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).
Historical Valuation Ratios (Summary)
Palantir Technologies Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
The valuation metrics exhibit a period of significant expansion across all categories, characterized by a sharp escalation in multiples peaking between late 2024 and mid-2025, followed by a moderate contraction and stabilization period leading into mid-2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Earnings and operating profit multiples are absent until the third quarter of 2023, indicating a transition toward profitability. Upon appearing, both ratios demonstrated extreme volatility. The P/E ratio reached a peak of 632.38 by December 31, 2024, before trending downward to 129.57 by June 30, 2026. Similarly, the P/OP ratio peaked at 941.61 in September 2024 and subsequently declined to 148.36. The closely mirrored trajectory of these two metrics suggests that market valuation spikes were not aligned with proportional increases in bottom-line profitability during the 2024-2025 period.
- Price to Sales (P/S)
- The Price to Sales ratio underwent a dramatic expansion, rising from 9.27 in March 2022 to a peak of 119.47 by June 30, 2025. A notable acceleration occurred between September 2024 (44.01) and December 2024 (102.00), representing a more than twofold increase in a single quarter. Following the mid-2025 peak, the ratio corrected and stabilized in the 62.00 to 63.00 range through the first half of 2026, though it remains substantially higher than the 2022 baseline.
- Price to Book Value (P/BV)
- The Price to Book Value ratio followed a similar growth pattern to the sales multiple. Starting at 6.46 in March 2022, the ratio climbed steadily to a maximum of 69.33 in June 2025. This indicates a significant divergence between the market valuation and the accounting book value. A contraction phase followed, with the ratio descending to 39.99 by June 30, 2026.
Overall, the trend analysis reveals a cycle of rapid valuation inflation followed by a correction. The synchronization of peaks across P/E, P/S, and P/BV suggests a period of intense market optimism or speculative pricing that outpaced the growth of fundamental financial metrics, eventually settling into a higher, yet more stable, valuation plateau by mid-2026.
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Price to Earnings (P/E)
Palantir Technologies Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | 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 | 2,403,058,480 | 2,397,311,977 | 2,391,675,711 | 2,383,436,338 | 2,372,342,421 | 2,359,912,397 | 2,345,356,506 | 2,278,021,000 | 2,239,453,784 | 2,226,896,439 | 2,212,732,992 | 2,175,989,369 | 2,151,825,378 | 2,118,444,896 | 2,101,387,197 | 2,080,140,450 | 2,064,162,195 | 2,046,594,458 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders (in thousands) | 1,061,890) | 870,527) | 608,676) | 475,599) | 326,727) | 214,031) | 79,009) | 143,525) | 134,126) | 105,530) | 93,391) | 71,505) | 28,127) | 16,802) | 30,878) | (123,875) | (179,329) | (101,379) | ||||||
| Earnings per share (EPS)2 | 1.26 | 0.95 | 0.68 | 0.46 | 0.32 | 0.24 | 0.20 | 0.21 | 0.18 | 0.13 | 0.09 | 0.07 | -0.02 | -0.12 | -0.18 | -0.27 | -0.26 | -0.24 | ||||||
| Share price1, 3 | 162.66 | 135.91 | 133.02 | 190.74 | 173.27 | 108.86 | 124.62 | 51.13 | 26.59 | 21.40 | 23.40 | 18.89 | 17.04 | 9.55 | 8.47 | 7.02 | 9.82 | 7.46 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 129.57 | 142.81 | 195.77 | 415.04 | 538.53 | 450.16 | 632.38 | 244.40 | 147.19 | 159.62 | 246.77 | 279.03 | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Accenture PLC | 16.35 | 21.84 | 19.47 | 22.37 | 24.53 | 30.76 | 31.07 | 27.59 | 30.87 | 31.14 | 27.81 | 27.07 | 24.73 | 23.64 | 22.93 | 27.30 | 31.69 | 40.88 | ||||||
| Adobe Inc. | 11.35 | 13.30 | 17.51 | 21.26 | 23.93 | 25.11 | 31.98 | 42.53 | 46.15 | 47.07 | 49.64 | 44.69 | 45.30 | 36.72 | 33.15 | 27.18 | 35.27 | 45.03 | ||||||
| AppLovin Corp. | — | 39.74 | 41.68 | 73.67 | 54.38 | 53.48 | 68.97 | 49.07 | 27.16 | 40.75 | 56.56 | 128.35 | 508.94 | — | — | — | — | — | ||||||
| Cadence Design Systems Inc. | 66.50 | 80.31 | 72.92 | 87.60 | 99.91 | 75.17 | 67.09 | 76.54 | 69.10 | 72.17 | 78.64 | 68.16 | 73.71 | 67.89 | 59.70 | 55.98 | 59.24 | 56.00 | ||||||
| CrowdStrike Holdings Inc. | — | — | — | 675.70 | 391.29 | 632.54 | 892.67 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | — | 495.16 | 398.52 | 628.11 | 366.47 | 220.89 | 235.49 | 220.03 | 232.13 | 340.29 | 884.97 | — | — | — | — | — | 5,463.33 | 16,813.15 | ||||||
| International Business Machines Corp. | 18.15 | 20.20 | 20.31 | 33.69 | 41.60 | 38.94 | 39.68 | 29.62 | 20.87 | 18.66 | 22.50 | 19.07 | 63.16 | 62.36 | 71.56 | 95.23 | 20.78 | 22.19 | ||||||
| Intuit Inc. | 25.13 | 43.09 | 48.19 | 53.58 | 51.15 | 65.11 | 58.94 | 60.26 | 66.50 | 61.19 | 64.61 | 56.26 | 59.38 | 56.80 | 57.31 | 40.47 | 63.28 | 85.13 | ||||||
| Microsoft Corp. | 29.99 | 38.37 | 37.46 | 30.40 | 35.45 | 35.53 | 35.67 | 34.41 | 36.78 | 31.86 | 33.96 | 29.67 | 26.71 | 26.77 | 28.34 | 27.89 | 30.38 | 34.30 | ||||||
| Oracle Corp. | 37.04 | 75.00 | 47.60 | 33.25 | 42.77 | 39.36 | 37.63 | 32.94 | 27.34 | 32.03 | 38.96 | 27.11 | 24.69 | 35.29 | 26.85 | 27.46 | 26.70 | 17.45 | ||||||
| Palo Alto Networks Inc. | 96.98 | 115.46 | 112.39 | 97.64 | 105.57 | 47.73 | 42.42 | 41.23 | 37.18 | 127.17 | 170.35 | 290.26 | 1,656.49 | — | — | — | — | — | ||||||
| Salesforce Inc. | 34.86 | 41.12 | 45.28 | 59.32 | 43.63 | 38.62 | 71.24 | 94.07 | 136.55 | 547.14 | 879.57 | 528.78 | 324.46 | 174.67 | 135.68 | 147.95 | 110.94 | 48.91 | ||||||
| ServiceNow Inc. | 56.93 | 49.75 | 69.85 | 112.32 | 124.75 | 109.38 | 146.40 | 147.50 | 148.98 | 77.25 | 90.80 | 71.21 | 80.21 | 231.72 | 284.29 | 417.72 | 479.20 | 452.02 | ||||||
| Synopsys Inc. | 130.23 | 78.12 | 69.11 | 56.20 | 33.17 | 34.48 | 33.69 | 55.30 | 63.08 | 62.39 | 70.08 | 62.65 | 67.52 | 57.28 | 51.76 | 53.76 | 46.52 | 48.45 | ||||||
| Workday Inc. | 101.34 | 130.49 | 122.85 | 43.12 | 44.76 | 37.68 | 50.53 | 934.29 | — | — | — | — | — | — | 1,957.29 | 2,418.34 | — | — | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ2 2026
+ Net income (loss) attributable to common stockholdersQ1 2026
+ Net income (loss) attributable to common stockholdersQ4 2025
+ Net income (loss) attributable to common stockholdersQ3 2025)
÷ No. shares of common stock outstanding
= (1,061,890,000 + 870,527,000 + 608,676,000 + 475,599,000)
÷ 2,403,058,480 = 1.26
3 Closing price as at the filing date of Palantir Technologies Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 162.66 ÷ 1.26 = 129.57
5 Click competitor name to see calculations.
A transition from net losses to consistent profitability is evident, coinciding with a period of significant expansion in market valuation. The shift to positive earnings enabled the calculation of the price-to-earnings ratio, which has since exhibited high volatility and a recent trend toward compression.
- Earnings per Share (EPS) Trajectory
- A consistent upward trend in profitability is observed. Earnings per share remained negative from March 2022 through June 2023, reaching a low of -0.27 in September 2022. Profitability was achieved in September 2023 with an EPS of 0.07. From that point, EPS grew steadily, accelerating significantly in 2025 and 2026 to reach 1.26 by June 30, 2026.
- Share Price Dynamics
- The share price experienced a period of relative stability between March 2022 and March 2023, ranging from 7.02 to 9.55. A sharp upward trajectory began in June 2023, with the price climbing from 17.04 to a peak of 190.74 by September 30, 2025. Although a correction occurred in December 2025, the price remained elevated, ending the period at 162.66.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio first became applicable in September 2023 at 279.03. An initial decline toward 147.19 by June 2024 was followed by a substantial spike, peaking at 632.38 in December 2024. This indicates that the share price grew at a rate significantly exceeding the growth of earnings during this interval. However, a sustained downward trend in the P/E ratio is observed from June 2025 onward, falling to 129.57 by June 30, 2026. This compression suggests that earnings growth began to catch up with the market valuation, reducing the premium paid per unit of profit.
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Price to Operating Profit (P/OP)
Palantir Technologies Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | 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 | 2,403,058,480 | 2,397,311,977 | 2,391,675,711 | 2,383,436,338 | 2,372,342,421 | 2,359,912,397 | 2,345,356,506 | 2,278,021,000 | 2,239,453,784 | 2,226,896,439 | 2,212,732,992 | 2,175,989,369 | 2,151,825,378 | 2,118,444,896 | 2,101,387,197 | 2,080,140,450 | 2,064,162,195 | 2,046,594,458 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | 912,004) | 753,998) | 575,394) | 393,256) | 269,317) | 176,048) | 11,043) | 113,140) | 105,339) | 80,881) | 65,794) | 39,983) | 10,074) | 4,115) | (17,826) | (62,191) | (41,745) | (39,439) | ||||||
| Operating profit per share2 | 1.10 | 0.83 | 0.59 | 0.36 | 0.24 | 0.17 | 0.13 | 0.16 | 0.13 | 0.09 | 0.05 | 0.02 | -0.03 | -0.06 | -0.08 | -0.10 | -0.11 | -0.16 | ||||||
| Share price1, 3 | 162.66 | 135.91 | 133.02 | 190.74 | 173.27 | 108.86 | 124.62 | 51.13 | 26.59 | 21.40 | 23.40 | 18.89 | 17.04 | 9.55 | 8.47 | 7.02 | 9.82 | 7.46 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 148.36 | 163.57 | 224.99 | 535.05 | 721.72 | 633.43 | 941.61 | 318.98 | 203.93 | 242.24 | 431.61 | 1,130.92 | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Accenture PLC | 12.02 | 16.37 | 14.62 | 16.89 | 18.52 | 23.34 | 23.52 | 20.96 | 24.43 | 24.40 | 21.69 | 21.16 | 18.24 | 17.50 | 16.83 | 19.98 | 23.62 | 31.03 | ||||||
| Adobe Inc. | 9.02 | 10.70 | 14.34 | 17.60 | 20.00 | 21.20 | 26.38 | 34.93 | 37.61 | 37.84 | 40.52 | 35.69 | 35.47 | 28.49 | 25.85 | 21.47 | 28.50 | 36.67 | ||||||
| AppLovin Corp. | — | 33.14 | 33.47 | 59.84 | 44.93 | 43.26 | 58.16 | 36.85 | 18.93 | 26.27 | 31.12 | 37.82 | 46.66 | 45.96 | — | 182.48 | 465.09 | 1,412.13 | ||||||
| Cadence Design Systems Inc. | 51.76 | 60.21 | 54.20 | 62.56 | 71.69 | 55.59 | 52.42 | 64.64 | 62.16 | 64.10 | 65.43 | 57.98 | 59.96 | 53.91 | 47.21 | 41.53 | 46.31 | 46.60 | ||||||
| CrowdStrike Holdings Inc. | — | — | — | — | 1,246.46 | 3,413.45 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | — | — | — | — | — | 1,225.87 | 797.11 | 582.08 | 786.59 | 2,905.50 | — | — | — | — | — | — | 3,299.68 | 8,476.50 | ||||||
| International Business Machines Corp. | 16.30 | 17.75 | 18.20 | 23.84 | 23.57 | 22.11 | 25.48 | 20.07 | 18.25 | 16.26 | 17.99 | 14.81 | 15.22 | 13.98 | 14.35 | 15.37 | 15.24 | 17.07 | ||||||
| Intuit Inc. | 20.02 | 34.22 | 37.87 | 41.91 | 40.68 | 52.88 | 48.11 | 48.74 | 53.07 | 46.91 | 49.04 | 41.32 | 43.34 | 43.50 | 46.05 | 33.22 | 53.54 | 71.64 | ||||||
| Microsoft Corp. | 25.09 | 29.61 | 29.68 | 24.05 | 27.94 | 28.44 | 28.73 | 28.04 | 30.20 | 26.16 | 27.76 | 24.15 | 21.76 | 22.07 | 24.72 | 24.66 | 27.51 | 31.35 | ||||||
| Oracle Corp. | 30.92 | 51.94 | 33.50 | 23.43 | 29.86 | 26.92 | 25.65 | 23.67 | 19.36 | 21.82 | 25.30 | 16.87 | 15.50 | 20.25 | 16.51 | 18.93 | 24.87 | 15.78 | ||||||
| Palo Alto Networks Inc. | 87.42 | 101.94 | 102.53 | 122.82 | 140.59 | 172.78 | 159.88 | 144.37 | 140.84 | 132.93 | 193.40 | 418.85 | 2,481.12 | — | — | — | — | — | ||||||
| Salesforce Inc. | 29.08 | 34.31 | 38.94 | 50.24 | 37.14 | 33.49 | 58.80 | 65.09 | 79.66 | 145.83 | 177.62 | 295.77 | 2,318.80 | 818.64 | 357.52 | 280.57 | 236.57 | 228.93 | ||||||
| ServiceNow Inc. | 56.59 | 46.59 | 66.94 | 110.78 | 129.43 | 113.44 | 152.95 | 156.40 | 159.12 | 156.78 | 206.26 | 174.57 | 225.29 | 224.97 | 260.27 | 357.28 | 404.46 | 408.10 | ||||||
| Synopsys Inc. | 165.05 | 99.34 | 100.63 | 101.65 | 55.22 | 57.97 | 56.25 | 56.16 | 63.80 | 64.29 | 67.90 | 61.35 | 62.50 | 50.41 | 43.85 | 48.91 | 42.54 | 47.17 | ||||||
| Workday Inc. | 112.10 | 162.95 | 155.71 | 166.90 | 201.96 | 210.15 | 381.31 | 4,065.25 | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2026
+ Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025)
÷ No. shares of common stock outstanding
= (912,004,000 + 753,998,000 + 575,394,000 + 393,256,000)
÷ 2,403,058,480 = 1.10
3 Closing price as at the filing date of Palantir Technologies Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 162.66 ÷ 1.10 = 148.36
5 Click competitor name to see calculations.
The financial trajectory is characterized by a transition from consistent operating losses to sustainable profitability, accompanied by significant share price appreciation and subsequent valuation compression.
- Operating Profitability Trajectory
- Operating profit per share exhibited a steady upward trend throughout the analyzed period. Initial losses of -0.16 USD in March 2022 were incrementally reduced until the transition to profitability occurred in September 2023. Following this pivot, operating profits grew consistently, accelerating from 0.02 USD in September 2023 to 1.10 USD by June 2026, signaling strong operational scaling.
- Share Price Dynamics and Valuation Spikes
- The share price experienced substantial volatility and growth, rising from 7.46 USD in March 2022 to a peak of 190.74 USD in September 2025. This rapid price increase resulted in an exceptionally high Price to Operating Profit (P/OP) ratio upon the company's first profitable quarter in September 2023, where the ratio stood at 1,130.92. A secondary valuation spike occurred in December 2024, with the P/OP ratio reaching 941.61, driven by a share price increase that significantly outpaced profit growth during that quarter.
- Analysis of P/OP Ratio Compression
- A marked trend of valuation compression is observed in the latter part of the period. From June 2025 to June 2026, the P/OP ratio declined from 721.72 to 148.36. This contraction indicates that the growth in operating profit per share—which rose from 0.24 USD to 1.10 USD in the same window—began to catch up with the market valuation, leading to a more stabilized and lower valuation multiple despite the share price remaining at an elevated level relative to 2022-2023.
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Price to Sales (P/S)
Palantir Technologies Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | 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 | 2,403,058,480 | 2,397,311,977 | 2,391,675,711 | 2,383,436,338 | 2,372,342,421 | 2,359,912,397 | 2,345,356,506 | 2,278,021,000 | 2,239,453,784 | 2,226,896,439 | 2,212,732,992 | 2,175,989,369 | 2,151,825,378 | 2,118,444,896 | 2,101,387,197 | 2,080,140,450 | 2,064,162,195 | 2,046,594,458 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in thousands) | 1,935,464) | 1,632,583) | 1,406,802) | 1,181,092) | 1,003,697) | 883,855) | 827,519) | 725,516) | 678,134) | 634,338) | 608,350) | 558,159) | 533,317) | 525,186) | 508,624) | 477,880) | 473,010) | 446,357) | ||||||
| Sales per share2 | 2.56 | 2.18 | 1.87 | 1.63 | 1.45 | 1.32 | 1.22 | 1.16 | 1.11 | 1.05 | 1.01 | 0.98 | 0.95 | 0.94 | 0.91 | 0.88 | 0.85 | 0.80 | ||||||
| Share price1, 3 | 162.66 | 135.91 | 133.02 | 190.74 | 173.27 | 108.86 | 124.62 | 51.13 | 26.59 | 21.40 | 23.40 | 18.89 | 17.04 | 9.55 | 8.47 | 7.02 | 9.82 | 7.46 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 63.50 | 62.37 | 71.09 | 116.68 | 119.47 | 82.47 | 102.00 | 44.01 | 24.02 | 20.42 | 23.27 | 19.34 | 17.93 | 10.19 | 9.34 | 7.98 | 11.62 | 9.27 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Accenture PLC | 1.73 | 2.35 | 2.15 | 2.60 | 2.80 | 3.51 | 3.48 | 2.98 | 3.36 | 3.32 | 2.98 | 3.05 | 2.72 | 2.67 | 2.56 | 3.04 | 3.57 | 4.72 | ||||||
| Adobe Inc. | 3.26 | 3.92 | 5.25 | 6.38 | 7.27 | 7.69 | 8.27 | 10.88 | 11.47 | 11.33 | 13.88 | 12.12 | 11.93 | 9.66 | 8.95 | 7.61 | 10.33 | 13.47 | ||||||
| AppLovin Corp. | — | 25.55 | 25.35 | 40.14 | 26.48 | 21.35 | 23.14 | 13.19 | 5.68 | 6.71 | 6.14 | 4.44 | 3.55 | 2.23 | 1.80 | 2.08 | 4.61 | 5.30 | ||||||
| Cadence Design Systems Inc. | 15.70 | 17.01 | 15.27 | 17.83 | 19.87 | 16.68 | 15.26 | 18.27 | 17.52 | 18.53 | 20.02 | 16.65 | 17.25 | 15.77 | 14.23 | 12.80 | 13.99 | 13.21 | ||||||
| CrowdStrike Holdings Inc. | 25.55 | 27.75 | 19.37 | 22.89 | 18.94 | 25.36 | 26.10 | 19.77 | 14.73 | 15.27 | 12.81 | 13.55 | 23.24 | 22.99 | 30.15 | 37.35 | 54.14 | 46.77 | ||||||
| Datadog Inc. | — | 18.30 | 12.53 | 20.88 | 15.14 | 12.92 | 16.12 | 16.67 | 15.81 | 17.37 | 20.19 | 16.72 | 14.86 | 13.74 | 14.64 | 14.59 | 26.18 | 29.04 | ||||||
| International Business Machines Corp. | 2.82 | 3.15 | 3.19 | 4.07 | 3.79 | 3.39 | 3.81 | 3.03 | 2.82 | 2.46 | 2.73 | 2.16 | 2.11 | 1.89 | 1.94 | 1.99 | 1.95 | 2.10 | ||||||
| Intuit Inc. | 5.42 | 9.13 | 9.90 | 10.22 | 9.05 | 11.46 | 10.72 | 11.71 | 12.20 | 10.73 | 10.72 | 8.95 | 8.44 | 8.01 | 9.30 | 7.87 | 12.04 | 17.26 | ||||||
| Microsoft Corp. | 11.71 | 13.70 | 13.54 | 10.88 | 12.56 | 12.65 | 12.82 | 12.54 | 13.34 | 11.25 | 11.60 | 9.86 | 8.83 | 9.20 | 10.40 | 10.50 | 11.70 | 13.21 | ||||||
| Oracle Corp. | 9.36 | 15.81 | 10.32 | 7.25 | 9.05 | 8.03 | 7.44 | 6.68 | 5.37 | 5.89 | 6.63 | 4.73 | 4.71 | 4.64 | 4.25 | 4.96 | 6.62 | 5.96 | ||||||
| Palo Alto Networks Inc. | 12.57 | 13.50 | 13.82 | 13.62 | 15.45 | 15.74 | 13.62 | 12.95 | 11.25 | 10.83 | 10.87 | 9.63 | 9.23 | 8.70 | 9.62 | 9.22 | 9.68 | 11.48 | ||||||
| Salesforce Inc. | 5.88 | 6.61 | 7.40 | 9.47 | 6.74 | 5.91 | 8.45 | 7.18 | 6.52 | 6.44 | 5.84 | 4.85 | 5.93 | 6.27 | 7.40 | 10.30 | 11.09 | 9.72 | ||||||
| ServiceNow Inc. | 6.45 | 6.26 | 9.20 | 15.35 | 17.19 | 14.67 | 18.99 | 18.83 | 17.15 | 15.71 | 17.52 | 13.33 | 14.25 | 12.17 | 12.75 | 12.13 | 13.36 | 16.11 | ||||||
| Synopsys Inc. | 11.60 | 10.75 | 13.05 | 17.44 | 11.53 | 11.98 | 12.45 | 13.60 | 14.87 | 14.65 | 14.75 | 11.72 | 11.75 | 10.44 | 10.03 | 11.21 | 9.86 | 9.78 | ||||||
| Workday Inc. | 6.59 | 7.31 | 7.65 | 8.57 | 8.77 | 7.41 | 9.61 | 8.94 | 8.77 | 7.93 | 7.71 | 6.19 | 7.33 | 7.91 | 11.19 | 15.28 | 13.10 | 13.09 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= (1,935,464,000 + 1,632,583,000 + 1,406,802,000 + 1,181,092,000)
÷ 2,403,058,480 = 2.56
3 Closing price as at the filing date of Palantir Technologies Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 162.66 ÷ 2.56 = 63.50
5 Click competitor name to see calculations.
The analysis of the valuation metrics indicates a period of extreme expansion in the price-to-sales (P/S) ratio, driven primarily by an exponential increase in share price that significantly outpaced the steady growth of sales per share.
- Sales per Share Trend
- A consistent and linear upward trajectory is observed in sales per share, rising from 0.80 USD in March 2022 to 2.56 USD by June 2026. This represents steady fundamental growth in revenue generation on a per-share basis throughout the analyzed period.
- Share Price Dynamics
- Share price remained relatively stable between 7.02 USD and 17.04 USD from March 2022 through June 2023. A period of rapid acceleration began in late 2024, with the price surging from 26.59 USD in June 2024 to a peak of 190.74 USD in June 2025. Following this peak, a period of volatility and correction occurred, with the price ending at 162.66 USD in June 2026.
- Price-to-Sales (P/S) Ratio Evolution
- The P/S ratio experienced three distinct phases. The first phase, from March 2022 to March 2023, was characterized by relative stability, with the ratio fluctuating between 7.98 and 11.62. The second phase, spanning from June 2023 to June 2025, showed an aggressive valuation expansion, peaking at 119.47. The third phase, from September 2025 to June 2026, reflects a valuation correction, where the ratio declined from 116.68 to 63.50.
- Valuation Correlation
- The divergence between the steady growth of sales per share and the volatile movements of the share price resulted in significant P/S ratio inflation. The peak valuation in mid-2025 suggests a period of high market optimism or speculative pricing, as the P/S ratio reached levels more than ten times higher than those observed in early 2022, despite the underlying sales growth remaining constant in its trajectory.
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Price to Book Value (P/BV)
Palantir Technologies Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | 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 | 2,403,058,480 | 2,397,311,977 | 2,391,675,711 | 2,383,436,338 | 2,372,342,421 | 2,359,912,397 | 2,345,356,506 | 2,278,021,000 | 2,239,453,784 | 2,226,896,439 | 2,212,732,992 | 2,175,989,369 | 2,151,825,378 | 2,118,444,896 | 2,101,387,197 | 2,080,140,450 | 2,064,162,195 | 2,046,594,458 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Palantir’s stockholders’ equity (in thousands) | 9,774,194) | 8,449,663) | 7,387,268) | 6,590,457) | 5,928,901) | 5,424,155) | 5,003,275) | 4,498,143) | 4,050,524) | 3,775,227) | 3,475,561) | 3,190,015) | 2,955,474) | 2,723,733) | 2,565,326) | 2,386,615) | 2,348,824) | 2,364,746) | ||||||
| Book value per share (BVPS)2 | 4.07 | 3.52 | 3.09 | 2.77 | 2.50 | 2.30 | 2.13 | 1.97 | 1.81 | 1.70 | 1.57 | 1.47 | 1.37 | 1.29 | 1.22 | 1.15 | 1.14 | 1.16 | ||||||
| Share price1, 3 | 162.66 | 135.91 | 133.02 | 190.74 | 173.27 | 108.86 | 124.62 | 51.13 | 26.59 | 21.40 | 23.40 | 18.89 | 17.04 | 9.55 | 8.47 | 7.02 | 9.82 | 7.46 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 39.99 | 38.56 | 43.07 | 68.98 | 69.33 | 47.36 | 58.42 | 25.89 | 14.70 | 12.62 | 14.90 | 12.89 | 12.41 | 7.43 | 6.94 | 6.12 | 8.63 | 6.46 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Accenture PLC | 4.01 | 5.38 | 4.79 | 5.82 | 6.44 | 7.98 | 7.98 | 6.92 | 8.00 | 8.03 | 7.44 | 7.65 | 7.22 | 7.26 | 7.13 | 8.46 | 9.85 | 12.45 | ||||||
| Adobe Inc. | 7.12 | 8.39 | 10.74 | 12.56 | 14.36 | 12.95 | 12.61 | 15.67 | 15.79 | 14.62 | 16.31 | 14.51 | 14.82 | 12.24 | 11.22 | 9.10 | 12.33 | 15.78 | ||||||
| AppLovin Corp. | — | 66.64 | 65.10 | 141.48 | 113.19 | 178.46 | 99.97 | 60.29 | 27.56 | 32.03 | 16.06 | 12.29 | 6.74 | 3.42 | 2.67 | 3.22 | 7.06 | 7.41 | ||||||
| Cadence Design Systems Inc. | 13.36 | 14.33 | 14.77 | 17.88 | 20.19 | 17.02 | 15.15 | 17.43 | 17.12 | 21.18 | 24.05 | 20.96 | 22.55 | 19.75 | 18.46 | 16.23 | 17.49 | 15.10 | ||||||
| CrowdStrike Holdings Inc. | 29.53 | 33.27 | 23.35 | 28.00 | 23.34 | 32.84 | 34.61 | 27.75 | 21.18 | 23.27 | 19.61 | 20.98 | 34.78 | 34.12 | 42.67 | 50.64 | 68.12 | 55.03 | ||||||
| Datadog Inc. | — | 16.84 | 11.50 | 19.50 | 14.29 | 12.55 | 15.94 | 16.08 | 15.73 | 17.81 | 21.22 | 18.59 | 17.10 | 16.30 | 17.39 | 17.33 | 29.42 | 31.03 | ||||||
| International Business Machines Corp. | 5.65 | 6.59 | 6.59 | 9.55 | 8.82 | 7.93 | 8.75 | 7.75 | 7.32 | 6.56 | 7.49 | 5.72 | 5.76 | 5.29 | 5.34 | 5.99 | 5.98 | 6.43 | ||||||
| Intuit Inc. | 5.72 | 9.18 | 9.46 | 9.23 | 8.65 | 10.48 | 9.47 | 9.87 | 10.89 | 9.31 | 8.92 | 7.16 | 7.29 | 6.64 | 7.20 | 5.97 | 8.81 | 18.30 | ||||||
| Microsoft Corp. | 9.15 | 11.09 | 11.11 | 9.13 | 10.86 | 11.18 | 11.71 | 11.72 | 12.74 | 11.13 | 11.92 | 10.52 | 9.84 | 10.77 | 12.38 | 12.40 | 13.52 | 15.32 | ||||||
| Oracle Corp. | 19.08 | 38.63 | 28.96 | 24.17 | 36.17 | 39.94 | 45.25 | 62.34 | 71.68 | 126.71 | 308.71 | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | 13.24 | 14.89 | 16.29 | 16.72 | 20.77 | 22.07 | 21.15 | 22.59 | 19.43 | 35.97 | 42.84 | 50.71 | 77.94 | 99.68 | 252.00 | 141.27 | 399.29 | 100.84 | ||||||
| Salesforce Inc. | 3.79 | 4.21 | 4.59 | 6.02 | 4.26 | 3.54 | 4.94 | 4.20 | 3.71 | 3.61 | 3.13 | 2.48 | 2.89 | 2.98 | 3.37 | 4.51 | 4.70 | 5.10 | ||||||
| ServiceNow Inc. | 7.60 | 7.45 | 9.42 | 17.20 | 18.95 | 16.59 | 21.71 | 21.21 | 19.70 | 18.37 | 20.60 | 15.73 | 16.49 | 16.55 | 18.36 | 18.56 | 21.02 | 25.22 | ||||||
| Synopsys Inc. | 3.30 | 2.82 | 3.25 | 4.07 | 7.24 | 7.82 | 8.48 | 10.75 | 12.58 | 13.16 | 14.02 | 10.87 | 10.66 | 9.58 | 9.24 | 9.90 | 8.43 | 8.17 | ||||||
| Workday Inc. | 6.44 | 7.13 | 7.15 | 8.10 | 8.27 | 6.87 | 8.63 | 9.42 | 9.39 | 8.63 | 8.58 | 6.81 | 8.11 | 8.93 | 12.68 | 17.74 | 15.82 | 17.19 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Total Palantir’s stockholders’ equity ÷ No. shares of common stock outstanding
= 9,774,194,000 ÷ 2,403,058,480 = 4.07
3 Closing price as at the filing date of Palantir Technologies Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 162.66 ÷ 4.07 = 39.99
5 Click competitor name to see calculations.
The valuation metrics demonstrate a period of significant expansion in market pricing relative to the underlying book value. While the book value per share grew steadily and linearly, the share price experienced exponential growth, leading to a substantial increase in the Price to Book Value (P/BV) ratio over the analyzed period.
- Book Value per Share (BVPS) Trend
- BVPS exhibits a consistent and disciplined upward trajectory, increasing from $1.16 in March 2022 to $4.07 by June 2026. This growth is characterized by steady, incremental gains each quarter, indicating a stable accumulation of net assets.
- Share Price Dynamics
- The share price remained relatively subdued throughout 2022, fluctuating between $7.02 and $9.82. A period of rapid acceleration began in 2023 and intensified during 2024, with the price surging from $21.40 in March to $124.62 by December. The price reached a peak of $190.74 in September 2025 before experiencing a correction and eventually stabilizing at $162.66 by June 2026.
- Price to Book Value (P/BV) Analysis
- The P/BV ratio evolved from a moderate range of 6.12 to 8.63 in 2022 to an aggressive peak of 69.33 in June 2025. This sharp divergence between the linear growth of BVPS and the exponential ascent of the share price indicates that the market valuation became increasingly decoupled from tangible asset value, reflecting heightened investor expectations for future growth or intangible value creation.
- Valuation Normalization
- Following the peak in mid-2025, a contraction in the P/BV ratio is observed, falling to 39.99 by June 2026. This downward trend suggests a partial normalization of the valuation multiple, although the ratio remains significantly elevated compared to the 2022-2023 baseline.
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