As you can see, Palantir has gone from a slow-growth, barely profitable company to a fast-growing, high-margin business in just two years, and a closer look at the business shows its key segments are outgrowing the company overall.

In this photo illustration, a smartphone displays the logo of Palantir Technologies Inc. (NYSE: PLTR), an American big data analytics and software company, in front of a screen showing the company's latest stock market chart on July 30,

Palantir has its second-quarter earnings call scheduled on Aug. 4, after the market's closing bell. If it can maintain its growth momentum, its stock will continue to soar. However, a slowdown in growth could be devastating and let the air out of the Palantir balloon.