Forensic Analysis · Technology / Software · as of Jun 27, 2026
SailPoint, Inc. (SAIL)
A forensic read on SailPoint, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
9.4
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-2.3%
ROE
$7.5B
Market cap
SailPoint, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 9.4, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4%Return on invested capital.Return on invested capital is -4% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+287.0%/yrShare-count dilution.Diluted share count changed +574% over the last 2 years to FY2026 (+287.0%/yr). The count is GROWING — existing holders are being diluted. That's ~287.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~574%.
24% of revStock-based comp load.Stock-based compensation ran 24% of revenue and 395% of free cash flow in FY2026 — about $0.47 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
stoppedShareholder returns — halted.Capital returns have STOPPED — $6M of buybacks + dividends in FY2025, but ~$0 in FY2026. A halt usually means the company is conserving cash; understand why before reading it as neutral.
114d DSOReceivables vs revenue.Days sales outstanding moved from 108 to 114 days FY2025→FY2026 (receivables +32% vs revenue +24%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin-25.2%
Debt / Equity0.00x
Free Cash Flow$64.6M
Latest Revenue$1.07B
Return on Equity-3.9%
Revenue Growth YoY+24.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on SailPoint, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SAIL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown