SailPoint Inc
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SailPoint Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 5.2B is 75% of equity (6.8B) - tangible book only 239M vs 11.7B market cap creates 49x impairment risk[Goodwill]
- Operating loss of -298M TTM (-29% margin) despite 64% gross margin - OpEx of 950M consuming 93% of revenue[Operating Income TTM]
- P/S of 11.5x vs industry median 2.7x - trading at 4.3x premium while generating only 6M FCF on 1B revenue[P/S Ratio]
Watch Triggers
- Operating Margin TTM: Improves to > -15% — Would signal cost discipline working - currently -29% is unsustainable
- Cash and Equivalents: Falls below 150M — Would force dilutive raise or strategic sale given 300M+ annual burn
- Goodwill: Any impairment charge — 5.2B goodwill vs 6.8B equity - even 20% writedown devastates book value
Bull Case
64% gross margin with minimal debt (0.003 D/E) provides runway to reach scale - identity security TAM expanding with zero-trust adoption
Revenue of 1B well above industry median 27M - established scale player in fragmented market with acquisition optionality
Bear Case
P/B of 49x with 75% goodwill/equity ratio - any impairment destroys equity; tangible book is only 239M vs 11.7B market cap
Burning 314M net loss TTM with only 298M cash - 11 months runway without capital raise or dramatic cost cuts
Bull vs Bear Balance
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Forward Thesis
Path to profitability requires 30%+ OpEx reduction or 50%+ revenue growth - neither visible near-term
- OpEx at 950M vs 652M gross profit = structural loss
- R&D at 212M (21% of revenue) must sustain for competitive moat
- S&M at 138M suggests customer acquisition still scaling
Valuation Context
Caveats
Public Strategies Rankings
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SAIL Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$7.24B | — | ||
$6.96B | — | ||
0.00 | — | ||
$1.02B | +23.4% | — | |
$-1.16 | — | ||
-29.3% | +53.9% | — | |
-30.9% | +31.7% | — | |
$6.11M | — | ||
-4.59% | +2.9% | — | |
Beta 5Y (Monthly) | unknown | — |
SAIL Dividend History
SAIL Stock Splits
SAIL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/10/25 | 10/31/25 | 10-Q | |
09/10/25 | 07/31/25 | 10-Q | |
06/12/25 | 04/30/25 | 10-Q | |
03/27/25 | 01/31/25 | 10-K | |
02/14/25 | 10/31/24 | 424B4 | |
09/10/25 | 07/31/24 | 10-Q | |
06/12/25 | 04/30/24 | 10-Q | |
02/14/25 | 01/31/24 | 424B4 | |
02/14/25 | 10/31/23 | 424B4 | |
02/14/25 | 07/31/23 | 424B4 | |
02/14/25 | 04/30/23 | 424B4 | |
02/14/25 | 01/31/23 | 424B4 |