Palantir Technologies Inc. (PLTR)
NEUTRALファンダメンタル
74
株価
$173.21
時価総額
$422.67B
パート1 · 企業の価値
概要
Palantir builds software platforms that let large organizations — government agencies and big companies — pull together scattered, siloed data (satellite feeds, sensor data, supply chains, internal records) into one system where analysts, and increasingly AI models, can act on it. It began as a data-integration tool for intelligence and defense agencies and has since built a second business selling the same underlying platform, rebranded as an AI operating system, to commercial customers such as manufacturers, banks and healthcare providers.
収益の仕組み
Palantir sells multi-year software contracts, priced per deployment rather than as a simple per-seat subscription, so contract size and length vary widely by customer. Government contracts, still the larger half of revenue, often start small and expand as an agency proves out the platform, but can include termination-for-convenience clauses that let the customer walk away with notice. The commercial business is growing faster and is priced more like conventional enterprise software, spreading revenue across a wider base of customers.
セグメント別売上高
Software sold to defense, intelligence and other public-sector agencies in the US and allied countries.
The same data-integration and AI platform sold to private companies across manufacturing, finance, healthcare and other industries.
競争優位性（moat）
スイッチングコスト · 狭いOnce an organization has built its workflows, dashboards and data pipelines on top of Palantir's platform, ripping it out and rebuilding on a competitor's system is a costly, multi-year undertaking, which helps retain customers once won. But the same consultative, hands-on process that creates this lock-in also makes winning a new customer slow, and large cloud and software vendors are building comparable AI-data tools that could erode the advantage over time.
需要を左右する要因
中程度の景気循環性Government revenue depends on agency budgets and procurement cycles rather than the broader economy, so it can hold up in a recession but is exposed to political shifts in defense and federal spending priorities. Commercial revenue is more sensitive to the ordinary business cycle, since enterprise software budgets are among the first things companies trim when conditions worsen.
主なリスク
- Government budget dependence — Over half of revenue relies on government spending that can shift with political priorities, and many government contracts include termination-for-convenience clauses the customer can invoke on notice.
- Uncertain sustained profitability — The company itself warns that operating expenses will keep increasing and that it may not be able to maintain profitability as it continues to invest in growth.
- Stock-based compensation dilution — Palantir relies heavily on equity compensation, which dilutes existing shareholders and could pressure the stock if not matched by continued revenue growth.
- Well-resourced competition — Palantir competes against larger enterprise software vendors, government contractors and customers' own internal development efforts, many with greater name recognition and financial resources.
顧客集中度
主要顧客が売上高の16%を占める
In FY2025 the three largest customers together made up 16% of revenue, down from 17% a year earlier, and have been Palantir customers for about ten years on average — a concentration typical of large enterprise and government software deals, but material if even one relationship ends.
強気材料
Buyers argue that once an agency or company builds its operations on Palantir's platform the switching cost locks in years of recurring revenue, that the commercial business now grows faster than the government side and diversifies the customer base, and that being an early, credible AI-integration platform for messy real-world data gives it a head start as demand for applied AI grows.
弱気材料
Sellers worry that more than half of revenue still depends on government budgets that can shift with political priorities and carry contracts customers can cancel on notice, that heavy stock-based compensation dilutes shareholders even as the company turns profitable, and that far larger cloud and software vendors are building competing AI-data platforms that could erode Palantir's edge over time.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$6.16B
直近12か月（2026/6/30まで）
純利益
$3.02B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$2.10B
自己資本合計
$7.39B
負債合計
$1.41B
流動比率
7.23
利払い倍率
-
負債/EBITDA
0.15
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$98.18
現在株価
$173.21
安全マージン
-76.4%
適正価値レンジ
$63.82 - $132.54
推定方法
バリュエーション指標
P/E レシオ
150.33
ROE
22.0%
P/B レシオ
43.24
P/FCF
125.85
粗利益率
84.8%
ROIC
20.5%
収益性レーダー
Value Creation (Economic Moat)
ROIC
20.5%
WACC
13.3%
ROIC − WACC
+7.2 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（19）
- EPS shows upward trend
- Price CAGR 40.35%
- ROIC 20.5%
- Gross Margin 84.8%
- Debt/Equity ratio
- Operating Margin 42.8%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 37.5%
- Revenue Growth 5Y 32.6%
- Analyst Consensus 69% Buy
- Earnings Surprise avg 15.1%
- Earnings Quality (OCF/NI) 1.13
- Net Margin Trend 49.0% vs 22.2%
- Piotroski F-Score 8/9
不合格（5）
- P/FCF 125.85
- P/B Ratio 43.24
- Price below Graham Number
- DCF valuation (Overvalued)
- Share Dilution 6.0%
データなし（3）
- Dividend Payout NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
新株を発行しており、所有権を希薄化している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Dr. Alexander C. Karp J.D. | Co-Founder, CEO & Director | 58 |
| Mr. Stephen Andrew Cohen | Co-Founder, President, Secretary & Director | 41 |
| Mr. David A. Glazer J.D. | CFO & Treasurer | 40 |
| Mr. Shyam Sankar | CTO & Executive VP | 42 |
| Mr. Ryan D. Taylor J.D. | Chief Revenue Officer & Chief Legal Officer | 42 |
| Mr. Peter Andreas Thiel J.D. | Co-Founder & Chairman | 58 |
| Mr. Joseph Todd Lonsdale | Co-Founder | 42 |
| Mr. Jeffrey Buckley B.S., CPA | Chief Accounting Officer | 41 |
| Mr. David B. MacNaughton | President of Palantir Canada | 75 |
| Kevin Kawasaki | Head of Business Development | - |
監査リスク
7
取締役会リスク
10
報酬リスク
10
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for PLTR, sourced from Markets Gazette.
- 18d agoPOSITIVEPalantir’s stock stages best week since 2024 — showing it’s no longer an AI loser
Palantir Technologies Inc. has experienced its best week of trading since early 2024, with its stock surging significantly. This rally is attributed to a resurgence of investor confidence, primarily driven by robust and booming demand for the company's artificial intelligence (AI) solutions. The market perception is shifting, indicating that Palantir is no longer viewed as lagging in the AI race. This strong performance suggests that the company's strategic focus on AI is resonating with customers and investors alike, potentially leading to increased revenue and market share in the competitive tech landscape.
- 20d agoPOSITIVEMulti-Bag Tuesday, 4 Fresh Possibilities
Palantir Technologies Inc. (PLTR) experienced significant gains on Tuesday, presenting substantial 'multibag' opportunities for traders. The company was highlighted as a key trade candidate in the premarket report, with its performance exceeding expectations and delivering notable returns. This strong showing indicates positive market sentiment and effective trading strategies surrounding the stock, potentially signaling continued upward momentum for investors.
- 21d agoPOSITIVEPalantir is leaving its software peers behind in the AI race
Palantir Technologies Inc. is reportedly outperforming its software industry peers in the artificial intelligence sector, driven by its strategic focus on 'sovereign AI' solutions. Analysts note that this specialized approach is gaining traction with customers, suggesting a strong market fit and competitive advantage. This development indicates robust demand for Palantir's AI offerings, potentially leading to increased revenue and market share. Investors may see this as a positive indicator of the company's future growth prospects and its ability to capitalize on the burgeoning AI market.
- 22d agoPOSITIVEPalantir’s stock climbs after earnings, as AI drives turbocharged growth
Palantir Technologies Inc. saw its stock price surge following its latest earnings report, with CEO Alex Karp highlighting a significant increase in demand for its AI platforms. Companies are increasingly seeking Palantir's solutions to gain greater control over their proprietary artificial intelligence models and data management. This trend indicates strong market adoption and revenue growth potential, driven by the burgeoning AI sector. Investors are likely to view this as a positive indicator of Palantir's strategic positioning and future profitability in the competitive AI landscape.
- 22d agoNEGATIVEPalantir Is Stuck in Worst-of-Both-Worlds Bind With AI, Software
Palantir Technologies Inc. has experienced a significant downturn, with its stock value plummeting over 40% from its November peak. This sharp decline suggests that the company's strategy, particularly concerning its AI and software offerings, is not resonating as expected with the market. Investors are likely concerned about the company's ability to translate its technological advancements into sustained financial growth and shareholder value, leading to a loss of confidence and a substantial sell-off.
via Markets Gazette