Palantir Technologies (PLTR)
TL;DR
Palantir is the leader in operational AI for governments and enterprises, providing the AIP platform and Foundry data backbone that put agentic AI into production workflows. Just reported: Q1 FY2026 revenue $1.633B (+85% YoY, fastest growth as a public company), adjusted operating margin 60%, FCF margin 57%, US Commercial +133% — exceptional. FY2026 guide raised by $1B to $7.656B (+71% YoY); implied Q2 growth still ~75%+ — strong. Stock at $146 with 133x P/E(ttm), down from 463x peak — premium that requires sustained 70%+ growth and US Commercial dominance to compound.
Summary
| Finding | Assessment |
|---|---|
| 5-Year Stock Return | Stock currently $146, up 524% from $23 (5 years ago). TTM OP from near-zero to $1,991M. P/E(ttm) at 133x (compressing from 463x). Q1 FCF $925M (57% margin). Cash $8B, virtually no debt. |
| Business Model | STRONG. AI/data analytics platform. Government 53% + Commercial 47%. Foundry, Gotham, AIP, Apollo, Warp Speed. 1,007 customers (+31% YoY). Q1 revenue $1.633B (+85%). 88% adj GM, 60% adj OM. Capital-light. |
| Competitive Moat | NARROW — widening. Ontology + AIP "no-slop zone" winning today (AIG, GE, Moder, Airbus, Thomas Cavanagh 97% daily usage; AI labs trying to replicate Palantir are failing). Government: Maven 4x in 12 months, ShipOS, $300M USDA, NVIDIA Sovereign AI OS partnership. Long-term moat test: foundation-model commoditization (token cost down 1000x in 3 yr) — Jevons paradox argues for more demand for the AIP harness, not less. |
| Past 5-YR Drivers | AIP catalyzing US Commercial hypergrowth (+133% YoY); operating leverage to 60% adj OM with only 70 salespeople ($1.5M rev/employee); US Government inflecting (+84% YoY) on Maven/ShipOS/USDA; capital-light model converting 130%+ of OP into FCF. |
| Recent Stock Move | Stock currently $146, up 295% from $37 (Sep 2024). Peak $182 (Sep 2025), then -20% pullback. TTM OP +545% in 8 quarters. P/E compressing from 463x to 133x as earnings catch up. Rule of 40 at 145 (highest ever). |
| Revenue Trend | FLAT Rev YoY: 85% (Q1 2026) → 85% (Q2 2026E). |
| Margin Trend | EXPANDING OM%: 46% (Q1 2026) → 48% (Q2 2026E). |
| TTM OP Trajectory | DECELERATING TTM OP QoQ: 41% (Q1 2026) → 31% (Q2 2026E). TTM OP $1,991M. |
| Key Opportunities | US Commercial guided to >$3.224B FY2026 (≥120% YoY). Q1 TCV $1.18B (+45%); RDV $4.92B (+112%); top 20 customers $108M each (+55%). NDR 150%. Defense AI (Maven 4x; ShipOS, USDA $300M). NVIDIA Sovereign AI OS. AIP replacing legacy software (CRM/SAP). $8B cash for M&A optionality. |
| Key Risks | 133x P/E demands sustained 70%+ growth — even FY2026 guide forward P/E ~80x. International commercial only +26% YoY (vs +133% US Comm). Capacity constraint with only 70 salespeople (Karp: "we just cannot meet demand"). Foundation-model commoditization risk if Anthropic/OpenAI/hyperscalers crack enterprise governance. |
| Catalysts | Q2 FY2026 guided $1.797-1.801B revenue, adj OP $1.063-1.067B (~59% margin). FY2026 guide raised to $7.656B (+71% YoY) — largest ever raise. R40 129% guide. AIPCon 9 / DevCon 5 product rollouts. US 100%+ growth ambition. Defense FY26 budget execution + Maven/Apollo scale. |
| P/E(ttm) Valuation | EXTREME at 133x (5-year range: NM to 463x, profitable range: 133x-463x). Highest in our coverage. Compressing from 463x as earnings scale. On FY2026 guide of $7.66B revenue and $4.44B adj OP, forward P/E ~80x. If $10B+ FY2027 at 50%+ adj OM, 60-65x forward becomes defensible. Any growth miss triggers severe correction. |
Q1 FY2026 Key Data
- Revenue $1.633B (+85% YoY, +16% QoQ). Highest YoY growth ever as a public company. US 79% of revenue (+104% YoY, first time triple-digit). R40 score 145 (vs 127 last quarter); 11th consecutive quarter of expanding R40.
- US Commercial $595M (+133% YoY); US Government $687M (+84%). Adj OI $984M (60% margin). FCF $925M (57% margin). $8B cash. NDR 150% (+1100bps QoQ). 1,007 customers (+31% YoY).
- FY2026 guidance raised to $7.656B revenue midpoint (+71% YoY) — largest ever raise (~$10B add). Q2 guided $1.797-1.801B (~+79% YoY). Adj OP $4.44B (58% margin). FCF $4.2-4.4B. US Comm guide raised to >$3.224B (≥120% YoY).
Key Takeaways from Earnings Call
- AIP "no-slop zone" thesis validated with N-of-1 financials. Karp: "We are in a category of our own." Quarterly profit ($871M) more than quadrupled YoY. Replacing legacy software at "lightning-fast pace" — Palantir replaced its own CRM with an AIP-built solution in months; Thomas Cavanagh Construction has 97% of employees using Foundry daily. Moder (mortgage), AIG (agentic underwriting/claims), GE Aerospace (+26% engine production), Airbus (10-yr Skywise renewal, 50K daily users) all expanding. SAP partnership: 99% validation accuracy in 2 weeks, 70% timeline/cost reduction for SAP cloud migrations.
- Defense business inflecting hard. Maven usage doubled in 4 months, 4x in 12 months across services, combatant commands, and intelligence community. ShipOS (Navy) reduced manufacturing approval from 200 hours to 15 seconds, cut contract review cycles 57-73%, monthly material planning down 94%. USDA $300M civil contract awarded last month. Cyber "Sputnik moment": Mythos and Spud finding thousands of zero-days in major OS/browsers; new Apollo generation rolling out for autonomous remediation.
- Demand vastly exceeds supply with only 70 salespeople (Karp: "only 7 actually sell"). Revenue per employee at $1.5M annualized ($1.6M in US); sales headcount smaller than 2 years ago. Karp: "Our biggest problem currently is demand — we just cannot meet demand." NVIDIA partnership: Sovereign AI OS combining NVIDIA Blackwell Ultra hardware with full Palantir software for air-gapped/on-prem sovereign deployments. Total remaining deal value $11.8B (+98% YoY); RPO $4.5B (+134%); top 20 customers $108M each (+55%).
Key Segments and Revenue Mix (FY2025)
| Segment | Revenue | % of Total | Key Details |
|---|---|---|---|
| Government | $2,402M | 54% | +53% YoY; US Gov $1,855M (+55%), Int’l Gov $547M (+47%); DoD Maven, Warp Speed, Navy $448M shipbuilding contract |
| Commercial | $2,073M | 46% | +60% YoY; US Commercial $1,465M (+109%), Int’l Commercial $608M (+2%); AIP driving hyper-adoption |
| Total FY2025 | $4,475M | 100% | +56% YoY. US 74% ($3,320M, +75%). GAAP OP $1,414M (32%). Adj OP $2,254M (50%). FCF $2.27B (51%). Rule of 40: 106%. |
Business Model
SUPPLIERS
Cloud providers (AWS, Azure, GCP)
AI model providers (OpenAI, Anthropic)
Hardware/infrastructure partners
Forward deployed engineers (FDEs)
Platform /
AI Models
→
PALANTIR
Foundry (commercial data OS)
Gotham (defense intelligence)
AIP (AI Platform + ontology)
Warp Speed (manufacturing)
Capital-light: 86% adj gross margin
Subscriptions /
Services
→
$ Revenue
CUSTOMERS
U.S. DoD & intelligence agencies
U.S. civil agencies (IRS, VA, CDC)
U.K. & allied governments
Enterprise (energy, healthcare, mfg)
954 total customers (+34% YoY)
Moat Assessment: NARROW
- Ontology + AIP is widening from "narrow" toward "wide" as enterprise lock-in compounds — but commoditization risk remains. Q1 FY2026 results show Palantir is the "no-slop zone" platform of choice for load-bearing institutions: AIG (agentic underwriting/claims), Moder (mortgage modernization), GE Aerospace (+26% engine production), Airbus (10-year Skywise renewal, 50K daily users), Thomas Cavanagh Construction (97% daily usage). AI labs attempting to replicate Palantir ("deploy co", "stoic co") are failing — Sankar: "There’s at least two labs we can think about where they were talking about how it’s transformed X or Y. Yeah, it did in AIP. We did that."
- Government trust + security clearances + Maven scale remain the most defensible moat. FedRAMP High, IL-5/IL-6 certifications, deep DoW/intelligence relationships. Maven Smart System usage doubled in 4 months, 4x in 12 months across combatant commands and IC. ShipOS reinvention of the maritime industrial base. AI startups cannot obtain clearances quickly. NVIDIA partnership (Sovereign AI OS) extends sovereign deployment moat with Blackwell Ultra hardware integration.
- Foundation-model commoditization remains the long-term moat test, but Q1 evidence suggests Palantir is winning today. Token costs dropped 1000x in 3 years; cheaper tokens drive more agent demand (Jevons paradox). Sankar: "More tokens means more slop, and the more commodity cognition you consume, the more you need a system that can prevent the economic harm." Hyperscalers (Azure AI, Vertex), horizontal platforms (Databricks, Snowflake), and AI labs all compete for AI orchestration — but Palantir’s 60% adj OM and 145 R40 prove its product is delivering value none of them currently match. At 133x P/E the stock still prices in continued dominance.
Stock vs. Earnings — 5-Year Performance
- Stock currently $146, up 524% from $23 (5 years ago). Palantir went from a pre-profit data analytics company trading at $23 to a ~$370B market cap AI platform leader. The stock was range-bound at $7-25 for 3 years before exploding to $182 in Q3 2025 as AIP drove hypergrowth, then pulled back to $146 (-20% from peak) as extreme valuation (133x P/E(ttm)) attracted profit-taking even as fundamentals accelerated.
- TTM OP grew from near-zero to $1,991M as Palantir achieved profitability at scale for the first time. GAAP operating margin expanded from negative to 32%+ in FY2025, with adjusted operating margin reaching 60% in Q1 FY2026. Q1 FY2026 GAAP net income $871M — more than 4x the year-ago profit ($214M Q1 2025). 12+ consecutive GAAP-profitable quarters. Rule of 40 score reached 145 in Q1 FY2026 — the highest ever.
- Q1 FY2026 adjusted FCF $925M (57% margin) with $8B cash and virtually no debt. Palantir’s capital-light software model converts operating income into free cash flow at 130%+ (FCF/OP ratio), generating cash faster than GAAP earnings. The company requires minimal CapEx, and the $8B cash balance provides a fortress balance sheet with Debt/EBITDA at 0.08x.
Past 5-Year Key Drivers
- AIP catalyzed the most dramatic revenue acceleration in enterprise software history — US Commercial accelerated to +133% YoY in Q1 FY2026. US Commercial revenue grew from ~$300M (FY2022) to $1,465M (FY2025) and run-rating $3.224B+ in FY2026 (≥120% YoY guide). $4.7B trailing 12-month US Commercial TCV (+115% YoY); 615 US Commercial customers (+42% YoY); top 20 customers averaging $108M (+55% YoY). AIP "no-slop" Ontology lock-in created permanent moat.
- Operating leverage transformed Palantir from chronically unprofitable to a 60% adjusted OM business — with only 70 salespeople. Revenue per employee reached $1.5M annualized ($1.6M in US) — among the highest in software. Adjusted operating margin expanded from ~20% (FY2022) to 60% in Q1 FY2026 while revenue grew nearly 4x. GAAP net income quadrupled YoY in Q1 FY2026 to $871M. Quarterly FCF now exceeds entire annual FCF from 2 years ago.
- US Government business inflected from single digits to +84% YoY as AI became a national security imperative. Maven Smart System usage doubled in 4 months and 4x in 12 months across all services, combatant commands, and intelligence community. ShipOS shrunk Navy manufacturing approval from 200 hours to 15 seconds. USDA $300M contract awarded April 2026. Cyber "Sputnik moment" — Mythos/Spud discovering thousands of zero-days, new Apollo for autonomous remediation. Palantir = default platform for DoD modernization.
Quarterly Key Metrics
| USD | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26E |
|---|---|---|---|---|---|---|---|---|---|---|
| Quarter End | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026E |
| Stock Price | $23 | $26 | $37 | $76 | $84 | $136 | $182 | $178 | $146 | $146 |
| Stock QoQ | +38% | +13% | +44% | +103% | +12% | +62% | +34% | -3% | -18% | 0% |
| Rev YoY | +21% | +27% | +30% | +36% | +39% | +48% | +63% | +70% | +85% | +85% |
| OM% | 13% | 15% | 16% | 1% | 20% | 27% | 33% | 41% | 46% | 48% |
| R40 (Rev YoY + OM%) | +34% | +43% | +46% | +38% | +59% | +75% | +96% | +111% | +131% | +133% |
| TTM OP ($M) | 197 | 292 | 365 | 310 | 405 | 569 | 849 | 1,413 | 1,991 | 2,615 |
| TTM OP QoQ | +64% | +48% | +25% | -15% | +31% | +40% | +49% | +66% | +41% | +31% |
| FCF/OP ttm | 326% | 238% | 269% | 368% | 326% | 300% | 211% | 149% | 135% | 129% |
| Debt/EBITDA | 0.3x | 0.3x | 0.3x | 0.2x | 0.2x | 0.2x | 0.1x | 0.1x | 0.1x | 0.1x |
| P/E(ttm) | 169x | 145x | 178x | 398x | 372x | 463x | 447x | 284x | 171x | 133x |
Recent Stock Performance & Drivers
- Stock currently $146, up 295% from $37 (Sep 2024). PLTR staged the most dramatic rally in our coverage — from $37 to $182 (+392%) in 4 quarters as AIP drove US commercial acceleration from 30% to 133% YoY. The stock peaked at $182 in Q3 2025 before pulling back to $146 (-20%) on valuation concerns despite Q1 FY2026 fundamentals strengthening (R40 jumped from 127 to 145).
- TTM OP exploded from $365M to $1,991M (+545%) in 8 quarters, the fastest operating income growth in our coverage. GAAP operating margin expanded from 16% to 46% as AIP drove revenue acceleration with minimal incremental cost. Q1 FY2026 Rule of 40 score of 145 (85% revenue growth + 60% adj OM) is unmatched in enterprise software.
- Valuation remains extreme at 133x P/E, compressing from 463x peak as earnings catch up with the stock. P/E has compressed from 463x (Q2 2025) to 133x in 3 quarters as GAAP EPS scaled from $0.06 to $0.34/quarter. On FY2026 guidance of $7.66B revenue and 58% adj OM ($4.44B adj OP), forward P/E compresses to ~75-85x — still among the highest in tech but more defensible if 70%+ growth sustains.
Opportunities
- US Commercial revenue guide raised to >$3.224B FY2026 (≥120% YoY) — accelerating from +109% FY2025. Q1 FY2026 closed $1.18B US Commercial TCV (+45% YoY); 3rd consecutive >$1B quarter. $4.7B trailing 12-month US Commercial TCV (+115% YoY). 615 US Commercial customers (+42% YoY); top 20 customers $108M each (+55% YoY). Net dollar retention 150% (+1100bps QoQ). US Commercial RDV $4.92B (+112% YoY).
- Defense AI inflecting hard — Maven 4x in 12 months; ShipOS expanding; NVIDIA Sovereign AI OS partnership. Maven Smart System usage doubled in 4 months, 4x in 12 months across services, COCOMs, and IC. ShipOS reduced Navy manufacturing approval from 200hr to 15sec; bill-of-materials review 57-73% faster; planning time -94%. USDA $300M contract awarded April 2026. Cyber: Mythos/Spud finding zero-days; new Apollo for autonomous remediation. NVIDIA partnership delivers turnkey Sovereign AI OS combining Blackwell Ultra hardware with full Palantir software for air-gapped/sovereign deployments.
- FY2026 guidance raised to $7.656B revenue (+71% YoY), adj OP $4.44B (58% margin), adj FCF $4.2-4.4B — largest ever guide raise (+$10B add). Q2 guided $1.797-1.801B (+~79% YoY). Total remaining deal value $11.8B (+98% YoY); RPO $4.5B (+134% YoY); TCV bookings Q1 $2.4B total (+61% YoY, dollar-weighted duration +135%). R40 guided at 129% for full year. Rev/employee $1.5M annualized ($1.6M US) on shrinking sales headcount.
Challenges
- Valuation extreme at 133x P/E demands sustained 70%+ growth — even with FY2026 guide raise, forward P/E ~80x. Q1 FY2026 deceleration in TTM OP QoQ (66% → 41%) and OPQoQ-acceleration scorecard pass dropped suggest peak growth may be in. Any growth miss could trigger -30%+ correction given the multiple. Karp’s 100% US growth ambition for 2026 is hard to sustain into 2027 given $1.6B+ Q1 base.
- International commercial only +26% YoY (vs +133% US Commercial) — concentrated dependence on US. International commercial revenue $179M (+26% YoY, +5% QoQ), still a fraction of $595M US Commercial. International government +51% but smaller absolute base. Karp explicitly disinterested in continental Europe ("witchcraft dance... no time for it"). If US growth normalizes and international fails to inflect, Palantir risks a single-engine growth profile.
- Capacity constraints — only 70 salespeople (Karp: "only 7 actually sell") limits scale; demand exceeds supply. Karp: "Our biggest problem currently is demand — we just cannot meet demand." Surging resources from commercial to defense industrial base. Risk: Palantir may have to turn away customers; longer cycles for large enterprise migrations could create gaps. Foundation-model competition (OpenAI, Anthropic, hyperscalers) continues — Sankar acknowledges labs trying to replicate Palantir, but the platform parity timeline is uncertain.
Next 12 Months
- Q2 FY2026 guided $1.797-1.801B (+~79% YoY) — needs to sustain triple-digit US growth. US business is now 79% of total at +104% YoY. If US Commercial holds >100% YoY for 2-3 more quarters, FY2026 guide upside is likely. Adj OI guide $1.063-1.067B (~59% margin) implies continued margin expansion. Q2 R40 score in mid-130s expected.
- Defense FY26 budget execution + Maven scale across DoW + Apollo cyber rollout. Government defense was +84% YoY in Q1; Maven usage 4x in 12 months suggests continued ramp. Sankar: "There’s a lot going on... the Department’s pulling as much of [defense] into 2026 as possible." CR risk: history says continuing resolutions are common, but Palantir is positioned for "existential" priorities. ShipOS expansion across Navy industrial base.
- AIPCon 9 + DevCon 5 product rollouts — agent operating system maturation (AI FDE, MindKit, Ontology Foundations). New primitives: AI FDE (agents that write AIP Logic), MindKit (dynamically generated agent fleets), Ontology Foundations (production-ready agents with voice, what-if scenarios, granular security). Agent OS layer with unified cost attribution per agent/session/workflow. Adoption velocity at customers (97% daily Foundry usage at Thomas Cavanagh) suggests agent OS could drive next leg of expansion.
Next 12-24 Months
- $10B revenue arrives in FY2027 if 60%+ growth sustains — possibly $12B+ if US momentum holds. FY2026 guide $7.66B at +71% YoY; even decelerating to 50%+ in FY2027 puts Palantir at $11-12B. At 50%+ adj OM, that’s $5-6B+ adj OP and ~$2.50+ GAAP EPS. Today’s 133x P/E compresses to ~55-65x FY2027 — still premium but justifiable for unique R40 profile.
- International commercial inflection is the biggest uncaptured opportunity — Karp’s "monogamous" customer model could replicate abroad. If international commercial grows from $179M (+26%) to a sustained 50-80% YoY, that adds $200-400M annual revenue at scale. Skywise (Airbus, 50K daily users) and growing Asia/UK opportunities suggest the AIP playbook is exportable. Karp explicit about US-first prioritization but commercial intl. opens later.
- Foundation-model commoditization vs Ontology lock-in is the long-term moat test. Token costs already down 1000x; agents proliferating per Jevons paradox. Sankar: "More tokens means more slop, [the] more you need a system that can prevent the economic harm." Palantir’s "no-slop zone" thesis is winning today (AIG, GE, Moder, Airbus, Thomas Cavanagh) — but if foundation models mature with effective enterprise-grade governance, the moat narrows. NVIDIA Sovereign AI OS partnership is a hedge: Palantir + chips becomes the sovereign AI stack regardless of model winner.
Core Metrics Scorecard
| Q3'21 | Q4'21 | Q1'22 | Q2'22 | Q3'22 | Q4'22 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter End | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | Mar25 | Jun25 | Sep25 | Dec25 | Mar26 | Jun26E |
| R40 > 40% | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ||||||||||||
| R40 accelerate | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ||||
| TTM OP QoQ > 10% | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ||||||||||
| TTM OP QoQ accelerate | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ||||||||||||
| TTM FCF/OP > 60% | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | |
| Debt/EBITDA < 3.5 | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Total passes | 3 | 4 | 4 | 2 | 3 | 3 | 3 | 1 | 3 | 5 | 4 | 5 | 5 | 2 | 6 | 6 | 6 | 6 | 5 | 5 |
| Stock QoQ | -9% | -24% | -25% | -34% | -10% | -21% | +32% | +81% | +4% | +4% | +38% | +13% | +44% | +103% | +12% | +62% | +34% | -3% | -18% | 0% |
| P/E(ttm) | — | — | — | — | — | — | — | — | 311x | 173x | 169x | 145x | 178x | 398x | 372x | 463x | 447x | 284x | 171x | 133x |
- PLTR achieved a perfect 6 passes for 4 consecutive quarters (Q1-Q4 FY2025) — the longest streak in our coverage. This coincided with the stock’s most explosive rally (+12%, +62%, +34%, -3%). R40 >40%, R40 acceleration, TTM OP QoQ >10% and acceleration, FCF/OP >60%, and Debt/EBITDA <3.5 all passing simultaneously is extremely rare and reflects the unique nature of Palantir’s growth profile.
- Q1 FY2026 dropped to 5 passes — TTM OP QoQ acceleration the only fail — coinciding with the stock’s -18% pullback. R40 jumped from 111% to 131% (still accelerating; pass continues), but TTM OP QoQ slowed from 66% to 41% (still strong; just not accelerating). This is the classic signal that hyper-acceleration is moderating into sustained, still-rapid growth. The stock’s response (-18% QoQ) is consistent with our coverage pattern: peak scorecard often coincides with peak stock, then both moderate.
- FCF/OP and Debt/EBITDA remain near-permanent passes (19 of 20 and 20 of 20 quarters respectively), anchoring scorecard floor. Palantir’s capital-light model generates FCF at 130%+ of OP due to working capital benefits and minimal CapEx. Debt/EBITDA at 0.08x with $8B cash is the strongest balance sheet in our coverage. The scorecard variability comes entirely from R40 and TTM OP QoQ metrics — exactly the dynamics readers should watch each quarter to anticipate stock direction.
Chart: R40 vs Stock Price (Since 2020)
Chart: Scorecard Total Passes vs Stock Price (Since 2020)
Source: SEC EDGAR annual and quarterly filings, company earnings conference calls and presentations.
Disclaimer: This report is for educational purposes only. NO investment advice.