Palantir Technologies Inc., current enterprise value calculation

Current share price (P)	$129.04
No. shares of common stock outstanding	2,397,311,977
US$ in thousands
Common equity (market value)¹	309,349,138)
Add: Noncontrolling interests (per books)	100,743)
Total equity	309,449,881)
Add: Total debt (book value)	—)
Total equity and debt	309,449,881)
Less: Cash and cash equivalents	1,423,796)
Less: Marketable securities	5,753,247)
Enterprise value (EV)	302,272,838)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 129.04 × 2,397,311,977

Palantir Technologies Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$133.02	$124.62	$23.40	$8.47	$11.83
No. shares of common stock outstanding¹	2,391,675,711	2,345,356,506	2,212,732,992	2,101,387,197	2,030,118,339
US$ in thousands
Common equity (market value)³	318,140,703)	292,278,328)	51,777,952)	17,798,750)	24,016,300)
Add: Noncontrolling interests (book value)	100,743)	91,132)	85,404)	77,111)	—)
Total equity	318,241,446)	292,369,460)	51,863,356)	17,875,861)	24,016,300)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	318,241,446)	292,369,460)	51,863,356)	17,875,861)	24,016,300)
Less: Cash and cash equivalents	1,423,796)	2,098,524)	831,047)	2,598,540)	2,290,674)
Less: Marketable securities	5,753,247)	3,131,463)	2,843,132)	35,135)	234,153)
Enterprise value (EV)	311,064,403)	287,139,473)	48,189,177)	15,242,186)	21,491,473)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Palantir Technologies Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 133.02 × 2,391,675,711

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. A significant upward trend is observed in all reported values over the period, with accelerating growth in the later years.

Enterprise Value (EV) Trend: Enterprise value demonstrates a consistent increase from US$21.49 million in 2021 to US$311.06 million in 2025. The growth rate appears to accelerate significantly from 2023 to 2025, with a substantial jump from US$48.19 million to US$311.06 million. This suggests increasing investor expectations regarding the company’s future performance or a change in its capital structure.
Equity and EV Relationship: Total equity and enterprise value exhibit a strong correlation, moving in the same direction throughout the observed period. The values for total equity and total equity and debt are nearly identical in each year, indicating minimal debt financing. The enterprise value consistently tracks below the total equity, suggesting a relatively conservative capital structure.
Common Equity Market Value: Common equity market value mirrors the trend in enterprise value, increasing from US$24.02 million in 2021 to US$318.14 million in 2025. The most substantial increase in common equity market value occurs between 2023 and 2024, rising from US$51.78 million to US$292.28 million. This suggests a significant re-evaluation of the company’s equity by the market during that period.

Overall, the financial metrics indicate a period of sustained growth and increasing market valuation. The accelerating growth in enterprise value and common equity market value in the later years warrants further investigation to understand the underlying drivers of this trend.

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Palantir Technologies Inc. (NASDAQ:PLTR)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)