Planet Labs PBCPL
NYSE•Industrials•Aerospace & Defense
Planet Labs PBC engages in the design, construction, and launch of constellations of satellites with the intent of providing high-cadence geospatial data delivered to customers through an online platform in the United States and internationally. The company offers SuperDove satellites to create an always-online scanner for the planet, with the goal of imaging the Earth every day at a ground sampling distance (GSD) resolution of up to 3.5 meters. This combines planet monitoring with other scientific-grade radiometric data from public satellite data programs; and SkySat and Pelican satellites to capture a specified location several times per day, achieving a GSD resolution of up to 50 centimeters after processing, powered by an application programming interface. It also provides Tanager, a hyperspectral imaging satellite that delivers full-spectrum imagery across the visible and shortwave infrared regions, and the Earth Observation platform, which enables customers and partners to access, analyze, and act on its proprietary data catalog by discovering image tasking capacity, relevant data layers, extracting useful information, and delivering insights through custom-built solutions or GIS workflows via APIs and browser-based applications. In addition, the company's satellite services arrangements include designing and manufacturing customer-owned satellites, mission systems engineering, launch procurement, ground station infrastructure, satellite operations, and maintenance, as well as dedicated image tasking capacity on company-owned or customer-owned satellites. It serves agriculture, mapping, energy, forestry, finance, and insurance companies, as well as government agencies. Planet Labs PBC was founded in 2010 and is headquartered in San Francisco, California.
Planet Labs PBC (PL) reported trailing twelve months revenue of $335.61M as of April 2026, a 34.1% increase year-over-year. Quarterly revenue reached $94.15M, reflecting continued top-line momentum.
Planet Labs PBC reported a TTM net loss of $373.10M, with quarterly EBITDA of $-23.70M. The operating margin contracted from -34.4% to -37.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-37.1%) and net margin (-147.5%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from -19.1% a year ago, reflecting increased costs or interest expense.
PL trades at a P/S of 32.1x. The price-to-book ratio of 24.3x indicates a significant premium over book value.
The company reported negative free cash flow of $-1.87M, indicating cash consumption over the period. The balance sheet shows $1.25B in total assets with $447.57M in long-term debt against $443.70M in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -36.6%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~42.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 19.0% — significant dilution, likely from stock compensation or capital raises.