This is my first attempt to analyze a company. This effort has made it clear to me why I am such a terrible investor. While Saul and others go directly to the relevant numbers, I flounder around trying to make clear connections.
Interactive 10-Q at the Edgar Database
This a new public company so the Year over Year metrics are not extremely clear.
In 2020 the revenue is up about 47% year over year. With a market cap near 60 billion dollars; the price to sales is about 60. This is about what Crowd Strike is.
There are three main products that Palantir has.
Foundry - think commercial
Gotham - think government.
The third is an operating system that was built to make the other two work. It is Apollo. It has not been monetized yet. If there is a reason to take a flyer on this company, it is Apollo.
Foundry just launched in 2020 and is now 44 percent of the revenue.
Gotham is the legacy software and is 56 percent of the revenue.
I get confused here.
Foundry grew at 107 percent and Gotham grew at 77 percent yet the total revenue growth of the company is 47 percent.
It gets even more confusing! Revenue per customer was up 41 percent, yet we are supposed to think there was a large growth in customers and we get a 47 percent growth in revenue. I am scratching my head now. Not only that, we the growth in the 4th quarter at 40 percent year over year. It does not seem like we are getting a big increase quarter over quarter. Maybe I am seeing this wrong. I have played with this in a spreadsheet and I am always disappointed.
Finally, the 2020 revenue was right at 1 billion dollars, this makes me think that this was a target and a lot of things were stretched to get there.
They are showing an adjusted gross margin of 84 percent, but I am not seeing anything about recurring revenue.
I will keep my position small and may reduce it.