Planet Labs PBC (PL)
NYSE:PL
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Planet Labs PBC
(NYSE:PL)
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Rating:62Neutral
Price Target:
$30.00
▼(-16.39% Downside)
Action:ReiteratedDate:03/21/26
The score is primarily driven by improving operating momentum (positive operating and free cash flow) and strong technical uptrend. Offsetting these positives are still-severe GAAP losses and a weakened balance sheet with sharply higher leverage, while valuation remains pressured due to negative earnings. Earnings-call guidance is supportive but includes near-term margin/EBITDA pressure and demand mix/timing volatility.
Positive Factors
High subscription retention and expansion
Very high recurring ACV and a 116% net dollar retention rate indicate durable subscription expansion and low churn. This drives predictable, recurring revenue, supports upsells and higher lifetime value, and underpins long-term margin improvement and more stable cash generation.
Negative Factors
Elevated leverage and weakened equity base
Leverage rose sharply to ~$462M with debt-to-equity around 2.45x, materially weakening balance-sheet flexibility. High leverage increases financing and refinancing risk, raises interest burdens, and heightens likelihood of future dilution if cash generation falters or additional capital is needed.
Read all positive and negative factors
Positive Factors
Negative Factors
High subscription retention and expansion
Very high recurring ACV and a 116% net dollar retention rate indicate durable subscription expansion and low churn. This drives predictable, recurring revenue, supports upsells and higher lifetime value, and underpins long-term margin improvement and more stable cash generation.
Read all positive factors
Planet Labs PBC (PL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.42B
Dividend YieldN/A
Average Volume (3M)15.35M
Price to Earnings (P/E)―
Beta (1Y)2.40
Revenue Growth16.89%
EPS Growth-4.41%
CountryUS
Employees810
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.00
Shares Outstanding322,655,240
10 Day Avg. Volume24,915,550
30 Day Avg. Volume15,353,185
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 Cap0.95
Enterprise Value/Revenue38.38
Enterprise Value/Gross Profit68.47
Enterprise Value/Ebitda-115.21
Forecast
1Y Price Target
$34.90Price Target Upside-2.73% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.11
Revenue Forecast (FY)$421.20M
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 ...
How the Company Makes Money
Planet primarily makes money by selling subscriptions and licenses to access its satellite imagery and related data products, typically delivered through enterprise agreements that provide ongoing access over a contract term. Key revenue streams i...
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:Mar 19, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jun 04, 2026
Earnings Call Sentiment Positive
The earnings call highlighted substantial progress: record revenue growth, first full-year adjusted EBITDA profitability and positive free cash flow, a large and growing backlog/RPO base, major Satellite Services deals, and deepening AI and partner collaborations (NVIDIA, Google). Management is aggressively investing to scale manufacturing and AI capabilities, reflected in elevated CapEx and short-term margin/headline EBITDA pressure. Commercial and Civil segments are softer amid a deliberate shift toward larger government contracts, and timing/contract mix creates some near-term volatility risk. On balance the call emphasized durable demand, meaningful financial improvement, and strong strategic positioning, with near-term trade-offs for longer-term growth.Positive Updates
Record Revenue and Strong Growth
Full-year revenue of $307.7M (reported as $308M), up ~26% year-over-year; Q4 revenue of $86.8M, up ~41% year-over-year. FY2027 revenue guidance raised to $415M–$440M (~39% growth at midpoint).
Negative Updates
Commercial and Civil Revenue Softness
Commercial sector revenue declined year-over-year and Civil Government was flat for the year, impacted in part by the conclusion of Norway's NICFI contract; management acknowledged a near-term shift in focus to large government customers.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Revenue and Strong Growth
Full-year revenue of $307.7M (reported as $308M), up ~26% year-over-year; Q4 revenue of $86.8M, up ~41% year-over-year. FY2027 revenue guidance raised to $415M–$440M (~39% growth at midpoint).
Read all positive updates
Company Guidance
Planet Labs guided Q1 FY2027 revenue of $87.0–$91.0M (≈34% y/y at the midpoint) with non‑GAAP gross margin of 49–51%, adjusted EBITDA of –$6.0––$3.0M, and planned CapEx of $17–$23M; for full FY2027 they forecast revenue of $415–$440M (≈39% growth at the midpoint), non‑GAAP gross margin of 50–52%, adjusted EBITDA of breakeven to $10.0M while targeting Rule of 40, CapEx of $80–$95M, and expect to be free‑cash‑flow positive on an annual basis despite quarter‑to‑quarter variability—backlog was cited at ~ $900M and RPO at ~$852.4M (with ~34–37% applying to the next 12 months), and managers noted the near‑term margin step‑down reflects Satellite Services, AI partner mix, and investments in next‑gen fleets.Planet Labs PBC Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
30
Negative
Cash Flow
62
Positive
| Breakdown | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 307.73M | 244.35M | 220.70M | 191.26M | 131.21M |
| Gross Profit | 172.49M | 139.72M | 112.95M | 94.01M | 48.22M |
| EBITDA | -95.07M | -57.07M | -92.06M | -117.79M | -81.14M |
| Net Income | -246.86M | -123.20M | -140.51M | -161.97M | -137.12M |
Balance Sheet | |||||
| Total Assets | 1.15B | 633.80M | 702.00M | 752.72M | 821.44M |
| Cash, Cash Equivalents and Short-Term Investments | 640.73M | 228.67M | 298.91M | 408.76M | 490.76M |
| Total Debt | 462.48M | 21.61M | 24.93M | 22.03M | 0.00 |
| Total Liabilities | 957.25M | 192.51M | 183.98M | 176.62M | 173.20M |
| Stockholders Equity | 188.43M | 441.29M | 518.02M | 576.10M | 648.25M |
Cash Flow | |||||
| Free Cash Flow | 57.65M | -58.67M | -93.12M | -86.69M | -57.14M |
| Operating Cash Flow | 134.36M | -14.37M | -50.71M | -73.93M | -42.21M |
| Investing Cash Flow | -393.12M | 57.91M | -33.59M | -242.26M | -25.15M |
| Financing Cash Flow | 357.05M | -15.54M | -1.60M | 7.86M | 489.18M |
Planet Labs PBC Technical Analysis
Positive
35.88
Price Trends
26.11
Positive
21.68
Positive
15.43
Positive
Market Momentum
1.96
Negative
64.26
Neutral
53.61
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 35.88 is above the 20-day moving average (MA) of 28.78, above the 50-day MA of 26.11, and above the 200-day MA of 15.43, indicating a bullish trend. The MACD of 1.96 indicates Negative momentum. The RSI at 64.26 is Neutral, neither overbought nor oversold. The STOCH value of 53.61 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% | |
62 Neutral | $12.42B | ― | -69.61% | ― | 16.89% | -4.41% | |
56 Neutral | $1.14B | ― | -77.78% | ― | -5.13% | -37.34% | |
51 Neutral | $557.03M | 4,518.60 | -9999.00% | ― | -31.51% | ― | |
50 Neutral | $38.57B | -186.77 | -19.23% | ― | 52.42% | -1.33% | |
49 Neutral | $1.58B | -100.29 | -25.05% | ― | ― | ― |
* Industrials Sector Average
PL
Planet Labs PBC
35.88
32.62
1000.61%
BKSY
BlackSky Technology
30.81
23.72
334.56%
SPIR
Spire Global
15.91
8.43
112.70%
RKLB
Rocket Lab USA
67.73
50.21
286.59%
VOYG
Voyager Technologies, Inc. Class A
26.82
-22.68
-45.82%
Planet Labs PBC Corporate Events
Business Operations and Strategy
Planet Labs Announces Redemption of Outstanding Public Warrants
Neutral
Mar 27, 2026
On March 27, 2026, Planet Labs PBC announced it will redeem all of its outstanding public warrants to purchase Class A common stock that were originally issued as part of its IPO units. The move follows satisfaction of the stock-price condition in...
Business Operations and StrategyRegulatory Filings and Compliance
Planet Labs Completes Earnout Share Issuance After Price Milestone
Positive
Feb 5, 2026
On February 3, 2026, Planet Labs PBC issued a total of 5,171,222 shares of Class A common stock and 584,054 shares of Class B common stock to former qualifying securityholders of Legacy Planet, after the company’s share price met the final $...
Private Placements and FinancingRegulatory Filings and Compliance
Planet Labs issues new shares after performance milestones met
Positive
Jan 23, 2026
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 per...
Business Operations and StrategyRegulatory Filings and Compliance
Planet Labs issues earnout shares after price milestones
Positive
Jan 16, 2026
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 thresho...
Business Operations and StrategyFinancial Disclosures
Planet Labs wins multi-year satellite services deal with Sweden
Positive
Jan 12, 2026
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 Swe...
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.