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Palantir valuation exercise: market cap, EV and multiples vs competitors

Data analysis software. We rebuild its market value from the price, split it into its parts, and compare its multiples with those of its largest competitors.

Verified figures, not advice. Every number on this page comes from the company's own filings or from exchange prices, and the source is linked. Every calculation is shown, so you can repeat it. What we do not do is tell you what a share should be worth or whether to buy it: that depends on your goals and on forecasts, and no multiple can settle it. This is a snapshot: prices of 12 Oct 2026, company results up to mid 2026. Found a mistake? Tell us and we correct it.

Step 1. Market capitalisation

StepNumberWhere it comes from
Share price (nominal value)
$209.00
Close of 12 Oct 2026
Shares outstanding
2.40 bn
Latest report or filing, as of 2026-07-27
Market capitalisation
$502.2bn
Price x shares

Market capitalisation is the value the stock market puts on all the shares together. It is the nominal share price multiplied by the number of shares.

Step 2. How the value is composed

Building blockAmountMeaning
Market capitalisation
$502.2bn
What the market asks for all the shares
+ Debt
$0.0bn
Borrowings, leases for premises excluded
- Cash
$2.0bn
Cash and equivalents
- Short-term investments
$7.4bn
Marketable securities due within a year
+ Minority interests
$0.1bn
Part of subsidiaries owned by others
Enterprise value (EV)
$492.9bn
The price of the whole business, as a buyer would see it

Of the $502.2bn market value, accounting book equity is $9.8bn. The remaining $492.5bn is what investors pay above the books: brands, software, customer relationships and expected growth that the balance sheet does not record. Price to book is 51.4x.

Step 3. Fundamentals, last twelve months

Last twelve monthsAmountMargin or note
Revenue
$6.2bn
Up to 2026-06-30
Operating income
$2.6bn
43% of revenue
EBITDA
$2.7bn
43% of revenue
Net income (GAAP)
$3.0bn
49% of revenue
Free cash flow
$3.4bn
Operating cash flow minus capital spending

Step 4. Multiples against the largest competitors

MultiplePalantirNOWCRMORCLPeer meanPeer medianvs median
P/E (price / net income)
166.5x
86.9x
19.9x
22.2x
43.0x
22.2x
+651%
EV / sales
80.1x
10.0x
5.0x
7.0x
7.4x
7.0x
+1040%
EV / EBITDA
185.1x
53.8x
17.4x
14.9x
28.7x
17.4x
+963%
EV / operating income
187.1x
88.1x
25.2x
21.9x
45.0x
25.2x
+642%
P / free cash flow
149.6x
31.7x
12.7x
n.m.
22.2x
22.2x
+574%

Context: Palantir earns an EBITDA margin of 43%. The peers earn 19%, 29%, 47% (median 29%). A company that keeps more of each dollar of sales often trades at a higher multiple.

ServiceNow, Salesforce and Oracle are listed software companies. None is a close match for Palantir, which sells to governments and companies.

What the comparison shows

  • EV / EBITDA: 185.1x against a peer median of 17.4x (mean 28.7x). Difference to the median: +963%.
  • EV / sales: 80.1x against a peer median of 7.0x (mean 7.4x). Difference: +1040%.
  • P/E: 166.5x against a peer median of 22.2x. Difference: +651%.

These are descriptions of today's prices, not forecasts. "n.m." means not meaningful, for example negative profit.

Where the comparison is distorted

  • Net income includes $0.2bn of investment gains. Palantir has no borrowings and holds $9.4bn in cash and short-term investments, so enterprise value is below market capitalisation.
  • ServiceNow net income includes unrealized investment gains.
  • Salesforce net income includes gains on investments.
  • Oracle free cash flow is negative because of heavy capital spending.

Sources

Prices of 12 Oct 2026 from exchange historical data. Share counts, debt, cash and results from each company's filings, read on 13 and 14 October 2026. Foreign companies are converted at one stated rate.

Palantir Technologies Inc. (PLTR)
ServiceNow, Inc. (NOW)
Salesforce, Inc. (CRM)
Oracle Corporation (ORCL)

Questions people ask

Does a higher multiple than competitors mean the share is overvalued?

No. It means investors pay more per dollar of sales or profit. The reason can be faster growth, higher margins or lower risk, or it can be excess optimism. A multiple gap is a question to investigate, not an answer.

Why use enterprise value and not only market cap?

Market cap prices the shares only. Enterprise value adds debt and subtracts cash, so it compares the whole business regardless of how it is financed.

Why show both the mean and the median of competitors?

The mean is pulled up by one extreme value. The median is the middle value and resists outliers. When they differ a lot, trust the median more.

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