$116.1 million in fiscal second-quarter revenue marks a company record for Planet Labs PBC (NYSE: PL), up 58% year over year for the period ended July 31. Snowflake (NYSE: SNOW) reported $1.6 billion over the same quarter, a 35% YoY gain driven by AI-related consumption growth. The post-earnings moves left Snowflake trading at a 52-week high of $384.56 on September 3, while Planet Labs retained the tighter valuation on a price-to-sales basis.
Full-year scorecard
Planet Labs closed FY 2026 with $307.7 million in revenue, 25.9% YoY growth. Net loss came in at $246.9 million, a net margin of negative 80.2%, wider than the negative 50.4% posted the prior year. Snowflake's FY 2026 revenue reached $4.7 billion, 29.2% YoY growth, on a net loss of $1.3 billion; net margin improved to negative 28.4% from negative 35.5% in FY 2025. The revenue base is roughly 15x larger at Snowflake, and the loss per revenue dollar is proportionally narrower.
| Metric | Planet Labs | Snowflake |
|---|---|---|
| FY 2026 revenue | $307.7M | $4.7B |
| FY 2026 YoY growth | 25.9% | 29.2% |
| FY 2026 net margin | -80.2% | -28.4% |
| Q2 revenue (YoY growth) | $116.1M (58%) | $1.6B (35%) |
| P/S ratio | 18.3x | 21.7x |
| Forward P/E | n/a | 161.3x |
| Current ratio (Jan. 2026) | 1.7x | 1.3x |
| Debt-to-equity (Jan. 2026) | 2.5x | 1.4x |
Valuation metrics per Financial Modeling Prep; figures may vary by provider.
Cash generation at both names carries a non-cash distortion. Planet Labs' stock-based compensation represented 40.9% of operating cash flow in FY 2026. At Snowflake, that figure reached 130.9%, meaning SBC exceeded reported operating cash flow outright. Both figures inflate stated cash because SBC is a non-cash expense added back in the cash flow statement.
Snowflake's structural risks include dependency on Amazon and Microsoft cloud infrastructure, both of which compete directly with its data platform. Active securities fraud class action lawsuits and reported unauthorized customer account access are additional litigation exposures.
Contracted backlog versus consumption model
Planet Labs reported $753.1 million in remaining performance obligations as of fiscal Q2, roughly 2.4 times its FY 2026 annual revenue of $307.7 million. The company operates approximately 200 satellites serving customers in agriculture, energy, and forestry, and its latest annual report cited contracts with NATO and the government of Sweden. Customer concentration is the primary operational risk: a single large departure moves the top line materially on that annual revenue base. Planet Labs also faces regulatory exposure tied to the geopolitical sensitivity of geospatial data, which can constrain where and how it licenses imagery. Snowflake's consumption-based model serves 790 of the Forbes Global 2000 and ties revenue growth to AI workload volumes, making quarterly results harder to predict when enterprise spending softens.
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