Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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Solvency Ratios (Summary)
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).
The analysis of the financial ratios over the observed periods reveals several notable trends regarding the company's leverage and interest coverage.
- Debt to Equity (including operating lease liability)
- The ratio demonstrated a gradual decline from 0.25 in March 2021 to 0.05 by March 2025. This steady decrease suggests a consistent reduction in debt relative to equity, implying an improving capital structure with lower reliance on debt financing over time.
- Debt to Capital (including operating lease liability)
- Similar to debt to equity, this ratio decreased from 0.20 in March 2021 to 0.04 in March 2025. The falling trend denotes a diminishing proportion of debt in the overall capital employed, indicating enhanced financial stability and potentially lower financial risk.
- Debt to Assets (including operating lease liability)
- The ratio showed a decline from 0.15 in March 2021 to 0.04 in March 2025. This reduction points to a lower percentage of assets being financed through debt, further highlighting an improving asset base or deleveraging action.
- Financial Leverage
- Financial leverage dropped from 1.67 in the first quarter of 2021 to 1.24 by March 2025. The decreasing leverage ratio indicates that the company’s asset base is less supported by debt, consistent with other leverage ratios, reflecting a trend towards a more conservative capital structure.
- Interest Coverage
- Interest coverage was initially negative and highly volatile, registering very large negative values in late 2021 and early 2022 (e.g., -201.09 at March 2022), indicating operating losses or insufficient earnings to cover interest expenses. However, a remarkable recovery trajectory is observed starting in late 2022, where the interest coverage ratio turns positive and increases significantly, reaching as high as 3786.9 in December 2024. This suggests a substantial improvement in earning power relative to interest obligations, potentially driven by operational improvements, cost management, or reduced debt servicing costs. The data is incomplete for the most recent periods but the trend up to December 2024 is strongly positive.
Overall, the financial data indicates a clear pattern of reduced leverage and enhanced ability to cover interest expenses, reflecting improved financial health and reduced risk over the observed timeframe.
Debt Ratios
Coverage Ratios
Debt to Equity
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 | |||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Debt, noncurrent, net | |||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Total Palantir’s stockholders’ equity | |||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||
Debt to equity1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Debt to Equity, Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
Cadence Design Systems Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Debt to equity = Total debt ÷ Total Palantir’s stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The data reveals a notable trend in the financial structure and equity over the indicated periods.
- Total Palantir’s stockholders’ equity
- The stockholders’ equity exhibits a consistent and robust upward trend from March 31, 2021, through March 31, 2025. Starting at approximately $1.81 billion, the equity increases steadily each quarter, reaching over $5.42 billion by the end of the period. This represents a nearly threefold increase over four years, indicating sustained growth in the company’s net assets.
- Total debt
- The available data for total debt is limited to a single figure as of March 31, 2021, at approximately $198 million. No subsequent debt data is provided, preventing analysis of debt trends or changes relative to equity over time.
- Debt to equity ratio
- Similarly, the debt to equity ratio is only reported for March 31, 2021, at 0.11. The absence of further data restricts assessment of leverage dynamics or shifts in capital structure throughout the reported periods.
Overall, the information clearly demonstrates a strong and steady accumulation of equity, evidencing improving financial strength and increasing shareholder value. However, the lack of additional data on debt and leverage ratios limits the ability to evaluate the company’s risk profile or capital management strategies in detail.
Debt to Equity (including Operating Lease Liability)
Palantir Technologies Inc., debt to equity (including operating lease liability) calculation (quarterly data)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Debt, noncurrent, net | |||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Operating lease liabilities, current | |||||||||||||||||||||||
Operating lease liabilities, noncurrent | |||||||||||||||||||||||
Total debt (including operating lease liability) | |||||||||||||||||||||||
Total Palantir’s stockholders’ equity | |||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||
Debt to equity (including operating lease liability)1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Palantir’s stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Total debt (including operating lease liability)
- The total debt balance demonstrates a general declining trend from March 31, 2021, to December 31, 2024. Starting at approximately 453 million USD in early 2021, the debt level decreased notably within the first two quarters, reaching around 250 million USD by June 30, 2021. Following this, the debt fluctuates moderately around the 240 to 260 million USD range through late 2024, with small periodic increases and decreases. The lowest recorded debt is approximately 217 million USD in the first quarter of 2024, after which debt rises somewhat but remains generally lower than the initial 2021 levels. The quarterly variations suggest active management of liabilities to maintain a relatively stable debt position over time.
- Total Palantir’s stockholders’ equity
- Stockholders’ equity exhibits a consistent and robust upward trajectory throughout the observed periods. From a starting point of approximately 1.81 billion USD in March 2021, equity increases steadily each quarter, reaching over 5.4 billion USD by March 2025. The growth in equity is significant and uninterrupted, indicating continuous value creation for shareholders. This rising equity base contrasts with the more stable debt levels, implying that the company is expanding its net asset position substantially across the years.
- Debt to equity (including operating lease liability)
- The debt-to-equity ratio shows a marked and consistent decline over the examined timeframe, indicating improving financial leverage. Initially at 0.25 in March 2021, this ratio drops sharply in the first two quarters to around 0.12 and continues to decrease steadily each quarter thereafter. By the end of the period in March 2025, the ratio is approximately 0.05, representing a significant reduction in debt relative to equity. This declining ratio underscores a strong deleveraging trend and reflects enhanced financial strength and lower reliance on debt financing relative to the company’s equity base.
Debt to Capital
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 | |||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Debt, noncurrent, net | |||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Total Palantir’s stockholders’ equity | |||||||||||||||||||||||
Total capital | |||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||
Debt to capital1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Debt to Capital, Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
Cadence Design Systems Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The reported total debt is available only for the quarter ending March 31, 2021, at approximately $198.2 million. No subsequent debt data is provided, which limits the ability to analyze trends in the company’s leverage over time.
- Total Capital
- The total capital shows a consistent and substantial upward trend from March 31, 2021, through March 31, 2025. Starting at about $2.0 billion, total capital increases every quarter, reaching approximately $5.42 billion by the end of the period. This represents a growth of over 2.7 times in total capital during the four-year span, indicating significant expansion in the company’s financial base.
- Debt to Capital Ratio
- The debt to capital ratio is only reported for the first period, March 31, 2021, at 0.1 (or 10%). Due to the absence of further data points, no meaningful analysis of the company’s leverage or changes in capital structure across the subsequent quarters can be made.
- Summary
- The available data reveals that the company has markedly increased its total capital over the observed timeframe. However, the lack of updated debt figures and debt-to-capital ratios constrains comprehensive leverage analysis. The sizeable growth in total capital suggests ongoing investment or financing activities that have expanded the company’s capital base significantly. Without more complete debt data, it is not possible to determine whether this growth has been accompanied by increased borrowing or primarily funded through equity or retained earnings.
Debt to Capital (including Operating Lease Liability)
Palantir Technologies Inc., debt to capital (including operating lease liability) calculation (quarterly data)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Debt, noncurrent, net | |||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Operating lease liabilities, current | |||||||||||||||||||||||
Operating lease liabilities, noncurrent | |||||||||||||||||||||||
Total debt (including operating lease liability) | |||||||||||||||||||||||
Total Palantir’s stockholders’ equity | |||||||||||||||||||||||
Total capital (including operating lease liability) | |||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||
Debt to capital (including operating lease liability)1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
- Total Debt (Including Operating Lease Liability)
- The total debt shows a generally declining trend from March 31, 2021, through December 31, 2024, with some fluctuations. Initial debt was approximately $452.7 million in early 2021, dropping significantly by mid-2021 to around $250 million. For the next few quarters, the debt amount stayed relatively stable, fluctuating between approximately $230 million and $260 million. A notable increase occurred in mid-2024, reaching about $258 million, followed by a slight reduction towards early 2025, ending near $244.6 million. This trend suggests a concerted effort to reduce debt levels with some variability in recent quarters.
- Total Capital (Including Operating Lease Liability)
- Total capital experienced a consistent upward trajectory over the period under review. Starting at approximately $2.26 billion in March 2021, it steadily rose each quarter, reaching approximately $5.67 billion by March 2025. The rate of capital growth accelerated notably from late 2022 onward, with substantial quarterly increases observed, particularly in 2024. This reflects a significant expansion of the company's capital base during this period.
- Debt to Capital Ratio (Including Operating Lease Liability)
- The debt to capital ratio demonstrates a marked declining trend over the time frame. Beginning at 0.20 in March 2021, the ratio dropped sharply in the subsequent quarters, stabilizing around 0.09 by early 2022. The decline continued progressively, reaching a low of 0.04 by March 2025. This decreasing ratio indicates an improvement in the company’s capital structure, with debt representing a smaller proportion of the overall capital base, which aligns with the observed reduction in total debt and increase in total capital.
Debt to Assets
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Debt, noncurrent, net | |||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Total assets | |||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||
Debt to assets1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Debt to Assets, Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
Cadence Design Systems Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The available financial data reveals limited insights due to the scarcity of reported figures. Total debt was recorded only once on March 31, 2021, at 198,185 thousand US dollars, with no subsequent data points provided.
Total assets demonstrate a clear upward trend over the periods reported. Starting at approximately 3.01 billion US dollars on March 31, 2021, total assets steadily increased to approximately 6.74 billion US dollars by March 31, 2025. This represents more than a doubling in asset base over the four-year span, indicating significant growth and expansion in the company's asset holdings.
The ratio of debt to assets is reported only for the initial period, March 31, 2021, at 0.07. This relatively low leverage ratio suggests that the company's total debt represented just 7% of its total assets at that time. However, in the absence of additional data points, it is impossible to assess the trend or changes in the company's leverage position over time.
- Key Observations:
- The steady growth in total assets over the periods indicates a consistent asset accumulation, which may be associated with business expansion, capital investments, or acquisitions.
- The absence of updated total debt figures and debt-to-assets ratios restricts the ability to evaluate financial leverage, risk, or capital structure changes through the analyzed timeframe.
- The initial low debt-to-assets ratio suggests a conservative leverage approach as of the first quarter of 2021, but no conclusions can be drawn for subsequent periods.
In summary, while the company appears to have expanded its asset base substantially from 2021 through early 2025, limited disclosure of debt and financial ratios precludes a comprehensive analysis of its financial risk and capital structure trends during this time.
Debt to Assets (including Operating Lease Liability)
Palantir Technologies Inc., debt to assets (including operating lease liability) calculation (quarterly data)
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 | |||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Debt, noncurrent, net | |||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Operating lease liabilities, current | |||||||||||||||||||||||
Operating lease liabilities, noncurrent | |||||||||||||||||||||||
Total debt (including operating lease liability) | |||||||||||||||||||||||
Total assets | |||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||
Debt to assets (including operating lease liability)1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Total debt (including operating lease liability)
- The total debt experienced an overall declining trend from March 31, 2021, through December 31, 2024, with some fluctuations. Starting at approximately 453 million USD, debt decreased significantly during 2021, reaching around 245 million USD by December 31, 2021. Debt levels remained relatively stable with minor decreases and increases throughout 2022 and into 2023. From March 31, 2023 onward, total debt generally continued a decreasing trajectory, reaching approximately 244.6 million USD by March 31, 2025. Notably, there were brief upticks in the second quarter of 2024, but the overall pattern reflects a gradual reduction in total debt liabilities over this period.
- Total assets
- Total assets showed a consistent and strong growth trend over the analyzed timeframe. Beginning at about 3.0 billion USD in March 2021, assets grew steadily each quarter, reaching approximately 6.7 billion USD by March 31, 2025. This represents more than a twofold increase in total assets over the four-year span, indicating expanding asset accumulation and potentially enhanced operational scale or investment activities.
- Debt to assets ratio (including operating lease liability)
- The debt to assets ratio declined markedly over the period, from 0.15 in March 2021 down to 0.04 by March 2025. This decreasing ratio demonstrates a reduction in leverage relative to total assets, reflecting either effective debt management, growing asset base, or a combination of both. The most significant drop occurred during 2021, moving from 0.15 to around 0.07 by the end of that year, and the ratio continued to decline gradually and steadily in subsequent years. The decline indicates an improving financial structure with lower dependence on debt financing relative to asset size.
- Summary
- Overall, the financial data reveals a strategic reduction in debt levels coupled with substantial asset growth, leading to a significantly lower debt to asset ratio. This trend suggests improved financial stability and potentially stronger creditworthiness over time. The company appears to be managing its liabilities prudently while expanding its asset base, which is a positive indicator from a financial health perspective.
Financial Leverage
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 | |||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Total assets | |||||||||||||||||||||||
Total Palantir’s stockholders’ equity | |||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||
Financial leverage1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Financial Leverage, Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
Cadence Design Systems Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Financial leverage = Total assets ÷ Total Palantir’s stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Total assets
- The total assets exhibit a consistent upward trend throughout the observed period, increasing from approximately $3.01 billion at the end of Q1 2021 to around $6.74 billion by Q1 2025. This represents more than a doubling of the asset base over four years. Notably, the growth in assets appears to accelerate slightly from Q1 2023 onward, with quarterly increases becoming more substantial compared to earlier periods.
- Total Palantir’s stockholders’ equity
- Stockholders’ equity also shows steady growth, rising from about $1.81 billion in Q1 2021 to approximately $5.42 billion by Q1 2025. The increase in equity corresponds with the growth in total assets, although the equity growth is slightly more pronounced from around mid-2023 onwards. This consistent increase in equity indicates an overall strengthening in the company's net worth and retained earnings over time.
- Financial leverage (ratio)
- Financial leverage demonstrates a gradual decline across the periods analyzed, starting at 1.67 in Q1 2021 and decreasing to 1.24 by Q1 2025. This downward trend suggests a reduction in the relative use of debt or liabilities compared to equity. The gradual decrease in leverage ratio over time indicates an improving financial structure, with the company becoming less reliant on external financing relative to its equity position.
- Summary of trends
- The data collectively reflects a company that is expanding its asset base significantly while maintaining controlled leverage. The steady increase in total assets and equity, combined with the gradual reduction in financial leverage, points to a strengthening balance sheet and potentially improving financial stability. The acceleration in asset and equity growth post-2023 may indicate successful operational or capital investment initiatives during that period.
Interest Coverage
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | |||||||||||||||||||||||
Add: Net income attributable to noncontrolling interest | |||||||||||||||||||||||
Add: Income tax expense | |||||||||||||||||||||||
Add: Interest expense | |||||||||||||||||||||||
Earnings before interest and tax (EBIT) | |||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||
Interest coverage1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Interest Coverage, Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
Cadence Design Systems Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Synopsys Inc. |
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).
1 Q1 2025 Calculation
Interest coverage
= (EBITQ1 2025
+ EBITQ4 2024
+ EBITQ3 2024
+ EBITQ2 2024)
÷ (Interest expenseQ1 2025
+ Interest expenseQ4 2024
+ Interest expenseQ3 2024
+ Interest expenseQ2 2024)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Earnings before interest and tax (EBIT)
- The EBIT values demonstrate considerable volatility over the observed periods. From the beginning of the timeline at March 31, 2021, EBIT was negative, indicating losses, with a lowest point around June 30, 2022, at approximately -176 million USD. Subsequently, there was a notable recovery starting December 31, 2022, where EBIT turned positive and continued an upward trend through the following quarters. The highest recorded EBIT was seen on March 31, 2025, exceeding 223 million USD. This shift from consistent negative EBIT to sustained positive values suggests an improving operational performance over time.
- Interest expense
- Interest expense remained relatively low and stable throughout the periods, fluctuating mostly between approximately 600,000 and 1.7 million USD. There is no clear upward or downward trend. The lowest and missing values in the later periods restrict further trend analysis, but the data indicates that interest expense did not increase proportionally with the improvement in EBIT.
- Interest coverage ratio
- The interest coverage ratio showed significant fluctuations reflecting changes in EBIT and interest expense. Early in the timeline, the ratio was negative and large in magnitude, consistent with negative EBIT and difficulty covering interest expenses. Starting from December 31, 2022, the ratio sharply improved, becoming positive and increasing dramatically to values exceeding 3,700 by the latest period provided. This rise indicates a substantially enhanced ability to cover interest payments, aligning with the improved EBIT figures and suggesting a strengthened financial position.