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Planet Labs PBC (PL)
NYSE:PL
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Planet Labs PBC
(NYSE:PL)
Rating:53Neutral
Price Target:―
Positive Factors
Growth Potential
The opportunity for AI to increase the usability and value of satellite data presents a promising avenue for PL's growth.
Strategic Partnerships
PL's recent wins at JSAT and the California Air Resources Board highlight the company's success in securing significant deals.
Negative Factors
Financial Guidance
F1Q26 and FY26 revenue and Adj EBITDA are guided below consensus as it ramps its strategic new sat-services deal.
Gross Margins
New satellite development and launch costs are expected to weigh on GMs in the NT before expanding.
Planet Labs PBC (PL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.17B
Dividend YieldN/A
Average Volume (3M)3.15M
Price to Earnings (P/E)―
Beta (1Y)2.16
Revenue Growth10.72%
EPS Growth16.19%
CountryUS
Employees810
SectorIndustrials
Sector Strength90
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.08
Shares Outstanding281,093,440
10 Day Avg. Volume3,106,967
30 Day Avg. Volume3,152,799
Financial Highlights & Ratios
PEG Ratio3.51
Price to Book (P/B)2.39
Price to Sales (P/S)0.00
P/FCF Ratio-15.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$5.98Price Target Upside62.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
Planet Labs PBC Business Overview & Revenue Model
Company DescriptionPlanet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers Open Geospatial Consortium, a cloud-native proprietary technology that performs critical processing and overall harmonizing of images for time series and data fusion and analysis; and space-based hardware and related software systems. It serves agriculture, mapping, forestry, and finance and insurance, as well as federal, state, and local government bodies. The company was incorporated in 2010 and is headquartered in San Francisco, California.
How the Company Makes MoneyPlanet Labs PBC generates revenue primarily through the sale of its satellite imagery and geospatial data services. The company employs a subscription-based revenue model, allowing customers to access its vast library of satellite images and analytics tools on a recurring basis. Key revenue streams include contracts with government agencies, commercial enterprises, and research institutions that require up-to-date, high-resolution Earth imagery for decision-making and analysis. Additionally, Planet Labs engages in significant partnerships with technology companies and other stakeholders in the geospatial industry, which help expand its market reach and drive revenue growth.
Planet Labs PBC Key Performance Indicators (KPIs)
Any
Percent Recurring Annual Contract Value
Indicates the proportion of revenue generated from recurring contracts, highlighting stability and predictability in the company's revenue stream, which is crucial for assessing long-term financial health and growth potential.
Indicates the proportion of revenue generated from recurring contracts, highlighting stability and predictability in the company's revenue stream, which is crucial for assessing long-term financial health and growth potential.
Data provided by:
Main Street Data
Main Street DataPlanet Labs PBC Financial Statement Overview
Summary
Planet Labs PBC exhibits strong revenue growth and a solid equity base, which are positive indicators for future potential. However, persistent losses and negative cash flows present significant challenges. The company needs to focus on achieving operational profitability to improve its financial health and ensure sustainable growth.Income Statement
Planet Labs PBC has shown consistent revenue growth over the years, with a notable increase from $95.7 million in 2020 to $244.3 million in 2025. However, despite this growth, the company continues to operate at a loss with negative EBIT and net income. The gross profit margin has improved over time, reaching 57.17% in 2025, which indicates efficient cost management. Yet, the persistent negative net profit margin highlights ongoing profitability challenges.55
Neutral
Balance Sheet
The company maintains a strong equity position with a significant equity ratio of 69.63% in 2025, indicating financial stability. Additionally, the debt-to-equity ratio remains low at 0.05, suggesting prudent leverage management. However, the return on equity is negative due to the losses, which could impact long-term shareholder returns.60
Neutral
Cash Flow
Operating cash flow has improved from previous years, but it remains negative. Free cash flow is also negative, though there is a trend of decreasing cash outflows. The company's ability to generate cash from operations relative to its net income has been challenging, which may affect its capacity to fund operations and growth without external financing.50
Neutral
| Breakdown | ||||
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 244.35M | 220.70M | 191.26M | 131.21M | 113.17M | Gross Profit |
| 139.72M | 112.95M | 94.01M | 48.22M | 25.79M | EBIT |
| -116.12M | -169.75M | -175.68M | -128.05M | -87.44M | EBITDA |
| -75.10M | -92.06M | -117.79M | -81.14M | -54.38M | Net Income Common Stockholders |
| -123.20M | -140.51M | -161.97M | -137.12M | -127.10M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 228.67M | 298.91M | 408.76M | 490.76M | 71.18M | Total Assets |
| 633.80M | 702.00M | 752.72M | 821.44M | 399.31M | Total Debt |
| 21.61M | 24.93M | 22.03M | 0.00 | 163.86M | Net Debt |
| -103.03M | -58.94M | -159.86M | -490.76M | 92.67M | Total Liabilities |
| 192.51M | 183.98M | 176.62M | 173.20M | 291.80M | Stockholders Equity |
| 441.29M | 518.02M | 576.10M | 648.25M | 107.51M |
| Cash Flow | Free Cash Flow | |||
| -58.67M | -93.12M | -86.69M | -57.14M | -34.15M | Operating Cash Flow |
| -14.37M | -50.71M | -73.93M | -42.21M | -4.03M | Investing Cash Flow |
| 57.91M | -33.59M | -242.26M | -25.15M | -30.80M | Financing Cash Flow |
| -15.54M | -1.60M | 7.86M | 489.18M | 83.94M |
Planet Labs PBC Technical Analysis
Neutral
3.69
Price Trends
3.57
Positive
4.21
Negative
3.48
Positive
Market Momentum
0.08
Negative
52.11
Neutral
57.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PL, the sentiment is Neutral. The current price of 3.69 is above the 20-day moving average (MA) of 3.61, above the 50-day MA of 3.57, and above the 200-day MA of 3.48, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 52.11 is Neutral, neither overbought nor oversold. The STOCH value of 57.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PL.
Planet Labs PBC Risk Analysis
Planet Labs PBC disclosed 80 risk factors in its most recent earnings report. Planet Labs PBC reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Any outstanding or potential stockholder litigation may result in substantial costs and diversion of our management's attention and resources. Q3, 2024
Planet Labs PBC Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $4.39B | 11.81 | 5.17% | 249.38% | 3.98% | -12.17% | |
56 Neutral | $11.91B | ― | -45.38% | ― | 64.98% | -10.52% | |
53 Neutral | $1.17B | ― | -25.68% | ― | 10.72% | 16.19% | |
52 Neutral | $1.25B | ― | -39.62% | ― | 285.43% | 32.57% | |
48 Neutral | $823.32M | ― | -42.87% | ― | 102.32% | 13.67% | |
48 Neutral | $167.55M | ― | -95.46% | ― | -34.33% | 52.30% | |
25 Underperform | $472.08M | ― | 115.25% | ― | ― | 23.26% |
* Industrials Sector Average
Performance Comparison
PL
Planet Labs PBC
3.69
1.79
94.21%
SPCE
Virgin Galactic Holdings
3.68
-13.45
-78.52%
EH
Ehang Holdings
17.34
1.32
8.24%
EVTL
Vertical Aerospace
5.44
-1.67
-23.49%
RKLB
Rocket Lab USA
25.82
21.61
513.30%
SKYH
Sky Harbour Group
10.85
-1.75
-13.89%
Planet Labs PBC Earnings Call Summary
Earnings Call Date:Mar 20, 2025
(Q4-2025)
| % Change Since: -12.97%|
Next Earnings Date:Jun 04, 2025
Earnings Call Sentiment Positive
The earnings call reflected a positive outlook with record-breaking revenue and growth, significant contracts like the JSAT deal, and advancements in satellite launches and AI collaborations. However, challenges in the commercial sector and ongoing financial adjustments were noted.Q4-2025 Updates
Positive Updates
Record Revenue and Growth
Planet Labs achieved a record $244.4 million in revenue, representing 11% year-over-year growth. Non-GAAP gross margin for the year was a record 60%, up from 54% a year ago.
Major Contract with JSAT
Planet Labs signed a landmark $230 million commercial agreement with JSAT to build, launch, and operate a constellation of 10 high-resolution Pelican satellites.
Defense and Intelligence Sector Growth
Revenue from the defense and intelligence sector grew more than 20% for the fiscal year 2025, with notable contracts including a prototype for the Defense Innovation Unit and a seven-figure ACV renewal by the DoD.
Pelican and Tanager Satellite Launches
Launched 74 satellites into orbit, including the successful launch of Pelican 2, which is performing well and provides valuable insights.
AI and Data Platform Innovations
Planet Labs is collaborating with Anthropic to explore opportunities with AI, aiming to enhance model accuracy and deliver new capabilities. Released a physics-based resolution sharpening technique in Q4.
Negative Updates
Commercial Sector Headwinds
The commercial sector faced headwinds, particularly in the agriculture sector, with revenue down more than 10% year-on-year but showing signs of stabilization in recent quarters.
Adjusted EBITDA Loss
Despite achieving positive adjusted EBITDA in Q4, the full-year adjusted EBITDA loss was $10.6 million, compared to a $55.3 million loss in fiscal year 2024.
Capital Expenditures and Cash Burn
Full-year capital expenditures were approximately $49.6 million, reflecting significant investments in next-generation fleets. The company is in a peak CapEx investment cycle.
Company Guidance
During Planet Labs PBC's fiscal fourth quarter and full year 2025 earnings call, the company provided guidance indicating strong progress and future growth prospects. They reported a record $244.4 million in revenue for the year, an 11% year-over-year increase, and achieved their first adjusted EBITDA-positive quarter in Q4. The backlog rose to nearly $0.5 billion, marking a 100% year-over-year increase. Looking ahead, Planet Labs aims to double its revenue growth rate by fiscal year 2027 compared to fiscal 2026, supported by a significant $230 million contract with JSAT and new AI-enabled solutions. The company also plans to launch nearly 100 satellites over the next two years, with an expected capital expenditure of $50 million to $65 million for fiscal year 2026. They project fiscal year 2026 revenue to be between $260 million and $280 million, with non-GAAP gross margins of 55% to 57%. Adjusted EBITDA loss is anticipated to be between $13 million and $7 million, and the company expects to reduce its cash burn by 50%, aiming for positive cash flow within 24 months.Planet Labs PBC Corporate Events
Product-Related AnnouncementsBusiness Operations and Strategy
Planet Labs PBC Secures Largest Satellite Deal Yet
Positive
Jan 29, 2025
On January 29, 2025, Planet Labs PBC announced a $230 million multi-year agreement with an Asia-Pacific partner to build and deliver a constellation of Pelican high-resolution satellites. This agreement, Planet’s largest to date, allows the company to expand its satellite capacity and enhance services for global government and commercial customers, while strengthening its financial position for FY’26 and beyond. The deal underscores Planet’s strategic growth in the satellite services market, and is expected to significantly contribute to cash flow and strengthen the balance sheet, without altering its financial guidance for the fourth quarter.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.