PL Industrials

Planet Labs PBC

$13.51+4.24%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Industrials
Industry: Aerospace & Defense
Country: United States
Market cap: 4.9B USD
Enterprise value: 4.5B USD
Full-time employees: 945

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.17 vs a peer median of 0.64) and more debt relative to equity (0.88× vs a peer median of 0.40×)higher risk: bigger price swings (beta 2.17 vs peers 0.64) and more debt vs equity (0.88× vs peers 0.40×)

Ranks #1,901 of 2,308 industrials companies (bottom 18%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 18% of revenue in FY Jan 2026.
Planet Labs PBC paid employees $55M in stock in FY Jan 2026, 18% of its $308M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -31% in FY Jan 2026, the smallest loss relative to revenue of the last 6 years.
Planet Labs PBC still lost money on operations in FY Jan 2026 (margin -31%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Investment surge. Capital spending 25% of revenue, up from 5.5% in FY Jan 2023.
Planet Labs PBC is spending 25% of revenue on facilities and equipment, up from 5.5% in FY Jan 2023. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -27%).

StockQuotient Score

32/ 100

Oct 5 32 → Nov 4 32

Valuation

Is the price right?

12/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-7.4%

SEC filings · 12 months to Jul 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-1.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield0.5%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.86Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield11.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

89/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 12.7%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.31Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth21.8%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score 2.82Sector median: 0.0421 · MAD: 0.0625

Revenue growth44.1%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.55Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 4.8 points to -27.2%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-27.2%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets-25.1%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-54.4%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin55.4%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-63.8%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.17

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio2.84×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.29Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.88×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -1.43Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Planet Labs PBC

Is Planet Labs PBC getting weaker?: Its latest SEC filing (Sep 3, 2026) got stronger: operating margin rose 4.8 points to -27.2%. Its overall score is unchanged at 32/100 since Oct 28, 2026.
How is Planet Labs PBC valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 12/100 against 2,459 industrials peers. Earnings yield -7.4% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -7.4% vs peers 3.8% (weaker than 100% of peers).
Is Planet Labs PBC growing?: Yes, faster than most of its peers. Growth scores 89/100 against 2,459 industrials peers. Revenue growth 44.1% vs a peer median of 4.4% (stronger than 95% of peers).Revenue growth 44.1% vs peers 4.4% (stronger than 95% of peers).
How profitable is Planet Labs PBC?: Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -27.2% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -27.2% vs peers 7.7% (weaker than 100% of peers).
How risky is Planet Labs PBC?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.84× vs a peer median of 1.62× (stronger than 82% of peers).Current ratio 2.84× vs peers 1.62× (stronger than 82% of peers). Beta 2.17 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.17 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 31, 2026 · filed Sep 3, 2026 · compared with the quarter ended Apr 30, 2026

Got stronger

Operating margin rose 4.8 points to -27.2%

Worth watching: Planet Labs PBC is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	335.6M USD	378.3M USD	+12.7%
Net income (12 months)	−373.1M USD	−359.9M USD	−3.5%
Operating margin	-31.9%	-27.2%	+4.8 pts
Free cash flow (12 months)	46.6M USD	24.7M USD	−47.0%
Cash	368.1M USD	415.1M USD	+12.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Aerospace & Defense · 48 companies

Valuations in Aerospace & Defense are near the top of their range since 2016.

88% of months since 2016 were valued lower than now.
50% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +71% and earnings +71% (medians): prices and earnings moved broadly together.
Median price-to-sales is +41% vs the whole market, against a usual −16%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jan 2022	FY Jan 2023	FY Jan 2024	FY Jan 2025	FY Jan 2026	Change
Gross margin	36.8%	49.2%	51.2%	57.2%	56.1%	▼ 1.1 pts
Operating margin	-97.6%	-91.9%	-76.9%	-47.5%	-30.9%	▲ 17 pts
Net margin	-104.5%	-84.7%	-63.7%	-50.4%	-80.2%	▼ 30 pts
Return on assets (ROA)	-16.7%	-21.5%	-20.0%	-19.4%	-21.5%	▼ 2.1 pts
Return on equity (ROE)	-21.2%	-28.1%	-27.1%	-27.9%	-131.0%	▼ 103 pts
Free cash flow margin	-40.0%	-44.1%	-40.2%	-24.0%	18.7%	▲ 43 pts
Current ratio	4.18×	3.89×	2.71×	2.13×	1.65×	▼ 22%
Quick ratio	—	—	—	2.13×	1.64×	▼ 23%
Interest coverage	-14.60×	—	—	-139.57×	-27.67×	▲ 80%

PL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.17 vs a peer median of 0.64) and more debt relative to equity (0.88× vs a peer median of 0.40×)higher risk: bigger price swings (beta 2.17 vs peers 0.64) and more debt vs equity (0.88× vs peers 0.40×)

Ranks #1,901 of 2,308 industrials companies (bottom 18%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 18% of revenue in FY Jan 2026.

Planet Labs PBC paid employees $55M in stock in FY Jan 2026, 18% of its $308M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -31% in FY Jan 2026, the smallest loss relative to revenue of the last 6 years.

Planet Labs PBC still lost money on operations in FY Jan 2026 (margin -31%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Investment surge. Capital spending 25% of revenue, up from 5.5% in FY Jan 2023.

Planet Labs PBC is spending 25% of revenue on facilities and equipment, up from 5.5% in FY Jan 2023. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -27%).

Questions investors ask about Planet Labs PBC

Is Planet Labs PBC getting weaker?

Its latest SEC filing (Sep 3, 2026) got stronger: operating margin rose 4.8 points to -27.2%. Its overall score is unchanged at 32/100 since Oct 28, 2026.

How is Planet Labs PBC valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 12/100 against 2,459 industrials peers. Earnings yield -7.4% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -7.4% vs peers 3.8% (weaker than 100% of peers).

Is Planet Labs PBC growing?

Yes, faster than most of its peers. Growth scores 89/100 against 2,459 industrials peers. Revenue growth 44.1% vs a peer median of 4.4% (stronger than 95% of peers).Revenue growth 44.1% vs peers 4.4% (stronger than 95% of peers).

How profitable is Planet Labs PBC?

Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -27.2% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -27.2% vs peers 7.7% (weaker than 100% of peers).

How risky is Planet Labs PBC?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.84× vs a peer median of 1.62× (stronger than 82% of peers).Current ratio 2.84× vs peers 1.62× (stronger than 82% of peers). Beta 2.17 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.17 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

335.6M USD

378.3M USD

+12.7%

Net income (12 months)

−373.1M USD

−359.9M USD

−3.5%

Operating margin

-31.9%

-27.2%

+4.8 pts

Free cash flow (12 months)

46.6M USD

24.7M USD

−47.0%

Cash

368.1M USD

415.1M USD

+12.8%

Key ratios

FY Jan 2022

FY Jan 2023

FY Jan 2024

FY Jan 2025

FY Jan 2026

Change

Gross margin

36.8%

49.2%

51.2%

57.2%

56.1%

▼ 1.1 pts

Operating margin

-97.6%

-91.9%

-76.9%

-47.5%

-30.9%

▲ 17 pts

Net margin

-104.5%

-84.7%

-63.7%

-50.4%

-80.2%

▼ 30 pts

Return on assets (ROA)

-16.7%

-21.5%

-20.0%

-19.4%

-21.5%

▼ 2.1 pts

Return on equity (ROE)

-21.2%

-28.1%

-27.1%

-27.9%

-131.0%

▼ 103 pts

Free cash flow margin

-40.0%

-44.1%

-40.2%

-24.0%

18.7%

▲ 43 pts

Current ratio

4.18×

3.89×

2.71×

2.13×

1.65×

▼ 22%

Quick ratio

—

2.13×

1.64×

▼ 23%

Interest coverage

-14.60×

—

-139.57×

-27.67×

▲ 80%