Forensic Analysis · Software & SaaS · as of Nov 9, 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
Distress distance
4
Forensic signals
-42.9%
ROE
24.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
SailPoint, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 9.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.6%
FY2026
Return on invested capital.Return on invested capital is -3.6% in the latest fiscal year, close to the -2.2% of FY2025. After-tax operating profit was ($149M) in FY2025 and ($243M) in FY2026, with operating income at -21.9% of revenue in FY2025 and -28.7% in FY2026. The capital base behind it went from $6.7B in FY2025 to $6.7B in FY2026 (-1%), while the revenue it carried went from $862M to $1.1B.
+550.0%/yr
FY2025–FY2026
Share-count dilution.Diluted share count changed +550% over the last 1 year to FY2026 (+550.0%/yr). The count is growing — 83.7M shares in FY2025, 544.2M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~550.0% 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 FY2025 has been diluted ~85%.
stopped
FY2025→FY2026
Shareholder 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.
24% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 24% of revenue and 493% of free cash flow in FY2026 — about $0.47 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 550.0% a year across FY2025–FY2026, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$1.07B
Revenue Growth YoY+24.4%
Net Margin-25.2%
Free Cash Flow$51.8M
Return on Equity-42.9%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from SailPoint, Inc.'s actual 10-K/10-Q/8-K filings?