Core Viewpoint - Palantir Technologies is currently overvalued, particularly when considering its price-to-sales (P/S) ratio of 110.30, which is significantly higher than the typical range of 10 to 20 for high-growth stocks [2][6]. Financial Performance - Palantir's revenue has grown by 280% since 2019, but earnings per share (EPS) have decreased by 1.5%, indicating dilution effects [4]. - The company's operating cash flow is reported at $1.335 billion, with actual free cash flow being only $410 million after accounting for stock-based compensation and interest income [4]. - In the period from 2023 to 2024, sales grew by 28.7%, but the actual growth rate was only 22% due to dilution [6]. Valuation Comparison - Compared to C3.ai, which has a more appropriate P/S ratio of approximately 7.03, Palantir's P/S ratio of 79.20 suggests it is overvalued [7][9]. - Palantir's implied market value, based on C3.ai's P/S ratio, is approximately $21.89 billion, while its current market value is $340.42 billion, indicating a significant premium [9]. Market Dynamics - Factors that could potentially overturn bearish arguments include continued market speculation driving up the P/S ratio and stronger future growth that could justify the current valuation [11]. - The company has exclusive contracts and a leading position in the AI sector, which contribute to its high valuation, but analysts question whether these factors justify the premium [9][12].

作 者 | Noah's Arc Capital Management 编译 | 华尔街大事件 Palantir 科技公司（纳斯达克代码：PLTR）开发的大数据分析软件平台，能帮助 美国 政府和企 业做一些棘手的决策。它的产品有 Palantir Gotham 和 Foundry，能为安全机构以及金融、制 药等行业的商业客户整合和分析敏感信息。Gotham主要用于情报机构和军方打击恐怖主义，而 Foundry则帮助企业进行数据处理。该公司正乘着人工智能的浪潮。 Palantir目前估值过高，尤其是考虑到市销率 (P/S)。Palantir 的市销率为 110.30 。作为参考， 高增长股票的市销率应在 10 到 20 之间。 => 100 相当不常见，表明估值过高。 该股从2024年的12.45美元上涨至2025年6月的140美元。市销率（FWD）从13升至79.20，证 明股价涨幅远超市销率，因此以目前的增长数据来看，估值过高。即使在如此高速的增长之后， Palantir也必须实现销售额的指数级增长，才能维持目前的估值。 报告的 经营现金流： 13.35亿美元。 - 减去以股份为基础的支付（SBC）：7.2 ...

C3.ai (AI) and Palantir Technologies (PLTR) are two prominent players in the fast-growing enterprise AI software market. C3.ai provides a broad platform of AI applications and tools for businesses, while Palantir is known for its data analytics platforms used by government agencies and large companies. Both companies aim to help organizations harness big data and artificial intelligence to improve operations. They share similarities as high-growth “picks-and-shovels” plays on the AI trend, and each has seen ...