Download PDF

1. Company Snapshot

1.a. 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 cloud-native proprietary technology that performs critical processing and overall harmonizing of images for time series and data fusion and analysis; and space-based hardware and related software systems.It serves agriculture, mapping, forestry, and finance and insurance, as well as federal, state, and local government bodies.


The company was incorporated in 2010 and is headquartered in San Francisco, California.

Show Full description

1.b. Last Insights on PL

The recent 3-month performance of Planet Labs PBC was negatively driven by a Q4 earnings miss, with revenue $0.33 million below estimates and GAAP EPS 5¢ below expectations. This led to a stock drop, despite commercial sector weakness, defense and intelligence segments grew 20% YoY, and civil government grew 15%, with strong performance in Latin America. The company achieved positive adjusted EBITDA for the first time, signaling progress towards profitability, though GAAP earnings missed expectations.

1.c. Company Highlights

2. Planet Labs PBC Rockets Past Expectations with Record Revenue and AI Momentum

Planet Labs reported a record $308 million in FY 2026 revenue, up 26% YoY, and a Q4 haul of $86.8 million, a 41% jump. Non‑GAAP gross margin held steady at 59%, while adjusted EBITDA climbed to $15.5 million, marking the fifth straight profitable quarter. Free cash flow reached $53 million, and the company posted a net dollar retention rate of 116%. EPS, however, fell short at -$0.48 versus the -$0.04 consensus, underscoring the impact of higher capex and investment in AI. (Will Marshall highlighted these figures during the call.) Valuation metrics reflect this growth narrative: a high P/S of 41.83 and a negative EV/EBITDA of -127.83, indicating the market is pricing in future expansion while current earnings remain modest.

Publication Date: 07:38

📋 Highlights
  • Record Revenue Growth: FY2026 revenue reached $308 million (26% YoY growth), with Q4 revenue hitting $86.8 million (41% YoY growth).
  • Strong EBITDA and Cash Flow: Adjusted EBITDA profit of $15.5 million and free cash flow of $53 million in FY2026, marking the first annual free cash flow positivity.
  • Defense & Intelligence Expansion: 50% YoY growth in this segment, driven by a $900M backlog (79% YoY) and a nine-figure multiyear contract with Swedish Armed Forces.
  • AI-Driven Market Potential: AI projects aim to unlock $900M+ in backlog, targeting energy, insurance, and finance sectors with real-world data models and partnerships (Google, NVIDIA).
  • Rule of 40 Target: FY2027 guidance targets 39% revenue growth and $10M EBITDA profit, aiming for a combined 40% Rule of 40 benchmark.

Revenue Surge and Gross Margin Resilience

FY 2026 revenue surged to $307.7 million, with defense and intelligence driving a 50% YoY increase. Data Subscriptions and Satellite Services contributed significantly, while civil government revenue stayed flat. Gross margin stayed robust at 59%, a testament to the company's efficient cost structure amid scaling operations.

EBITDA, Cash Flow, and Profitability Milestones

The company achieved its first annual free cash flow positive year, generating $52.9 million in FCFF. Adjusted EBITDA profit of $15.5 million and $53 million in free cash flow underscore operational strength. Cash reserves climbed to $640 million, boosted by convertible debt and strong cash generation.

Backlog Expansion and Contract Wins

Backlog swelled to $900 million, up 79% YoY, with 37% in the next 12 months. Recent multi‑year deals with the Swedish Armed Forces and German Federal Agency for Cartography expanded RPOs to $852 million. Seven‑figure renewals in civil government signal sustained demand.

AI and Satellite Service Growth Strategy

AI capabilities are positioned as a transformational lever, enabling broader geographic coverage and faster deployment. The Owls project aims for a one‑meter daily scan with ten‑fold data and latency gains, while partnerships with Google and NVIDIA accelerate GPU‑powered processing.

Guidance and Capital Allocation for 2027

FY 2027 revenue is projected at $415‑440 million, a 39% YoY rise. Adjusted EBITDA is expected to swing from breakeven to $10 million, with gross margins of 50‑52%. Capital expenditures will total $80‑95 million, focused on next‑generation satellites and AI infrastructure.

Investor Outlook and Valuation Snapshot

Despite a negative P/E of -51.28, the company’s high P/S and aggressive growth trajectory suggest upside potential. Investors should watch the AI rollout and backlog conversion as catalysts for future earnings. The Rule of 40 remains in place, balancing revenue growth and margin expansion in FY 2027.

3. NewsRoom

Card image cap

Planet Labs Stock Soars Amid Space Sector Surge

Apr -16

Source: benzinga.com

Card image cap

Stocks Fighting Back as Nasdaq Eyes 12-Day Streak

Apr -16

Source: schaeffersresearch.com

Card image cap

Why Did Planet Labs Stock Pop Today?

Apr -16

Source: fool.com

Card image cap

2 stocks to buy before SpaceX IPO

Apr -16

Source: finbold.com

Card image cap

Planet Labs vs. Snowflake: Which AI Data Stock Has an Edge Now?

Apr -14

Source: zacks.com

Card image cap

5 Space Stocks Already Climbing Ahead of the SpaceX IPO

Apr -14

Source: marketbeat.com

Card image cap

Planet Labs, Rocket Lab, and AST SpaceMobile All Jumped After the SpaceX IPO Announcement

Apr -14

Source: fool.com

Card image cap

The AI Grid Is Leaving Earth

Apr -14

Source: investorplace.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.07%)

6. Segments

Constellations of Satellites

Expected Growth: 14.07%

Planet Labs PBC's constellation of satellites growth is driven by increasing demand for Earth imaging and data analytics, expansion into new markets such as agriculture and forestry, and strategic partnerships with government agencies and private companies. Additionally, advancements in satellite technology and decreasing launch costs contribute to the 14.07% growth.

7. Detailed Products

Dove Satellites

A fleet of small satellites designed to capture high-resolution imagery of the Earth's surface, providing global coverage and frequent revisits.

PlanetScope

A high-resolution imaging constellation providing daily, global coverage of the Earth's surface.

RapidEye

A constellation of five satellites providing high-resolution, multispectral imagery for agricultural, forestry, and environmental monitoring.

SkySat

A high-resolution, high-frequency imaging constellation providing sub-meter resolution imagery.

Planet Analytics

A platform providing insights and analytics from satellite imagery, enabling data-driven decision-making.

Planet Explorer

A web-based platform providing access to Planet's satellite imagery and analytics, enabling users to explore and analyze the Earth's surface.

8. Planet Labs PBC's Porter Forces

Forces Ranking

Threat Of Substitutes

Planet Labs PBC's satellite imaging services have some substitutes, such as aerial imaging and drone-based imaging, but they are not perfect substitutes. The company's unique selling proposition of providing daily, global satellite imagery at a high resolution makes it difficult for substitutes to replace its services.

Bargaining Power Of Customers

Planet Labs PBC's customers, including governments, NGOs, and commercial entities, have limited bargaining power due to the company's unique offerings and limited competition in the satellite imaging market.

Bargaining Power Of Suppliers

Planet Labs PBC has a diversified supplier base, and the company's suppliers have limited bargaining power due to the availability of alternative suppliers and the company's significant purchasing power.

Threat Of New Entrants

The threat of new entrants in the satellite imaging market is high due to the increasing availability of launch services, advancements in satellite technology, and decreasing costs. New entrants could potentially disrupt Planet Labs PBC's market share.

Intensity Of Rivalry

The intensity of rivalry in the satellite imaging market is moderate, with a few established players, including Planet Labs PBC, DigitalGlobe, and Airbus Defence and Space. The market is characterized by a moderate level of competition, with companies competing on factors such as image resolution, pricing, and customer service.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.59%
Debt Cost 3.95%
Equity Weight 95.41%
Equity Cost 8.58%
WACC 8.36%
Leverage 4.81%

11. Quality Control: Planet Labs PBC passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Mercury Systems

A-Score: 4.1/10

Value: 3.4

Growth: 3.7

Quality: 3.5

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Terran Orbital

A-Score: 4.1/10

Value: 9.8

Growth: 3.2

Quality: 5.0

Yield: 0.0

Momentum: 6.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Planet Labs

A-Score: 4.0/10

Value: 4.0

Growth: 5.2

Quality: 3.5

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Astronics

A-Score: 3.8/10

Value: 3.3

Growth: 3.9

Quality: 2.5

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Sidus Space

A-Score: 3.5/10

Value: 8.0

Growth: 4.3

Quality: 3.5

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Intuitive Machines

A-Score: 2.7/10

Value: 8.0

Growth: 1.8

Quality: 4.4

Yield: 0.0

Momentum: 1.5

Volatility: 0.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

39.89$

Current Price

39.89$

Potential

-0.00%

Expected Cash-Flows