SAIL.US: Identity governance for humans, machines, and agents

Snapshot

Price

USD 15.5

Mkt cap

USD 8.7B

Revenue

USD 1.1B

Revenue YoY (approx)

0.2

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

SailPoint IGA incumbent, re-listed Feb 2025 after Thoma Bravo take-private. The AI-regulation hook: agents are identities that need grant/audit/revoke. ~$1.07B revenue still growing fast, but post-re-IPO multiple is noisy—agent identity must show up beyond marketing.

Business

Model: IGA subscriptions (Atlas cloud). Flagships: lifecycle, entitlements, compliance audit; expansion to machine/agent identities. Edge: governance depth and regulated-industry logos. Strategy: extend human IGA into NHI and AI agents.

Value chain

Mid-stack identity/GRC; upstream directories/cloud identity (Okta/Entra/AWS IAM); downstream CISOs, audit, app owners. Regulated industries mean longer cycles. Risks: overlap with Okta/CyberArk-in-PANW; PE selling; cloud-migration execution.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 15.5	SAIL · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

Re-listed identity software; sensitive to cloud-transition growth and shareholder supply.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Volume: identities/cloud customers; price: governance modules; cost: subscription GTM. OCF improves with mix shift.

Key financials

Key financials

Item	Value	YoY	Note
CY2025 rev (approx)	~$1.07B	+24%	Consensus/FA 2026-03
Re-IPO	2025-02	—	Thoma Bravo sponsor
Cloud Atlas	Core platform	—	Mix shift ongoing
AI hook	Agent / NHI identity	—	Governance × security

Competition

Peer strengths/weaknesses:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
SailPoint (self)	IGA / agent ID	Sub growth	Governance depth	PE overhang / scale
Okta	Workforce IAM	FCF+	SSO install base	Shallower IGA
PANW (CyberArk)	PAM / agent ID	FCF+	Privileged access	Now inside PANW
ServiceNow	GRC + AI tower	FCF+	Workflow	Not identity-native

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO / Founder	Mark McClain	Founding	No material change
CFO	CFO office	post re-IPO	Verify latest proxy
Sponsor	Thoma Bravo	2022–25 take-private	Re-IPO 2025-02

Stability: Founder-CEO continuity; capital structure still digesting the PE-to-public transition.

Outlook

Track cloud ARR, post-re-IPO supply, and contract language around NHI/agent identity.

Scenarios

Risks

Tracking

Observable items that would confirm or falsify this note:

• Cloud ARR mix and growth
• Sponsor selling after re-IPO
• Quantified NHI/agent-identity disclosure

References

Issuer / key sources:

• https://investors.sailpoint.com/
• https://www.sec.gov/edgar

1. Latest company filings / IR (see issuer website)
2. Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
3. Related on-site notes via wiki-links in the body

Not investment advice; defer to latest company filings.