74.2%. The United Kingdom’s contribution remained relatively stable, increasing from 11.2% in 2021 to 9.5% in 2025. The Rest of World’s contribution decreased from 31.7% in 2021 to 16.3% in 2025. This indicates a growing reliance on the United States market.
The observed trends suggest a strong and expanding revenue base, particularly within the United States. While international markets demonstrate growth, the United States is the primary driver of overall revenue performance. Continued monitoring of these geographic trends is recommended to assess the sustainability of growth and potential shifts in revenue concentration.
Property and equipment, net
Palantir Technologies Inc., property and equipment, net by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| United Kingdom | |||||
| Rest of world | |||||
| Total |
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).
The geographic distribution of property and equipment, net, demonstrates significant fluctuations between 2021 and 2025. Overall, the largest concentration of these assets resides within the United States, followed by the United Kingdom and the rest of the world.
- United States
- Property and equipment, net, in the United States experienced substantial growth from 2021 to 2022, increasing from US$18.728 million to US$46.599 million. However, this was followed by a decrease in 2023 to US$28.825 million, and a further decline in 2024 to US$22.968 million. A subsequent increase is projected for 2025, reaching US$38.102 million. This suggests a pattern of significant investment followed by periods of depreciation or asset reallocation within the US market.
- United Kingdom
- The United Kingdom exhibits a consistent downward trend in property and equipment, net, throughout the analyzed period. Beginning at US$8.375 million in 2021, the value decreased to US$6.746 million in 2022, and continued to decline to US$5.851 million in 2023, US$5.634 million in 2024, and finally US$5.027 million in 2025. This indicates a potential reduction in long-term assets or a shift in investment strategy away from the UK.
- Rest of World
- The “Rest of World” category shows an initial increase from US$4.201 million in 2021 to US$15.825 million in 2022. This growth slowed in 2023, with a value of US$13.082 million, and continued to decrease in 2024 to US$11.036 million, and further to US$8.831 million in 2025. While initially expanding, this region’s property and equipment, net, is trending downwards, albeit less dramatically than the United Kingdom.
- Total
- Total property and equipment, net, mirrored the initial growth and subsequent decline observed across the geographic areas. A peak of US$69.170 million was reached in 2022, followed by decreases in 2023 (US$47.758 million) and 2024 (US$39.638 million). A modest increase is projected for 2025, bringing the total to US$51.960 million. The overall trend suggests a period of expansion followed by consolidation or strategic asset adjustments.
The fluctuations in property and equipment, net, across these regions warrant further investigation to understand the underlying drivers, such as capital expenditure policies, depreciation schedules, and potential divestitures or acquisitions.