MeritValue

Planet Labs PBC

PLdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Planet Labs PBC earns about -38% on invested capital, but has diluted owners by 287% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$131.2M1$191.3M2$220.7M3$244.4M3$307.7M3
Net income−$137.1M4−$162M5−$140.5M6−$123.2M6−$246.9M6
Operating cash flow−$42.2M7−$73.9M8−$50.7M9−$14.4M9$134.4M9
Capital expenditure$10.3M10$10.4M11$38M12$44.3M12$76.7M12
Free cash flow (derived)−$52.5M7−$84.4M8−$88.7M9−$58.7M9$57.6M9
Total debt—————
Cash & equivalents$490.8M13$181.9M14$83.9M15$118M16$229.4M16
Diluted shares79.6M267.1M279.6M292.1M307.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$6.12
your share of equity
Profit it earned you last year
−$8.02
Free cash flow it threw off
$1.87
Debt you’d be carrying
—

10 shares is a claim on $6.12 of net worth that earned you −$8.02 and generated $1.87 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-38% avg · 5y
FY22 -63%FY23 -32%FY24 -25%FY25 -30%FY26 —

It earned an average -38% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+287% shares · 5y

Share count is up 287% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-01-31 · accession 0001836833-24-000037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-31 · accession 0001836833-25-000050 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-31 · accession 0001193125-26-119957 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-31 · accession 0001836833-24-000037 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-31 · accession 0001836833-25-000050 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-31 · accession 0001193125-26-119957 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-31 · accession 0001836833-24-000037 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-31 · accession 0001836833-25-000050 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-31 · accession 0001193125-26-119957 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-31 · accession 0001836833-24-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-31 · accession 0001836833-25-000050 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-01-31 · accession 0001193125-26-119957 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-31 · accession 0001836833-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-01-31 · accession 0001836833-24-000037 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-01-31 · accession 0001836833-25-000050 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-01-31 · accession 0001193125-26-119957 (CashAndCashEquivalentsAtCarryingValue)