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Planet Labs PBC (PL)
NYSE:PL
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Planet Labs PBC
(NYSE:PL)
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Rating:57Neutral
Price Target:
$18.50
▲(12.33% Upside)
Planet Labs PBC's overall stock score reflects strong technical momentum and positive earnings call sentiment, offset by challenges in profitability and valuation. The company's strategic initiatives and growth in recurring revenue provide a stable outlook, but operational efficiency improvements are needed to enhance profitability.
Positive Factors
Revenue Growth
The 33% year-over-year revenue growth indicates strong demand for Planet Labs' services, suggesting robust market positioning and potential for continued expansion.
Strategic Partnerships
The partnership with Google for AI computing in space enhances technological capabilities and opens new avenues for innovation and market leadership.
Backlog Growth
A 216% increase in backlog reflects strong future demand and provides revenue visibility, supporting long-term financial stability and growth.
Negative Factors
Profitability Challenges
Ongoing profitability challenges, as indicated by negative margins, highlight the need for improved cost management and operational efficiency.
Commercial Sector Decline
Declining revenue in the commercial sector suggests potential market saturation or competitive pressures, impacting overall growth prospects.
Government Budget Constraints
Government budget constraints pose risks to revenue from government contracts, affecting financial stability and growth in this key segment.
Planet Labs PBC (PL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.61B
Dividend YieldN/A
Average Volume (3M)10.53M
Price to Earnings (P/E)―
Beta (1Y)2.49
Revenue Growth16.89%
EPS Growth-4.41%
CountryUS
Employees810
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.00
Shares Outstanding292,507,140
10 Day Avg. Volume17,438,257
30 Day Avg. Volume10,530,882
Financial Highlights & Ratios
PEG Ratio0.90
Price to Book (P/B)4.04
Price to Sales (P/S)7.29
P/FCF Ratio-30.37
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$18.33Price Target Upside11.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.09
Revenue Forecast (FY)$295.96M
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 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 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 Earnings Call Summary
Earnings Call Date:Dec 10, 2025
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 26, 2026
Earnings Call Sentiment Positive
The earnings call presented strong financial growth, particularly in the defense and intelligence sectors, and highlighted strategic initiatives with Google and in AI solutions. However, there were challenges in the commercial sector and impacts from government budget constraints. Despite these challenges, the positive momentum and strategic advancements create a generally optimistic outlook.Q3-2026 Updates
Positive Updates
Revenue Growth and Financial Performance
Planet Labs generated $81.3 million in revenue, marking approximately 33% growth year over year. Non-GAAP gross margin was 60%, and adjusted EBITDA profit was $5.6 million, indicating the fourth sequential quarter of adjusted EBITDA profitability. Backlog increased to $734.5 million, a year-over-year increase of 216%, and positive free cash flow was achieved for the third quarter in a row.
Defense and Intelligence Sector Success
Q3 revenue in the defense and intelligence sector accelerated to over 70% growth year on year, driven by strong performance in data subscription and solutions businesses. Notable contracts include a $12.8 million award for advanced analytics for maritime operations and reconnaissance and a $7.5 million contract renewal by the US Navy for vessel detection and monitoring.
Project SunCatcher with Google
Planet Labs announced Project SunCatcher, an R&D initiative with Google to enable scaled AI computing in space. The project involves placing Google's tensor processing units on satellites, leveraging space's energy and temperature conditions, with plans for two prototype satellites in early 2027.
Strategic Growth in AI and Solutions
The acquisition of Bedrock Research, an AI solutions company, enhances Planet Labs' capabilities in AI-enabled solutions, particularly for defense and intelligence customers. Additionally, the AXA partnership integrates Planet's data into AXA's Digital Commercial Platform, marking a significant step in the insurance sector.
Launch and Manufacturing Advancements
Planet Labs launched two high-resolution Pelicans and 36 super doves, expanding their satellite fleet. A new satellite manufacturing facility is planned to open in Berlin, aiming to double manufacturing capacity for high-resolution Pelican satellites.
Negative Updates
Commercial Sector Revenue Decline
Revenue in the commercial sector was down both year over year and quarter over quarter, attributed to a strategic focus on large government customers and seasonality in sectors such as agriculture.
Impact of US Government Shutdown and Budget Reductions
Both NASA and EOCL contracts were impacted by the US government shutdown and potential federal budget reductions, leading to contract downsizing and influencing revenue projections.
Q4 Revenue and Margin Guidance
Guidance for Q4 projects revenue between $76 million and $80 million, representing a modest year-on-year growth of 27% at the midpoint. Non-GAAP gross margin is expected to decrease to 50-52%, influenced by investments in satellite services and AI-enabled partner solutions.
Company Guidance
During the Planet Labs PBC third-quarter fiscal 2026 earnings call, the company provided guidance on several key financial metrics and strategic initiatives. Planet reported a revenue of $81.3 million for the quarter, reflecting a 33% year-over-year growth. The non-GAAP gross margin was 60%, and adjusted EBITDA profit was $5.6 million, marking the fourth consecutive quarter of adjusted EBITDA profitability. The company achieved positive free cash flow for the third quarter in a row and expects to maintain this trend for the full fiscal year. The backlog increased to $734.5 million, a 216% increase from the previous year. For Q4, Planet expects revenue between $76 million and $80 million, with a non-GAAP gross margin of 50-52%, and plans capital expenditures of $22 million to $26 million. For the full fiscal year 2026, revenue is projected between $297 million and $301 million, with an adjusted EBITDA profit between $6 million and $8 million, and capital expenditures of $81 million to $85 million. The company is investing in AI-enabled solutions and next-generation satellite fleets, and it anticipates continued revenue growth into fiscal 2027, driven by strong demand and recent wins in the defense and intelligence sector.Planet Labs PBC Financial Statement Overview
Summary
Planet Labs PBC shows positive revenue growth and maintains a strong equity position with low leverage. However, profitability challenges persist with negative net income and cash flow issues. Improvements in operational efficiency and cash generation are needed to enhance financial stability.Income Statement
Planet Labs PBC shows a positive revenue growth trend, with a TTM revenue growth rate of 4.91%. However, the company is struggling with profitability, as indicated by negative net profit margins (-34.46%) and EBIT margins (-33.09%) in the TTM. The gross profit margin is relatively healthy at 58.90%, suggesting efficient production, but the overall profitability is hampered by high operating expenses.45
Neutral
Balance Sheet
The company maintains a strong equity position with a low debt-to-equity ratio of 0.04, indicating low financial leverage. However, the return on equity is negative (-20.25%), reflecting ongoing losses. The equity ratio is not explicitly calculated, but the low leverage suggests a stable financial structure.55
Neutral
Cash Flow
Planet Labs PBC has shown improvement in operating cash flow, but free cash flow growth is negative (-170.73%), indicating challenges in generating cash from operations. The operating cash flow to net income ratio is 0.41, which is relatively low, suggesting limited cash conversion from earnings.50
Neutral
| 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
Positive
16.47
Price Trends
13.31
Positive
11.09
Positive
7.81
Positive
Market Momentum
1.31
Negative
65.66
Neutral
70.40
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 16.47 is above the 20-day moving average (MA) of 13.45, above the 50-day MA of 13.31, and above the 200-day MA of 7.81, indicating a bullish trend. The MACD of 1.31 indicates Negative momentum. The RSI at 65.66 is Neutral, neither overbought nor oversold. The STOCH value of 70.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 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% | |
57 Neutral | $5.61B | -38.63 | -31.83% | ― | 16.89% | -4.41% | |
52 Neutral | $1.44B | -12.50 | ― | ― | ― | ― | |
51 Neutral | $29.64B | -139.18 | -23.24% | ― | 52.42% | -1.33% | |
47 Neutral | $317.33M | 12.36 | 39.87% | ― | -16.52% | ― | |
41 Neutral | $646.79M | -5.26 | -88.03% | ― | -5.13% | -37.34% |
* Industrials Sector Average
PL
Planet Labs PBC
17.49
13.61
350.77%
BKSY
BlackSky Technology
17.47
6.97
66.38%
SPIR
Spire Global
7.30
-5.23
-41.74%
RKLB
Rocket Lab USA
59.92
36.70
158.05%
VOYG
Voyager Technologies, Inc. Class A
22.98
-26.52
-53.58%
Planet Labs PBC Corporate Events
Private Placements and FinancingBusiness Operations and Strategy
Planet Labs PBC Issues $460M Convertible Notes
Positive
Sep 12, 2025
On September 12, 2025, Planet Labs PBC issued $460 million in Convertible Senior Notes due 2030, with an interest rate of 0.50% per annum. These notes, which are convertible into cash or shares of common stock, are intended to support the company’s general corporate purposes and manage potential stock dilution through capped call transactions. The issuance reflects Planet Labs’ strategic financial planning to bolster its market position and operational capabilities.
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.