Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Price to Sales (P/S) since 2020
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Historical Valuation Ratios (Summary)
Palantir Technologies Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
An analysis of the valuation ratios reveals a period of significant expansion in market multiples, peaking in mid-2025, followed by a subsequent contraction through the first quarter of 2026. The absence of earnings and operating profit multiples prior to the third quarter of 2023 indicates a transition toward GAAP profitability during that period.
- Price to Earnings (P/E) Ratio
- The P/E ratio first appears in September 2023 at 279.03, suggesting the onset of positive net income. This metric experienced extreme volatility, reaching a peak of 632.38 in December 2024. A downward trend followed this peak, with the ratio descending to 142.81 by March 31, 2026, indicating a normalization of the stock price relative to its earnings growth.
- Price to Operating Profit (P/OP) Ratio
- Mirroring the P/E trend, the P/OP ratio entered the data set in September 2023 at 1,130.92. The ratio saw a significant spike in December 2024 to 941.61, followed by a steady decline to 163.57 by March 2026. This trajectory suggests that while operating profits grew, the market's premium on those profits expanded aggressively before correcting.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a long-term upward trajectory from March 2022 (9.27) through June 2025, where it reached a maximum of 119.47. This represents a massive expansion in the valuation multiple applied to revenue. A sharp correction occurred in the latter half of 2025, with the ratio falling to 62.37 by March 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio followed a similar pattern of expansion and contraction. Starting at 6.46 in March 2022, the ratio climbed to a peak of 69.33 in June 2025. By March 2026, the ratio decreased to 38.56, reflecting a reduction in the premium the market was willing to pay over the company's book value.
Overall, the data reflects a cycle of aggressive valuation inflation that culminated in the first half of 2025 across all measured metrics. The synchronized decline in P/E, P/OP, P/S, and P/BV ratios throughout late 2025 and early 2026 suggests a broad market re-rating of the asset, moving away from speculative peaks toward more moderate valuation levels.
Price to Earnings (P/E)
Palantir Technologies Inc., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) attributable to common stockholders (in thousands) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ1 2026
+ Net income (loss) attributable to common stockholdersQ4 2025
+ Net income (loss) attributable to common stockholdersQ3 2025
+ Net income (loss) attributable to common stockholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Palantir Technologies Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
A fundamental shift in financial performance is evident as the entity transitioned from negative earnings to consistent profitability. Earnings per share remained negative throughout 2022 and the first half of 2023, reaching a low of -0.27 in September 2022. Profitability was first achieved in the third quarter of 2023, with earnings turning positive at 0.07 and maintaining a steady upward trajectory to 0.95 by March 2026.
- Earnings per Share (EPS) Trend
- The progression from -0.24 in early 2022 to 0.95 in early 2026 indicates a sustained improvement in bottom-line performance. The transition to positive territory in September 2023 marked a critical inflection point, followed by a period of accelerated growth, particularly between June 2025 and March 2026.
- Share Price Volatility
- Share prices experienced significant expansion, rising from a baseline of approximately 7.00 to 9.00 in 2022 to a peak of 190.74 in September 2025. A period of aggressive appreciation is noted between June 2024 and December 2024, during which the price increased from 26.59 to 124.62, before entering a corrective phase in late 2025.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio reflects an extreme expansion of market valuation expectations. Following the first positive reading of 279.03 in September 2023, the ratio peaked at 632.38 in December 2024, coinciding with the rapid surge in share price. A subsequent trend of valuation compression is observed throughout 2025 and early 2026, with the ratio declining to 142.81 by March 2026. This compression suggests a gradual alignment between the share price and actual earnings growth.
Price to Operating Profit (P/OP)
Palantir Technologies Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Income (loss) from operations (in thousands) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Palantir Technologies Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
A transition from operating losses to consistent profitability occurred in the third quarter of 2023. Since this inflection point, operating profit per share has demonstrated a sustained upward trajectory, growing from $0.02 in September 2023 to $0.83 by March 2026.
- Operating Profitability Trends
- Between March 2022 and June 2023, operating profit per share remained negative, although losses narrowed progressively from -$0.16 to -$0.03. Following the shift to positive territory in September 2023, profit growth accelerated significantly toward the end of the period, particularly between September 2025 ($0.36) and March 2026 ($0.83), indicating a strengthening operational efficiency.
- Share Price Volatility
- The share price exhibited substantial growth and volatility. After trading in a low range between $7.02 and $9.82 throughout much of 2022, the price rose steadily through 2023 and 2024. A period of rapid escalation occurred between September 2024 ($51.13) and September 2025, where the price peaked at $190.74 before experiencing a correction to $135.91 by March 2026.
- Price to Operating Profit (P/OP) Ratio Interpretation
- The P/OP ratio, which became applicable upon the achievement of profitability in September 2023, initially reached an extreme high of 1,130.92. The ratio fluctuated heavily in alignment with share price spikes, notably peaking again at 941.61 in December 2024. However, a definitive contraction in the ratio is observed from September 2025 (535.05) through March 2026 (163.57). This downward trend indicates that the growth in operating profit has begun to outpace the growth in share price, leading to a gradual normalization of the valuation multiple.
Price to Sales (P/S)
Palantir Technologies Inc., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Palantir Technologies Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of the company, as measured by the Price to Sales (P/S) ratio, exhibits a period of extreme expansion followed by a partial correction. While revenue efficiency per share grew consistently throughout the entire period, the share price experienced non-linear growth, resulting in a significant decoupling of the market valuation from the underlying sales performance.
- Sales per Share Trend
- A consistent and steady upward trajectory is observed in sales per share, rising from 0.80 US$ in March 2022 to 2.18 US$ by March 2026. This represents a stable growth in top-line performance on a per-share basis, devoid of significant volatility.
- P/S Ratio Expansion
- The P/S ratio remained relatively stable between 7.98 and 11.62 during 2022. Starting in 2023, a sharp upward trend emerged, with the ratio increasing from 10.19 in March 2023 to a peak of 119.47 in March 2025. This expansion was driven by a share price increase that far outpaced the growth of sales per share, indicating a massive increase in market valuation multiples.
- Valuation Peak and Contraction
- The valuation reached its zenith in the first half of 2025, with the P/S ratio exceeding 110. Following June 2025, a contraction phase occurred. Despite the continued increase in sales per share, the share price declined from 190.74 US$ to 135.91 US$ by March 2026, leading the P/S ratio to compress to 62.37. This suggests a market correction where the valuation multiple returned to more moderate, although still elevated, levels.
Price to Book Value (P/BV)
Palantir Technologies Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Palantir’s stockholders’ equity (in thousands) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Total Palantir’s stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Palantir Technologies Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits a significant decoupling between market price and book value over the observed period. While the book value per share has maintained a consistent and linear upward trajectory, the price-to-book value ratio transitioned from a modest multiple to an extreme premium before undergoing a partial correction.
- Book Value per Share (BVPS) Trends
- A steady increase in BVPS is observed throughout the entire period, rising from 1.16 US$ in March 2022 to 3.52 US$ by March 2026. This consistent growth indicates a disciplined accumulation of net assets and equity over time, with no quarterly declines recorded.
- Share Price Dynamics
- The share price demonstrated three distinct phases of movement. An initial phase of volatility and moderate growth occurred between March 2022 and March 2024. This was followed by a period of rapid, exponential escalation, reaching a peak of 190.74 US$ in June 2025. The final phase shows a correction and stabilization, with the price settling at 135.91 US$ by March 2026.
- Price to Book Value (P/BV) Ratio Evolution
- The P/BV ratio underwent a dramatic expansion. Between March 2022 and December 2022, the ratio remained relatively stable, fluctuating between 6.12 and 8.63. A shift toward higher valuation multiples began in 2023, with the ratio entering the 12x to 15x range. The most aggressive expansion occurred between June 2024 and June 2025, where the ratio surged from 14.70 to a peak of 69.33. A subsequent contraction is observed in late 2025 and early 2026, with the ratio declining to 38.56, suggesting a market recalibration of the premium paid over the company's accounting value.