SentinelOne Inc.

S
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$271.2M
Q4 FY2026 · +20% YoY
TTM ROIC
2.2%
FY2026 · NOPAT / Invested Capital (Equity + Debt − Cash), Non-GAAP basis · WACC ~11% · Moat spread +-9pp

Financial Snapshot


ticker: S step: 04 generated: 2026-05-13 source: quick-research

SentinelOne, Inc. (S) — Financial Snapshot

Note: SentinelOne's fiscal year ends January 31.

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY
Revenue $422M $621M $822M +32%
Non-GAAP Gross Margin ~72% ~76% ~78% improving
GAAP Operating Margin ~-65% ~-45% ~-30% improving
Non-GAAP Operating Margin ~-20% ~-8% ~-2% approaching breakeven
GAAP Net Income ~-$0.28B ~-$0.28B ~-$0.25B slow improvement

FY2026 (ended Jan 2026): Revenue $1B+ (+22% YoY); ARR $1B+; non-GAAP operating margin 3.5% — first full year of non-GAAP profitability; expanding 600 bps annually. Q2 FY2026: revenue $242M (+22% YoY), non-GAAP operating margin 2%, non-GAAP gross margin 79%. FCF positive on TTM basis for first time. International revenue +34% YoY.

Cash Flow & Balance Sheet (FY2025)

Metric Value
Operating Cash Flow ~$50–80M
Free Cash Flow ~$20–50M (first TTM-positive milestone)
Capital Expenditures ~$25M
Cash & Equivalents ~$1.5B
Total Debt ~$0 (effectively debt-free)

Debt-free with $1.5B+ cash — exceptional financial position for a growth company. FCF turned positive on TTM basis in FY2025/FY2026 — a key milestone. GAAP losses persist from SBC (~35% of revenue), but declining rapidly as SBC grows slower than revenue. Non-GAAP profitability achieved FY2026 with 600bps annual margin expansion trajectory.

Key Ratios (approximate)

  • P/E: N/A (GAAP losses) | EV/Sales: ~4x | FCF Yield: ~1%
  • Revenue Growth (TTM): ~22% | Non-GAAP Operating Margin: ~3.5%

Growth Profile

SentinelOne grew from $422M (FY2023) to $1B+ (FY2026) — 2.4x in 3 years — but growth decelerated from 106% (FY2023) to 22% (FY2026) as the business matures. The CrowdStrike BSOD outage (July 2024) provided a major displacement catalyst. ARR $1B+ achieved; non-GAAP profitability achieved; FCF positive — three milestone simultaneously. Trades at ~4x EV/Sales vs. CrowdStrike's ~22x, representing the most significant valuation discount in cybersecurity.

Forward Estimates

  • FY2027: Revenue ~$1.2–1.3B (+20–25% YoY); non-GAAP operating margin 8–10%
  • ARR: tracking from $1B toward $1.3B as Purple AI upsell and cloud security expansion continue
  • International: +34% growth; government authorizations expanding market
  • FCF margin: targeting 8–12% as non-GAAP margins expand beyond 10%
  • Analyst consensus PT: ~$24.83 (+34–50% from ~$16–18)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $S.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/s/financials/md · → thesis · → memo