PL
Planet Labs PBCNYSEThree independently researched cases — bear, base, and bull — generated automatically from published financials. Every assumption is justified and cited; the discount rate is computed from researched market inputs.
Market vs intrinsic value as of valuation
Compared against the researched share price for PL; recalculate the valuation to refresh it.
Base inputs from financials
source period →Base revenue (TTM)
$335.6M
Diluted shares
345,524,328
Net cash
$490.8M
Bear
low confidence$1.95
IV / share
-91.3% vs $22.47
Revenue growth30.0% → 22.0% → 16.0% → 11.0% → 7.0%medium
Assumes near-term defense/government backlog conversion holds but international demand and new-market wins fade, driving growth toward GDP-plus by year five.
Operating margin10.0%medium
Chronic GAAP operating losses (~-30% to -40% recent quarters) improve only modestly if scale benefits and pricing power disappoint.
Tax rate25.0%high
Marginal rate applied at maturity; bear uses the high end assuming NOL benefits are exhausted with weaker profits.
Reinvestment rate55.0%low
Slower growth still demands heavy satellite/capex reinvestment at low incremental returns, leaving little free cash.
Terminal growth2.5%medium
Bear assumes the geospatial data niche matures into a low-single-digit grower.
Base
medium confidence$3.07
IV / share
-86.3% vs $22.47
Revenue growth38.0% → 30.0% → 24.0% → 18.0% → 13.0%high
Starts near management's ~41% guided growth and decelerates smoothly as the $906M backlog is recognized and the base scales.
Operating margin18.0%medium
Software-like geospatial data economics plus operating leverage support high-teens GAAP operating margins at scale.
Tax rate24.0%high
Standard marginal tax applied once the company reaches sustained profitability.
Reinvestment rate45.0%medium
Continued constellation and AI/software investment consumes a meaningful share of NOPAT while growth stays elevated.
Terminal growth3.5%medium
A durable data franchise sustains slightly-above-GDP perpetual growth.
Bull
low confidence$4.29
IV / share
-80.9% vs $22.47
terminalGrowthRate of 0.045 clamped to [0, 0.04]
Revenue growth45.0% → 40.0% → 33.0% → 26.0% → 18.0%medium
Assumes accelerating government/defense wins and new AI-enabled products keep growth in the 40s before gradual deceleration.
Operating margin25.0%medium
High-cadence, reusable data assets and pricing power drive margins toward the software peer group at scale.
Tax rate23.0%medium
Large accumulated losses lower the effective rate below statutory during the ramp to full profitability.
Reinvestment rate50.0%low
Faster growth requires substantial reinvestment, but rising returns on data infrastructure keep it below a purely growth-proportional level.
Terminal growth•4.0%medium
Bull assumes near-risk-free-rate perpetual growth as geospatial intelligence becomes ubiquitous infrastructure.
Clamped from 4.5% by the guardrail.
Market inputs researched
Generated 7/23/2026, 12:49:26 AM · pipeline v1.0.0