Palantir Technologies Inc. (NASDAQ:PLTR) 

Price to Earnings (P/E) Ratio

The Price to Earnings ratio exhibits a significant increase over the observed periods starting from September 30, 2023. Initially absent, it begins at an elevated level of 279.03 on September 30, 2023, then fluctuates with notable peaks reaching as high as 632.38 in June 30, 2025. Despite intermittent decreases, the ratio remains substantially high, indicating that the market valuation relative to earnings is elevated and volatile in recent quarters.

Price to Operating Profit (P/OP) Ratio

This ratio becomes available from September 30, 2023, mirroring the pattern seen with the P/E ratio. Starting at an extremely high value of 1130.92, it declines sharply to 203.93 by December 31, 2023, before increasing again to peak at 941.61 in June 30, 2025. Such variation suggests instability in operating profit relative to the company’s stock price, indicating possible fluctuations in operational efficiency or market expectations.

Price to Sales (P/S) Ratio

The Price to Sales ratio shows a general upward trend over the entire dataset. Beginning at 9.27 on March 31, 2022, it dips slightly before rising dramatically to 119.47 by September 30, 2025. Noteworthy is the substantial acceleration in the last several quarters, reflecting a sustained increase in market valuation relative to sales, which might imply market optimism despite potentially slower sales growth or increasing valuation multiples.

Price to Book Value (P/BV) Ratio

The Price to Book Value ratio follows a generally increasing trajectory from 6.46 on March 31, 2022, to a peak of 69.33 on September 30, 2025. The rise is especially pronounced in the later periods, with a notable surge starting in March 31, 2024. This upward trend indicates growing market confidence in the company's value beyond its net assets, possibly reflecting intangible asset appreciation or investor anticipation of future growth.

The analysis of the quarterly financial data reveals several notable trends in key performance indicators over the examined periods.

Share Price

The share price exhibited considerable growth throughout the timeline. Beginning at $7.46 in March 2022, it experienced some fluctuations but showed a strong upward trajectory from mid-2023 onwards. By December 2023, the share price had more than doubled compared to early 2022 levels, reaching $23.40. This ascent accelerated dramatically in 2024 and 2025, culminating in a sharp increase to $190.74 by September 2025. This reflects heightened market confidence or improved company prospects during these later periods.

Earnings Per Share (EPS)

EPS demonstrated a clear positive trend. Initially negative in early 2022 values between -$0.24 and -$0.27 per share, indicating losses, EPS gradually improved towards breakeven and positive territory by the fourth quarter of 2023, with values ranging from -$0.02 to $0.09. From 2024 onward, EPS consistently remained positive and increased steadily, reaching $0.46 per share by September 2025. This trend suggests improving profitability and operational performance over time.

Price-to-Earnings (P/E) Ratio

The P/E ratio data is only available from December 2023 onwards, where initially it exhibited an extremely high valuation of 279.03. Subsequent quarters in 2024 saw a decline to around 147.19, but then P/E ratios increased sharply later in the timeline, peaking at 632.38 in June 2025 before fluctuating between approximately 415 and 538 in the final periods. These elevated and volatile P/E ratios may indicate investor expectations of significant future growth or speculative valuation dynamics given the improving EPS and soaring share price.

In summary, the data reflects a company transitioning from a loss-making position to sustained profitability, which has been accompanied by a substantial appreciation in its share price. The elevated P/E ratios in the later periods suggest the market is pricing in strong growth expectations despite high valuations. The improving EPS and rising share price underscore positive momentum, while the fluctuating P/E warrants consideration of potential valuation risks or market speculative behavior.

The financial data reveals notable trends in the share price, operating profit per share, and the price-to-operating profit ratio over the analyzed periods.

Share Price

The share price exhibited a general upward trajectory from March 31, 2022, through September 30, 2025. Starting at $7.46, the price showed fluctuations in the initial periods but began to increase more consistently beginning in mid-2023. The share price surged significantly in late 2024 and through 2025, reaching a peak of $190.74 by September 30, 2025. This reflects strong market valuation growth, especially over the last year of the reported timeline.

Operating Profit Per Share

The operating profit per share showed a steady improvement throughout the periods. Initially, the values were negative from March 31, 2022 (-$0.16) through June 30, 2023 (-$0.03), indicating operating losses on a per-share basis. Starting from September 30, 2023, operating profit per share turned positive and consistently increased, reaching $0.36 by September 30, 2025. This steady improvement signals growing operational efficiency and profitability at the per-share level over time.

Price-to-Operating Profit Ratio (P/OP)

The P/OP ratio became available from December 31, 2023, and it exhibited high volatility. The ratio started very high at 1,130.92 and then generally declined to 203.93 by September 30, 2024. Subsequently, the ratio rose again to peak at 941.61 in June 30, 2025, before decreasing towards 535.05 by September 30, 2025.

This pattern indicates significant market fluctuations in valuation relative to operating profit. Early extremely high ratios suggest that the market price was very high compared to operating profit, possibly due to investor optimism or low operating profit. The subsequent decline in the ratio reflects either increasing operating profitability or stabilizing prices. Later increases followed by decreases indicate fluctuating market sentiment or varying growth expectations.

In summary, the data demonstrates a clear transition from operating losses to profitability alongside a large increase in share price. These changes highlight strengthening financial performance and growing investor confidence. However, the volatile P/OP ratios suggest ongoing uncertainty or shifts in market valuation concerning the company's operating profits.

Share Price

The share price exhibited significant growth over the observed periods. Starting at $7.46 in March 2022, it experienced moderate fluctuations in 2022 with a low of $7.02 in September and a rise to $8.47 in December. In 2023, the share price trended upward more robustly, reaching $23.40 by December. The acceleration became pronounced in 2024, with the price surging from $21.40 in March to $124.62 by December, indicating strong market interest or positive developments. The upward trajectory continued into 2025, peaking at $190.74 in September, which represents a substantial increase from the initial value in 2022.

Sales Per Share

Sales per share showed a consistent, steady increase throughout the periods. Beginning at $0.80 in March 2022, these values rose incrementally each quarter without significant volatility, reaching $1.63 by September 2025. This reflects a gradual improvement in revenue generation on a per-share basis, suggesting growth in the underlying sales performance of the company.

Price-to-Sales (P/S) Ratio

The P/S ratio displayed notable volatility and a pronounced escalating trend, particularly from late 2023 onward. Initially fluctuating around moderate levels in 2022 and early 2023, it rose sharply starting mid-2023, moving from approximately 17.93 in June to an extraordinary 102 by December 2024. After a slight dip, the ratio remained very high through 2025, peaking near 119.47 in June. Such elevated P/S ratios suggest that the market prices the stock at a premium relative to sales, possibly due to investor expectations of future growth, improved profitability, or other strategic advantages.

Overall Analysis

The data indicates a strong bullish sentiment toward the company’s equity as reflected by the significant increase in share price over the analyzed timeline. This acceleration in market valuation outpaces the growth in sales per share, as evidenced by the rapidly increasing P/S ratios. The steady but moderate expansion in sales juxtaposed with a soaring share price suggests that investors anticipate substantial future growth or improvements beyond current sales metrics. It is important to consider that such high valuation multiples could signal increased risk if anticipated performance does not materialize to justify the premium pricing.

The quarterly financial data reveals distinct patterns in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio for the company over the observed periods.

Share Price (in US$)

The share price exhibits an overall upward trend from March 2022 through September 2025. Initially fluctuating around a lower base, the value increased notably starting from mid-2023. The price rose sharply between mid-2024 and the end of the observed period, culminating in a substantial peak close to 190 US$. This indicates a significant increase in market valuation, particularly in the latter periods.

Book Value Per Share (BVPS, in US$)

The book value per share demonstrates steady, gradual growth across all quarters. Starting slightly above 1.1 US$ in early 2022, it consistently increased each quarter, reaching nearly 2.8 US$ by late 2025. This steady appreciation suggests continual improvement in the company's net asset value per share, reflecting incremental growth in the company's equity base over time.

Price-to-Book Value Ratio (P/BV, ratio)

The P/BV ratio shows substantial volatility and an overall increasing trend. After moderate fluctuations in early 2022, the ratio began to rise significantly from mid-2023 onward. The ratio surged dramatically starting mid-2024, exceeding 50 and peaking near 70 in some quarters. This indicates that the market valuation of the company’s shares greatly outpaces the book value, pointing to heightened investor optimism or expectations of future growth that are not directly reflected in the underlying book value.

In summary, while the book value per share grows steadily, the share price and consequently the price-to-book value ratio show marked acceleration later in the timeline. The expanding gap between share price and book value suggests an increasingly market-driven valuation that may be influenced by factors beyond traditional accounting measures, such as growth prospects, market sentiment, or speculative interest.