PL · US
PL.US: Daily global imaging constellation + data subscriptions
Planet Labs Earth observation data.
Cite a section with a deep link, e.g. /en/r/pl-us-research#thesis
Snapshot
- Price
- USD 8.5
- Mkt cap
- USD 2.5B
- Revenue
- USD 308.0M
- OCF inflection (latest FY)
- USD 134.00M
Thesis
Planet Labs Large optical EO constellation monetized as 'see Earth daily' subscriptions: revenue re-acceleration and latest-FY OCF flip to positive are the key changes; competition from other EO/analytics; valuation hinges on durable growth.
Business
Model: constellation + data platform subscriptions. Flagships: Dove daily coverage; SkySat high-res; analytics/tasking. Edge: revisit + archive; cost efficiency. Strategy: deepen high-value customers, analytics attach, unit economics/FCF.
Value chain
Mid-stack EO data; upstream launch/sat manufacturing/ground; downstream ag, insurance, gov intel, ESG. Risks: launch cadence; constellation replenishment; gov concentration.
Valuation
EO growth multiple; sensitive to ARR/net adds and sustained positive OCF.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: subscribers + tasking; price: package ASP; cost: replenishment launches, cloud, S&M. Latest FY OCF positive.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Latest FY rev (approx) | ~$308M | +26% | Re-acceleration |
| Prior path | 191→221→244→308 | — | FY23–26 style path |
| OCF | Turned positive | — | Key inflection |
| Constellation | 200+ class Dove | — | Daily coverage moat |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| Planet (self) | Daily EO | Improving | Revisit + archive | Still small vs ambitions |
| BlackSky | Defense EO | Low | High revisit intel | Scale |
| Spire | Weather/RF/AIS | Low | Multi-sensor data | EO overlap limited |
| Maxar (private) | Hi-res EO | — | Gov heritage | Not public |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Will Marshall | Co-founder era | No material change |
| CFO | Ashley Johnson | recent years | Stable |
| President / ops | Operating leads | ongoing | Scale-up focus |
Stability: Steady: founder continuity; pivot emphasis to profitability/cash.
Outlook
Track subscription growth, gov awards, analytics attach, sustained OCF.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Not investment advice; defer to latest company filings.