Latest Ratios: P/E Ratio -35.8x · EV/EBITDA N/A · ROE -78.4%. (2020–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.5B | $7.7B | $1.8B | $632M | $1.3B | $1.6B | — | — |
| Enterprise Value | $9.8B | $7.9B | $1.7B | $573M | $1.2B | $1.1B | — | — |
| P/E Ratio → | -35.83 | — | — | — | — | — | — | — |
| P/S Ratio | 31.00 | 24.98 | 7.29 | 2.86 | 6.91 | 12.19 | — | — |
| P/B Ratio | 46.82 | 40.79 | 4.04 | 1.22 | 2.30 | 2.47 | — | — |
| P/FCF | 165.50 | 133.32 | — | — | — | — | — | — |
| P/OCF | 71.01 | 57.20 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 25.73 | 6.87 | 2.60 | 6.08 | 8.45 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 137.35 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.1% | 56.1% | 57.2% | 51.2% | 49.2% | 36.8% | 22.8% | -7.0% |
| Operating Margin | -30.9% | -30.9% | -47.5% | -76.9% | -91.9% | -97.6% | -77.3% | -111.2% |
| Net Profit Margin | -80.2% | -80.2% | -50.4% | -63.7% | -84.7% | -104.5% | -112.3% | -129.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| ROE | -78.4% | -78.4% | -25.7% | -25.7% | -26.5% | -36.3% | -78.2% | -56.8% |
| ROA | -27.7% | -27.7% | -18.4% | -19.3% | -20.6% | -22.5% | -33.3% | -34.1% |
| ROIC | -18.8% | -18.8% | -21.8% | -29.1% | -45.9% | -53.7% | -28.9% | -31.5% |
| ROCE | -16.3% | -16.3% | -22.0% | -28.4% | -26.6% | -26.1% | -30.0% | -36.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.45 | 2.45 | 0.05 | 0.05 | 0.04 | — | 1.52 | 0.26 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 1.23 | -0.23 | -0.11 | -0.28 | -0.76 | 0.86 | 0.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 4.03 | — | — | — | — | — | — |
| Interest Coverage | -69.49 | -69.49 | — | — | — | -14.39 | -12.34 | -16.79 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 2.13 | 2.71 | 3.89 | 4.18 | 1.15 | 0.85 |
| Quick Ratio | 1.64 | 1.64 | 2.13 | 2.71 | 3.89 | 4.18 | 1.15 | 0.85 |
| Cash Ratio | 1.36 | 1.36 | 1.61 | 2.19 | 3.34 | 3.72 | 0.65 | 0.30 |
| Asset Turnover | — | 0.27 | 0.39 | 0.31 | 0.25 | 0.16 | 0.28 | 0.26 |
| Inventory Turnover | 22.11 | 22.11 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 99.07 | 83.40 | 71.65 | 74.34 | 123.44 | 151.94 | 105.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 0.6% | 0.8% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.4% | 0.5% | 0.4% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.4% | 0.5% | 0.4% | — | — |
| Shares Outstanding | — | $308M | $292M | $280M | $267M | $262M | $43M | $43M |
Persistent Operating Cash Burn
Based on reported figures, Planet Labs trades at a P/S ratio of 29.28, which appears to command a significant premium relative to its aerospace peers, suggesting that investors are pricing the company as a high-growth software entity rather than a capital-intensive hardware-dependent satellite operator.
The current valuation implies an aggressive growth trajectory that may not fully account for the recurring capital expenditures required to maintain the constellation. Investors should monitor whether the company can justify these multiples through sustained revenue acceleration or if the market will eventually re-rate the stock toward traditional defense contractor valuation levels.
As reported in financial statements, the company's ROIC has remained consistently negative, reaching -5.3% in 2027Q1, which indicates that the business is currently destroying value rather than compounding capital as it continues to fund its expansive satellite infrastructure and operational footprint.
The persistent negative returns on invested capital suggest that the high fixed costs of satellite deployment are not yet being offset by sufficient incremental margins. This trend warrants further investigation into whether the company's shift toward higher-margin analytics software can eventually drive ROIC into positive territory.
According to recent SEC filings, the cash conversion cycle reached 64 days in 2027Q1, reflecting the inherent difficulty in managing working capital when balancing long-term government contract cycles with the operational demands of maintaining a global, always-on satellite constellation and associated ground infrastructure.
The variability in DSO and DPO suggests that cash flow remains highly sensitive to the timing of government payments and supplier obligations. This lack of efficiency in the cash conversion cycle may continue to pressure liquidity until the company achieves a more predictable, subscription-heavy revenue mix.
Based on the provided balance sheet data, the debt-to-equity ratio has climbed to 1.10 in 2027Q1, a sharp increase from historical levels, which indicates that the company is increasingly relying on external financing to bridge the gap between operational cash burn and capital expenditure requirements.
The rising leverage profile, combined with negative interest coverage, suggests that the company's financial flexibility is becoming more constrained. Investors should monitor the sustainability of this debt-heavy capital structure, particularly if interest rates remain elevated and the company fails to reach cash flow breakeven in the near term.
As reported in market analysis, the common reliance on P/S multiples to value Planet Labs obscures the reality that the company's revenue is tethered to a depreciating hardware asset base, which necessitates continuous, high-cost capital reinvestment that pure-play software companies do not face.
Using SaaS-style valuation metrics ignores the significant 'maintenance CapEx' required to keep the constellation operational, which effectively acts as a hidden cost of revenue. A more appropriate approach would involve adjusting for these capital requirements or focusing on EV/EBITDA once the company achieves a stable, positive operating margin.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying PL stock.
Planet Labs PBC's current P/E ratio is -35.8x. This places it at the 50th percentile of its historical range.
Planet Labs PBC's return on equity (ROE) is -78.4%. The historical average is -46.8%.
Based on historical data, Planet Labs PBC is trading at a P/E of -35.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Planet Labs PBC has 56.1% gross margin and -30.9% operating margin.