Planet Labs PBC (PL) AI Stock Analysis

• Market Cap: $9.36B
• Dividend Yield: N/A
• Average Volume (3M): 12.35M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.50
• Revenue Growth: 16.89%
• EPS Growth: -4.41%
• Country: US
• Employees: 810
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.00
• Shares Outstanding: 312,231,380
• 10 Day Avg. Volume: 14,864,897
• 30 Day Avg. Volume: 12,350,093
• PEG Ratio: 0.90
• Price to Book (P/B): 4.04
• Price to Sales (P/S): 7.29
• P/FCF Ratio: -30.37
• Enterprise Value/Market Cap: 0.86
• Enterprise Value/Revenue: 28.63
• Enterprise Value/Gross Profit: 49.42
• Enterprise Value/Ebitda: -105.60
• 1Y Price Target: $24.94
• Price Target Upside: -10.55% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): -0.08
• Revenue Forecast (FY): $298.26M

• Rating: 64 Neutral
• Price Target: $28.00 ▲(0.43% Upside)

The score is driven by strong technical momentum and a favorable earnings call featuring accelerating growth, rising backlog, and continued adjusted EBITDA/FCF progress. Offsetting these positives are still-weak GAAP profitability reflected in financial statements and a negative P/E, with some dilution from recent earnout share issuances.

Positive Factors

Recurring subscription/licensing revenue model

Planet’s core subscription and multi‑year licensing model creates predictable, recurring revenue and high customer switching costs via API integrations. That model supports retention, upsell of analytics, and smoother revenue visibility, aiding multi‑year planning and capital allocation.

Large, growing backlog driven by defense wins

A $734.5M backlog (216% YoY growth) provides multi‑year revenue visibility and reflects durable demand from defense and intelligence customers. Large contracted work reduces near‑term cyclical exposure, supports fleet investment payback, and creates a stable baseline for future subscription and services revenue.

Improving margins and positive free cash flow run-rate

Sustained non‑GAAP gross margins (~60%), consecutive adjusted EBITDA profits, and consecutive positive free cash flow quarters indicate operational leverage from scale. Improved cash generation lowers financing needs, enabling reinvestment in satellites, R&D (AI), and manufacturing capacity to drive long‑term growth.

Negative Factors

Persistent GAAP unprofitability and negative ROE

Despite margin improvements on a non‑GAAP basis, ongoing negative EBIT and net margins and a negative ROE signal structural inability to convert revenue into GAAP profit. This can necessitate continued external financing, constrain shareholder returns, and lengthen the timeline to durable, GAAP‑level profitability.

Commercial revenue weakness and government concentration

A strategic shift toward large government and defense contracts amid commercial declines concentrates revenue risk on budgetary cycles, procurement timing, and political funding. This reduces diversification and may increase volatility when government spending faces shutdowns or cuts.

Share dilution and entrenched high‑vote Class B structure

Recent large earnout share issuances materially increase outstanding equity and modestly dilute holders while reinforcing a high‑vote Class B control structure. This raises governance risk, may limit minority shareholder influence, and could continue to press per‑share economics if future earnouts vest.

Planet Labs PBC Business Overview & Revenue Model

Company Description

Planet 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 Money

Planet Labs generates revenue primarily through the sale of satellite imagery and geospatial data services. Its main revenue streams include subscriptions for access to its data platform, which allows customers to retrieve and analyze satellite imagery on demand. The company also offers custom data solutions and analytics services tailored to specific industries. Significant partnerships with government agencies, non-profit organizations, and commercial enterprises further bolster its earnings, as these collaborations often involve long-term contracts and data-sharing agreements. Additionally, Planet Labs may explore opportunities in data licensing and software development to expand its revenue base.

Planet Labs PBC Financial Statement Overview

Summary

Revenue is growing (7.62% TTM) and gross margin is strong (58.90% TTM) with very low leverage (debt-to-equity 0.04), but profitability remains weak (negative EBIT and net profit margins; negative ROE). Cash flow is improving (free cash flow growth 17.62% TTM), yet operating/free cash flow still does not fully offset net losses (OCF/NI 0.41; FCF/NI 0.39).

Income Statement

Planet Labs PBC shows a positive trend in revenue growth, with a TTM growth rate of 7.62%. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin is relatively healthy at 58.90% TTM, indicating efficient cost management at the production level, but the negative EBIT and net profit margins highlight challenges in managing operating expenses and achieving overall profitability.

Balance Sheet

The company maintains a low debt-to-equity ratio of 0.04 TTM, suggesting conservative leverage and financial stability. However, the return on equity is negative, reflecting ongoing losses and inefficiencies in generating returns for shareholders. The equity ratio is not explicitly calculated, but the low debt levels suggest a strong equity position relative to assets.

Cash Flow

Planet Labs PBC exhibits a positive free cash flow growth rate of 17.62% TTM, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 0.41, suggesting that cash flow from operations is covering a portion of the net losses. However, the free cash flow to net income ratio of 0.39 indicates that while cash flow is improving, it remains insufficient to cover net losses fully.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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
EBITDA	-57.07M	-92.06M	-117.79M	-81.14M	-54.38M
Net Income	-123.20M	-140.51M	-161.97M	-137.12M	-127.10M
Balance Sheet
Total Assets	633.80M	702.00M	752.72M	821.44M	399.31M
Cash, Cash Equivalents and Short-Term Investments	228.67M	298.91M	408.76M	490.76M	71.18M
Total Debt	21.61M	24.93M	22.03M	0.00	163.86M
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

• Technical Analysis Sentiment: Positive
• Last Price: 27.88
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PL, the sentiment is Positive. The current price of 27.88 is above the 20-day moving average (MA) of 24.73, above the 50-day MA of 18.71, and above the 200-day MA of 10.46, indicating a bullish trend. The MACD of 2.53 indicates Positive momentum. The RSI at 68.84 is Neutral, neither overbought nor oversold. The STOCH value of 38.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PL.

Planet Labs PBC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PL	64 Neutral	$9.36B	-65.40	-31.83%	―	16.89%	-4.41%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
VOYG	58 Neutral	$2.09B	―	―	―	―	―
RKLB	56 Neutral	$46.47B	-228.45	-23.24%	―	52.42%	-1.33%
SPIR	52 Neutral	$456.47M	27.32	37.31%	―	-31.51%	―
BKSY	49 Neutral	$966.76M	-8.87	-88.03%	―	-5.13%	-37.34%

Planet Labs PBC Corporate Events

Planet Labs issues new shares after performance milestones met

On January 21, 2026, Planet Labs PBC issued 5,133,294 shares of Class A common stock and 584,052 shares of Class B common stock to former qualifying securityholders of Legacy Planet, after the company’s share price met a $19.00-per-share performance threshold for 20 out of 30 trading days, as stipulated in its 2021 merger agreement. The newly issued shares carry the same economic and voting rights as existing stock of their respective classes, leaving Planet with 312,231,396 Class A shares and 22,909,742 Class B shares outstanding, and further entrenching the high-vote Class B structure. Separately, under a lockup agreement with its SPAC sponsor dMY Sponsor IV, vesting conditions have now been satisfied for 75% of the sponsor’s earnout shares and warrants, reflecting Planet’s sustained share-price performance above the $15.00, $17.00 and $19.00 triggers and incrementally increasing the sponsor’s fully vested economic stake in the company.

The most recent analyst rating on (PL) stock is a Hold with a $16.40 price target. To see the full list of analyst forecasts on Planet Labs PBC stock, see the PL Stock Forecast page.

Planet Labs issues earnout shares after price milestones

On January 13, 2026, Planet Labs PBC issued 10,286,172 Class A shares and 1,168,104 Class B shares as earnout consideration to former securityholders of Legacy Planet, after the company’s Class A stock price met $15 and $17 per-share thresholds for 20 out of 30 trading days, as set out in its 2021 merger agreement. The newly issued shares, which carry the same rights as existing Class A and Class B stock (with Class B retaining 20 votes per share and transfer and sunset restrictions), increase Planet’s outstanding equity to 306,262,586 Class A shares and 22,325,690 Class B shares, modestly diluting existing holders but signaling sustained stock-price performance above key milestones; separately, 50% of the sponsor’s earnout shares and warrants also vested under similar price triggers, aligning sponsor rewards with shareholder value creation over the post-merger period.

The most recent analyst rating on (PL) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Planet Labs PBC stock, see the PL Stock Forecast page.

Planet Labs wins multi-year satellite services deal with Sweden

On January 12, 2026, Planet Labs PBC announced a multi-year, low nine-figure agreement with the Swedish Armed Forces to provide a dedicated suite of satellites along with access to its high-resolution data and intelligence solutions to support Sweden’s peace and security operations. The deal, Planet’s third major Satellite Services contract in 12 months and part of more than half a billion dollars signed across similar agreements with Sweden, Japan and Germany, reinforces the company’s push to offer sovereign nations a faster, lower-risk route to advanced space-based capabilities while cementing its market leadership in national security-focused Earth observation. Planet said the contract’s commercial payments will be recognized as revenue over several years and confirmed that this new business does not alter its previously issued financial guidance for the quarter and fiscal year ending January 31, 2026, as it plans to leverage the expanded fleet capacity to serve both government and commercial customers worldwide.

The most recent analyst rating on (PL) stock is a Hold with a $23.00 price target. To see the full list of analyst forecasts on Planet Labs PBC stock, see the PL Stock Forecast page.