The company's financial risk profile has shifted significantly as the debt-to-equity ratio surged to 1.10 in 2027Q1, up from a negligible 0.05 in 2024Q4, reflecting an increased reliance on debt to fund operations.
| Total Current Assets | 848.98M | 775.36M | 302.23M | 370.15M | 475.65M | 551.52M | 125.43M | 60.32M |
| Cash & Short-Term Investments | 731.73M | 640.73M | 228.67M | 298.91M | 408.76M | 490.76M | 71.18M | 21.68M |
| Cash Only | 368.99M | 230.08M | 124.65M | 83.87M | 181.89M | 490.76M | 71.18M | 21.68M |
| Short-Term Investments | 362.75M | 410.65M | 104.03M | 215.04M | 226.87M | 0 | 0 | 0 |
| Accounts Receivable | 61.6M | 83.53M | 55.83M | 43.32M | 38.95M | 44.37M | 47.11M | 27.73M |
| Days Sales Outstanding | 66.1 | 99.07 | 83.4 | 71.65 | 74.34 | 123.44 | 151.94 | 105.71 |
| Inventory | 9.34M | 6.12M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 9.45 | 16.51 | - | - | - | - | - | - |
| Other Current Assets | 46.3M | 44.98M | 17.72M | 27.92M | 27.94M | 1.68M | 1.41M | 3.11M |
| Total Non-Current Assets | 402.45M | 370.32M | 331.57M | 331.85M | 277.07M | 269.92M | 273.88M | 302.67M |
| Property, Plant & Equipment | 198.65M | 165.16M | 141.5M | 135.77M | 128.49M | 133.28M | 159.85M | 186.59M |
| Fixed Asset Turnover | 2.00x | 1.86x | 1.73x | 1.63x | 1.49x | 0.98x | 0.71x | 0.51x |
| Goodwill | 143.11M | 143.45M | 136.35M | 136.26M | 112.75M | 103.22M | 88.39M | 88.39M |
| Intangible Assets | 25.16M | 26.63M | 27.45M | 47.42M | 26.25M | 24.96M | 17.67M | 21.99M |
| Long-Term Investments | 5.53M | 0 | 0 | 0 | 5.66M | 5.74M | 8.07M | 8.07M |
| Other Non-Current Assets | 35.53M | 35.08M | 26.27M | 12.4M | 9.58M | 8.46M | 5.5M | 4.86M |
| Total Assets | 1.25B | 1.15B | 633.8M | 702M | 752.72M | 821.44M | 399.31M | 362.99M |
| Asset Turnover | 0.32x | 0.27x | 0.39x | 0.31x | 0.25x | 0.16x | 0.28x | 0.26x |
| Asset Growth % | 251.98% | 80.77% | -9.72% | -6.74% | -8.37% | 105.72% | 10.01% | - |
| Total Current Liabilities | 302.55M | 469.45M | 142.08M | 136.65M | 122.26M | 132.04M | 108.81M | 71.21M |
| Accounts Payable | 9.04M | 10.61M | 2.6M | 2.6M | 6.9M | 2.85M | 1.45M | 2.12M |
| Days Payables Outstanding | 20.87 | 28.64 | 9.08 | 8.81 | 25.9 | 12.54 | 6.04 | 7.54 |
| Short-Term Debt | 0 | 7.3M | 0 | 0 | 0 | 0 | 8.24M | 10.8M |
| Deferred Revenue (Current) | 745.12M | 220.57M | 82.28M | 72.33M | 51.9M | 64.23M | 57.57M | 35.69M |
| Other Current Liabilities | 59.44M | 230.97M | 25.22M | 30.92M | 37.73M | 44.17M | 24.08M | 6.03M |
| Current Ratio | 2.81x | 1.65x | 2.13x | 2.71x | 3.89x | 4.18x | 1.15x | 0.85x |
| Quick Ratio | 2.78x | 1.64x | 2.13x | 2.71x | 3.89x | 4.18x | 1.15x | 0.85x |
| Cash Conversion Cycle | 54.67 | 86.95 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 505.18M | 487.8M | 50.43M | 47.33M | 54.36M | 41.16M | 182.98M | 74.14M |
| Long-Term Debt | 447.57M | 455.18M | 0 | 0 | 0 | 0 | 155.61M | 46.66M |
| Capital Lease Obligations | 61.72M | 0 | 12.39M | 16.95M | 17.14M | 0 | -37.05M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 10.96M | 0 |
| Other Non-Current Liabilities | 4.29M | 5.09M | 26.86M | 25.09M | 34.34M | 37.58M | -9.68M | 27.48M |
| Total Liabilities | 807.73M | 957.25M | 192.51M | 183.98M | 176.62M | 173.2M | 291.8M | 145.35M |
| Total Debt | 488.04M | 462.48M | 21.61M | 24.93M | 22.03M | 0 | 163.86M | 57.46M |
| Net Debt | 119.05M | 232.4M | -103.03M | -58.94M | -159.86M | -490.76M | 92.67M | 35.78M |
| Debt / Equity | 1.10x | 2.45x | 0.05x | 0.05x | 0.04x | - | 1.52x | 0.26x |
| Debt / EBITDA | -2.47x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.60x | - | - | - | - | - | - | - |
| Interest Coverage | -64.45x | -69.49x | - | - | - | -14.39x | -12.34x | -16.79x |
| Total Equity | 443.7M | 188.43M | 441.29M | 518.02M | 576.1M | 648.25M | 107.51M | 217.64M |
| Equity Growth % | -90.25% | -57.3% | -14.81% | -10.08% | -11.13% | 502.96% | -50.6% | - |
| Book Value per Share | 1.28 | 0.61 | 1.51 | 1.85 | 2.16 | 2.47 | 2.49 | 5.05 |
| Total Shareholders' Equity | 443.7M | 188.43M | 441.29M | 518.02M | 576.1M | 648.25M | 107.51M | 217.64M |
| Common Stock | 36K | 34K | 28K | 28K | 27K | 27K | 1K | 1K |
| Retained Earnings | -1.59B | -1.45B | -1.2B | -1.08B | -939.3M | -777.03M | -639.9M | -512.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 4.92M | 6.36M | -1.1M | 1.59M | 2.27M | 2.1M | 1.77M | 1.49M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensity and leverage
According to recent financial filings, Planet Labs' debt-to-equity ratio surged to 1.10 in 2027Q1 from a negligible 0.05 in 2024Q4, reflecting a significant shift in capital structure as the company increasingly relies on debt financing to support its ongoing satellite constellation expansion and operational requirements.
The rapid escalation in total debt to $488 million suggests a strategic pivot toward external financing to bridge the gap between operational cash burn and capital expenditure needs. Investors should monitor whether this increased leverage creates restrictive covenants that could limit future operational flexibility or necessitate further dilutive equity raises.
As reported in quarterly balance sheets, the company's cash position of $369 million in 2027Q1, while improved from the previous quarter, remains insufficient to offset the persistent negative operating cash flows and the high capital intensity required to maintain the current satellite fleet's competitive edge.
While the current ratio of 2.81 appears healthy on the surface, the underlying cash burn suggests that the company's liquidity runway is highly sensitive to the timing of large government contract payments. The reliance on debt to bolster cash reserves indicates that internal cash generation is not yet sufficient to sustain the business model.
Based on reported figures, deferred revenue has grown to $246.9 million in 2027Q1, representing a substantial increase from the $77.6 million recorded in 2024Q4, which suggests that the company is successfully securing longer-term commitments from its government and commercial client base to support future revenue recognition.
This growth in unearned revenue provides a degree of visibility into future cash inflows, potentially mitigating some of the risks associated with the company's high fixed-cost structure. However, analysts should scrutinize the composition of these obligations to determine how much of this backlog is tied to non-cancellable government contracts versus more volatile commercial agreements.
Data from the last ten quarters reveals an accumulated deficit of $1.6 billion as of 2027Q1, which highlights the significant historical capital investment required to build the current constellation and underscores the persistent challenge of achieving profitability despite the company's recent top-line growth acceleration.
The sheer scale of this deficit suggests that the company's valuation is heavily dependent on future terminal value rather than current book value. Investors should be wary that the reliance on debt and the persistent negative retained earnings may continue to weigh on equity quality until the company demonstrates a clear path to positive free cash flow.
Quick answers to the most common questions about buying PL stock.
As of 2026, Planet Labs PBC (PL) had total assets of $1.15B including $775.4M in current assets.
Planet Labs PBC (PL) carries total debt of $462.5M, offset by $640.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Planet Labs PBC (PL) has total shareholders' equity (book value) of $188.4M ($0.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Planet Labs PBC (PL) reported a current ratio of 1.65x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.