$PLTR · Schwab Network · 2026-11-03
估值是Palantir承压的原因之一，但尽管倍数很高，这份财报依然非常出色：每股收益和营收均超预期，商业业务本季度增长逾149%（同比增长150%后），规模现已超过政府业务。但需注意：RDV环比第二季度仅增长2%，RPO持平，主权AI合同期限较往常更短可能构成拖累。即便在当前估值下，分析师仍非常看好。
逐段跳播
我们确实有一些让你感兴趣的、来自 Apple 和 Palantir 的利润。
We certainly have some profits that interest you with Apple and Palantir.
好。说到估值，你对 Palantir 的快速看法是什么？这是另一家超出预期的公司，但我想知道部分压力是否与估值有关。你怎么看？
Okay. Speaking of evaluation, what is your quick opinion of Palantir? It's another company that has exceeded expectations, but I wonder if part of the pressure is related to the valuation. What do you think of that?
我认为估值在其中起了作用。我认为这里的关键因素之一，尽管每股收益和营收都超出预期，是他们把业务侧做大了，现在业务侧的表现超过了政府侧。过去两个季度，我们讨论过商业板块正在取得重大进展。
本季度它增长了超过149%，此外上一季度同比增长了150%。所以，这是这里的积极面。
I think evaluation plays a role in this. I think one of the key factors here, despite exceeding earnings per share and exceeding revenue, is that they have grown their business side, which now outperforms the government side.
Over the past two quarters, we have discussed how the commercial sector is making significant progress. It has grown by more than 149% this quarter, in addition to growing by 150% year-on-year in the last quarter. So, that's the positive side here.
我认为其中一个警示点，也许也是这只股票承压的原因——除了它表现优异、不像许多 AI 软件公司那样下跌之外——是剩余交易价值（RDV）相比第二季度仅增长2%，而剩余履约义务（RPO）持平。
管理层承认，本季度可能考虑到了主权 AI 领域合同期限短于往常这一因素。
I think one of the caveats, and the reason why the stock is under pressure perhaps, besides its superior performance and lack of decline like many AI software companies, is that the Remaining Value of Deals (RDV) grew by only 2% compared to the second quarter, while the Remaining Performance Obligations (RPO) remained flat.
The administration acknowledged that shorter-than-usual contract periods in the sovereign AI field may have been considered during this quarter.
Alex Karp 在财报发布后发表了一些积极评论，在这方面并不令人意外。在这里看到小幅下跌并不意外，也许是因为其中一些数据，但总体而言，这份财报非常好。分析师在财报后对这只股票给出了非常积极的展望，即便估值很高。
Alex Karp made some positive comments after the report, which is not surprising in this regard. It is not surprising to see a slight decline here, perhaps due to some of that data, but overall, the report is very good.
Analysts are showing a very positive outlook on the stock after the earnings, even with that high valuation.
观察点
这个频道对 $PLTR 的历次判断
Schwab Network 在这只股票上共 16 条判断，这里只列相邻的几条。