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Planet Labs PBC
(NYSE:PL)
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Rating:52Neutral
Price Target:
$20.50
▲(0.15% Upside)
Action:Reiterated
Date:07/10/26
The score is held back primarily by large ongoing losses and increased leverage, alongside weak technical momentum (price below key moving averages and negative MACD). These are partially offset by improving cash generation (positive OCF and FCF) and a notably strong earnings-call setup—raised FY guidance with large backlog/RPO and a path toward breakeven-to-positive adjusted EBITDA and annual free cash flow.
Positive Factors
Recurring revenue & retention
Very high recurring ACV (99%) and ~92% annual/multi‑year ACV, plus net dollar retention ~113% (114% with win‑backs), indicate strong contract stickiness and expansion inside customers. This durable subscription base supports predictable revenue, upsell-driven growth, and lower churn risk.
Negative Factors
Large GAAP losses
Deep trailing losses and a ~-111% net margin reflect persistent GAAP unprofitability. Continued large losses erode returns and increase dependence on external financing until sustainable profitability is achieved, heightening investor and refinancing risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue & retention
Very high recurring ACV (99%) and ~92% annual/multi‑year ACV, plus net dollar retention ~113% (114% with win‑backs), indicate strong contract stickiness and expansion inside customers. This durable subscription base supports predictable revenue, upsell-driven growth, and lower churn risk.
Read all positive factors
Planet Labs PBC Key Performance Indicators (KPIs)
Any
Customer Count
Indicates the total number of customers, reflecting the company's market reach and potential for revenue growth.
Indicates the total number of customers, reflecting the company's market reach and potential for revenue growth.
Data provided by:
The Fly
The FlyPlanet Labs PBC (PL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.94B
Dividend YieldN/A
Average Volume (3M)11.97M
Price to Earnings (P/E)―
Beta (1Y)2.57
Revenue Growth34.15%
EPS Growth-216.84%
CountryUS
Employees945
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-1.14
Shares Outstanding332,908,720
10 Day Avg. Volume8,444,325
30 Day Avg. Volume11,970,191
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)40.79
Price to Sales (P/S)24.98
P/FCF Ratio133.32
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$43.88Price Target Upside114.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.1
Revenue Forecast (FY)$436.06M
Planet Labs PBC Business Overview & Revenue Model
Company Description
Planet Labs PBC is dedicated to the creation, deployment, and management of extensive satellite constellations. Its core mission is to provide frequent, worldwide geospatial data, which customers can access through a specialized online platform. T...
How the Company Makes Money
Planet primarily makes money by selling access to its Earth observation data and related services, with revenue largely generated through contracts and subscriptions. Key revenue streams include: (1) Subscription and contract revenue for satellite...
Planet Labs PBC Earnings Call Summary
Earnings Call Date:Jun 04, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Sep 14, 2026
Earnings Call Sentiment Positive
The call presented a strong growth narrative: record revenue (+42% YoY), sizable backlog and RPO expansions, robust Defense & Intelligence momentum, expanded product capabilities (satellite launches, SuperRes, AI beta) and an improved cash position. Near-term pressures include modest margin compression from satellite services and investments, a small adjusted EBITDA loss this quarter, negative free cash flow in Q1 and operational considerations around imagery restrictions and launch/supply execution. Management raised FY revenue guidance and reiterated plans for GAAP‑adj profitability and positive annual free cash flow, indicating confidence in scaling despite elevated near-term investments.Positive Updates
Record Revenue and Strong Top-Line Growth
Generated record Q1 revenue of $94.0M, representing ~42% year-over-year growth; raised full-year FY27 revenue guidance to $425M–$441M (~41% growth at midpoint).
Negative Updates
Gross Margin Pressure from Satellite Services and Investments
Q1 non‑GAAP gross margin was 56% (down from 59% in the comparable prior period), attributed to investments supporting satellite services contracts, recent launches and AI-enabled partner solutions; Q2 gross margin guidance is 52%–55% (a modest step down).
Read all updates
Q1-2027 Updates
Positive
Negative
Record Revenue and Strong Top-Line Growth
Generated record Q1 revenue of $94.0M, representing ~42% year-over-year growth; raised full-year FY27 revenue guidance to $425M–$441M (~41% growth at midpoint).
Read all positive updates
Company Guidance
Planet provided Q2 and full‑year FY27 guidance anchored by a strong Q1 and sizable backlog: Q2 revenue is guided to $102–107M (≈42% YoY growth at the midpoint) with non‑GAAP gross margin of 52–55%, adjusted EBITDA of breakeven to $5M, and CapEx of $21–27M; full‑year revenue is raised to $425–441M (≈41% growth at the midpoint) with non‑GAAP gross margin of 52–54%, FY27 adjusted EBITDA of breakeven to $10M, planned CapEx of $80–95M, an expectation to be free‑cash‑flow positive on an annual basis, and a goal to deliver Rule of 40 for the year. Management cited Q1 results (revenue $94M, 42% YoY; non‑GAAP gross margin 56%; adjusted EBITDA loss $1M), cash of ~$731M, RPO ~$816M (up ~80% YoY) and backlog ~$906M (up ~72% YoY) as supporting this outlook.Planet Labs PBC Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
41
Neutral
Cash Flow
56
Neutral
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 335.61M | 307.73M | 244.35M | 220.70M | 191.26M | 131.21M |
| Gross Profit | 186.28M | 172.49M | 139.72M | 112.95M | 94.01M | 48.22M |
| EBITDA | -322.38M | -196.94M | -57.07M | -92.06M | -117.79M | -81.14M |
| Net Income | -373.10M | -246.86M | -123.20M | -140.51M | -161.97M | -137.12M |
Balance Sheet | ||||||
| Total Assets | 1.25B | 1.15B | 633.80M | 702.00M | 752.72M | 821.44M |
| Cash, Cash Equivalents and Short-Term Investments | 731.73M | 640.73M | 228.67M | 298.91M | 408.76M | 490.76M |
| Total Debt | 488.04M | 462.48M | 21.61M | 24.93M | 22.03M | 0.00 |
| Total Liabilities | 807.73M | 957.25M | 192.51M | 183.98M | 176.62M | 173.20M |
| Stockholders Equity | 443.70M | 188.43M | 441.29M | 518.02M | 576.10M | 648.25M |
Cash Flow | ||||||
| Free Cash Flow | 47.16M | 57.65M | -58.67M | -93.12M | -86.69M | -57.14M |
| Operating Cash Flow | 132.46M | 134.36M | -14.37M | -50.71M | -73.93M | -42.21M |
| Investing Cash Flow | -364.44M | -393.12M | 57.91M | -33.59M | -242.26M | -25.15M |
| Financing Cash Flow | 460.82M | 357.05M | -15.54M | -1.60M | 7.86M | 489.18M |
Planet Labs PBC Technical Analysis
Negative
20.47
Price Trends
32.01
Negative
32.97
Negative
25.79
Negative
Market Momentum
-3.03
Positive
27.99
Positive
16.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PL, the sentiment is Negative. The current price of 20.47 is below the 20-day moving average (MA) of 24.80, below the 50-day MA of 32.01, and below the 200-day MA of 25.79, indicating a bearish trend. The MACD of -3.03 indicates Positive momentum. The RSI at 27.99 is Positive, neither overbought nor oversold. The STOCH value of 16.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PL.
Planet Labs PBC Risk Analysis
Planet Labs PBC disclosed 71 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 0 New Risks
Planet Labs PBC Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | $6.94B | -17.84 | -105.29% | ― | 34.15% | -216.84% | |
51 Neutral | $843.39M | -8.59 | -98.63% | ― | -8.93% | 1.81% | |
51 Neutral | $35.05B | -195.44 | -12.26% | ― | 45.83% | 19.99% | |
49 Neutral | $423.91M | 6.89 | 39.92% | ― | -36.17% | ― | |
48 Neutral | $1.34B | -11.71 | -25.84% | ― | 12.59% | -27.81% |
* Industrials Sector Average
PL
Planet Labs PBC
20.22
13.97
223.52%
BKSY
BlackSky Technology
22.46
3.22
16.74%
SPIR
Spire Global
11.36
1.33
13.26%
RKLB
Rocket Lab USA
64.68
18.76
40.85%
VOYG
Voyager Technologies, Inc. Class A
23.97
-16.05
-40.10%
Planet Labs PBC Corporate Events
Executive/Board ChangesShareholder Meetings
Planet Labs shareholders reinforce governance and board continuity
Positive
Jul 10, 2026
On July 9, 2026, Planet Labs PBC held its 2026 Annual Meeting of Stockholders, where shares of Class A and Class B common stock voted as a single class, with strong participation representing more than 700 million votes. Stockholders re-elected Vi...
Business Operations and StrategyPrivate Placements and Financing
Planet Labs Launches $1.5 Billion ATM Stock Program
Neutral
Jun 5, 2026
On June 5, 2026, Planet Labs PBC entered into an Equity Distribution Agreement with a syndicate of major banks to establish an at-the-market offering program for up to $1.5 billion of its Class A common stock. The program allows shares to be sold ...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Planet Labs Completes Redemption of Remaining Public Warrants
Positive
May 4, 2026
On May 4, 2026, Planet Labs PBC announced it had completed the redemption of all remaining public warrants to purchase its Class A common stock, which were originally issued as part of its IPO. The company said trading in the public warrants on th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.