PL
Planet Labs PBCNYSEValuation snapshot
Above bull casePrice is above even the bull case.
Price as of Sep 8, 2026 · Valuation Aug 13, 2026
What drives PL's base case?
base-case thesisPlanet has re-accelerated hard: after slowing to 11% growth in fiscal 2025 it grew 26% last year and 42% in the most recent quarter, and management has guided this year to $425–441 million of revenue. The reason to believe that is the order book — commitments rose 72% over the year to more than $906 million, and 99% of contracted value is recurring, so the revenue is largely already signed. This case assumes growth fades from that guided pace toward mid-teens as those big contracts anniversary. On profits, the company expects to roughly break even on a cash-earnings basis this year for the first time; because its satellites are already in orbit, extra sales should mostly drop through, letting profitability climb into positive territory while satellite replacement absorbs a shrinking share of earnings.
What shapes the assumptions
Management's own $425–441M full-year revenue guidance
Guided fiscal 2027 revenue
Raises revenue growth
Contracted order book up 72% year over year to $906M with 99% of contract value recurring
Backlog and recurring annual contract value
Raises revenue growth
Quarterly operating margin improving from -64.8% to -37.1% over eight quarters as revenue outgrew costs
Reported operating margin trend
Raises operating margin
Next-generation Pelican and Tanager satellites already launched, so capex should grow slower than revenue
Capex intensity
Lowers reinvestment
Years of accumulated losses shelter early profits from tax
Effective tax rate
Lowers tax rate
Each driver links a business metric to the forecast assumption it shapes — the basis for this case, not investment advice.
Why the gap?
No revenue growth rate in a sensible range reproduces today's price — the market appears to be valuing something this model does not capture.
What else could explain it?›
- How much of this is timing?
- The price has fallen 26.0% since this valuation was struck on 2026-08-13, so some of the gap opened up after these figures were set.
- How confident is this estimate?
- Robustness 65.0/10 (Moderate) — some of any gap is our own uncertainty rather than disagreement.
- What would change the answer?
- Which assumption this valuation swings on, and by how much.
- Share count is still growing
- Diluted shares grew 15.1% year on year. This valuation uses today's share count, not tomorrow's — continued dilution would spread the same value across more shares.
Many combinations of assumptions reproduce the same price. These are ways to read what the market might be expecting, not the market's actual view. How this is worked out
Research & assumptions
Inspect the valuation thesis, cases, risks, evidence, and model inputs.
View details
Research & assumptions
Inspect the valuation thesis, cases, risks, evidence, and model inputs.
Three independently researched cases generated automatically from published financials. Every assumption is justified and cited; the discount rate is computed from researched market inputs.
Base inputs from financials
source period →Base revenue (TTM)
$335.6M
Diluted shares
345,524,328
Net cash
$490.8M
Bear
medium confidence$1.53
IV / share
-91.6% vs $18.12
- Explicit cash flows
- $0.04
- Terminal value
- $0.07
- Net cash
- $1.42
- Intrinsic value / share
- $1.53
4.4% of the value rests on the terminal value.
bear revenue growth (avg 15%) runs well above the trailing -11% trend
bear operating margin (4%) sits well above the best recent margin (-23%)
Revenue growth30.0% → 18.0% → 12.0% → 9.0% → 7.0%medium
How derived: Starting from management's FY2027 revenue guidance of $425–441M, this case takes the low end and assumes the 42% Q1 surge was a one-off step-up from a handful of large defense awards, so growth reverts toward the 15%/11% pace Planet actually printed in FY2024 and FY2025 once those contracts anniversary and only ~40% of the $906M backlog converts within twelve months.
Why this confidence: Year-1 rate is bounded by explicit management revenue guidance ↑, Company has actually printed sub-16% growth in two of the last four fiscal years ↑, Five-year horizon for a company with only ~40% of backlog inside 12 months ↓, Government budget cycles make defense renewal timing hard to forecast ↓
No tracked driver measures this assumption yet.
Evidence for
- Planet's reported annual growth decelerated from 45.8% in FY2023 to 15.4% in FY2024 and 10.7% in FY2025, showing the business can slow sharply once a cohort of contracts matures.[Planet Labs FY2026 Form 10-K]· primary
- Only approximately 40% of the $906M backlog applies to the next 12 months and 69% to the next 24 months, so the headline backlog converts to revenue slowly.[Planet Labs Q1 FY2027 earnings call transcript]· primary
- Growth is concentrated in defense and intelligence, where an eight-figure one-year dedicated-capacity contract and a $21.9M one-year NGA extension are short-tenor awards subject to annual renewal risk.[Planet Labs Q1 FY2027 earnings call transcript]· primary
Evidence against
- Q1 FY2027 revenue of $94.2M grew 42% year over year, the fourth consecutive quarter of accelerating growth off the 9.6% low in Q1 FY2026.[Planet Labs 8-K Q1 FY2027 results]· primary
- Remaining performance obligations rose 81% year over year to $816M and backlog 72% to over $906M, a forward book far larger than a decelerating business would carry.[Record $94M revenue and $906M backlog at Planet Labs]· secondary
Operating margin4.0%medium
How derived: Planet's guided FY2027 gross margin of 52–54% is already down from 59% in Q1 FY2026 because newly launched Pelican satellites add depreciation, and with reported quarterly operating margins still between -22% and -41%, this case assumes the company only just crosses into positive operating profit after depreciation and stock compensation, landing near 4%.
Why this confidence: Explicit FY2027 gross-margin and EBITDA guidance ranges anchor the near term ↑, Eight consecutive reported quarters of negative operating margin support a low steady-state assumption ↑, Gap between guided non-GAAP EBITDA and GAAP operating margin depends on depreciation and stock compensation the company has not guided long-term ↓
No tracked driver measures this assumption yet.
Evidence for
- Non-GAAP gross margin fell to 56% in Q1 FY2027 from 59% in Q1 FY2026, and management guides full-year FY2027 to 52–54%, a declining trend driven by Pelican-related depreciation.[Planet Labs 8-K Q1 FY2027 results and guidance]· primary
- Planet's FY2026 net loss was $246.9M, roughly double the prior year's loss, showing costs still outrun revenue at the reported scale.[Planet Labs revenue and loss history]· secondary
Evidence against
- Planet guides FY2027 adjusted EBITDA to breakeven-to-$10M profit and has hit the Rule of 40 for three consecutive quarters, indicating real cost discipline.[Planet Labs Q1 FY2027 earnings call transcript]· primary
Tax rate25.0%high
How derived: The 21% U.S. federal statutory rate plus roughly four points of blended state and foreign tax is the long-run marginal rate a profitable Planet would pay, and this case applies it in full because a low-margin outcome generates too little taxable income for the accumulated net operating losses to shelter much of anything before they lapse.
Why this confidence: Statutory rate is a published, unambiguous legal figure ↑, Consistent with the conservative posture of ignoring loss-carryforward shelter ↑, Actual cash tax rate depends on the size and expiry schedule of carryforwards not itemized here ↓
No tracked driver measures this assumption yet.
Evidence for
- The U.S. federal corporate income tax rate is a flat 21% of taxable income, before state and foreign taxes.[26 U.S. Code §11 – Tax imposed on corporations]· primary
- Planet operates internationally with customers including Greece, Sweden and other foreign governments, exposing profits to foreign jurisdictions that can raise the blended rate above 21%.[Planet Labs Q1 FY2027 earnings call transcript]· primary
Evidence against
- Planet has incurred net losses since inception, including a $246.9M FY2026 net loss, producing large net operating loss carryforwards that would defer cash taxes below the statutory rate for years.[Planet Labs FY2026 Form 10-K]· primary
Reinvestment rate75.0%medium
How derived: Guided FY2027 capex of $80–95M is roughly 20% of guided revenue and satellites must be replaced every few years, so in a low-margin outcome the small pool of after-tax operating profit gets almost entirely consumed by constellation replenishment, leaving about three-quarters reinvested.
Why this confidence: Company gives an explicit one-year capex guidance range ↑, Ratio is highly sensitive to the low operating-profit denominator assumed in this case ↓, No management guidance on capex beyond FY2027 ↓
No tracked driver measures this assumption yet.
Evidence for
- Planet guides FY2027 capital expenditures to $80M–$95M against guided revenue of $425M–$441M, roughly a fifth of sales.[Planet FY2027 capex guidance]· primary
- Recently launched Pelican satellites are increasing depreciation and pressuring Q2 gross margins, evidence that capital spending converts directly into recurring cost rather than one-off outlay.[Planet Labs Q1 FY2027 earnings call transcript]· primary
Evidence against
- Planet ended Q1 FY2027 with $731M of cash, cash equivalents and short-term investments, so reinvestment need not be funded solely from operating profit.[Planet Labs 8-K Q1 FY2027 results]· primary
Terminal growth2.0%high
How derived: The Federal Reserve's 2% long-run inflation objective is the floor for nominal growth of a mature business, and this case assumes Planet ends up growing only with prices because free public imagery from Sentinel and Landsat plus competing commercial constellations commoditise basic daily-scan data.
Why this confidence: Anchored to a published central-bank objective rather than a judgment call ↑, Comfortably below the risk-free rate, so the perpetuity is mathematically well behaved ↑, Terminal value in a perpetuity is inherently unobservable ↓
No tracked driver measures this assumption yet.
Evidence for
- The FOMC judges that inflation at the rate of 2 percent over the longer run is most consistent with its statutory mandate, setting the baseline for long-run nominal growth.[FOMC Statement on Longer-Run Goals]· primary
- A 2% terminal rate sits well below the 4.68% 10-year Treasury yield, satisfying the constraint that perpetual growth cannot exceed the risk-free rate.[10-Year Treasury Constant Maturity (DGS10)]· primary
Evidence against
- Planet's 99% recurring annual contract value and 81% year-over-year RPO growth suggest a subscription base that could compound faster than inflation well past year five.[Planet Labs 8-K Q1 FY2027 results]· primary
Base
medium confidence$2.49
IV / share
-86.3% vs $18.12
- Explicit cash flows
- $0.35
- Terminal value
- $0.72
- Net cash
- $1.42
- Intrinsic value / share
- $2.49
28.8% of the value rests on the terminal value.
base revenue growth (avg 25%) runs well above the trailing -11% trend
base operating margin (14%) sits well above the best recent margin (-23%)
Revenue growth40.0% → 28.0% → 22.0% → 18.0% → 15.0%high
How derived: The midpoint of management's FY2027 guidance is about $433M against FY2026's reported $307.7M, which is roughly 40% growth, and from there this case fades growth steadily as the 72% year-over-year backlog build converts and the very large defense awards anniversary, settling at mid-teens by year five.
Why this confidence: Year-1 growth is set directly by management's own full-year revenue guidance ↑, Backlog of $906M and 99% recurring ACV give unusual forward visibility ↑, Years 3–5 extend well beyond any company guidance ↓
No tracked driver measures this assumption yet.
Evidence for
- Planet guides full-year FY2027 revenue to $425M–$441M, implying roughly 40% growth over FY2026's $307.7M.[Planet FY2027 revenue guidance]· primary
- Backlog rose 72% year over year to over $906M and remaining performance obligations 81% to $816M, with 69% of backlog inside 24 months.[Planet Labs 8-K Q1 FY2027 results]· primary
- 99% of annual contract value was recurring at the end of Q1 FY2027, giving a high-visibility revenue base to grow from.[Record $94M revenue and $906M backlog at Planet Labs]· secondary
Evidence against
- Planet's growth fell as low as 9.6% year over year in Q1 FY2026, one year before the 42% Q1 FY2027 print, showing the trajectory is not stable.[Planet Labs FY2026 Form 10-K]· primary
Operating margin14.0%medium
How derived: Starting from guided FY2027 gross margin of 52–54% and roughly breakeven adjusted EBITDA, this case assumes gross margin recovers toward the high-50s as launched Pelican and Tanager capacity is sold into an already-contracted book while operating expenses grow far slower than a revenue base that roughly doubles, producing a mid-teens operating margin after depreciation and stock compensation.
Why this confidence: Near-term gross margin and EBITDA anchored by explicit FY2027 guidance ↑, Four-quarter trend of improving operating margin supports the direction of travel ↑, Requires a roughly 50-point swing in operating margin the company has never demonstrated ↓, No management guidance for margins beyond FY2027 ↓
No tracked driver measures this assumption yet.
Evidence for
- Planet reached the Rule of 40 for the third consecutive quarter and guides FY2027 adjusted EBITDA to breakeven-to-$10M profit, a first for the company.[Planet Labs Q1 FY2027 earnings call transcript]· primary
- Reported quarterly operating margin improved from -64.8% in Q2 FY2025 to -37.1% in Q1 FY2027 as revenue scaled against a slower-growing cost base.[Planet Labs FY2026 Form 10-K]· primary
- 99% recurring annual contract value means incremental revenue arrives on an already-built constellation, so gross profit should scale faster than costs.[Planet Labs 8-K Q1 FY2027 results]· primary
Evidence against
- Non-GAAP gross margin is guided down to 52–54% for FY2027 from 59% in Q1 FY2026 because Pelican launches raise depreciation, moving the wrong way in the near term.[Planet Labs 8-K Q1 FY2027 results and guidance]· primary
- FY2026 net loss widened to $246.9M, roughly double the prior year, so GAAP profitability remains distant.[Planet Labs financial history]· secondary
Tax rate21.0%high
How derived: The 21% U.S. federal statutory rate is the long-run marginal burden on a profitable Planet, and this case applies it unadjusted on the view that state and foreign taxes on the way up are roughly offset by partial shelter from the accumulated losses booked through FY2026.
Why this confidence: Statutory rate is a published legal figure, not an estimate ↑, Standard practice to use the marginal statutory rate for terminal-period cash flows ↑, Timing of loss-carryforward usage versus foreign mix is uncertain ↓
No tracked driver measures this assumption yet.
Evidence for
- The U.S. federal corporate income tax is imposed at a flat 21% of taxable income.[26 U.S. Code §11]· primary
- Planet has substantial accumulated losses from years of negative operating margins, which offset state and foreign taxes in the transition to profitability.[Planet Labs FY2026 Form 10-K]· primary
Evidence against
- Planet books revenue from international government customers including Greece, Sweden and the Japanese market, exposing part of profit to foreign rates that can exceed 21%.[Planet Labs Q1 FY2027 earnings call transcript]· primary
Reinvestment rate55.0%medium
How derived: Guided FY2027 capex of $80–95M is about 20% of guided revenue while the next-generation Pelican and Tanager constellations are being deployed; this case assumes absolute capex grows far slower than revenue once that build is complete, so the share of after-tax operating profit ploughed back settles just above half.
Why this confidence: One-year capex guidance range is explicit ↑, Management commentary confirms next-gen fleet is largely launched ↑, Multi-year replenishment cadence is not disclosed ↓
No tracked driver measures this assumption yet.
Evidence for
- Planet guides FY2027 capital expenditures of $80M–$95M against $425M–$441M of guided revenue, roughly a fifth of sales during a peak build period.[Planet FY2027 capex guidance]· primary
- Management described recently launched Pelican satellites as already in orbit and contributing depreciation, indicating the heaviest phase of the build is being absorbed now rather than repeated indefinitely.[Planet Labs Q1 FY2027 earnings call transcript]· primary
Evidence against
- Small satellites have short orbital lives, so constellation replenishment is a permanent recurring cost rather than a one-time build, keeping reinvestment structurally elevated.[Planet Labs FY2026 Form 10-K]· primary
Terminal growth2.8%high
How derived: Starting from the Federal Reserve's 2% long-run inflation objective, this case adds a modest real increment because Planet's 99% recurring contract base and expanding government customer set should let it grow slightly faster than prices in perpetuity, while staying far below the 4.68% risk-free rate.
Why this confidence: Anchored to a published central-bank objective and a live Treasury yield ↑, Well below the risk-free rate, so the perpetuity is well behaved ↑, Perpetual growth for a young company is inherently unobservable ↓
No tracked driver measures this assumption yet.
Evidence for
- The FOMC targets 2 percent inflation over the longer run, providing the nominal-growth floor.[FOMC Statement on Longer-Run Goals]· primary
- 99% of Planet's annual contract value is recurring, consistent with a durable subscription base that keeps pace with or slightly ahead of nominal GDP.[Planet Labs 8-K Q1 FY2027 results]· primary
Evidence against
- Free public satellite imagery programs and competing commercial constellations create long-run price pressure that could cap growth at or below inflation.[Planet Labs FY2026 Form 10-K risk factors]· primary
Bull
low confidence$4.93
IV / share
-72.8% vs $18.12
- Explicit cash flows
- $0.99
- Terminal value
- $2.52
- Net cash
- $1.42
- Intrinsic value / share
- $4.93
51.1% of the value rests on the terminal value — elevated dependency.
bull revenue growth (avg 33%) runs well above the trailing -11% trend
bull operating margin (23%) sits well above the best recent margin (-23%)
Revenue growth44.0% → 38.0% → 32.0% → 28.0% → 24.0%medium
How derived: This case takes the top of management's $425–441M FY2027 range and assumes the 65%+ growth in defense and intelligence revenue persists as European and Asian governments build sovereign imagery capacity, so growth fades only gradually from the mid-40s toward the mid-20s rather than reverting to the company's historical mid-teens.
Why this confidence: Year-1 rate is close to the top of an explicit guidance range ↑, Segment-level disclosure of 65%+ defense growth supports the mix assumption ↑, Requires five consecutive years above any growth rate the company has sustained ↓, Dependent on government budget cycles outside management's control ↓
No tracked driver measures this assumption yet.
Evidence for
- Q1 FY2027 defense and intelligence revenue grew over 65% year over year, driven by data, subscription solutions and satellite services.[Planet Labs Q1 FY2027 earnings call transcript]· primary
- Planet announced new and renewed contracts with the U.S. Navy ($7.5M), NGA ($21.9M) and international governments including Greece and Sweden, plus an eight-figure dedicated-capacity deal with an international defense customer.[Planet Labs Q1 FY2027 earnings call transcript]· primary
- Remaining performance obligations grew 81% year over year to $816M, faster than the 42% revenue growth, indicating bookings momentum ahead of recognized revenue.[Planet Labs 8-K Q1 FY2027 results]· primary
Evidence against
- Planet's own multi-year record includes deceleration to 15.4% and 10.7% growth in FY2024 and FY2025, so sustained 30%+ growth for five straight years would be unprecedented for the company.[Planet Labs FY2026 Form 10-K]· primary
- Management's own guidance implies about 40% growth for FY2027, not the 44% assumed here, so this case requires beating the guided range.[Planet FY2027 revenue guidance]· primary
Operating margin23.0%low
How derived: Planet's non-GAAP gross margin ran at 59% before the current depreciation step-up and is guided to 52–54% this year; this case assumes it recovers to roughly 60% as already-launched Pelican and Tanager capacity is resold at near-zero incremental cost, and with operating expenses roughly flat against a revenue base that more than triples, operating margin reaches the low-20s.
Why this confidence: Historical 59% gross margin proves the ceiling is achievable at the gross level ↑, Requires a ~60-point swing from the most recent reported operating margin of -37.1% ↓, Company has never posted a positive operating quarter, so there is no precedent to calibrate against ↓, No management guidance on long-run operating margin exists ↓
No tracked driver measures this assumption yet.
Evidence for
- Planet achieved the Rule of 40 for three consecutive quarters and management explicitly frames the business around that growth-plus-profitability target.[Planet targets Rule of 40]· primary
- Non-GAAP gross margin was 59% in Q1 FY2026, demonstrating the business model can carry high-50s gross margins once depreciation is absorbed by a larger revenue base.[Planet Labs 8-K Q1 FY2027 results]· primary
- With 99% recurring ACV on an already-orbiting constellation, incremental subscription revenue carries very low marginal cost.[Record $94M revenue and $906M backlog at Planet Labs]· secondary
Evidence against
- Planet has never reported a positive operating margin in any of the eight most recent quarters, the best being -22.6% in Q3 FY2026.[Planet Labs FY2026 Form 10-K]· primary
- Guided FY2027 adjusted EBITDA of only breakeven-to-$10M on $425–441M of revenue implies a cash-earnings margin near zero, far from 23%.[Planet Labs 8-K Q1 FY2027 guidance]· primary
Tax rate16.0%medium
How derived: Against the 21% federal statutory rate, this case applies a lower effective burden because Planet has accumulated very large loss carryforwards — FY2026 alone produced a $246.9M net loss — and in a high-growth outcome profits arrive early enough for those carryforwards to shelter a meaningful share of taxable income across the forecast window.
Why this confidence: Existence and indefinite carryforward of large losses is documented in filings and statute ↑, The exact carryforward balance and any ownership-change limitations are not itemized here ↓, Blend depends on the profit path, which is itself an assumption ↓
No tracked driver measures this assumption yet.
Evidence for
- Planet has incurred net losses since inception, with a $246.9M net loss in FY2026 alone, generating large federal and state loss carryforwards available to offset future taxable income.[Planet Labs FY2026 Form 10-K]· primary
- Federal net operating losses arising after 2017 carry forward indefinitely, so Planet's shield does not expire before it becomes profitable.[26 U.S. Code §172 – Net operating loss deduction]· primary
Evidence against
- Post-2017 federal net operating losses can offset only 80% of taxable income in any year, capping how far the effective rate can fall below statutory.[26 U.S. Code §172 – Net operating loss deduction]· primary
- Faster profit growth in this case burns through the carryforward balance sooner, pushing the rate back toward 21% within the forecast horizon.[26 U.S. Code §11]· estimate
Reinvestment rate40.0%low
How derived: Management guides FY2027 capex to $80–95M during the peak of the Pelican and Tanager deployment; this case assumes that absolute spend rises only modestly while revenue more than triples, because additional customers buy access to the same orbiting fleet, so the share of after-tax profit reinvested falls to roughly 40%.
Why this confidence: Anchored to an explicit one-year capex guidance range ↑, Assumes capex decouples from revenue growth, which dedicated-capacity contracts contradict ↓, No disclosed multi-year replenishment schedule to verify against ↓
No tracked driver measures this assumption yet.
Evidence for
- Pelican satellites have already been launched and are contributing depreciation, indicating the heavy build phase is being paid for now rather than repeated at scale.[Planet Labs Q1 FY2027 earnings call transcript]· primary
- With 99% recurring ACV sold off a shared constellation, adding customers requires no proportional new hardware.[Planet Labs 8-K Q1 FY2027 results]· primary
Evidence against
- Dedicated-capacity contracts such as the eight-figure international defense deal require reserving or building satellite capacity for a single customer, which raises rather than lowers capital intensity as that business grows.[Planet Labs Q1 FY2027 earnings call transcript]· primary
- Small satellites have limited orbital lifetimes, making replenishment capex a permanent recurring requirement.[Planet Labs FY2026 Form 10-K]· primary
Terminal growth3.5%medium
How derived: Building on the Federal Reserve's 2% long-run inflation objective, this case adds about 1.5 points of real growth on the view that Planet becomes embedded infrastructure for government intelligence and climate monitoring, while still holding the rate meaningfully below the 4.68% risk-free rate so the perpetuity remains valid.
Why this confidence: Bounded below the observed risk-free rate, so the perpetuity is mathematically sound ↑, Long-duration RPO supports demand durability ↑, Assumes permanent above-GDP growth, which no company sustains indefinitely ↓
No tracked driver measures this assumption yet.
Evidence for
- Planet's remaining performance obligations grew 81% year over year to $816M with contracts extending beyond 24 months, evidence of long-duration institutional demand.[Planet Labs 8-K Q1 FY2027 results]· primary
- 3.5% remains below the 4.68% 10-year Treasury yield, keeping the terminal calculation internally consistent.[10-Year Treasury Constant Maturity (DGS10)]· primary
Evidence against
- A 3.5% perpetual rate exceeds the Federal Reserve's 2% long-run inflation objective by 1.5 points, requiring Planet to outgrow the overall economy forever.[FOMC Statement on Longer-Run Goals]· primary
Valuation robustness
reliability of the estimate, not a stock rating65 / 100 · Moderate
Formula v1.0.0. Higher means a more reliable estimate — not a recommendation.
Quality checks
Automated model-risk flags — warnings, not recommendations.
- Diluted share count grew 15% year over year, which reduces per-share participation in business growth.→ per-share economics
Per-share economics
Business growth after changes in the diluted share count.
| Period | Revenue growth | FCF/share | FCF/share growth | Shares | Share growth |
|---|---|---|---|---|---|
| Q2 2025 | 13.6% | -0.08 | -276.9% | 290.36M | 5.6% |
| Q3 2025 | 10.6% | -0.01 | 88.6% | 293.34M | 3.2% |
| Q1 2026 | 9.6% | 0.03 | 162.2% | 300.27M | 4.2% |
| Q2 2026 | 20.1% | 0.16 | 297.3% | 304.13M | 4.7% |
| Q3 2026 | 32.6% | 0.01 | 150.4% | 309.25M | 5.4% |
| Q1 2027 | 42.1% | -0.01 | -117.6% | 345.52M | 15.1% |
Valuation history every run
Why intrinsic value changed
Why
No sourced event is linked to this change yet — the researched assumption moved without a cited driver observation behind it.
Why
No sourced event is linked to this change yet — the researched assumption moved without a cited driver observation behind it.
Why
No sourced event is linked to this change yet — the researched assumption moved without a cited driver observation behind it.
Why
No sourced event is linked to this change yet — the researched assumption moved without a cited driver observation behind it.
Sequential deterministic bridge · order-dependent contributions · exactly reconciled
Market inputs researched
The 10-year Treasury constant maturity yield stood at approximately 4.68% on 12 August 2026, and it is used unadjusted as the risk-free rate because it matches the currency and roughly the duration of the forecast cash flows.
The published regression beta for Planet Labs is approximately 2.12, and it is used as reported because a pre-profit, capital-intensive space company with government-contract concentration genuinely carries above-market systematic risk, consistent with its 52-week range of $6.10 to $51.76.
Damodaran's forward-looking implied equity risk premium for the U.S. market was 4.23% at the start of 2026, and the implied rather than historical premium is used because it is backed out of current index prices and expected cash flows, matching the market's live pricing of risk.
Planet Labs closed at $23.90 on 12 August 2026 within an intraday range of $22.57 to $23.96, and the closing price is used directly as the market's current per-share quote against which the model's value is compared.
Adding the ICE BofA U.S. High Yield index option-adjusted spread of roughly 271 basis points to the 4.68% 10-year Treasury yield gives about 7.4%, trimmed to 7.2% because Planet carries almost no debt (debt-to-equity of roughly 0.04) and held $731M of cash and short-term investments at the end of Q1 FY2027, which would support a borrowing rate at the better end of the speculative-grade range.
Generated 8/13/2026, 11:01:42 AM · pipeline v1.1.0