Michael Burry has published a new post titled "Palantir: An Accounting," reiterating his short position on Palantir Technologies (NASDAQ: PLTR). In the piece, Burry argues that the company's balance sheet metrics do not align with its revenue growth, suggesting potential accounting irregularities.
Burry focuses on the company's accounts receivable (AR), noting that it has grown faster than revenue in nine of the last 12 quarters. He links this trend to aggressive revenue recognition, extended payment terms, or channel stuffing. He highlights a specific "Customer A"—a large government client—whose share of Palantir's AR climbed from under 10% before the IPO to 26% in 2024 and 25% in the most recent 10-K, despite never accounting for more than 10% of revenue.
Additionally, Burry points to the increase in days sales outstanding (DSO), which he notes has almost doubled from 35 days in 2020 to 66 days in 2025. He contrasts Palantir's deferred-revenue pattern with that of consultancies like Accenture rather than pure software peers like Salesforce or ServiceNow.
Burry also referenced a Financial Times report regarding CEO Alex Karp's private jet expenses, which totaled $17.2 million in 2025. He noted that Palantir paid zero federal tax that year despite generating $1.6 billion in pre-tax income. Summarizing his view, Burry wrote, "With $PLTR, in so many ways, the stock price is the business model."
At the time of publication, Palantir stock was trading at $181.14, up 6.90%.
