      cloudedjudgement.substack.com · 2021-06-04
      · 1826d
    

SentinelOne: Benchmarking the S-1 Data

Analysis of SentinelOne's S-1 filing data benchmarked against public SaaS peers, revealing 101% YoY revenue growth, 124% net revenue retention, and 56% gross margin, but with significant operating losses (−134% operating margin) and the highest S&M spend as percentage of revenue (85%) among public cloud businesses. The article contextualizes SentinelOne's unit economics and Rule of 40 score relative to established public SaaS companies ahead of its IPO roadshow.

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Metrics in this report

Addressable Market CAGR

11.9percent

SentinelOne TAM growth rate 2021–2024

Addressable Market Size

40.2billions

Expected TAM for SentinelOne's solution in 2024, per IDC

Gross Margin (LTM GAAP)

56percent

SentinelOne; benchmarked as low-end for public cloud businesses

Net Revenue Retention

124percent

SentinelOne; annual cohort-based measurement

Operating Margin (LTM GAAP)

-134percent

SentinelOne; described as lowest among all public cloud businesses

Revenue (LTM)

113millions

SentinelOne; smallest among public cloud companies at IPO

Revenue Growth (LTM YoY)

101percent

SentinelOne; compared to public cloud businesses

S&M Expense as % of Revenue (LTM)

85percent

SentinelOne; highest among all public cloud businesses