| 期间 | EPS Actual | EPS 预期 | 惊喜 |
|---|---|---|---|
| 2026年3月31日 | $0.33 | $0.28 | 0.05% |
| 2025年12月31日 | $0.25 | $0.23 | 0.02% |
| 2025年9月30日 | $0.21 | $0.17 | 0.04% |
| 2025年6月30日 | $0.16 | $0.14 | 0.02% |
| 2025年3月31日 | $0.13 | $0.13 | -0.00% |
| 股票代码 | 市值 | P/E | 营收同比增长 | 净利润率 | ROE | 毛利率 |
|---|---|---|---|---|---|---|
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
| APP | $227.96B | 69.1 | 70.0% | 60.8% | 201.9% | — |
| CRM | $197.22B | 27.2 | 9.6% | 18.0% | 12.4% | 77.7% |
| INTU | $219.15B | 57.4 | 15.6% | 20.5% | 20.5% | — |
| ADBE | $132.21B | 19.2 | 10.5% | 30.0% | 61.8% | 89.3% |
| CDNS | $84.96B | 77.0 | 14.1% | 20.9% | 21.2% | — |
| SNPS | $84.41B | 56.4 | 15.1% | 18.9% | 7.1% | 77.0% |
| DDOG | $47.94B | 438.7 | 27.7% | 3.1% | 3.1% | 80.0% |
| MSTR | — | -10.0 | 3.0% | -806.3% | -8.4% | 68.7% |
| ADSK | $53.90B | 48.6 | 17.5% | 15.6% | 39.0% | 91.0% |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.48B | $2.87B | $2.23B | $1.91B | $1.54B | $1.09B | $743M | $595M | |
| Cost of Revenue | $789M | $566M | $431M | $409M | $339M | $353M | $242M | $165M | |
| Gross Profit | $3.69B | $2.30B | $1.79B | $1.50B | $1.20B | $740M | $500M | $430M | |
| R&D Expense | $558M | $508M | $405M | $360M | $387M | $561M | $306M | $285M | |
| SG&A Expense | $658M | $593M | $524M | $596M | $612M | $669M | $321M | $306M | |
| Operating Expenses | $2.27B | $1.99B | $1.67B | $1.66B | $1.61B | $1.91B | $1.08B | $1.05B | |
| Operating Income | $1.41B | $310M | $120M | $-161M | $-411M | $-1.17B | $-576M | $-623M | |
| Interest Expense | · | · | $3M | $4M | $4M | $14M | $3M | $3M | |
| Interest Income | $229M | $197M | $133M | $20M | $2M | $5M | $15M | $10M | |
| Other Non-op | $14M | $-18M | $-15M | $-220M | $-75M | $4M | $-3M | $-3M | |
| Pretax Income | $1.66B | $489M | $237M | $-361M | $-488M | $-1.18B | $-567M | $-571M | |
| Income Tax | $23M | $21M | $20M | $10M | $32M | $-13M | $12M | $9M | |
| Net Income | $1.63B | $462M | $210M | $-374M | $-520M | $-1.17B | $-580M | $-580M | |
| EPS (Basic) | $0.69 | $0.21 | $0.10 | $-0.18 | $-0.27 | $-1.19 | $-1.02 | $-1.11 | |
| EPS (Diluted) | $0.63 | $0.19 | $0.09 | $-0.18 | $-0.27 | $-1.20 | $-1.02 | $-1.17 | |
| Shares (Basic) | 2,369,612,000 | 2,250,163,000 | 2,147,446,000 | 2,063,793,000 | 1,923,617,000 | 977,722,000 | 576,959,000 | 537,280,394 | |
| Shares (Diluted) | 2,565,197,000 | 2,450,818,000 | 2,297,927,000 | 2,063,793,000 | 1,923,617,000 | 979,330,000 | 576,959,000 | 544,014,393 | |
| EBITDA | $1.44B | $342M | $153M | $-139M | $-396M | $-1.16B | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.42B | $2.10B | $831M | $2.60B | $2.29B | $2.01B | $1.08B | $1.12B | |
| Short-term Investments | $5.75B | $3.13B | $2.84B | $35M | $234M | · | · | · | |
| Receivables | $1.04B | $575M | $365M | $258M | $191M | $157M | $50M | · | |
| Prepaid Expense | $139M | $129M | $100M | $150M | $111M | $52M | $33M | · | |
| Current Assets | $8.36B | $5.93B | $4.14B | $3.04B | $2.86B | $2.26B | $1.21B | · | |
| PP&E (Net) | $52M | $40M | $48M | $69M | $31M | $30M | $32M | · | |
| PP&E (Gross) | $201M | $163M | $150M | $152M | $101M | $118M | $140M | · | |
| Accum. Depreciation | $149M | $123M | $102M | $82M | $70M | $88M | $109M | · | |
| Goodwill | · | · | · | $38M | $2M | · | · | · | |
| Intangibles | · | $18M | $26M | $36M | $4M | · | · | · | |
| Other Non-current Assets | $290M | $166M | $153M | $150M | $96M | $107M | $78M | · | |
| Total Assets | $8.90B | $6.34B | $4.52B | $3.46B | $3.25B | $2.69B | $1.59B | · | |
| Accounts Payable | $8M | $103.0K | $12M | $45M | $75M | $16M | $52M | · | |
| Accrued Liabilities | $356M | $427M | $223M | $173M | $156M | $159M | $127M | · | |
| Current Liabilities | $1.18B | $996M | $746M | $588M | $660M | $604M | $729M | · | |
| Capital Leases | $183M | $195M | $175M | $204M | $220M | $230M | · | · | |
| Other Non-current Liabilities | $7M | $14M | $11M | $13M | $2M | $4M | $78M | · | |
| Total Liabilities | $1.41B | $1.25B | $961M | $819M | $956M | $1.17B | $1.45B | · | |
| Total Debt | · | · | · | · | $0 | $198M | · | · | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $588.0K | · | |
| Paid-in Capital | $10.93B | $10.19B | $9.12B | $8.43B | $7.78B | $6.49B | $1.86B | · | |
| Retained Earnings | $-3.56B | $-5.19B | $-5.65B | $-5.86B | $-5.49B | $-4.97B | $-3.80B | · | |
| Treasury Stock | · | · | · | · | · | $0 | $39M | · | |
| AOCI | $14M | $-6M | $801.0K | $-5M | $-2M | $-3M | $-703.0K | · | |
| Stockholders' Equity | $7.39B | $5.00B | $3.48B | $2.57B | $2.29B | $1.52B | $-1.98B | $-1.75B | |
| Liabilities + Equity | $8.90B | $6.34B | $4.52B | $3.46B | $3.25B | $2.69B | $1.59B | · | |
| Shares Outstanding | 2,391,192,000 | 2,338,795,000 | 2,200,128,000 | 2,099,075,000 | 2,027,474,000 | 1,792,140,000 | 581,497,000 | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $26M | $32M | $33M | $23M | $15M | $14M | $12M | $14M | |
| Stock-based Comp | $684M | $692M | $476M | $565M | $778M | $1.27B | $242M | $249M | |
| Deferred Tax | $-4M | $-566.0K | $-5M | $-174.0K | $43M | $-20M | $-7M | $-7M | |
| Amort. of Intangibles | · | $8M | $10M | $0 | · | · | · | · | |
| Other Non-cash | $-197M | $-31M | $-2M | $10M | $18M | $-394M | · | · | |
| Operating Cash Flow | $2.13B | $1.15B | $712M | $224M | $334M | $-297M | $-165M | $-39M | |
| CapEx | $34M | $13M | $15M | $40M | $13M | $12M | $13M | $13M | |
| Investing Cash Flow | $-2.78B | $-341M | $-2.71B | $-45M | $-398M | $-15M | $-22M | $-7M | |
| Stock Issued | · | · | · | $0 | $0 | $199M | $544M | $96M | |
| Stock Repurchased | $75M | $64M | $0 | $0 | $0 | $4M | $11M | $8M | |
| Net Stock Activity | $-75M | $-64M | · | $0 | $0 | $939M | · | · | |
| Financing Cash Flow | $-27M | $463M | $219M | $86M | $307M | $1.04B | $325M | $46M | |
| Net Change in Cash | $-669M | $1.27B | $-1.78B | $260M | $239M | $726M | $135M | $-3M | |
| Taxes Paid | $22M | $16M | $14M | $3M | $4M | $14M | $9M | $17M | |
| Free Cash Flow | $2.10B | $1.14B | $697M | $184M | $321M | $-309M | · | · | |
| Levered FCF | · | · | $694M | $180M | $317M | $-323M | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.4% | 80.2% | 80.6% | 78.6% | 78.0% | 67.7% | · | · | |
| Operating Margin | 31.6% | 10.8% | 5.4% | -8.5% | -26.7% | -107.4% | · | · | |
| Net Margin | 36.3% | 16.1% | 9.4% | -19.6% | -33.8% | -106.7% | · | · | |
| Pretax Margin | 37.0% | 17.1% | 10.7% | -18.9% | -31.7% | -107.9% | · | · | |
| EBITDA Margin | 32.2% | 11.9% | 6.9% | -7.3% | -25.7% | -106.1% | · | · | |
| ROA | 21.3% | 8.5% | 5.3% | -11.1% | -17.5% | -54.4% | · | · | |
| ROE | 26.2% | 10.9% | 7.0% | -15.2% | -22.9% | -84.1% | · | · | |
| ROIC | 18.9% | 5.9% | 3.2% | -6.5% | -19.1% | -67.5% | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.1 | 6.0 | 5.5 | 5.2 | 4.3 | 3.7 | · | · | |
| Quick Ratio | 7.0 | 5.8 | 5.4 | 4.9 | 4.1 | 3.6 | · | · | |
| Debt / Equity | · | · | · | · | 0.0 | 0.1 | · | · | |
| LT Debt / Equity | · | · | · | · | 0.0 | 0.1 | · | · | |
| Interest Coverage | · | · | 34.6 | -39.7 | -112.9 | -83.0 | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.5 | 0.6 | 0.6 | 0.5 | 0.5 | · | · | |
| Receivables Turnover | 5.5 | 6.1 | 7.1 | 8.5 | 8.9 | 10.5 | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 56.2% | 28.8% | 16.8% | 23.6% | 41.1% | · | · | · | |
| Revenue CAGR 3Y | 32.9% | 22.9% | 26.8% | · | · | · | · | · | |
| Revenue CAGR 5Y | 32.6% | · | · | · | · | · | · | · | |
| EPS YoY | 231.6% | 111.1% | · | · | · | · | · | · | |
| Net Income YoY | 251.6% | 120.3% | · | · | · | · | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.48B | $2.87B | $2.23B | $1.91B | $1.54B | $1.09B | · | · | |
| Net Income TTM | $1.63B | $462M | $210M | $-374M | $-520M | $-1.17B | · | · | |
| Market Cap | $425.03B | $176.88B | $37.78B | $13.48B | $36.92B | $42.20B | · | · | |
| Enterprise Value | · | · | · | · | $34.40B | $40.39B | · | · | |
| P/E | 282.1 | 398.1 | 190.8 | -35.7 | -67.4 | -19.6 | · | · | |
| P/S | 95.0 | 61.7 | 17.0 | 7.1 | 23.9 | 38.6 | · | · | |
| P/B | 57.5 | 35.4 | 10.9 | 5.3 | 16.1 | 27.7 | · | · | |
| P / Tangible Book | 57.5 | 35.5 | 11.0 | 5.4 | 16.2 | 27.7 | · | · | |
| P / Cash Flow | 199.1 | 153.3 | 53.0 | 60.2 | 110.6 | -142.3 | · | · | |
| P / FCF | 202.3 | 155.0 | 54.2 | 73.4 | 114.9 | -136.7 | · | · | |
| EV / EBITDA | · | · | · | · | -86.8 | -34.8 | · | · | |
| EV / FCF | · | · | · | · | 107.1 | -130.8 | · | · | |
| EV / Revenue | · | · | · | · | 22.3 | 37.0 | · | · | |
| Earnings Yield | 0.35% | 0.25% | 0.52% | -2.8% | -1.5% | -5.1% | · | · |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.63B | $1.41B | $1.18B | $1.00B | $884M | $828M | $726M | $678M | $634M | $608M | $558M | $533M | $525M | $509M | $478M | $473M | |
| Cost of Revenue | $216M | $216M | $207M | $193M | $173M | $175M | $147M | $129M | $116M | $109M | $108M | $107M | $108M | $104M | $108M | $102M | |
| Gross Profit | $1.42B | $1.19B | $974M | $811M | $711M | $653M | $579M | $550M | $518M | $500M | $450M | $426M | $418M | $404M | $370M | $371M | |
| R&D Expense | $161M | $144M | $144M | $135M | $135M | $172M | $118M | $109M | $110M | $109M | $106M | $100M | $90M | $82M | $101M | $88M | |
| SG&A Expense | $183M | $170M | $162M | $163M | $164M | $182M | $139M | $139M | $134M | $127M | $128M | $133M | $136M | $150M | $149M | $155M | |
| Operating Expenses | $663M | $615M | $581M | $541M | $535M | $642M | $466M | $444M | $437M | $434M | $410M | $416M | $413M | $422M | $432M | $413M | |
| Operating Income | $754M | $575M | $393M | $269M | $176M | $11M | $113M | $105M | $81M | $66M | $40M | $10M | $4M | $-18M | $-62M | $-42M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | $742.0K | $1M | $1M | · | $1M | $670.0K | |
| Interest Income | $66M | $63M | $60M | $56M | $50M | $55M | $52M | $47M | $43M | $45M | $37M | $30M | $21M | $13M | $6M | $1M | |
| Other Non-op | $68M | $-17M | $27M | $7M | $-3M | $15M | $-8M | $-11M | $-14M | $-4M | $3M | $-10M | $-4M | $41M | $-65M | $-136M | |
| Pretax Income | $889M | $621M | $481M | $332M | $223M | $81M | $157M | $141M | $111M | $106M | $80M | $30M | $21M | $38M | $-123M | $-177M | |
| Income Tax | $12M | $10M | $4M | $4M | $6M | $4M | $8M | $5M | $5M | $9M | $7M | $2M | $2M | $4M | $1M | $3M | |
| Net Income | $871M | $609M | $476M | $327M | $214M | $79M | $144M | $134M | $106M | $93M | $72M | $28M | $17M | $31M | $-124M | $-179M | |
| EPS (Basic) | $0.36 | $0.26 | $0.20 | $0.14 | $0.09 | $0.04 | $0.06 | $0.06 | $0.05 | $0.05 | $0.03 | $0.01 | $0.01 | $0.02 | $-0.06 | $-0.09 | |
| EPS (Diluted) | $0.34 | $0.24 | $0.18 | $0.13 | $0.08 | $0.03 | $0.06 | $0.06 | $0.04 | $0.04 | $0.03 | $0.01 | $0.01 | $0.02 | $-0.06 | $-0.09 | |
| Shares (Basic) | 2,393,869,000 | -4,721,430,000 | 2,377,167,000 | 2,365,196,000 | 2,348,679,000 | -4,445,006,000 | 2,250,032,000 | 2,231,592,000 | 2,213,545,000 | -4,254,088,000 | 2,162,530,000 | 2,131,224,000 | 2,107,780,000 | -4,100,578,000 | 2,073,265,000 | 2,054,799,000 | |
| Shares (Diluted) | 2,570,924,000 | -5,121,590,000 | 2,571,057,000 | 2,562,912,000 | 2,552,818,000 | -4,823,574,000 | 2,459,589,000 | 2,414,696,000 | 2,400,107,000 | -4,523,267,000 | 2,325,600,000 | 2,278,155,000 | 2,217,439,000 | -4,100,578,000 | 2,073,265,000 | 2,054,799,000 | |
| EBITDA | $761M | · | $393M | $269M | $183M | · | $113M | $105M | $89M | · | $40M | $10M | $12M | · | $-62M | $-42M |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.29B | $1.42B | $1.62B | $930M | $993M | $2.10B | $769M | $513M | $520M | $831M | $1.04B | $1.06B | $1.26B | $2.60B | $2.41B | $2.36B | |
| Short-term Investments | $5.73B | $5.75B | $4.82B | $5.07B | $4.44B | $3.13B | $3.80B | $3.49B | $3.35B | · | $2.24B | $2.05B | $1.64B | · | $57M | $99M | |
| Receivables | $1.41B | $1.04B | $1.01B | $747M | $725M | $575M | $668M | $659M | $487M | · | $430M | $376M | $254M | · | $343M | $266M | |
| Prepaid Expense | $120M | $139M | $142M | $142M | $127M | $129M | $119M | $116M | $81M | · | $96M | $98M | $86M | · | $114M | $151M | |
| Current Assets | $9.55B | $8.36B | $7.59B | $6.89B | $6.28B | $5.93B | $5.35B | $4.77B | $4.44B | · | $3.81B | $3.58B | $3.26B | · | $2.95B | $2.90B | |
| PP&E (Net) | $56M | $52M | $46M | $44M | $40M | $40M | $40M | $43M | $47M | · | $50M | $54M | $63M | · | $58M | $48M | |
| PP&E (Gross) | · | $201M | $188M | $182M | $169M | $163M | $160M | $155M | $155M | · | $146M | $145M | $149M | · | $132M | $119M | |
| Accum. Depreciation | · | $149M | $143M | $138M | $130M | $123M | $120M | $112M | $108M | · | $96M | $90M | $86M | · | $75M | $71M | |
| Intangibles | · | · | $15M | $16M | $17M | · | $19M | $21M | $23M | · | $28M | $31M | $33M | · | · | · | |
| Other Non-current Assets | $363M | $290M | $278M | $228M | $205M | $166M | $164M | $161M | $150M | · | $144M | $150M | $142M | · | $94M | $92M | |
| Total Assets | $10.20B | $8.90B | $8.11B | $7.37B | $6.74B | $6.34B | $5.77B | $5.19B | $4.81B | · | $4.19B | $3.98B | $3.68B | · | $3.32B | $3.28B | |
| Accounts Payable | $69M | $8M | $68M | $11M | $2M | $103.0K | $27M | $67M | $36M | · | $9M | $5M | $5M | · | $60M | $57M | |
| Accrued Liabilities | · | $356M | $382M | $394M | $371M | $427M | $265M | $195M | $206M | · | $175M | $185M | $175M | · | $165M | $188M | |
| Current Liabilities | $1.38B | $1.18B | $1.18B | $1.09B | $967M | $996M | $943M | $807M | $751M | · | $689M | $685M | $601M | · | $688M | $666M | |
| Capital Leases | $212M | $183M | $189M | $192M | $200M | $195M | $207M | $214M | $163M | · | $184M | $194M | $206M | · | $205M | $216M | |
| Other Non-current Liabilities | $6M | $7M | $11M | $12M | $12M | $14M | $14M | $16M | $10M | · | $11M | $12M | $14M | · | $2M | $2M | |
| Total Liabilities | $1.64B | $1.41B | $1.43B | $1.34B | $1.22B | $1.25B | $1.18B | $1.05B | $946M | · | $922M | $945M | $880M | · | $932M | $934M | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | $2M | |
| Paid-in Capital | $11.14B | $10.93B | $10.75B | $10.57B | $10.40B | $10.19B | $9.76B | $9.46B | $9.32B | · | $8.94B | $8.77B | $8.57B | · | $8.28B | $8.12B | |
| Retained Earnings | $-2.69B | $-3.56B | $-4.17B | $-4.65B | $-4.97B | $-5.19B | $-5.27B | $-5.41B | $-5.54B | · | $-5.74B | $-5.81B | $-5.84B | · | $-5.89B | $-5.77B | |
| AOCI | $601.0K | $14M | $12M | $5M | $-3M | $-6M | $5M | $-5M | $-6M | · | $-7M | $-5M | $-4M | · | $-10M | $-7M | |
| Stockholders' Equity | $8.45B | $7.39B | $6.59B | $5.93B | $5.42B | $5.00B | $4.50B | $4.05B | $3.78B | · | $3.19B | $2.96B | $2.72B | · | $2.39B | $2.35B | |
| Liabilities + Equity | $10.20B | $8.90B | $8.11B | $7.37B | $6.74B | $6.34B | $5.77B | $5.19B | $4.81B | · | $4.19B | $3.98B | $3.68B | · | $3.32B | $3.28B | |
| Shares Outstanding | 2,397,133,000 | 2,391,192,000 | 2,383,314,000 | 2,371,847,000 | 2,359,663,000 | 2,338,795,000 | 2,269,809,000 | 2,237,939,000 | 2,226,963,000 | 2,200,128,000 | 2,175,241,000 | 2,149,980,000 | 2,117,730,000 | 2,099,075,000 | 2,079,664,000 | 2,062,741,000 |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7M | $7M | $6M | $7M | $7M | $7M | $8M | $8M | $8M | $8M | $9M | $8M | $8M | $7M | $6M | $5M | |
| Stock-based Comp | $202M | $196M | $172M | $160M | $155M | $282M | $142M | $142M | $126M | $133M | $114M | $114M | $115M | $129M | $140M | $146M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | $-143.0K | $-17.0K | $-11.0K | |
| Other Non-cash | $-180M | · | · | · | $-66M | · | · | · | $-110M | · | · | · | $48M | · | · | · | |
| Operating Cash Flow | $899M | $777M | $508M | $539M | $310M | $460M | $420M | $144M | $130M | $301M | $133M | $90M | $187M | $79M | $47M | $62M | |
| CapEx | $7M | $13M | $7M | $8M | $6M | $3M | $4M | $3M | $3M | $5M | $2M | $4M | $5M | $5M | $14M | $5M | |
| Investing Cash Flow | $-27M | $-958M | $182M | $-617M | $-1.39B | $640M | $-321M | $-149M | $-511M | $-569M | $-196M | $-391M | $-1.55B | $73M | $-27M | $5M | |
| Stock Repurchased | · | $19M | $19M | $19M | $18M | $19M | $19M | $18M | $9M | $0 | $0 | $0 | $0 | · | · | · | |
| Net Stock Activity | · | · | · | · | $-18M | · | · | · | $-9M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $3M | $-11M | $6M | $6M | $-29M | $239M | $151M | $-2M | $75M | $51M | $51M | $91M | $26M | $14M | $24M | $21M | |
| Net Change in Cash | $873M | $-193M | $694M | $-64M | $-1.10B | $1.33B | $256M | $-8M | $-310M | $-212M | $-12M | $-215M | $-1.34B | $175M | $38M | $83M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | · | $5M | $2M | $-106.0K | $715.0K | |
| Free Cash Flow | $892M | · | · | · | $304M | · | · | · | $127M | · | · | · | $183M | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | $181M | · | · | · |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.8% | · | 82.5% | 80.8% | 80.4% | · | 79.8% | 81.0% | 81.7% | · | 80.7% | 80.0% | 79.5% | · | 77.5% | 78.4% | |
| Operating Margin | 46.2% | · | 33.3% | 26.8% | 19.9% | · | 15.6% | 15.5% | 12.8% | · | 7.2% | 1.9% | 0.78% | · | -13.0% | -8.8% | |
| Net Margin | 53.3% | · | 40.3% | 32.6% | 24.2% | · | 19.8% | 19.8% | 16.6% | · | 12.8% | 5.3% | 3.2% | · | -25.9% | -37.9% | |
| Pretax Margin | 54.4% | · | 40.7% | 33.1% | 25.3% | · | 21.7% | 20.8% | 17.5% | · | 14.3% | 5.6% | 4.0% | · | -25.7% | -37.4% | |
| EBITDA Margin | 46.6% | · | 33.3% | 26.8% | 20.7% | · | 15.6% | 15.5% | 14.1% | · | 7.2% | 1.9% | 2.4% | · | -13.0% | -8.8% | |
| ROA | 10.3% | · | 6.9% | 5.2% | 3.7% | · | 2.9% | 2.9% | 2.5% | · | 1.9% | 0.77% | 0.48% | · | -3.8% | -5.6% | |
| ROE | 12.6% | · | 8.6% | 6.6% | 4.7% | · | 3.7% | 3.8% | 3.2% | · | 2.6% | 1.1% | 0.66% | · | -5.3% | -8.1% | |
| ROIC | 8.8% | · | 5.9% | 4.5% | 3.2% | · | 2.4% | 2.5% | 2.1% | · | 1.1% | 0.32% | 0.14% | · | -2.6% | -1.8% |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.9 | · | 6.4 | 6.3 | 6.5 | · | 5.7 | 5.9 | 5.9 | · | 5.5 | 5.2 | 5.4 | · | 4.3 | 4.4 | |
| Quick Ratio | 6.8 | · | 6.3 | 6.2 | 6.4 | · | 5.5 | 5.8 | 5.8 | · | 5.4 | 5.1 | 5.3 | · | 4.1 | 4.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | 53.9 | 7.6 | 3.2 | · | -57.5 | -62.3 |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | |
| Receivables Turnover | 1.5 | · | 1.4 | 1.4 | 1.5 | · | 1.3 | 1.3 | 1.7 | · | 1.4 | 1.7 | 2.1 | · | 1.8 | 1.9 |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.70B | · | $3.79B | $3.29B | $2.92B | · | $2.60B | $2.40B | $2.25B | · | $2.09B | $2.01B | $1.92B | · | $1.79B | $1.69B | |
| Net Income TTM | $1.89B | · | $1.16B | $818M | $597M | · | $455M | $339M | $222M | · | $-7M | $-258M | $-388M | · | $-507M | $-521M | |
| Market Cap | $350.65B | · | $434.76B | $323.33B | $199.16B | · | $84.44B | $56.69B | $51.24B | · | $34.80B | $32.96B | $17.89B | · | $16.91B | $18.71B | |
| P/E | 200.4 | · | 405.4 | 413.1 | 351.7 | · | 195.8 | 180.9 | 255.7 | · | -1600.0 | -117.9 | -44.5 | · | -32.5 | -34.9 | |
| P/S | 74.6 | · | 114.6 | 98.2 | 68.2 | · | 32.5 | 23.6 | 22.8 | · | 16.6 | 16.4 | 9.3 | · | 9.4 | 11.1 | |
| P/B | 41.5 | · | 66.0 | 54.5 | 36.7 | · | 18.8 | 14.0 | 13.6 | · | 10.9 | 11.2 | 6.6 | · | 7.1 | 8.0 | |
| P / Tangible Book | 41.5 | · | 66.1 | 54.7 | 36.8 | · | 18.9 | 14.1 | 13.7 | · | 11.0 | 11.3 | 6.7 | · | 7.1 | 8.0 | |
| P / Cash Flow | 390.0 | · | · | · | 641.9 | · | · | · | 395.5 | · | · | · | 95.5 | · | · | · | |
| P / FCF | 393.2 | · | · | · | 654.9 | · | · | · | 403.8 | · | · | · | 98.0 | · | · | · | |
| Earnings Yield | 0.50% | · | 0.25% | 0.24% | 0.28% | · | 0.51% | 0.55% | 0.39% | · | -0.06% | -0.85% | -2.2% | · | -3.1% | -2.9% |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| 收入 | $4.48B | $2.87B | $2.23B | $1.91B | $1.54B |
| 毛利率 % | 82.4% | 80.2% | 80.6% | 78.6% | 78.0% |
| 营业利润率 % | 31.6% | 10.8% | 5.4% | -8.5% | -26.7% |
| 净收入 | $1.63B | $462M | $210M | $-374M | $-520M |
| 稀释后每股收益 (EPS) | $0.63 | $0.19 | $0.09 | $-0.18 | $-0.27 |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| 负债/股东权益比率 | — | — | — | — | 0.0 |
| 流动比率 | 7.1 | 6.0 | 5.5 | 5.2 | 4.3 |
| 速动比率 | 7.0 | 5.8 | 5.4 | 4.9 | 4.1 |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| 自由现金流 | $2.10B | $1.14B | $697M | $184M | $321M |
Palantir 的人工智能平台在政府和企业交易中迅速扩展，实现了软件般的利润率，且没有债务负担。毛利率保持在 80.81% 的稳定水平。这种定价能力使他们能够保持低成本，同时收入因数据服务而激增。净利率攀升至 28.11%。利润占销售额的比例激增，证明了该商业模式在规模化运作下是有效的。股本回报率提高至 19.09%。股东在没有杠杆的情况下获得了强劲的回报，这在科技行业是罕见的成就。
Palantir 的估值嵌入了永恒的完美执行，但稀释和竞争可能会破坏这一叙事。市盈率（TTM）为 387 倍。市场需要无休止的盈利增长，以避免大幅回调。市销率（TTM）为 109 倍，保持平稳。即使是人工智能概念股，如此高的收入倍数也表明是炒作而非基本面。同行如 $CRM 的市盈率为 20 倍。与成熟的软件巨头相比，$PLTR 显得极其昂贵。
Palantir 的核心业务表现强劲——净利润率扩大到 28%，每股收益同比增长 42%，这表明该公司终于将规模转化为实际利润。80% 的毛利率坚如堡垒，零债务和 6.4 的流动比率，资产负债表可以在不承受稀释压力的前提下为增长提供资金或抵御衰退。如果政府和企业的人工智能采用率如预期般加速，这种利润率模式将得到很好的扩展。该股票 386 倍的市盈率看起来很疯狂，直到你记住：盈利基础仍然很小，如果他们能达到甚至一半的市盈率，股东就会赢。
我认为这家公司定价完美，不容许任何执行失误。386 倍的市盈率意味着市场已经消化了多年完美的增长——任何失误或放缓都将迅速导致股价暴跌。更令人担忧的是，4 月份的消息显示英国在国民医疗服务体系（NHS）合同方面面临政治阻力，而迈克尔·布里的做空论调不仅没有减弱，反而愈演愈烈。最关键的是，未来股权激励造成的稀释将侵蚀每股价值，即使收入持续增长。以目前的估值来看，你需要的不仅仅是增长——你需要加速增长，而我尚未看到任何这种拐点的证据。
Palantir 正在有效地构建现代政府和企业数据操作系统，创造了一个竞争对手难以逾越的护城河。该公司保持着 80.81% 的毛利率，这表明他们销售的是高价值的软件产品，规模化交付成本极低。由于负债权益比为 0.0，他们以一个完美的资产负债表进行运营，这使他们能够完全灵活地投资于增长，而不必受制于债权人。随着他们在复杂、高风险的分析环境中继续抢占市场份额，这种财务独立性是一个巨大的优势。
当前的估值假设了一种近乎完美的水平，完全没有犯错或政治阻力的空间。该股票的市盈率为 386.77 倍，这意味着投资者为可能需要数年才能实现的未来收益支付了巨额溢价。我们还必须承认政治摩擦，例如最近对其 NHS 合同的反对，这对其政府合同渠道造成了真实的执行风险。108.73 倍的市销率证实，市场已经消化了激进的增长轨迹，如果合同获胜停滞或监管审查加剧，这种轨迹很容易破灭。
我认为 Palantir 的利润率持久性和无债务的资产负债表为到 2026 年第二季度创造了一条有弹性的增长路径。毛利率 80.81%。这个水平表明 Palantir 可以在使用量扩大时扩大盈利能力，而成本不会成比例增加。负债权益比 0.0。这意味着没有债务负担，因此管理层可以快速再投资，而无需支付利息费用。流动比率 6.4268。这个流动性缓冲降低了融资风险，并支持与客户的长期合同。
我认为最强烈的看跌理由是，截至 2026 年第二季度，该股票的交易倍数极高，增长不确定且存在稀释风险。市盈率（TTM）386.77 倍。该估值意味着市场期望超额的盈利增长来证明价格的合理性。市销率（TTM）108.74 倍。这表明投资者为每单位收入支付溢价，如果增长放缓，这种溢价将非常脆弱。股本回报率（TTM）19.09%。如果未来回报令人失望，这个水平不足以证明高倍数的合理性。
ChatGPT，你对股本回报率不显眼的看跌观点非常准确，并暴露了核心估值缺陷。PLTR 的 19% ROE 远低于 APP 的 263% 等超高速增长同行，但却享有 387 倍的市盈率，而 APP 为 80 倍。这种差距表明对未经证实的持续性支付了过高的价格，尤其是在稀释侵蚀到 2026 年第二季度的每股收益增长的情况下。
我需要反驳 Grok 在这里进行的同行比较。是的，$CRM 的市盈率为 20 倍，但这并不是一个直接的比较——Salesforce 是一家成熟、现金充裕的企业，净利润率为 28%，股本回报率为 12%。Palantir 28% 的净利润率实际上更高，而且 19% 的股本回报率表明，尽管处于增长曲线的早期阶段，但他们产生的股东资本回报率高于 Salesforce。市盈率的差距反映了增长率，而不是估值过高。如果 Palantir 的每股收益以每年 25% 的速度复合增长——远低于数据显示的水平——那么 387 倍的市盈率将迅速压缩。Grok 使用的是稳定企业的市盈率来为正在扩张的企业定价，而这才是真正的问题所在。
Grok，你对市销率的关注非常准确，但我认为你低估了他们收入质量的结构性转变。108.74 倍的市销率无疑很高，但它忽略了 Palantir 正从定制咨询转向可扩展的软件即服务模式。正是这种转型使他们能够保持 80.81% 的毛利率。这种高利润率表明，每一笔新的收入几乎不需要额外的成本就能产生，这是他们最终能够实现巨额估值增长的唯一途径。我仍然建议持有，因为执行风险很高，但平台粘性才是真正的故事。
Grok，我认为你关于 386.77 倍市盈率在增长放缓时会带来风险的观点是正确的，但我认为不应将其视为永久性的上限。市场正在为人工智能赋能的政府/企业获胜的可能性定价，这可能随着规模的增长而扩大利润率。这意味着有很长的增长空间，但风险在于失误或政策阻力。稀释风险依然存在——即使零债务，Palantir 的股权薪酬也会侵蚀每股价值。
Claude 和 Gemini，我们已经讨论了估值倍数，但政府合同（Palantir 的主营业务）中的政治风险值得更多关注。4 月 17 日，英国工党和自由民主党议员要求取消价值 3.3 亿英镑的 NHS 交易，称其为“可耻的”间谍技术。这直接威胁到国际增长的执行，并加剧了到 2026 年第二季度的美国政策风险。市值达到 4240 亿美元，即使是微小的渠道冲击也会加剧 387 倍市盈率的脆弱性。
我想对一个还没有人提出异议的观点进行反驳：Grok 将 Palantir 19% 的 ROE 与 APP 的 263% ROE 进行比较，以此作为表现不佳的证据。这是一个范畴错误。APP 的 263% ROE 几乎肯定是由于巨额杠杆或极小的股本基础而膨胀的——它不是一个可持续的经营指标，而是一个财务工程的产物。Palantir 在无债务的资产负债表上实现 19% 的 ROE 是结构上诚实的。你不能直接比较它们。真正的问题是 Palantir 的 ROE 是否会随着业务的扩展而扩大——而 2025 年第三季度至 2026 年第一季度的数据显示，它从 14.6% 升至 19.1%。这才是重要的趋势，而不是误导性的同行倍数。
Grok，我必须质疑你与 AppLovin 的比较。使用一家移动广告科技公司 263% 的 ROE 来批评 Palantir 是一个苹果对橙子的陷阱。该 ROE 指标反映了一个软件轻量级的商业模式，这与 Palantir 为政府和企业提供的重型、任务关键型基础设施完全不同。除了数字之外，我们还需要谈谈“AIP”平台的采用曲线。Palantir 越来越多地将他们的人工智能代理嵌入国防工业基地，这创造了一种传统 SaaS 指标无法捕捉的客户锁定水平。这种粘性、多年的合同基础是他们能够获得如此巨额溢价的真正原因。
我选择 (c)——我将把框架扩大到围绕 Palantir 的 NHS 合同的监管风险。NHS 交易价值约 3.3 亿英镑。这种风险很重要，因为政策阻力可能会延迟部署或改变条款，从而降低可见性并抑制像 PLTR 这样增长型故事的上涨空间。
| 模型 | 3个月目标 | 6个月目标 | 原因 |
|---|---|---|---|
| G Grok | 3个月目标 $95.00 | 6个月目标 $80.00 | 原因 我认为 Palantir 极高的 387 倍市盈率使其容易受到估值压缩的影响，因为政治风险冲击政府收入，导致到 2026 年第二季度股价从 113 美元下跌。推动我 6 个月目标的催化剂：2026 年 5 月 15 日英国议会辩论的结果，取消或推迟价值 3.3 亿英镑的 NHS 合同，并引发对合同渠道的担忧。打破论点的风险：2026 年第二季度财报超出预期，商业增长 40% YoY，延续人工智能热潮。387 倍的市盈率意味着市场要求永恒的完美；同行平均为 40 倍，如果增长 falters，则意味着有 75% 的下跌潜力。 |
| C Claude | 3个月目标 $128.00 | 6个月目标 $155.00 | 原因 Palantir 的利润率扩张和股本回报率从 14.6% 升至 19.1% 表明该业务终于将规模转化为持久的利润——这就是我的论点。具体的催化剂是 2026 年第二季度的财报：如果每股收益同比增长 30% 以上，并且管理层上调全年指引，引用政府人工智能采用，市场将把市盈率从 387 倍重新定价到 120-150 倍，从而压缩估值风险，同时奖励执行。打破论点的风险是政治因素——如果 NHS 合同停滞或美国政府对数据主权的审查加剧，渠道可见性将崩溃，股价将暴跌。以 387 倍的市盈率计算，即使是温和的盈利失误也会导致 25-35% 的回撤。我的 3 个月目标假设在政治噪音持续的情况下，股价在当前水平附近盘整；6 个月目标假设一次干净的财报超出预期，将市盈率向下重新定价，同时绝对利润增长，从而证明温和的重新定价是合理的。 |
| G Gemini | 3个月目标 $125.00 | 6个月目标 $140.00 | 原因 我的论点是，Palantir 的平台粘性将克服短期政治噪音，使其在政府企业采用加速的情况下能够实现其估值。我 6 个月目标的重大催化剂将是其 NHS 数据集成项目的成功、无争议的扩展，这将验证其模型在其他国家卫生系统中的应用。反之，该合同的正式立法终止将打破我的论点，因为它预示着其政府渠道的上限。目前，其 108.73 倍的市销率意味着投资者为每单位收入支付超过 100 美元，这只有在他们保持这种激进、高利润的收入增长轨迹的情况下才是合理的。我仍然建议持有，因为执行风险很高，但平台粘性才是真正的故事。 |
| C Chatgpt | 3个月目标 $115.00 | 6个月目标 $120.00 | 原因 我认为 Palantir 在未来六个月内将温和走高，因为盈利将验证其可扩展的人工智能驱动的政府/企业增长。即将发布的财报和管理层关于人工智能在政府和企业部署的最新指引将是催化剂。季度财报失误或由于股权薪酬或 NHS 合同阻力导致的更严重稀释可能会打破这一论点。目前股价约为 112.78 美元，我的 3 个月目标为 115 美元，6 个月目标为 120 美元。 |
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