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Planet Labs PBC

PL
26
Aerospace & Defense · Industrials
Price
$22.47
+0.38 (+1.72%)
Market Cap
$7.48B
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+17.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 262.2M (2022) → 307.8M (2026)

Planet Labs operates a fleet of small satellites that take pictures of Earth every day. These images are sold to governments, agricultural companies, environmental groups, and financial firms that need up-to-date views of things like crop fields, construction sites, or military activity. Planet runs the largest commercial constellation of Earth-imaging satellites in the world.

The company makes money by charging customers subscription fees to access its image library and data analytics tools. It operates globally, serving clients across more than 70 countries, and generates roughly $200–250 million in annual revenue. Its main competitive advantage is the sheer size of its satellite fleet, which allows it to image nearly the entire Earth every single day — something few competitors can match. The biggest risk is that Planet continues to lose money at the operating level, and it will need either strong revenue growth or significant cost cuts to reach profitability.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+41.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-300.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$107M/ year

Rising (+6% vs prior year)

34.7% of revenue

8.7x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

11.4%ownership

Declining

Insider ownership declining — could be dilution or selling

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$230M cash & investments at current burn rate

Revenue accelerating

Planet Labs PBC grew revenue 41% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
54.2%
Healthy — 54.2% gross margin
Operating Margin
-41.5%
Losing money on operations — -41.5%
ROCE
-5.6%
Weak — -5.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
+22.4%
Fast-growing sales (22.4% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
9.8%
Modest free cash flow (9.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
2.41
Heavy debt load (2.41)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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