SailPoint, Inc. (SAIL) Stock Price & How to Invest
Short answer
SAIL is SailPoint, a leading enterprise identity-security software vendor that re-listed on Nasdaq in February 2025 after Thoma Bravo took it private in 2022. It is a high-growth, GAAP-unprofitable SaaS name (roughly 20-30% ARR growth, still posting operating losses) whose story is about durable subscription expansion in a security category buyers rarely cut.
SAIL stock price
As of 2026-07-08, SailPoint, Inc. (SAIL) last closed at $15.11, down 31.0% over the past year. Over the past 52 weeks it has traded between $10.49 and $23.63.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or SailPoint, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does SailPoint, Inc. (SAIL) do?
SailPoint sells identity security software that lets large organizations discover, govern, and automate who (and increasingly what, including machine and AI agent identities) can access which systems and data. Its platform spans the cloud-native Identity Security Cloud and the older customer-hosted IdentityIQ, and the business is overwhelmingly subscription-based, with metrics centered on annual recurring revenue (ARR), SaaS ARR, and large-customer growth. Founded in 2005 and headquartered in Austin, Texas, the company was taken private by Thoma Bravo in 2022 for about $6.9 billion and returned to the public market in a February 2025 IPO that raised roughly $1.38 billion.
The investment picture is a classic high-growth-but-unprofitable software profile. Total ARR crossed $1 billion in fiscal Q3 2026 (quarter ended October 2025) at roughly 28% year-over-year growth, and SaaS ARR grew faster as customers migrate to the cloud product, yet the company still reports GAAP operating and net losses driven by heavy stock-based compensation and amortization even as adjusted operating margins and free cash flow are positive. Layered on top are a rich revenue multiple, a very large residual Thoma Bravo ownership stake that leaves a big potential supply of shares, and intense competition from both identity pure-plays and platform giants.
What's driving SailPoint, Inc. (SAIL)?
1. ARR compounding past the $1B mark
Total ARR surpassed $1 billion in fiscal Q3 2026, growing about 28% year over year, with SaaS ARR near $669 million growing closer to 38%. Because identity governance is deeply embedded and rarely ripped out, this recurring base tends to be sticky, and continued net-new plus expansion bookings are the core driver bulls point to.
2. SaaS migration and up-market mix shift
Customers are moving from the self-hosted IdentityIQ to the cloud Identity Security Cloud, and the count of customers generating over $1 million in ARR grew roughly 62% year over year in early fiscal 2026. Larger, cloud-native contracts generally carry better retention and expansion economics, supporting the higher-margin part of the mix.
3. Machine and AI-agent identity tailwind
The proliferation of non-human identities (service accounts, bots, and AI agents) expands the number of identities every enterprise must govern. SailPoint positions its platform to secure these alongside human users, which management frames as a structural demand driver for identity security spend.
4. Path toward GAAP profitability
The company already generates positive adjusted operating income and free cash flow (about $49 million of free cash flow in fiscal Q3 2026), so the narrative rests on operating leverage narrowing GAAP losses over time as revenue scales against a largely fixed cost base and stock-based compensation normalizes.
What are the risks to SailPoint, Inc. (SAIL)?
SailPoint remains GAAP-unprofitable, reporting a net loss for fiscal 2026 even as adjusted metrics look healthier, so the equity depends on continued high growth to justify its valuation. Thoma Bravo retained roughly a 76% stake at IPO, creating a large overhang of shares that could pressure the price as lockups expire and the sponsor sells down. Competition is fierce and comes from both identity specialists and platform vendors like Microsoft that can bundle identity into broader suites at aggressive prices. Growth is decelerating from the pre-IPO 40%-plus ARR pace toward the high-20s percent range, and any further slowdown, elongated enterprise sales cycles, or macro-driven IT budget tightening would weigh heavily on a stock that trades at a premium revenue multiple.
How is SailPoint, Inc. (SAIL) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see SailPoint, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$1.12B
- Total ARR (Q3 FY2026): ~$1.04B
- SaaS ARR (Q3 FY2026): ~$669M
- Net loss (TTM): ~-$157M
- Market cap: ~$8.8B
- Price / sales (approx): ~8x
As of July 2026 SAIL traded near $15 per share for a market cap around $8.8 billion, well below the roughly $12.8 billion IPO valuation from February 2025. Revenue grew about 24% on a trailing basis to roughly $1.12 billion, but the company still posted a GAAP net loss, so investors are paying a mid-to-high single-digit sales multiple for growth rather than current earnings. Adjusted operating margin and free cash flow are positive, which is the bridge management points to for eventual GAAP profitability.
Who competes with SailPoint, Inc. (SAIL)?
Identity security pure-plays
Okta, CyberArk, Saviynt, and Ping Identity compete directly in identity governance, access management, and privileged access. These are the closest head-to-head rivals where feature depth and enterprise references decide deals.
Platform and cloud giants
Microsoft (Entra ID), Oracle, IBM, and Google embed identity into broader security or cloud suites. Their ability to bundle identity governance into existing enterprise agreements is a structural pricing and displacement threat, especially for cost-conscious buyers.
Broader cybersecurity spend
SailPoint also competes for finite security budgets against endpoint, network, and cloud-security vendors such as CrowdStrike, Palo Alto Networks, and Zscaler. Identity is one of several priorities CISOs must fund, so wallet-share dynamics matter.
How to invest in SailPoint, Inc. (SAIL)
There are three common ways to get SAIL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so SAIL sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where SAIL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on SailPoint, Inc. (SAIL)
SailPoint is a category-leading identity-security SaaS compounding ARR past $1 billion while still reporting GAAP losses and carrying a large Thoma Bravo overhang, so the debate is growth durability versus valuation and float.
More on SailPoint, Inc. (SAIL)
Whether SAIL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SAIL a buy?, and where the stock could go from here in the SAIL stock forecast.
For income investors, whether SAIL pays a dividend and how the payout looks is covered in does SAIL pay a dividend?
Build a basket around SAIL with Walnut
Use SailPoint, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does SailPoint (SAIL) do?
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SailPoint sells enterprise identity security software that helps large organizations discover, govern, and automate access to systems and data. Its platform manages human, machine, and AI-agent identities to enforce security policy and support regulatory compliance.
Is SAIL a newly public company?
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SailPoint returned to Nasdaq in February 2025 in an IPO that raised about $1.38 billion, after Thoma Bravo took it private in 2022 for roughly $6.9 billion. The company itself dates to 2005, so it is an established business with a fresh public listing.
Is SailPoint profitable?
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Not on a GAAP basis. As of fiscal 2026 the company still reported net losses, driven largely by stock-based compensation and amortization. It does generate positive adjusted operating income and free cash flow, which management frames as the path toward eventual GAAP profitability.
How fast is SailPoint growing?
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Total annual recurring revenue surpassed $1 billion in fiscal Q3 2026 (quarter ended October 2025), growing about 28% year over year, with SaaS ARR growing closer to 38%. Trailing revenue rose roughly 24%, a deceleration from the 40%-plus ARR pace seen before the IPO.
What is ARR and why does it matter for SAIL?
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ARR, or annual recurring revenue, is the annualized value of active subscription contracts. For a subscription-heavy business like SailPoint it is the clearest gauge of underlying momentum and is often watched more closely than reported revenue, which recognizes those contracts over time.
Who are SailPoint's main competitors?
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Direct identity-security rivals include Okta, CyberArk, Saviynt, and Ping Identity. It also competes with platform giants like Microsoft (Entra ID), Oracle, IBM, and Google that bundle identity into broader suites, plus the wider set of cybersecurity vendors competing for security budgets.
What is the Thoma Bravo overhang?
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Private equity firm Thoma Bravo retained roughly a 76% stake in SailPoint after the IPO. That large residual ownership means a substantial supply of shares could reach the market over time as lockups expire and the sponsor sells down, which can weigh on the stock price.
What are the biggest risks for SAIL?
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The main risks are continued GAAP losses against a premium valuation, decelerating growth, intense competition (particularly Microsoft bundling identity), the large Thoma Bravo share overhang, and sensitivity to enterprise IT budgets. Walnut is not an investment adviser, and this is descriptive information, not a recommendation.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with SailPoint, Inc.'s investor relations page or your broker before making investment decisions.