Palantir Technologies (PLTR) stock trades at $130.63 per share, a market cap of $312.7B, and 137.1x trailing P/E. That is a meaningful premium. The question is not whether the stock is “cheap” or “expensive” in the abstract. It is what the market is implicitly assuming about the business in order to justify paying this price.

Where PLTR Stands Today

• Valuation: P/E of 137.1 versus a 3-year average of 249.6 and a 3-year high of 421.8.

• Revenue: Revenue grew 67.7% over the last twelve months, with a 3-year CAGR of 39.6%.

• Net Margin: Running at 43.7% on a trailing basis, against a 3-year average of 10.8% and a 3-year peak of 43.7%.

For a deeper look at the company’s full financial…