Planet Labs PBC

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Quarters: Planet Labs PBC's SEC filings, named by the month they end. Fiscal years: Planet Labs PBC's annual reports to the SEC.

How it makes money

The company loses $80.2 for every $100 of revenue. Operating expenses exceed all of gross profit.

Circled: Oct 2025 (net −72.8%, operating −22.6%), Jan 2026 (net −175.6%, operating −41.5%), Apr 2026 (net −147.5%, operating −37.1%). Net margin is usually about 4 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Planet Labs PBC's annual reports to the SEC; quarters: SEC filings.

How much work is already signed?

Customers had signed $753M of work Planet Labs PBC has not yet delivered at the end of Jul 2026: 2.0 years of revenue at the last four quarters' pace. New orders over those four quarters were about 1.2× revenue, so the backlog grew.

Backlog: remaining performance obligations in Planet Labs PBC's SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Planet Labs PBC buys from Alphabet; sells to Alphabet; two customers it does not name account for 13% and 12% of its revenue.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet

Marvell Technology MRVLto Alphabet

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Suppliers

Alphabet GOOGL

 

PLPlanet Labs PBC

Customers

Unnamed customer 13%

Unnamed customer 12%

Alphabet GOOGL

Their customers

Clover Health Investments CLOVfrom Alphabet

Infleqtion INFQfrom Alphabet

Innodata INODfrom Alphabet

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Planet Labs PBC's 10-Q for the quarter to Jul 2026 gives three customers' shares of its revenue: Customer 1 (17%), Customer 2 (11%) and Customer 3 (10%).

From Planet Labs PBC's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

Alphabet GOOGLResearch and testing of prototype satellite payload

Telesat TSATNASA Communications Services Project partnership

SESNASA Communications Services Project partnership

Changes since the previous annual report (10-K filed Mar 26, 2025)

SKY Perfect JSAT SKPJFNo longer named (was a customer and a partner)

Largest unnamed customerCustomer, share of revenue19% → 13%

Alphabet GOOGLNow also a customer and a partner

Only the companies Planet Labs PBC names in its 10-K filed Mar 23, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 13.4x, above the peer median of 2.8x. Revenue is up 58% from a year ago.

Above the peer median of 2.8x. The market pays more per $1 of revenue than for peers.

Planet Labs PBC is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $30.27, 118% above the current price; 58% of 12 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 7 analysts (58%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $14.14 to $33.33 (+136%), while PL went from $11.41 to $13.90 (+22%). In the past three months targets were cut twice and never raised. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved +36.1% (Oct 2025, beat); +36.4% (Jan 2026, beat); −25.3% (Apr 2026, beat); −9.4% (Jul 2026, beat).

For the quarter ending Oct 2026 (Planet Labs PBC reports on Dec 9, 2026), analysts expect an adjusted loss of $0.03 a share, and revenue of $104M, up 29% on a year earlier. For the fiscal year ending Jan 2027, they expect an adjusted loss of $0.06 a share, and revenue of $438M, up 42% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $25M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Planet Labs PBC had 360M diluted shares in the quarter ended Jul 2026, 18.2% more than a year earlier, and 7.5% more each year on average since Apr 2022.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.7, no pressure to repay short-term debt; shareholder equity is only 16% of assets, so debt-to-equity (2.4) says little; it has more cash than debt.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 7 funds whose copy leaves PL out (on the exchange, not in the app yet): Mirae Asset Global Investments, Polen Capital Management, Norges Bank, Canada Pension Plan Investment Board, Swiss National Bank, Bridgewater Associates and 1 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 9 held PL at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 3 cut, 2 bought new and 1 sold all. The largest of them is Norges Bank, 3.71M shares worth $123M at Jun 30, 2026, 317.8% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of PL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $43.2M of PL on the open market in the 12 months to Nov 12, 2026; none bought. 66% of the sales were made under 10b5-1 plans, set up in advance. The largest was William Spencer Marshall (Co-Founder and CEO; director), who sold $16.1M in 3 sales.

From the Form 4s filed with the SEC about Planet Labs PBC (60 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 80 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers).