Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2020
- Total Asset Turnover since 2020
- Price to Earnings (P/E) since 2020
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Long-term Activity Ratios (Summary)
Palantir Technologies Inc., long-term (investment) activity ratios (quarterly data)
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a generally increasing trend from March 31, 2022, through March 31, 2025. Starting at 49.26 in early 2022, it declines steadily to 27.55 by the first quarter of 2023. Following this trough, the ratio consistently rises, reaching 78.53 by March 31, 2025. This pattern suggests an initial reduction in the efficiency of fixed asset utilization, followed by a significant and sustained improvement over the subsequent periods.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This broader measure of net fixed asset turnover starts at 6.21 in March 2022 with minor fluctuations until the end of 2022, generally rising from 6.17 to 7.27. From early 2023 onward, the ratio increases steadily, peaking at 12.51 by March 31, 2025, though there is a small dip at June 30, 2024. The trend indicates a consistent enhancement in the effective use of fixed assets when including operating leases, reflecting improved asset management or possibly increases in revenue relative to these assets.
- Total Asset Turnover
- The total asset turnover ratio shows moderate fluctuations with a mild downward trend. Initially growing from 0.47 at March 31, 2022, to a peak of 0.55 in December 2022 and March 2023, it then gradually declines to 0.45 by March 31, 2025. This indicates a slight reduction in the company's overall efficiency in generating sales from total assets over the observed period.
- Equity Turnover
- The equity turnover ratio demonstrates a clear declining trend throughout the period analyzed. Beginning at 0.67 in March 2022, the ratio rises briefly to 0.77 by December 2021 (note: data starts at 2022 but initial values align with earlier), then experiences a steady decrease to 0.57 by March 31, 2025. This declining trend suggests a diminishing ability to generate sales from shareholders' equity over time.
Net Fixed Asset Turnover
Palantir Technologies Inc., net fixed asset turnover 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Property and equipment, net | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, 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
Net fixed asset turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibits a general upward trajectory across the reported quarters, increasing from $341.2 million in March 2021 to $883.9 million by March 2025. The growth appears consistent with some acceleration noted in the later periods, particularly from mid-2023 onwards where quarterly revenue surpasses the half-billion mark and continues to climb steadily, reflecting expanding business operations and potential market penetration.
- Property and Equipment, Net
- The net value of property and equipment shows a fluctuating trend over the same period. It initially rises from $27.4 million in March 2021 to a peak of $69.2 million in December 2022. Subsequently, there is a notable decline through to the end of the period, decreasing to approximately $39.7 million by March 2025. This pattern suggests a period of capital investment followed by depreciation, asset disposals, or a slowdown in asset acquisition.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures revenue generated per unit of fixed assets, is available from September 2021 onward. It starts at a high of 49.26 and shows a declining trend through 2022, dropping to 27.55 by March 2023. This initial decline may indicate increasing asset balances relative to revenue or less efficient use of fixed assets during that phase. After March 2023, the ratio reverses direction and increases markedly, reaching 78.53 by March 2025. This rise reflects improved efficiency in utilizing fixed assets to generate revenue, possibly driven by revenue growth outpacing asset base expansion or better asset management.
- Overall Insights
- The company demonstrates robust revenue growth across the four-year span. The asset base experienced an upsurge before contracting, corresponding with the initial decline and subsequent rebound in asset turnover efficiency. The increasing net fixed asset turnover in the latter periods suggests enhanced operational leverage of the asset base, which, combined with rising revenue, points towards improved profitability prospects and effective resource utilization.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Palantir Technologies Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Property and equipment, net | |||||||||||||||||||||||
| Operating lease right-of-use assets | |||||||||||||||||||||||
| Property and equipment, net (including operating lease, right-of-use asset) | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), 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
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue shows a consistent growth trend over the periods analyzed. Starting from approximately $341.2 million in the first quarter of 2021, revenue increased steadily each quarter, reaching about $883.9 million by the first quarter of 2025. The data indicates ongoing expansion, with no quarter showing a decline in revenue. Growth rates appear to accelerate in the more recent periods, particularly from 2023 onwards, suggesting strengthening business momentum.
- Property and Equipment, Net
- The net value of property and equipment, which includes operating leases and right-of-use assets, exhibits some variability across the time frame. Initially, the amount decreased slightly from approximately $240.7 million in Q1 2021 to a low point around $220.6 million in Q4 2023. Subsequently, there is a moderate increase and some fluctuations, reaching $249.0 million by Q1 2025. Despite these fluctuations, the overall level remains fairly stable, without any sharp increases or decreases, indicating controlled capital asset investment relative to revenue growth.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures revenue generated per dollar of net fixed assets, includes data starting from Q3 2021. This metric demonstrates a strong upward trend, rising from 6.21 in Q3 2021 to 12.51 in Q1 2025. The steady increase suggests improving efficiency in utilizing fixed assets to produce revenue. This ratio nearly doubles over the period observed, highlighting more effective asset management or a shift toward a less asset-heavy business model.
- Overall Insights
- The data reflects a company that is growing its revenue consistently while maintaining a relatively stable investment in fixed assets. The significant rise in asset turnover ratio supports the conclusion that the company is becoming more efficient in using its fixed assets to generate sales. The period from 2023 to 2025 shows intensified growth and improved operational efficiency, which could indicate successful strategic initiatives or scaling effects. There are no signs of asset overextension or revenue stagnation during the periods presented.
Total Asset Turnover
Palantir Technologies Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, 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
Total asset turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue demonstrates a consistent upward trajectory throughout the observed periods. Starting at approximately $341.2 million in March 2021, it gradually increases each quarter, reaching around $883.9 million by March 2025. This steady growth reflects a positive sales performance and expanding business operations over time, with no apparent periods of decline or stagnation.
- Total Assets Movement
- Total assets also show a persistent increase across the reported quarters. Beginning at roughly $3.01 billion in March 2021, the assets steadily grow to approximately $6.74 billion by March 2025. This suggests ongoing investments, acquisitions, or asset accumulation contributing to the company’s expanding resource base and financial capacity.
- Total Asset Turnover Analysis
- The total asset turnover ratio, which indicates how efficiently assets generate revenue, starts from a quoted value of 0.47 in September 2021. It increases slightly up to a peak of 0.55 in December 2021 and remains stable around this level through mid-2022. Following this peak, the ratio gradually declines to about 0.45 by March 2025. This pattern implies that while asset efficiency improved initially, there has been a moderate reduction in efficiency in later periods, potentially due to rapid asset growth outpacing revenue increases.
- Overall Insights
- The data indicates robust revenue growth alongside significant asset expansion. However, the slight decline in asset turnover ratio towards the end of the period suggests that the growth in assets may not be translating into proportional increases in revenue efficiency. The company might be investing in long-term assets or other projects that have yet to fully impact revenue generation capabilities. Monitoring this trend will be important to ensure that asset growth continues to support revenue generation effectively.
Equity Turnover
Palantir Technologies Inc., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Total Palantir’s stockholders’ equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, 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
Equity turnover
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ Total Palantir’s stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue
-
The revenue demonstrates a consistent upward trend over the periods analyzed. Starting at approximately $341 million in the first quarter of 2021, revenue increased steadily quarter-over-quarter, reaching $508.6 million by the end of 2022 and continuing the growth trajectory into 2023 and 2024. The rate of growth accelerates notably in the most recent quarters, with revenue hitting $883.9 million in the first quarter of 2025. This suggests sustained demand and potentially successful expansion or product adoption strategies over the observed timeframe.
- Total Palantir’s Stockholders’ Equity
-
Stockholders’ equity also exhibits continuous growth, beginning at approximately $1.81 billion in early 2021 and increasing steadily to around $5.42 billion by the first quarter of 2025. This increase over the analyzed quarters indicates ongoing capital accumulation within the company, which may be attributed to retained earnings, additional equity financing, or other equity-enhancing activities. The growth in equity aligns with the increasing revenue, reflecting strengthening financial stability and potentially higher investor confidence.
- Equity Turnover Ratio
-
The equity turnover ratio is provided from the third quarter of 2021 onward and reveals a declining trend. The ratio begins at 0.67 and fluctuates slightly during the initial quarters before steadily decreasing to 0.57 by the first quarter of 2025. This downward progression suggests that although both revenue and equity are increasing, revenue is growing at a slower rate relative to the growth in equity. The declining equity turnover might imply less efficient use of equity to generate revenue over time or increased equity base not yet matched proportionally by revenue expansion.
- Summary of Trends and Insights
-
The data reflect a company experiencing solid growth in both top-line revenue and shareholder equity. The continuous increase in revenue demonstrates expanding operations or market penetration, while the growth in equity supports a strengthening capital foundation. However, the declining equity turnover ratio indicates a decreasing efficiency in generating revenue from equity. This could warrant further analysis into asset utilization, capital allocation, or operational productivity to ensure that the equity base translates effectively into revenue growth.