SAILSailPoint, Inc.

Services-Prepackaged Software

Revenue: $1.1B; 24% YoY
Operating margin: -28.7%; 31% YoY
EBITDA: −$97M; 299% YoY
Market cap: $12.0B
Employees: 3,229; $332K revenue each
Net debt / EBITDA: —; −$310M net debt
AI in 10-K: 16.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 1 years
3+ of last 5 years
High CEO pay despite TSRNo
$80M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
24% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
69% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$332K · 28th pct
Bottom quartile of its SIC industry
Quiet on AINo
16.2 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$32M net
Net sales over $10M in 12 months

Financials

Metric	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$700M	$862M	$1.1B	24%
Operating income	−$333M	−$189M	−$307M	63%
Net income	−$395M	−$316M	−$270M	14%
Operating cash flow	−$250M	−$106M	$71M	166%
Capex	$3M	$5M	$6M	12%
Stock-based comp	$37M	$32M	$255M	704%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $32M · 102
Net: −$32M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$80M	$88M	71	75