PL.US: Daily global imaging constellation + data subscriptions

Snapshot

Price

USD 8.5

Mkt cap

USD 2.5B

Revenue

USD 308.0M

OCF inflection (latest FY)

USD 134.00M

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

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

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 8.5	PL · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

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.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Volume: subscribers + tasking; price: package ASP; cost: replenishment launches, cloud, S&M. Latest FY OCF positive.

Key financials

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:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

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)

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

Risks

Not investment advice; defer to latest company filings.

Tracking

Check next earnings for:

1. Next-quarter revenue & margin vs guide
2. OCF vs CapEx / payout
3. Competitive share shifts
4. Valuation vs historical mid-cycle
5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.

References

1. PL IR / latest 10-Q — SEC EDGAR
2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=PL
3. Cross-links in body [[article:]] refs

Not investment advice. Missing valuation points are N/A/null; defer to latest filings and named market data.