Rule of 40 at 127% vs a 208 PE: How are we valuing PLTR growth right now?

I know this is usually seen as a growth play, but the Q4 filings show some unusual discipline for a software firm. Adjusted FCF margin is sitting at 56% with 7.2 billion in cash and negligible leverage. The part that stands out from a value perspective is the 1.6% annual dilution rate. Usually, these firms hide massive expenses in share based compensation, but the 70% revenue growth is genuinely outpacing share issuance here. With a Rule of 40 at 127% and 2026 FCF guidance around 4 billion, is the fortress balance sheet enough to justify the premium, or is the 39 PB ratio still an automatic pass for you?