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1. Company Snapshot

1.a. Company Description

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide.The company offers Open Geospatial Consortium, a cloud-native proprietary technology that performs critical processing and overall harmonizing of images for time series and data fusion and analysis; and space-based hardware and related software systems.It serves agriculture, mapping, forestry, and finance and insurance, as well as federal, state, and local government bodies.


The company was incorporated in 2010 and is headquartered in San Francisco, California.

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1.b. Last Insights on PL

The recent 3-month performance of Planet Labs PBC was negatively driven by a Q4 earnings miss, with revenue $0.33 million below estimates and GAAP EPS 5¢ below expectations. This led to a stock drop, despite commercial sector weakness, defense and intelligence segments grew 20% YoY, and civil government grew 15%, with strong performance in Latin America. The company achieved positive adjusted EBITDA for the first time, signaling progress towards profitability, though GAAP earnings missed expectations.

1.c. Company Highlights

2. Planet Labs' Q3 Fiscal 2026: Strong Revenue Growth and Improving Margins

Planet Labs reported revenue of $81.3 million for Q3 fiscal 2026, representing a 33% year-over-year growth, and marking another quarter of growth acceleration. The company's non-GAAP gross margin for the quarter is expected to be between 50-52%, driven by its satellite services contract with JSAT and investments in its next-generation fleets. The actual EPS came out at '-0.19', relative to estimates at '-0.03349', indicating a wider loss than expected.

Publication Date: Dec -20

📋 Highlights
  • Revenue Growth & Backlog Surge: Q3 revenue hit $81.3M (+33% YoY), while backlog soared to $734.5M (+216% YoY).
  • Defense & Intelligence Sector Acceleration: Q3 revenue surged >70% YoY, driven by $12.8M NGA LUNO B contract and 8-figure international renewal.
  • Free Cash Flow Positivity: Achieved third consecutive quarter of free cash flow, with FY2026 guidance for $297M–$301M revenue and $6M–$8M EBITDA profit.
  • Customer & ACV Trends: 910 active customers, 97% recurring ACV, and 37% of $734.5M backlog expected to materialize in next 12 months.
  • Capital Investment & Future Growth: $81M–$85M CAPEX for satellite fleets, with 30-satellite Pelican fleet targeting 30-minute latency and daily revisits.

Revenue Growth Drivers

The defense and intelligence sector was a significant contributor to the revenue growth, with a 70% year-over-year increase, driven largely by wins with the NGA, the US Navy, and international defense and intelligence customers. Will Marshall mentioned that the company is "very focused on committed commitments to those customers, and the pipeline of opportunities for both of yours is going really well as well."

Valuation Metrics

Using the current valuation metrics, the company's P/S Ratio stands at 22.1, indicating a relatively high revenue multiple. The EV/EBITDA ratio is -100.79, suggesting that the company's enterprise value is not justified by its current EBITDA levels. The ROE and ROIC are both negative, at -20.25% and -16.69% respectively, indicating that the company is still in a growth phase and not yet generating sufficient returns on its investments.

Guidance and Outlook

The company expects revenue to be between $76 million and $80 million for Q4, representing approximately 27% year-over-year growth at the midpoint. For the full fiscal year 2026, Planet Labs now expects revenue to be between $297 million and $301 million, reflecting its strong performance in Q3 and improved outlook for Q4. The company is planning for capital expenditures of approximately $81 million to $85 million for the year, and continues to expect to be free cash flow positive on an annual basis.

Future Growth Prospects

Analysts estimate next year's revenue growth at 21.9%, indicating a continued growth trajectory for the company. With a robust backlog and a strong pipeline of opportunities, Planet Labs is well-positioned to drive future growth. The company's investments in its next-generation fleets and its R&D initiatives, such as the SunCatcher project with Google, are expected to drive long-term growth and profitability.

3. NewsRoom

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Planet Labs: A $1.5 Trillion Catalyst Could Force Another Rerate

Feb -21

Source: seekingalpha.com

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Two AI Stocks, Ralph Lauren Lead Five Stocks To Watch Near Buy Points

Feb -21

Source:

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Planet Labs PBC (PL) Presents at Barclays 43rd Annual Industrial Select Conference Transcript

Feb -21

Source: seekingalpha.com

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Planet Labs: A Multi-Year Growth Opportunity

Feb -20

Source: seekingalpha.com

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Planet Labs PBC (PL) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript

Feb -19

Source: seekingalpha.com

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Why Are Planet Labs Shares Surging On Thursday?

Feb -19

Source: feeds.benzinga.com

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Planet Labs Stock Is Surging Today: What's Driving The Action?

Feb -18

Source: benzinga.com

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Principal Financial Group Inc. Has $3.66 Million Stock Position in Planet Labs PBC $PL

Feb -17

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.07%)

6. Segments

Constellations of Satellites

Expected Growth: 14.07%

Planet Labs PBC's constellation of satellites growth is driven by increasing demand for Earth imaging and data analytics, expansion into new markets such as agriculture and forestry, and strategic partnerships with government agencies and private companies. Additionally, advancements in satellite technology and decreasing launch costs contribute to the 14.07% growth.

7. Detailed Products

Dove Satellites

A fleet of small satellites designed to capture high-resolution imagery of the Earth's surface, providing global coverage and frequent revisits.

PlanetScope

A high-resolution imaging constellation providing daily, global coverage of the Earth's surface.

RapidEye

A constellation of five satellites providing high-resolution, multispectral imagery for agricultural, forestry, and environmental monitoring.

SkySat

A high-resolution, high-frequency imaging constellation providing sub-meter resolution imagery.

Planet Analytics

A platform providing insights and analytics from satellite imagery, enabling data-driven decision-making.

Planet Explorer

A web-based platform providing access to Planet's satellite imagery and analytics, enabling users to explore and analyze the Earth's surface.

8. Planet Labs PBC's Porter Forces

Forces Ranking

Threat Of Substitutes

Planet Labs PBC's satellite imaging services have some substitutes, such as aerial imaging and drone-based imaging, but they are not perfect substitutes. The company's unique selling proposition of providing daily, global satellite imagery at a high resolution makes it difficult for substitutes to replace its services.

Bargaining Power Of Customers

Planet Labs PBC's customers, including governments, NGOs, and commercial entities, have limited bargaining power due to the company's unique offerings and limited competition in the satellite imaging market.

Bargaining Power Of Suppliers

Planet Labs PBC has a diversified supplier base, and the company's suppliers have limited bargaining power due to the availability of alternative suppliers and the company's significant purchasing power.

Threat Of New Entrants

The threat of new entrants in the satellite imaging market is high due to the increasing availability of launch services, advancements in satellite technology, and decreasing costs. New entrants could potentially disrupt Planet Labs PBC's market share.

Intensity Of Rivalry

The intensity of rivalry in the satellite imaging market is moderate, with a few established players, including Planet Labs PBC, DigitalGlobe, and Airbus Defence and Space. The market is characterized by a moderate level of competition, with companies competing on factors such as image resolution, pricing, and customer service.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.59%
Debt Cost 3.95%
Equity Weight 95.41%
Equity Cost 8.58%
WACC 8.36%
Leverage 4.81%

11. Quality Control: Planet Labs PBC passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Mercury Systems

A-Score: 4.1/10

Value: 3.4

Growth: 3.7

Quality: 3.5

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

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Terran Orbital

A-Score: 4.1/10

Value: 9.8

Growth: 3.2

Quality: 5.0

Yield: 0.0

Momentum: 6.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Planet Labs

A-Score: 4.0/10

Value: 4.0

Growth: 5.2

Quality: 3.5

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Astronics

A-Score: 3.8/10

Value: 3.3

Growth: 3.9

Quality: 2.5

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Sidus Space

A-Score: 3.5/10

Value: 8.0

Growth: 4.3

Quality: 3.5

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Intuitive Machines

A-Score: 2.7/10

Value: 8.0

Growth: 1.8

Quality: 4.4

Yield: 0.0

Momentum: 1.5

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.97$

Current Price

23.97$

Potential

-0.00%

Expected Cash-Flows