SSentinelOne, Inc.

Services-Prepackaged Software

Revenue: $1.0B; 22% YoY
Operating margin: -32.1%; 20% YoY
EBITDA: −$266M; 7.1% YoY
Market cap: $8.5B
Employees: 2,900; $345K revenue each
Net debt / EBITDA: —; −$201M net debt
AI in 10-K: 21.9; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 5 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$17M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
30% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
261% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentYes
73% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$345K · 31st pct
Bottom quartile of its SIC industry
Quiet on AINo
21.9 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$42M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$205M	$422M	$621M	$821M	$1.0B	22%
Operating income	−$267M	−$403M	−$378M	−$329M	−$321M	2.4%
Net income	−$271M	−$379M	−$339M	−$288M	−$451M	56%
Operating cash flow	−$96M	−$193M	−$68M	$34M	$77M	127%
Capex	$4M	$5M	$1M	$2M	$713K	62%
Stock-based comp	$88M	$164M	$217M	$268M	$298M	11%
Buybacks	—	—	$0	$0	$200M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 12, 2024	Insight Venture Partners X, L.P.	SC 13D/A	3.6%	Passive
Apr 10, 2024	Insight Venture Partners X, L.P.	SC 13D/A	—	Passive
Jan 10, 2024	Insight Venture Partners X, L.P.	SC 13D/A	—	Passive
Mar 31, 2023	Insight Holdings Group, LLC	SC 13D/A	—	Passive
Jan 30, 2023	Third Point LLC	SC 13D/A	4.4%	Active
Nov 7, 2022	Third Point LLC	SC 13D/A	6.7%	Active
Sep 2, 2022	Third Point LLC	SC 13D/A	8.9%	Active
Sep 2, 2022	Insight Venture Partners X, L.P.	SC 13D/A	—	Passive
Jun 21, 2022	Third Point LLC	SC 13D/A	9.9%	Active
Jun 16, 2022	Third Point LLC	SC 13D/A	10.2%	Active

Insider trading

Open-market buys, 12 mo: $596K · 1
Open-market sells, 12 mo: $43M · 60
Net: −$42M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$17M	−$19M	33	116
FY2025	$19M	−$7M	56	132
FY2024	$17M	$83M	63	108
FY2023	$14M	−$183M	36	72
FY2022	$95M	$352M	105	91