Palantir Technologies Inc. PLTR

Because the market prices it as a generational AI winner, not an ordinary software company. As of June 19, 2026 Palantir trades near $128 — about 56 times trailing sales and 142 times trailing GAAP earnings, more than any large-cap software peer. Even crediting consensus 2026 adjusted earnings near $1.47 a share, the stock sits around 87 times forward profits, with some third-party screens reading 90 to 93 times. The premium reflects a view that Palantir's AI Platform becomes core infrastructure for Western enterprise and government.

Very fast, and accelerating. In the first quarter of 2026 Palantir reported revenue of $1.63 billion, up about 85% from a year earlier — its fastest growth since 2020 — with US revenue rising 104%. US commercial revenue jumped 133% to $595 million, and management raised full-year 2026 guidance to roughly $7.66 billion, about 71% growth. Net dollar retention reached 150%, meaning existing customers spent about half again as much as they had a year earlier.

It is profitable on a GAAP basis, not only adjusted. In the March 2026 quarter Palantir reported GAAP net income of $871 million and a 46% operating margin, up from about 16% seven quarters earlier, plus $892 million of free cash flow. One caveat worth knowing: the 53% net margin sits above the 46% operating margin because interest income on a $2.3 billion cash pile and tax effects lift the bottom line, so a slice of the profit is balance-sheet income rather than operations.

They disagree more than for almost any large-cap. The average 12-month target sits near $183 across about 32 analysts — above the recent $128 price — but the range is extraordinary: Bank of America is highest at $255, while Jefferies is lowest at $70 and RBC near $90. That roughly four-fold spread captures the core debate. Most analysts admire the business and distrust the multiple; Jefferies, the most cautious, calls the company 'exceptional' but the valuation 'disconnected entirely from fundamentals.'