Latest Ratios: P/E Ratio -55.3x · EV/EBITDA N/A · ROE -42.9%. (2016–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.9B | $8.8B | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $10.6B | $8.5B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | -55.33 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 9.35 | 8.23 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.58 | 1.29 | — | — | — | — | — | — | — | — | — |
| P/FCF | 59.85 | 170.36 | — | — | — | — | — | — | — | — | — |
| P/OCF | 154.37 | 124.91 | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.91 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 163.79 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.5% | 64.5% | 64.5% | 60.5% | 50.5% | 74.3% | 76.5% | 77.3% | 78.0% | 76.0% | 72.0% |
| Operating Margin | -28.7% | -28.7% | -21.9% | -47.6% | -40.0% | -13.4% | 0.2% | -3.3% | 4.4% | 5.3% | 2.1% |
| Net Profit Margin | -25.2% | -25.2% | -36.7% | -56.5% | -60.1% | -13.7% | -2.9% | -2.9% | 1.5% | -4.1% | -2.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -42.9% | -42.9% | — | — | -300.9% | -14.2% | -2.4% | -2.1% | 1.0% | -4.8% | — |
| ROA | -3.6% | -3.6% | -4.2% | -5.1% | -7.3% | -5.5% | -1.0% | -1.1% | 0.7% | -1.7% | -0.8% |
| ROIC | -25.0% | -25.0% | — | -27.5% | -24.4% | -13.0% | 0.2% | -2.2% | 2.8% | 4.2% | 2.6% |
| ROCE | -4.5% | -4.5% | -2.7% | -4.5% | -5.5% | -12.4% | 0.1% | -1.5% | 2.7% | 2.7% | 0.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | — | — | — | 1.02 | 0.77 | 0.81 | — | 0.21 | — |
| Debt / EBITDA | — | — | 21.58 | — | — | — | 18.77 | — | — | 1.71 | 8.44 |
| Net Debt / Equity | — | -0.05 | — | — | — | -0.05 | -0.32 | -0.21 | -0.19 | -0.15 | — |
| Net Debt / EBITDA | — | — | 19.08 | — | — | — | -7.85 | — | -3.28 | -1.19 | 7.01 |
| Debt / FCF | — | -6.57 | — | — | — | — | -2.79 | -2.13 | -2.66 | -2.49 | 16.89 |
| Interest Coverage | -12.23 | -12.23 | -1.02 | -2.43 | -2.90 | -22.56 | 0.16 | -6.09 | — | -1.36 | — |
Net cash position: cash ($358M) exceeds total debt ($18M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 0.89 | 1.15 | 1.78 | 0.95 | 1.20 | 3.39 | 1.61 | 1.99 | 1.16 |
| Quick Ratio | 1.32 | 1.32 | 0.89 | 1.15 | 1.78 | 0.95 | 1.20 | 3.39 | 1.61 | 1.99 | 1.16 |
| Cash Ratio | 0.56 | 0.56 | 0.21 | 0.46 | 1.13 | 0.62 | 0.91 | 2.57 | 0.57 | 1.16 | 0.28 |
| Asset Turnover | — | 0.14 | 0.12 | 0.09 | 0.07 | 0.39 | 0.34 | 0.29 | 0.47 | 0.37 | 0.34 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 138.92 | 133.33 | 138.58 | 132.73 | 119.35 | 112.18 | 134.64 | 148.79 | 143.03 | 134.49 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.7% | 0.6% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $562M | $547M | $138M | $547M | $94M | $91M | $89M | $90M | $52M | $69M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying SAIL stock.
SailPoint, Inc.'s current P/E ratio is -55.3x. This places it at the 50th percentile of its historical range.
SailPoint, Inc.'s return on equity (ROE) is -42.9%. The historical average is -52.3%.
Based on historical data, SailPoint, Inc. is trading at a P/E of -55.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SailPoint, Inc. has 64.5% gross margin and -28.7% operating margin.
Key Metrics
Top Statement Risk
Premium sales multiple on negative earnings
Metrics are mathematically derived from official filings.
Sales Multiple Prices in Turnaround Not Yet Visible
At 10.74x sales and 222.38x free cash flow, according to market data compiled for SAIL, the valuation embeds a material margin-expansion assumption, since trailing P/E of -39.02 remains uninformative amid continuing losses and a decelerating 16.8% revenue growth rate.
The price-to-sales ratio of 10.74 sits above where CyberArk (8.54x book) and Okta (5.59x book) trade on price-to-book, and SAIL's 1.67x P/B is depressed not by weakness but by a $5.3B goodwill balance against only $6.9B equity, per SailPoint's quarterly balance sheet. Investors should recognize that the 222x P/FCF figure prices the market's expectation that operating leverage eventually converts the current -19.1% operating margin into positive earnings; if that conversion stalls, multiple compression risk appears substantial relative to peers who already report positive net margins, as Okta's 8.1% net margin demonstrates.
Margin Volatility Undermines Earnings Power Estimates
As reported in SailPoint's quarterly income statements, gross margin has ranged from 40.2% in 2024Q4 to 74.5% in 2025Q4 before stabilizing near 66.5% in 2027Q2, an unusually wide band for subscription software that suggests unresolved mix effects between legacy licensing, cloud subscriptions, and implementation services.
The recent trajectory of operating margins — from -195.6% in 2024Q4 to -80.3% in 2026Q1, then narrowing to -13.6% by 2026Q4 before widening again to -19.1% in 2027Q2 — suggests an incomplete and non-linear path toward profitability, not a clean operating-leverage story. Net margin of -16.3% in the latest quarter still trails CyberArk's -10.8% and Okta's positive 8.1%, indicating SAIL's true earning power, adjusted for the reported SG&A of $202.2M consuming roughly 65% of revenue, remains weaker than its peer group.
Returns on Capital Depressed by Intangible-Heavy Assets
With ROE at -0.7% and ROIC at -0.7% in 2027Q2, according to SailPoint's reported figures, capital returns remain near zero despite $313.1M in cash, indicating that the company's $7.6B asset base — dominated by $5.3B in goodwill — is not generating economic returns on invested capital.
The trailing pattern is telling: ROIC swung from -48.4% in 2024Q4 to +7.6% in 2025Q4 before reverting to near-zero territory, suggesting that the single positive quarter reflected acquisition-accounting distortions rather than genuine operating improvement, a pattern that warrants further investigation. Asset turnover of 0.04x against a comparable-company set running far higher multiples of revenue per asset dollar underscores that the balance-sheet composition, not operational inefficiency per se, is the primary suppressant of reported ROE and ROIC.
Current Ratio Tightening as Cash Funds Acquisitions
SailPoint's current ratio declined from 1.39 in 2027Q1 to 1.13 in 2027Q2 while cash fell from $390.8M to $313.1M, based on disclosed quarterly balance sheets, reflecting the combined effect of operating losses, a $31.5M working-capital outflow, and $118.2M deployed toward acquisitions.
While a debt-to-equity ratio of 0.00 removes traditional refinancing risk, the company's liquidity cushion is nonetheless being consumed faster than its FCF margin of 13.9% suggests, since operating cash flow of $45.0M was offset in part by non-cash add-backs, including D&A of $53.6M that exceeds the reported net loss. Investors should monitor whether the deferred revenue collapse from $555.2M to $29.6M signals a structural change in revenue visibility that could further compress the working-capital buffer supporting the near-term liquidity position.
Price-to-Book Discount Reflects Goodwill, Not Value
SAIL's P/B of 1.67 compares sharply with CyberArk at 8.54 and Okta at 5.59, per market data for the identity-security peer set, yet this apparent discount likely overstates relative value because SAIL's book equity of $6.9B is itself inflated by $5.3B of goodwill from the Thoma Bravo transaction.
On profitability, the comparison is less flattering to SAIL: its ROE of -0.7% and net margin of -16.3% lag CyberArk's -6.1% ROE and -10.8% net margin, and materially trail Okta's positive 4.3% ROE and 8.1% net margin, suggesting SAIL is neither the value nor the quality play within the group. The gap between SAIL's 16.8% revenue growth and peers' margin profiles suggests the structural challenge is not demand — which appears healthy — but rather the conversion of that demand into sustainable profitability, an issue that appears structural rather than cyclical given the persistent negative operating margins.
What Could Invalidate the Base Case
The most commonly misapplied ratio for SAIL is the price-to-sales multiple of 10.74, which assumes historical margin structures will persist, obscuring the fact that the current 66.5% gross margin may itself be transitional as legacy IdentityIQ contracts roll off.
Because the reported free cash flow margin of 13.9% relies on non-cash add-backs including $53.6M in D&A against a net loss of $50.4M, the P/FCF multiple of 222.38 may understate the true cash cost of maintaining the business during the cloud transition, making P/S misleading as a valuation anchor. The more defensible metric appears to be a forward-adjusted EV/RPO or EV/remaining-subscription-revenue, adjusted for the deferred revenue collapse from $555.2M to $29.6M — a shift that, if it reflects genuine accounting-policy change rather than one-time noise, would materially weaken the forward-visibility assumptions supporting the current valuation premium over CyberArk and Okta.