Does Planet Labs PBC have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores Planet Labs PBC (PL) 30.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 53, returns on capital 0, balance-sheet safety 28, capital discipline 44.

How has PL's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 30.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Planet Labs PBC

PL · Technology · FY2026 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power53

Median gross margin 49.2% over 7y, variable.

Returns on capital0

Median ROIC -39.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -28x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $22.47
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

8 years of fundamentals

The business, in plain English

Planet Labs PBC booked $307.7M of revenue in FY2026 in the Technology sector and kept 56.1% of it as gross profit — a high-margin business by that measure. After every other cost, −80.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $95.7M (FY2020) to $307.7M (FY2026) — about 21.5% a year compounded over 6 years.

It earned −28.4% on invested capital in FY2025, with a median of −39.7% across 6 filed years. The Returns on Capital filter above scores it 0/100.

PL's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the four filters (53/100) and Returns on Capital the weakest (0/100), which is how PL lands at 30/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$307.7M FY2026

Gross marginRevenue kept after cost of goods56.1% FY2026

Return on invested capitalOperating profit on the capital employed−28.4% FY2025

Owner earningsCash an owner could take out−$246.9M FY2026

Gaps in a line mean that item isn’t in PL’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale30.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PL has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#419 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#417TWAV TaoWeave, Inc.30.2 out of 100, No moatNo moat
#418VISL VISLINK TECHNOLOGIES, INC.30.2 out of 100, No moatNo moat
#420DRTTF DIRTT ENVIRONMENTAL SOLUTIONS LTD29.9 out of 100, No moatNo moat
#421EGHT 8x8, Inc.29.8 out of 100, No moatNo moat

Compare PL with its nearest peers →All Technology companies on the Index →

Common questions about PL

Does Planet Labs PBC have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores Planet Labs PBC (PL) 30.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 53, returns on capital 0, balance-sheet safety 28, capital discipline 44.
How has PL's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 30.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PL. See the disclaimer.