Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing PL more generously than it does today.
Analysis OverviewBuyUpdated May 1, 2026
Planet Labs PBC (PL) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
22
analysts
12 bullish · 0 bearish · 22 covering PL
Strong Buy
0
Buy
12
Hold
10
Sell
0
Strong Sell
0
Consensus Target
$26
-31.2% vs today
Scenario Range
— – —
Model bear to bull value window
Coverage
22
Published analyst ratings
Valuation Context
—
Forward P/E · Market cap $10.8B
PL price targets
Three scenarios for where PL stock could go
Current
~$37
Confidence
45 / 100
Updated
May 1, 2026
Market caseClosest to today
Base case
—
The base case reflects analyst consensus expectations — steady delivery without requiring a major catalyst or re-rating.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Planet Labs PBC
PL · NYSEIndustrialsAerospace & DefenseJanuary year-end
Planet Labs operates a constellation of Earth-imaging satellites that capture daily global imagery. It generates revenue primarily through subscription-based data access — selling imagery and analytics to government, agriculture, and commercial clients — with government contracts representing a significant portion. The company's key advantage is its unique daily global coverage capability — a massive satellite constellation that provides frequent, consistent monitoring unmatched by competitors.
Market Cap
$10.8B
Revenue TTM
$308M
Net Income TTM
-$247M
Net Margin
-80.2%
PL Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
50%Exceptional
vs consensus estimates
Avg EPS Surprise
-142.1%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 2 of 4Q2 2025
EPS
$-0.04/$-0.05
Revenue
$66M/$62M
Q3 2025
EPS
$-0.03/$-0.03
Revenue
$73M/$72M
Q4 2025
EPS
$-0.19/$-0.03
Revenue
$81M/$72M
Q1 2026
EPS
$-0.48/$-0.04
Revenue
$87M/$78M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $-0.04/$-0.05 | +20.0% | $66M/$62M | +6.4% |
| Q3 2025 | $-0.03/$-0.03 | +0.0% | $73M/$72M | +1.6% |
| Q4 2025 | $-0.19/$-0.03 | -467.3% | $81M/$72M | +12.6% |
| Q1 2026 | $-0.48/$-0.04 | -1100.0% | $87M/$78M | +11.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$361M
+17.4% YoY
FY2
$457M
+26.3% YoY
EPS Outlook
FY1
$-0.48
+38.2% YoY
FY2
$-0.59
-21.7% YoY
Trailing FCF (TTM)$56M
FCF Margin: 18.3%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
PL beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
PL Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $244M
Product Mix
Latest annual revenue by segment or product family
Reportable Segment
100.0%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Non-US
55.0%
+10.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Reportable Segment is the largest disclosed segment at 100.0% of FY 2025 revenue, with no year-over-year comparison yet.
Non-US is the largest reported region at 55.0%, up 10.3% YoY.
PL Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $7 — implies -81.8% from today's price.
Premium to Fair Value
81.8%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
PL
-46.4x
vs
S&P 500
25.1x
285% discount
vs Industrials Trailing P/E
PL
-46.4x
vs
Industrials
25.7x
281% discount
vs PL 5Y Avg P/E
Today
-46.4x
vs
5Y Average
—
Benchmark unavailable
Forward PE
—
S&P 500
19.1x
—
Industrials
20.7x
—
5Y Avg
—
—
Trailing PE
-46.4x
S&P 500
25.1x
-285%
Industrials
25.7x
-281%
5Y Avg
—
—
PEG Ratio
—
S&P 500
1.72x
—
Industrials
1.64x
—
5Y Avg
—
—
EV/EBITDA
—
S&P 500
15.2x
—
Industrials
13.7x
—
5Y Avg
—
—
Price/FCF
188.2x
S&P 500
21.1x
+792%
Industrials
21.2x
+790%
5Y Avg
133.3x
+41%
Price/Sales
35.2x
S&P 500
3.1x
+1027%
Industrials
1.6x
+2124%
5Y Avg
10.8x
+225%
Dividend Yield
—
S&P 500
1.87%
—
Industrials
1.27%
—
5Y Avg
—
—
| Metric | PL | S&P 500 | Industrials | 5Y Avg PL |
|---|---|---|---|---|
| Forward PE | — | 19.1x | 20.7x | — |
| Trailing PE | -46.4x | 25.1x-285% | 25.7x-281% | — |
| PEG Ratio | — | 1.72x | 1.64x | — |
| EV/EBITDA | — | 15.2x | 13.7x | — |
| Price/FCF | 188.2x | 21.1x+792% | 21.2x+790% | 133.3x+41% |
| Price/Sales | 35.2x | 3.1x+1027% | 1.6x+2124% | 10.8x+225% |
| Dividend Yield | — | 1.87% | 1.27% | — |
PL trades above S&P 500 benchmarks on 2 of 3 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolPL Financial Health
Verdict
Stressed
PL generates $56M in free cash flow at a 18.3% margin.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$308M
Revenue Growth
TTM vs prior year
+25.9%
Gross Margin
Gross profit as a share of revenue
56.1%
Operating Margin
Operating income divided by revenue
-30.9%
Net Margin
Net income divided by revenue
-80.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$-0.78
Free Cash Flow (TTM)
Cash generation after capex
$56M
FCF Margin
FCF as share of revenue — the primary cash quality signal
18.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
-18.8%
ROA
Return on assets, trailing twelve months
-27.4%
Cash & Equivalents
Liquid assets on the balance sheet
$230M
Net Debt
Total debt minus cash
$232M
Debt Serviceability
Net debt as a multiple of annual free cash flow
4.1× FCF
~4.1 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
-69.6%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
308M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pagePL Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
High Debt
Planet Labs PBC has a high debt-to-equity ratio, reported at 2.37 as of April 17, 2026, and even higher at 5.08 as of fiscal year 2026. This indicates a heavy reliance on borrowed funds, which could pose significant financial risks.
High Risk
Negative Profit Margins
The company has negative operating and net margins, with the operating margin ranging from -30.9% to -41.59% and a net margin of approximately -80.22%. This suggests that Planet Labs is spending significantly more on operations than it earns in revenue.
High Risk
Valuation Concerns
Despite strong revenue growth, the stock is considered 'Ultra Expensive' with a P/S ratio of 38.99881x. A discounted cash flow analysis indicates the stock may be overvalued by as much as 1,470.7%, raising concerns about its long-term viability.
Medium
Insider Selling
There has been notable insider selling, including from the company's CFO, which can signal a lack of confidence from management. While some sales are part of pre-arranged trading plans, this trend may affect investor sentiment.
Medium
Warrant Redemption
Planet Labs announced the redemption of all outstanding public warrants on April 27, 2026. This could create short-term trading flows, but warrant holders must decide whether to exercise their warrants or accept a nominal redemption price.
Medium
Competition
The company faces significant competition, particularly in the satellite sector, which has impacted its gross margins. Major sovereign satellite contracts are crucial for maintaining profitability.
Lower
SpaceX IPO
The anticipated SpaceX IPO is viewed as a potential headwind for Planet Labs stock. Increased competition from new entrants in the space sector could affect market share and pricing power.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why PL Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Consistent Revenue Growth
Planet Labs has a track record of exceeding revenue and EBITDA estimates, driven by a diverse customer base and a range of solutions like Planet Monitoring, Planet Tasking, and Planet Analytic Feeds. The company reported FY2026 revenue of $307.7 million, a 26% year-over-year increase, with Q4 FY26 showing particularly strong growth of 41% year-over-year.
Growing Backlog and Revenue Visibility
The company's backlog has surged, providing strong visibility into future revenue. In FY2026, the backlog was $900.4 million, a 79% year-over-year increase, supported by significant multi-year contracts, including a recent €240 million contract with the German government and a $230 million agreement with SKY Perfect JSAT.
Defense and Government Demand
There is increasing demand for Planet Labs' technology from defense and government sectors, with government and defense revenue growing by 50%. A major contract with the Swedish Armed Forces further highlights this trend.
AI Integration and Future Potential
The acquisition of Bedrock Research strengthens Planet Labs' capabilities in AI and Earth Observation (EO) data analysis. The company is also partnering with NVIDIA for AI development, positioning itself as a crucial player in the future of AI infrastructure.
Path to Profitability
While historically unprofitable, Planet Labs has shown progress towards profitability. In FY2026, the company achieved positive adjusted EBITDA of $15.5 million and free cash flow of $52.9 million, marking its first annual profitability and cash generation.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
PL Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$37.13
52W Range Position
88%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$3.38
+998.5% from the low
52-Week High
$41.71
-11.0% from the high
1 Month
+6.03%
3 Month
+81.74%
YTD
+81.9%
1 Year
+970.0%
3Y CAGR
+111.9%
5Y CAGR
+30.3%
10Y CAGR
+14.1%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
PL vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
—
vs — median
Peer median unavailable
Revenue Growth
+17.4%
vs +16.6% median
+5% above peer median
Net Margin
-80.2%
vs -482.2% median
+83% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
PL PL Planet Labs PBC | $10.8B | — | +17.4% | -80.2% | Buy | -31.2% |
BKS BKSY BlackSky Technology Inc. | $1.1B | — | +16.6% | -65.9% | Buy | -36.0% |
SAT SATL Satellogic Inc. | $939M | — | +46.6% | -19.4% | Sell | -21.4% |
SPI SPIR Spire Global, Inc. | $541.0B | — | -9.9% | -34960.3% | Buy | +4.8% |
AST ASTS AST SpaceMobile, Inc. | $18.7B | — | +54.1% | -482.2% | Buy | +62.3% |
MNT MNTS Momentus Inc. | $3M | — | -63.8% | -3445.3% | — | — |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FAQ
7 questionsPL Investor Questions
Common questions answered from live analyst data and company financials.
01Is Planet Labs PBC (PL) stock a buy or sell in 2026?
Planet Labs PBC (PL) is rated Buy by Wall Street analysts as of 2026. Of 22 analysts covering the stock, 12 rate it Buy or Strong Buy, 10 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $26, implying -31.2% from the current price of $37.
02What is the PL stock price target for 2026?
The Wall Street consensus price target for PL is $26 based on 22 analyst estimates. The high-end target is $38 (+2.3% from today), and the low-end target is $12 (-66.9%).
03Is Planet Labs PBC (PL) stock overvalued in 2026?
Forward earnings data for PL is not currently available. Review the valuation table above for trailing P/E, EV/EBITDA, and price-to-sales comparisons against market and sector benchmarks.
04What are the main risks for Planet Labs PBC (PL) stock in 2026?
The primary risks for PL in 2026 are: (1) High Debt — Planet Labs PBC has a high debt-to-equity ratio, reported at 2. (2) Negative Profit Margins — The company has negative operating and net margins, with the operating margin ranging from -30. (3) Valuation Concerns — Despite strong revenue growth, the stock is considered 'Ultra Expensive' with a P/S ratio of 38. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Planet Labs PBC's revenue and earnings forecast?
Analyst consensus estimates PL will report consensus revenue of $361M (+17.4% year-over-year) and EPS of $-0.48 (+38.2% year-over-year) for the upcoming fiscal year. The following year, analysts project $457M in revenue.
06When does Planet Labs PBC (PL) report its next earnings?
A confirmed upcoming earnings date for PL is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Planet Labs PBC generate?
Planet Labs PBC (PL) generated $56M in free cash flow over the trailing twelve months — a free cash flow margin of 18.3%. PL returns capital to shareholders through and share repurchases ($0 TTM).