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US identity security software company helping enterprises govern who has access to which systems and data (identity governance).
US identity security software company helping enterprises govern who has access to which systems and data (identity governance).
Customers pay yearly subscriptions for its cloud service, and the company has been converting customers who run its older self-hosted software to the cloud version. Implementation work is often done by consulting partners. Thoma Bravo, which took it private in 2022, stayed a major owner after the 2025 return to the stock market.
Moat: narrow (switching costs, regulatory licence, installed base). Identity governance is embedded in compliance/audit processes, making replacement costly and high-risk.
Headquarters: Austin, Texas, US · Founded: 2005 · Employees: 3,229
Size SailPoint (SAIL) is a United States Information Technology company (Packaged Software) with a market value of $11.0B, the 732nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $19.21 on 6 Nov 2026.
Performance Over six months the shares gained 57.1%, against +20.5% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 20.1% over the last twelve months (peer median +21.0%); the operating margin is -18.8% (peer median 13.0%).
Valuation It trades at 53.5× forward earnings against a peer median of 25.7× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 17.9 points below its cost of capital (15.2% WACC).
Backlog Backlog (remaining performance obligations) was $1.90B at 31 Jul 2026, up 28% on a year earlier — 1.6 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.4% of the free float (15 Oct 2026).
Next results Next results expected around 15 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.17B | $1.07B | $862M | $700M | $553M |
| Revenue growth | — | +24% | +23% | +27% | — |
| Gross profit | $676M | $595M | $429M | $269M | $279M |
| EBITDA | -$5.82M | -$94.5M | $72.1M | -$45.5M | -$90.0M |
| Net income | -$197M | -$294M | -$1.08B | -$979M | -$583M |
| Free cash flow | $182M | $49.0M | -$120M | -$253M | -$328M |
| Capital expenditure | $41.0M | $35.6M | $13.6M | $4.48M | $7.03M |
| Total debt | $5.88M | $18.1M | $1.05B | $1.59B | $1.59B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SailPoint SAIL | $11.0B | +57% | +20% | -19% | 53.5× | 42.0% |
| Okta OKTA | $29.5B | +101% | +11% | 8% | 41.3× | 39.2% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Varonis Systems VRNS | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SAIL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.0% | -0.1% | 9th lowest of 21 |
| 6-month return | +57.1% | +20.5% | 6th highest of 21 |
| Distance from 52-week high | -15.1% | -20.3% | 9th highest of 21 |
| Revenue growth (TTM) | +20.1% | +21.0% | 10th lowest of 21 |
| Operating margin | -18.8% | 13.0% | 3rd lowest of 21 |
| Forward P/E | 53.5× | 25.7× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 42.0% | 19.3% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +24.7% | +23.4% | 9th highest of 19 |
| Hurdle (Req g minus delivered) | +17.3 pp | -6.9 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | -17.9 pp | -1.9 pp | 3rd lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SailPoint SAIL | United States | $11.0B | +57% | +20% | -19% | 53.5× | 42.0% | +24.7% |
| Capcom 9697.T | Japan | $11.0B | +25% | +21% | 41% | 27.0× | -2.2% | +15.4% |
| Paycom Software PAYC | United States | $10.5B | +73% | +9% | 30% | 15.9× | 3.3% | +19.5% |
| Procore Technologies PCOR | United States | $11.4B | +41% | +16% | -1% | 33.8× | 19.9% | +27.0% |
| Wisetech Global WTC.AX | Australia | $10.3B | +15% | +71% | 31% | 32.6× | 30.1% | +32.3% |
| Chime Financial CHYM | United States | $11.9B | +70% | +18% | -1% | 35.2× | 18.2% | +24.8% |
| Figma FIG | United States | $10.0B | -9% | +43% | -124% | 54.8× | 22.2% | +43.4% |
| HubSpot HUBS | United States | $10.0B | +2% | +21% | 4% | 12.5× | 25.1% | +28.8% |
| JFrog FROG | United States | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% | +28.7% |
| Dynatrace DT | United States | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% | +23.5% |
| Trimble TRMB | United States | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% | +2.6% |
| Oracle Financial Services Software OFSS.NS | India | $9.43B | +8% | +28% | 52% | 22.7× | 22.0% | +9.0% |
| Full Truck Alliance Co. Ltd. Sponsored ADR YMM | United States | $9.35B | +4% | +9% | 34% | 12.8× | -10.9% | +36.0% |
| Hinge Health HNGE | United States | $9.34B | +107% | +50% | 19% | 39.6× | 34.1% | +49.9% |
| Elastic ESTC | United States | $9.12B | +65% | +16% | -1% | 24.4× | 13.0% | +23.4% |
| Paylocity PCTY | United States | $9.03B | +56% | +11% | 22% | 19.0× | 2.3% | +22.8% |
| Netskope NTSK | United States | $8.70B | +83% | +30% | -94% | n/a | n/a | n/a |
| Tempus AI TEM | United States | $13.9B | +53% | +37% | -18% | n/a | n/a | n/a |
| 360 Security Technology 601360.SS | China | $8.63B | -26% | +7% | -4% | 172.6× | 55.2% | -5.7% |
| Zhejiang Century Huatong 002602.SZ | China | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% | +20.4% |
| DigitalOcean DOCN | United States | $8.55B | -56% | +28% | 12% | 44.7× | 41.6% | +23.1% |
SailPoint reported $1.90B of remaining performance obligations at 31 Jul 2026, up 28% from a year earlier and up 6% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.32.