Planet Labs PBC
- Open
- 19.95
- Day high
- 20.34
- Day low
- 19.68
- Prev close
- 19.98
- Volume
- 6.8M
- Mkt cap
- $7.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 15.9
- P/S
- 21.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$11.4M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
Planet Labs PBC (PL) is a Industrials company listed on NYSE. The stock is up 198% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4). Drillr has 2 published research articles covering PL.
Planet Labs PBC (PL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 4, 2026 | $-0.04 | $-0.03 | +28.2% | $94M | +4.6% |
| Mar 19, 2026 | $-0.04 | $-0.48 | -1100.0% | $87M | +11.0% |
| Dec 10, 2025 | $-0.03 | $-0.19 | -467.3% | $81M | +12.6% |
| Sep 8, 2025 | $-0.03 | $-0.03 | +0.0% | $73M | +1.6% |
| Jun 4, 2025 | $-0.05 | $-0.04 | +20.0% | $66M | +6.4% |
| Mar 20, 2025 | $-0.02 | $-0.08 | -300.0% | $62M | -4.7% |
| Dec 9, 2024 | $-0.04 | $-0.02 | +50.0% | $61M | -2.9% |
| Sep 5, 2024 | $-0.06 | $-0.06 | +0.0% | $61M | -1.2% |
| Jun 6, 2024 | $-0.08 | $-0.05 | +37.5% | $60M | +0.7% |
| Dec 7, 2023 | $-0.15 | $-0.13 | +13.3% | $55M | -4.8% |
| Sep 7, 2023 | $-0.15 | $-0.14 | +6.7% | $54M | -5.7% |
| Jun 8, 2023 | $-0.16 | $-0.13 | +18.8% | $53M | -12.4% |
PL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 24, 2026 | Johnson Ashley F.officer: President & CFO | Sell | 34,993 | $22.08 |
| Jul 24, 2026 | Johnson Ashley F.officer: President & CFO | Sell | 75,035 | $22.08 |
| Jul 16, 2026 | Robinson Kristendirector | Sell | 37,107 | $25.05 |
| Jul 14, 2026 | Raymond John wdirector | Sell | 6,494 | $26.16 |
| Jul 13, 2026 | Schingler Robert Hdirector, officer: Co-Founder Chief Strategy Off. | Sell | 25,000 | $25.92 |
| Jul 13, 2026 | Schingler Robert Hdirector, officer: Co-Founder Chief Strategy Off. | Sell | 64,593 | $25.92 |
| Jul 13, 2026 | Marshall William Spencerdirector, officer: Co-Founder and CEO | Sell | 200,000 | $25.92 |
| Jul 10, 2026 | Brennan Ita Mdirector | Grant | 2,736 | — |
| Jul 10, 2026 | Reese Scottdirector | Grant | 2,160 | — |
| Jul 10, 2026 | Brennan Ita Mdirector | Grant | 6,479 | — |
| Jul 10, 2026 | Gadde Vijayadirector | Grant | 6,479 | — |
| Jul 10, 2026 | BASS CARLdirector | Grant | 2,880 | — |
| Jul 10, 2026 | Robinson Kristendirector | Grant | 6,479 | — |
| Jul 10, 2026 | SMITH GARY Bdirector | Grant | 6,479 | — |
| Jul 10, 2026 | SMITH GARY Bdirector | Grant | 2,160 | — |
Source: PL SEC Form 4 filings, latest Jul 24, 2026. For informational purposes only — not investment advice.
See the full PL insider & 13F page →PL research & analysis
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Planet Labs PBC company profile
Overview
Planet Labs PBC (NYSE:PL) is a San Francisco-based satellite imaging company founded in 2010 that operates the world's largest constellation of Earth observation satellites. The company went public in April 2021 and has established itself as a leading provider of daily satellite imagery and geospatial analytics. Planet Labs designs, builds, and operates fleets of small satellites that capture high-frequency images of Earth's entire landmass, delivering this data through cloud-based platforms to customers across government, commercial, and civil sectors worldwide.
Business
Planet Labs operates in the Earth observation and satellite imaging industry, providing comprehensive geospatial intelligence through its constellation of small satellites. The company's core offering centers around three main satellite platforms that capture different types of imagery data. The Dove satellites form the backbone of Planet's operations, consisting of over 200 small satellites that provide daily coverage of Earth's entire landmass at 3-meter resolution. These CubeSat-sized satellites are designed for rapid deployment and replacement, enabling consistent global monitoring capabilities. The Dove constellation generates the company's primary revenue stream through subscription-based access to daily imagery. The Pelican satellites represent Planet's next-generation high-resolution imaging capability, offering 30-centimeter resolution imagery for more detailed analysis. These larger satellites target specific areas of interest and serve customers requiring precision imaging for applications like infrastructure monitoring and detailed mapping. The Tanager satellites provide hyperspectral imaging capabilities, capturing data across multiple wavelengths of light to detect materials and environmental conditions invisible to standard cameras. This technology enables advanced applications like methane detection, mineral identification, and environmental monitoring. Planet's business is organized into three primary segments: Defense & Intelligence (approximately 40% of revenue), Civil Government (approximately 35% of revenue), and Commercial (approximately 25% of revenue). The Defense & Intelligence segment has shown the strongest growth at over 25% year-over-year, while the Commercial segment has faced headwinds, particularly in agricultural markets. The company serves over 1,000 customers globally across industries including agriculture, forestry, mapping, finance, insurance, and various government agencies.
Revenue model
Planet Labs generates revenue primarily through subscription-based access to its satellite imagery and analytics platforms. Customers pay recurring fees for access to the company's imagery archives, real-time data feeds, and analytical tools delivered through cloud-based platforms. The business model includes both platform subscriptions and custom analytics services. The company's paying customers span three main categories: government agencies (including defense, intelligence, and civil government bodies), commercial enterprises (agriculture, forestry, mapping, insurance, finance), and international organizations. Government customers typically sign multi-year contracts worth millions of dollars, such as the landmark $230 million JSAT contract and the $145.9 million National Reconnaissance Office agreement. Several factors influence Planet's profit margins. Positive margin drivers include the scalability of satellite data once captured, as the same imagery can serve multiple customers simultaneously. The company's shift toward AI-enhanced analytics and vertical-specific solutions commands higher pricing. Government contracts typically offer better margins than commercial deals due to their specialized requirements and longer-term nature. Negative margin pressures come from the substantial upfront costs of satellite manufacturing, launching, and replacement, which require continuous capital investment. The company faces competitive pressure in commercial markets, particularly agriculture, where customers have been price-sensitive during economic uncertainty. Operating a global satellite constellation also requires significant ongoing operational expenses for ground stations, data processing infrastructure, and technical staff. The company's path to profitability depends on achieving sufficient scale to spread these fixed costs across a growing revenue base while maintaining pricing power through differentiated AI and analytics capabilities.
Competitive moat
Planet Labs possesses a moderate competitive moat built primarily around its operational scale and first-mover advantages in daily global satellite coverage. The company's constellation of over 200 active satellites represents a significant barrier to entry, as replicating this infrastructure would require hundreds of millions of dollars and several years of development time. The company's strongest moat elements include its proprietary satellite manufacturing and deployment capabilities, extensive imagery archives dating back over a decade, and established relationships with government customers who value proven reliability. Planet's daily global coverage capability is unique in the commercial satellite industry, and the company has built substantial expertise in satellite operations, data processing, and analytics that would be difficult for new entrants to replicate quickly. However, the moat faces several competitive threats. Large technology companies like Google, Amazon, and Microsoft have the financial resources to enter the satellite imaging market if they choose to do so. Government agencies, particularly in countries like China and Russia, operate their own satellite programs that could compete in international markets. The emergence of new satellite technologies and the decreasing cost of satellite launches could enable well-funded startups to challenge Planet's position. Additionally, the company's commercial markets face competition from alternative data sources, including aerial imaging, drone services, and existing government satellite programs that may offer data at lower costs. The agricultural sector, which has been a challenging market for Planet, demonstrates how customers may defer satellite imagery purchases during economic uncertainty, suggesting the moat is not as strong in price-sensitive commercial applications as in specialized government and defense markets.
Risks & safety
Planet Labs presents a moderate margin of safety profile with adequate liquidity but ongoing profitability challenges. • Liquidity position: Strong with $118 million in cash and short-term investments, current ratio of 2.13, and minimal debt (debt-to-equity ratio of 0.049) • Cash burn: Negative free cash flow of $19.3 million in Q4 2025, but significantly improved from $58.7 million annual free cash flow burn in FY 2025 • Solvency risk: Low immediate risk given current cash levels, but company targeting cash flow positive within 24 months • Valuation metrics: Trading at 4.1x book value and negative EBITDA multiples due to losses, though approaching EBITDA profitability • Revenue visibility: Strong with $498.5 million backlog (115% quarter-over-quarter growth) providing near-term revenue certainty • Other considerations: Company achieved first adjusted EBITDA positive quarter and expects to reduce cash burn by 50%, indicating improving operational efficiency trajectory
Recent development
Over the past few years, Planet Labs has undergone significant strategic transformation focused on achieving profitability and expanding its technological capabilities. The company implemented a major organizational restructuring in 2024, reducing headcount by 17% and creating industry-aligned business groups for Defense & Intelligence, Civil Government, and Commercial sectors, resulting in $35 million in annual operating expense savings. The company has made substantial investments in next-generation satellite technology, successfully launching its first Tanager-1 hyperspectral satellite and preparing Pelican-2 high-resolution satellites for deployment. These advanced satellites enable new revenue streams through specialized applications like methane detection, mineral identification, and precision agriculture. Planet has pivoted its go-to-market strategy toward vertically-focused solutions and AI-enhanced analytics. The launch of the Planet Insights Platform represents a shift from selling raw imagery to providing actionable intelligence. The company has established an AI collaboration with Anthropic and completed multiple seven-figure AI pilot programs with the U.S. Department of Defense. A major strategic milestone was securing the landmark $230 million JSAT contract for satellite services, demonstrating Planet's ability to monetize its satellite infrastructure beyond traditional imagery sales. The company has also strengthened its government relationships with contract renewals from the National Reconnaissance Office and expanded international partnerships, particularly in EMEA and Asia-Pacific regions where revenue growth has exceeded 15% annually. The focus has shifted toward achieving financial sustainability, with the company reaching its first adjusted EBITDA positive quarter in Q4 2025 and targeting free cash flow positivity within 24 months.
PL company profile · for informational purposes only — not investment advice.
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