Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Well, this is a peculiar one. We have spent our lives saying we don't buy what we don't understand, and we have also spent our lives saying that when the facts change, we change our minds. So let us be honest on both counts: Palantir is producing operating results that we have rarely seen in six decades of reading annual reports — 93% revenue growth at a 47% GAAP operating margin, with the customers ever more locked in — and it is doing so at a price, roughly 47 times this year's revenue and north of 80 times free cash flow, that leaves no margin of safety whatsoever. None. Charlie would have put it shorter: an extraordinary business, an impossible price, and a management team that treats the stock as a compensation currency while selling their own shares on a schedule. You hold a thing like this if you were fortunate enough to own it at a twentieth of the price.
Recent filings analysed: 10-Q (2026-08-04), 8-K (2026-08-03), 8-K (2026-06-09), 10-Q (2026-05-05).
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