← Leaderboard

Palantir (PLTR)

AI / Neo-Cloud · IPO 2020 · Historical SBC from SEC EDGAR

Financials (2025)
Revenue
$4.5B
Revenue Growth YoY
56.2%
EBITDA
$1.4B
Net Income
$1.6B
Stock Price
—
Market Cap
—
Stock-Based Compensation (2025)
SBC Expense
$684M
SBC % of Revenue
15.3%
SBC % of EBITDA
47.5%
SBC % of Market Cap
—
Buybacks
$75M
Unrecognized SBC
$406M
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2025 $684M $4.5B $1.4B 15.3% 47.5% 56.2% $75M $1.6B 2,391,192,000 — — — $406M
2024 $692M $2.9B $342M 24.1% 202.2% 28.8% $64M $462M 2,338,795,000 — — — $145M
2023 $476M $2.2B $153M 21.4% 310.4% 16.7% $0 $210M 2,200,128,000 — — — $599M
2022 $565M $1.9B $-139M 29.6% neg 23.6% $0 $-374M 2,099,075,000 — — — $722M
2021 $778M $1.5B $-396M 50.5% neg 41.1% $0 $-520M 2,027,474,000 — — — $889M
2020 $1.3B $1.1B $-1.2B 116.3% neg 47.2% $4M $-1.2B 1,792,140,000 — — — $1.1B
2019 $242M $743M $-564M 32.6% neg 24.7% $11M $-580M 581,497,116 — — — —
2018 IPO $249M $595M $-610M 41.7% neg — $8M $-580M — — — — —