Palantir Technologies is now trading at a market cap that exceeds Bank of America. That’s not a typo. That’s the current tape. Palantir posted $570 million in net income over the last twelve months. Bank of America just printed $7.12 billion in Q2 alone, bringing its trailing twelve-month earnings to $26.1 billion. Yet PLTR is valued higher.
Palantir’s market cap sits at $149.2 billion. Bank of America’s is $148.6 billion. That’s a $600 million gap. Palantir trades at 648 times trailing earnings. Bank of America trades at 13.7 times. Palantir’s revenue for Q1 was $883.9 million. Bank of America’s Q2 revenue was $26.6 billion. Palantir’s full-year guidance is $3.89 billion. Bank of America’s annual revenue is $192.4 billion. The numbers are not close.
Palantir’s earnings per share for Q1 was $0.13. Bank of America’s Q2 EPS was $0.89. Palantir’s net income for the quarter was $214 million. Bank of America’s was $7.12 billion. Palantir’s total net income for 2024 was $462 million. Bank of America’s was $27.1 billion. The spread is 58 to 1.
The valuation gap is driven by narrative. Palantir is riding the AI wave. Defense contracts. Government deals. Commercial expansion. CEO Alex Karp says the company is “delivering the operating system for the modern enterprise in the era of AI.” Investors are pricing in future dominance. Bank of America is priced on present earnings. It’s a cash machine. But it’s not a story stock.
Palantir’s price-to-earnings-to-growth ratio is 12.1. Bank of America’s is 1.3. Palantir’s forward P/E is 481. Bank of America’s is 12.5. Palantir’s stock is up 64% year-to-date. Bank of America is up 5%. Palantir is the best performer in the S&P 500. Bank of America is the second-largest bank in the country.
This is not a bubble call. It’s a math check. The company with $570 million in earnings is now valued higher than the company with $26 billion. That’s the market. That’s the moment.
Sources:
https://www.marketbeat.com/stocks/NASDAQ/PLTR/earnings/
https://www.marketbeat.com/stocks/NYSE/BAC/earnings/
https://finance.yahoo.com/news/bac-q2-earnings-beat-robust-150600323.html
https://www.cnbc.com/2025/05/05/palantir-pltr-q1-earnings-report-2025.html