Planet Labs

PL · NYSE · Industrials · Financials, fiscal 2020 to 2026

PL · Last close · October 26, 2026

$13.76

Planet Labs' revenue rose 25.9% to $308 million in fiscal 2026. Its operating margin was −30.9%, up from −47.5% a year earlier. Free cash flow was $58 million. The diluted share count rose 5.4%.

Planet Labs PBC Latest fiscal year ended January 31, 2026 10-K filed March 23, 2026 · 0001193125-26-119957 Updated October 12, 2026

Revenue

$308M

25.9%

Operating margin

−30.9%

16.6 pts

Net income

−$247M

Free cash flow

$58M

Return on capital

−70.0%

28.2 pts

Market cap

$4.9B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Debt includes the convertible notes Planet Labs issued in 2025, which its filings tag under their own label; the default counted debt as zero.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Planet Labs lost money in fiscal 2026: a net loss of $247 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Planet Labs yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Planet Labs says to expect

Third quarter fiscal 2027: revenue and marginFor the third quarter of fiscal year 2027, ending October 31, 2026, Planet expects revenue to be in the range of approximately $101 million to $105 million. Non-GAAP gross margin is expected to be in the range of approximately 56% to 58%.
Full fiscal year 2027: revenue and marginFor the full fiscal year 2027, Planet expects revenue to be in the range of approximately $430 million to $441 million. Non-GAAP gross margin is expected to be in the range of approximately 55% to 57%.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 3, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Planet Labs' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Planet Labs' cash from operations minus depreciation in fiscal 2026 (free cash flow before spending to grow: capital spending was 1.8 times depreciation, which holds its free cash flow down) of $93M, net cash of $193M at January 31, 2026 and 308 million diluted shares, from its filings. The scenarios are fitted to Planet Labs: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 17.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Aerospace & Defense), plus 1 point as a smaller company, worth $4.9B, plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2026: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Planet Labs's own revenue growth, as above. Cautious: growth of 8.5% then 5% a year, 2% after year 10, a 12% discount rate. Base: growth of 17% then 10% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $13.76
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Planet Labs' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	491	409	299	222	640
Debt incl. finance leases	0	0	0	0	447
Net debt (negative means net cash)	−491	−409	−299	−222	−193
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.0x	0.0x	0.0x	0.0x	2.4x
Interest coverage	−14.6x	—	—	−139.6x	−27.7x
Current ratio	4.2x	3.9x	2.7x	2.1x	1.6x
Quick ratio	4.2x	3.9x	2.7x	2.1x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Planet Labs shares on the open market, and 8 insiders sold $43.0 million, $30.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Kristen RobinsonDirector	Sold plan	40,000	$14.14	$565,560	Form 4
Oct 13, 2026	John w RaymondDirector	Sold plan	6,494	$15.23	$98,893	Form 4
Sep 17, 2026	Ashley F. JohnsonPresident & CFO	Sold plan	55,663	$16.96	$944,044	Form 4
Sep 17, 2026	Robert H SchinglerCo-Founder Chief Strategy Off., Director	Sold plan	52,240	$16.96	$885,990	Form 4
Jul 23, 2026	Ashley F. JohnsonPresident & CFO	Sold plan	110,028	$22.08	$2.4 million	Form 4
Jul 15, 2026	Kristen RobinsonDirector	Sold plan	37,107	$25.05	$929,530	Form 4
Jul 13, 2026	John w RaymondDirector	Sold plan	6,494	$26.16	$169,883	Form 4
Jul 10, 2026	William Spencer MarshallCo-Founder and CEO, Director	Sold plan	200,000	$25.92	$5.2 million	Form 4
Jul 10, 2026	Robert H SchinglerCo-Founder Chief Strategy Off., Director	Sold plan	89,593	$25.92	$2.3 million	Form 4
Jul 1, 2026	Ita M BrennanDirector	Sold plan	11,500	$33.00	$379,500	Form 4
Apr 15, 2026	Ita M BrennanDirector	Sold plan	36,500	$33.91	$1.2 million	Form 4
Apr 6, 2026	William Spencer MarshallCo-Founder and CEO, Director	Sold plan	200,000	$35.07	$7.0 million	Form 4

The latest 12 of 20 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 9	4 of 9	3 of 9
Accruals ratio	−12.3%	−16.3%	−42.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Planet Labs side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Planet Labs	FY26	25.9%	−30.9%	18.7%	−70.0%	—	3
Intuitive Machines	FY25	−7.9%	−41.5%	−26.6%	—	—	3	Compare
Kratos Defense & Security Solutions	FY25	18.5%	1.9%	−10.2%	1.2%	−6.3x	4	Compare
Joby Aviation	FY25	39,183.1%	−1,346.9%	−1,055.3%	—	—	—	Compare
Hexcel	FY25	−0.5%	9.1%	8.3%	6.5%	3.1x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	96	113	131	191	221	244	308
Revenue growth	—	18.2%	15.9%	45.8%	15.4%	10.7%	25.9%
Gross profit	−7	26	48	94	113	140	172
Research and development	38	44	67	111	116	101	107
Operating income	−106	−87	−128	−176	−170	−116	−95
Net income	−124	−127	−137	−162	−140	−123	−247
Diluted EPS (US$)	−2.89	−2.87	−1.72	−0.61	−0.50	−0.42	−0.80
Diluted shares (millions)	43	44	80	267	280	292	308
Cash flow
Cash from operations	−34	−4	−42	−74	−51	−14	134
Capital expenditure	17	26	10	10	38	44	77
Free cash flow	−50	−30	−53	−84	−89	−59	58
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0
Acquisitions	2	0	10	4	8	1	5
Stock-based compensation	5	14	42	76	57	48	55
Balance sheet at fiscal year end
Cash and short-term investments	28	71	491	409	299	222	640
Debt incl. finance leases	—	93	0	0	0	0	447
Total assets	—	399	821	753	702	634	1,146
Total liabilities	—	292	173	177	184	192	957
Shareholders' equity	218	108	648	576	518	441	188
Margins and ratios
Gross margin	−7.0%	22.8%	36.8%	49.1%	51.2%	57.2%	56.0%
Operating margin	−111.2%	−77.3%	−97.6%	−91.8%	−76.9%	−47.5%	−30.9%
Net margin	−129.2%	−112.3%	−104.5%	−84.7%	−63.7%	−50.4%	−80.2%
Free cash flow margin	−52.6%	−26.6%	−40.0%	−44.1%	−40.2%	−24.0%	18.7%
Return on capital	—	—	−70.5%	−85.5%	−69.4%	−41.9%	−70.0%
Return on equity	—	—	−36.3%	−26.5%	−25.7%	−25.7%	−78.4%
Return on assets	—	—	−22.5%	−20.6%	−19.3%	−18.4%	−27.8%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Planet Labs' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Planet Labs.