SailPoint, Inc.

SAILdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

SailPoint, Inc. earns about -4% on equity, but has diluted owners by 574% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2024	FY 2025	FY 2026
Revenue	$699.6M¹	$861.6M¹	$1.07B¹
Net income	−$395.4M²	−$315.8M²	−$270.1M²
Operating cash flow	−$250.4M³	−$106.4M³	$70.6M³
Capital expenditure	$2.58M⁴	$5.36M⁴	$5.98M⁴
Free cash flow (derived)	−$252.9M³	−$111.8M³	$64.6M³
Total debt	—	$1.02B⁵	$0⁵
Cash & equivalents	$211.6M⁶	$121.3M⁶	$358.1M⁶
Diluted shares	80.7M	83.7M	544.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$125.81

your share of equity

Profit it earned you last year

−$4.96

Free cash flow it threw off

$1.19

Debt you’d be carrying

10 shares is a claim on $125.81 of net worth that earned you −$4.96 and generated $1.19 of cash last year, against $0 of debt.

iii. Is this a good business?

Moat signal · return on equity

-4% avg · 3y

FY24 —FY25 —FY26 -4%

It earned an average -4% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+574% shares · 3y

Share count is up 574% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-01-31 · accession 0002030781-26-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2024-01-31 · accession 0002030781-26-000003 (NetIncomeLoss)
10-K · period ending 2024-01-31 · accession 0002030781-26-000003 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-01-31 · accession 0002030781-26-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2025-01-31 · accession 0002030781-26-000003 (LongTermDebt)
10-K · period ending 2024-01-31 · accession 0002030781-26-000003 (CashAndCashEquivalentsAtCarryingValue)