SentinelOne [S]
As of 2026-07-29. Every figure traceable to a named source. $m unless stated.
| Input | Value | Source | Notes |
|---|---|---|---|
| Spot | $18.53 | Alpaca /v2/stocks/S/snapshot, latest trade 2026-07-29 |
Prior close $18.34 (2026-07-28) matches the screen's $18.335 |
| Shares (used) | 337,000,297 — BASIC | AV BALANCE_SHEET, commonStockSharesOutstanding @2026-04-30 |
UNRESOLVED, FLAGGED — see below |
| Net cash | +$812.5m | Built below | Screen had $656.8m — a $155.7m error |
| Debt | $0 — none | AV balance sheet: all debt fields null; CFO "no debt" | |
| TTM revenue | $1,049.0m | Sum of AV quarterly periods 2025-07-31, 2025-10-31, 2026-01-31, 2026-04-30 — verified consecutive | Matches the screen exactly |
| Fiscal year end | 31 January | AV OVERVIEW, FiscalYearEnd: January |
FQ1 FY27 = quarter ended 2026-04-30 |
| Latest filing | 10-Q, period end 2026-04-30 | EDGAR | 90 days old. Recency asserted |
| Splits | NONE | AV SPLITS → {"symbol":"S","data":[]} |
Checked before any per-share figure, per the CRWD 4:1 cautionary case |
| Component | Amount | Tag / source |
|---|---|---|
| Cash and cash equivalents | +153.2 | AV cashAndCashEquivalentsAtCarryingValue |
| Short-term investments | +503.6 | AV shortTermInvestments |
| Long-term investments | +155.7 | AV longTermInvestments — omitted by the screen |
| Debt | 0.0 | None exists |
| Net cash | +812.5 |
Cross-checked against a source AV did not produce: the CFO's FQ2 FY26 prepared remarks — "we ended the quarter with $1.2 billion in cash, cash equivalents, and investments and no debt." The balance has since been reduced by the ~$180m Prompt Security purchase and by operating burn, consistent with $812.5m.
SentinelOne is dual-class (Class A / Class B). All three EDGAR share-count concept endpoints return 404 for CIK 0001583708:
| Concept | Result |
|---|---|
us-gaap:CommonStockSharesOutstanding |
404 — does not exist |
us-gaap:CommonStockSharesIssued |
404 — does not exist |
dei:EntityCommonStockSharesOutstanding |
404 — does not exist |
This is exactly the brief's warning that "dimensional XBRL tagging does not survive SEC aggregation" for dual-class issuers. I therefore use AV's 337,000,297, which agrees with the screen.
Why this is flagged rather than accepted. S carries SBC at 28.96% of revenue ($303.8m TTM). The
fully-diluted count including unvested RSUs and options is materially higher than 337.0m, and every per-share
figure in S_Valuation.md is therefore an upper bound on the share-count dimension. The magnitude is not
determinable from available data, which is why evidence_grade is C+ and why S_Trade_Construction.md §3
routes the uncertainty into position size rather than into the valuation assumption (valuation.md rule 5).
For contrast, ZS resolved cleanly: basic 160,741,000 (balance sheet), cover-page 161,709,525 (dei), and the company's own 168.0m fully-diluted guidance figure — three independent readings that bracket each other.
| Quarter ended | Revenue | Gross profit | GM% | Operating income | OM% | R&D | SBC | SBC % rev | OCF | Capex |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-04-30 | 276.7 | 198.7 | 71.8 | −77.8 | −28.1 | 95.8 | 74.9 | 27.1 | 38.5 | 0.4 |
| 2026-01-31 | 271.2 | 205.1 | 75.6 | −79.9 | −29.4 | 89.4 | 79.7 | 29.4 | 4.4 | 6.7 |
| 2025-10-31 | 258.9 | 191.1 | 73.8 | −73.3 | −28.3 | 83.1 | 75.3 | 29.1 | 21.0 | 5.1 |
| 2025-07-31 | 242.2 | 181.7 | 75.0 | −80.6 | −33.3 | 79.1 | 73.9 | 30.5 | −1.0 | 6.2 |
| 2025-04-30 | 229.0 | 172.5 | 75.3 | −87.5 | −38.2 | 72.3 | 68.7 | 30.0 | 52.3 | 6.9 |
| 2025-01-31 | 225.5 | 168.5 | 74.7 | −80.3 | −35.6 | 74.6 | 74.1 | 32.9 | −3.4 | 5.5 |
| 2024-10-31 | 210.6 | 157.4 | 74.7 | −89.1 | −42.3 | 70.5 | 70.2 | 33.3 | −7.2 | 5.5 |
| 2024-07-31 | 198.9 | 148.2 | 74.5 | −79.4 | −39.9 | 63.6 | 64.7 | 32.5 | 2.3 | 7.8 |
| 2024-04-30 | 186.4 | 136.2 | 73.1 | −80.6 | −43.3 | 58.3 | 58.6 | 31.4 | 42.0 | 8.3 |
| 2024-01-31 | 174.2 | 125.9 | 72.3 | −81.2 | −46.6 | 56.4 | 53.6 | 30.8 | −6.2 | 4.5 |
| 2023-10-31 | 164.2 | 120.4 | 73.3 | −81.5 | −49.6 | 52.3 | 54.9 | 33.4 | −22.2 | 7.4 |
| 2023-07-31 | 149.4 | 105.5 | 70.6 | −100.4 | −67.2 | 54.2 | 52.8 | 35.4 | −11.9 | 3.3 |
| 2023-04-30 | 133.4 | 90.8 | 68.1 | −115.4 | −86.5 | 55.3 | 68.7 | 41.6 | −28.1 | 3.5 |
| 2023-01-31 | 126.1 | 86.3 | 68.5 | −100.0 | −79.3 | 53.9 | 46.1 | 36.6 | −22.1 | 3.5 |
| TTM to 2026-04-30 | TTM to 2025-04-30 | Change | |
|---|---|---|---|
| Revenue | 1,049.0 | 864.0 | +21.4% |
| Gross profit | 776.6 | 645.6 | +20.3% |
| Gross margin | 74.0% | 74.7% | −0.7pp |
| Operating income | −311.6 | −336.3 | — |
| Operating margin | −29.70% | −38.92% | +9.22pp |
| R&D | 348.1 (33.2%) | 281.0 (32.5%) | +0.7pp |
| SBC | 303.8 (28.96%) | 266.1 (30.80%) | −1.84pp |
| Operating margin ex-SBC | −0.74% | −8.12% | +7.38pp |
| Operating cash flow | 62.9 | 101.3 | −37.9% |
| Capex | 18.4 | 25.5 | −27.8% |
| Free cash flow | 44.5 (4.24%) | 75.8 (8.77%) | −4.53pp |
The three model-relevant observations:
Method: calculated billings = revenue + Δ(ContractWithCustomerLiabilityCurrent + ContractWithCustomerLiabilityNoncurrent),
EDGAR XBRL. The method was independently validated to 0.06% against Zscaler's own published billings figure —
see Zscaler [ZS]/ZS_Research.md §2a — so the series is trustworthy. S has never published a billings figure of its
own, so no direct validation on this name is possible.
| Quarter ended | Revenue | Def. rev. total | Billings | Bill YoY | Total RPO | RPO YoY | Unbilled RPO | Unbilled % of RPO |
|---|---|---|---|---|---|---|---|---|
| 2026-04-30 | 276.7 | 586.2 | 229.8 | +13.6% | 1,500.0 ᴿ | +28.9% | 913.8 | 60.9% |
| 2026-01-31 | 271.2 | 633.1 | 334.8 | +11.7% | 1,400.0 ᴿ | +19.8% | 766.9 | 54.8% |
| 2025-10-31 | 258.9 | 569.5 | 281.6 | +36.6% | 1,300.0 ᴿ | +34.1% | 730.5 | 56.2% |
| 2025-07-31 | 242.2 | 546.8 | 243.6 | +16.9% | 1,200.0 ᴿ | +27.1% | 653.2 | 54.4% |
| 2025-04-30 | 229.0 | 545.4 | 202.2 | +22.6% | 1,163.4 | +33.0% | 618.0 | 53.1% |
| 2025-01-31 | 225.5 | 572.1 | 299.6 | +12.6% | 1,169.1 | +30.5% | 597.0 | 51.1% |
| 2024-10-31 | 210.6 | 498.0 | 206.1 | +24.6% | 969.7 | +25.0% | 471.7 | 48.6% |
| 2024-07-31 | 198.9 | 502.6 | 208.5 | +28.5% | 944.3 | +39.7% | 441.7 | 46.8% |
| 2024-04-30 | 186.4 | 493.1 | 164.9 | +21.6% | 874.9 | +44.9% | 381.8 | 43.6% |
| 2024-01-31 | 174.2 | 514.5 | 266.1 | +49.5% | 896.2 | +47.1% | 381.7 | 42.6% |
| 2023-10-31 | 164.2 | 422.6 | 165.4 | +32.7% | 776.0 | +50.0% | 353.4 | 45.5% |
| 2023-07-31 | 149.4 | 421.4 | 162.3 | −5.6% | 676.1 | +52.0% | 254.7 | 37.7% |
ᴿ = disclosed ROUNDED to the nearest $100m in the filing. The XBRL values are literally 1200000000,
1300000000, 1400000000, 1500000000. Corroborated by the CFO: "remaining performance obligations grew 26% to
$1.2 billion." At ±$50m, the FQ1 FY27 RPO growth rate spans +24.6% to +33.1% — an 8.5pp band on every figure in
the last four rows.
TTM billings $1,089.8m, +18.9% — BELOW revenue at +21.4%. Deferred revenue +7.5%; unbilled RPO +47.9%; unbilled share 53.1% → 60.9%. The RPO growth is duration, and the duration figure was asked for on the call and not given.
Data note: AV's deferredRevenue field returns None for every S quarter, as it does for ZS. The
contract-liability figures are EDGAR XBRL.
| $m | |
|---|---|
| Cash and equivalents | 153.2 |
| Short-term investments | 503.6 |
| Long-term investments | 155.7 |
| Accounts receivable, net | 180.7 |
| Goodwill | 912.7 |
| Intangible assets | 119.0 |
| Total current liabilities | 672.3 |
| Contract liabilities — current | 510.0 |
| Contract liabilities — non-current | 76.2 |
| Debt | 0.0 |
| Total shareholders' equity | 1,438.1 |
Receivables check: AR $180.7m, +16.6% YoY against revenue +20.8%. Growing 4.2pp slower than revenue — no warning signal.
Goodwill of $912.7m against $1,438.1m of equity — 63.5%. Largely Attivo, PingSafe and Prompt Security. Worth noting for impairment risk in the bear case, though no impairment indicator is present.
| Driver | FY2026 (ended 2026-01-31) | FY2027 | FY2028 | Basis |
|---|---|---|---|---|
| Revenue | $1,001.3m actual (+21.9%); guided $998m–$1,020m | $1,200.2m (+19.9%) | $1,412.3m (+17.7%) | Actual; then AV EARNINGS_ESTIMATES, 34 analysts |
| EPS (non-GAAP consensus) | — | −$0.7301 (14 analysts) | −$0.5719 (14) | AV |
| Gross margin (non-GAAP) | 78.5–79.0% guided | — | — | Company |
| Operating margin | first full year of non-GAAP operating profit | — | — | Company. On GAAP, −32.09% |
| Prompt Security drag | ~80bp on FY26 operating margin | — | — | Company |
| SBC % of revenue | 28.96% TTM actual (from 41.6%) | — | modelled to 12.5% by FY32 | Demonstrated trend supports the direction |
| Terminal margin FY32 | — | — | 5.5% GAAP | Built via the opex bridge, S_Valuation.md §2 |
NTM revenue used for the 12-month target: $1,306.3m (half FY27 + half FY28, spanning Aug-2026 → Jul-2027).
Estimate revision history (AV native 7/30/60/90-day):
| 90d | 60d | 30d | 7d | Up / Down, 30d | Read | |
|---|---|---|---|---|---|---|
| FY28 EPS | −0.6114 | −0.6122 | −0.5571 | −0.5719 | 9 / 2 | Improving |
| FY27 EPS | −0.7178 | −0.7178 | −0.7268 | −0.7301 | 4 / 8 | Deteriorating |
| FQ3 FY27 EPS | −0.1518 | −0.1518 | −0.1468 | −0.1468 | 5 / 1 | Improving |
Near-year down, out-year up: the Street is deferring the profitability inflection by roughly a year, not abandoning it. Consistent with the FCF-margin reversal.
| # | Defect | Magnitude |
|---|---|---|
| 1 | Screen net_cash omitted $155.7m of long-term investments while reporting net_cash_complete: true |
−$155.7m, 19.0% understated; EV overstated 2.8% |
| 2 | EDGAR returns no share-count concept at all for this dual-class issuer — CommonStockSharesOutstanding, CommonStockSharesIssued and dei:EntityCommonStockSharesOutstanding all 404 |
Share count unverifiable against EDGAR. AV's 337,000,297 adopted with an explicit flag, never silently |
| 3 | AV deferredRevenue returns None for all 26 quarters |
Fatal to billings work if unnoticed; worked around via EDGAR |
| 4 | AV INCOME_STATEMENT returns the string "None" (not null, not a number) for totalRevenue in at least one older quarter |
Type defect — crashes naive float() parsing silently mid-series |
| 5 | AV transcript coverage: 4 of the last 18 quarters; the newest available call is FQ2 FY26, a year old | The FQ1 FY27 call (quarter ended 2026-04-30) is absent. Mention-frequency series is sparse and stale |
| 6 | AV transcript quarter labels for S appear to use the fiscal quarter (2026Q2 = FQ2 FY26, quarter ended 2025-07-31), whereas for ZS the same field is offset +1 calendar quarter from the call date |
Inconsistent labelling convention across tickers. Any cross-name time series keyed on the label misaligns |
| 7 | The issuer discloses total RPO rounded to the nearest $100m in the last four quarters, against exact figures previously | ±$50m ⇒ ±4.3pp on every RPO growth rate |
| 8 | The issuer has retired the numeric net-revenue-retention disclosure — last figure 129% (FQ1 FY23), now "well into expansionary territory" | The primary operating metric for a land-and-expand business is unavailable and not reconstructible |
| 9 | Screen terminal margin 10.7%, labelled "industry median," is a universe median (sic2 = None universe-wide) |
+5.2pp vs the built 5.5% — a 1.95x overstatement of terminal earnings power, flattering the name |
| 10 | AV SPLITS |
Correctly returns empty. No split; the CRWD trap does not apply ✓ |
| 11 | AV D&A sign / ebitda field |
Not triggered. The field was not used regardless, per the brief |