SAIL Investor Day - I Am The Architect. I Created The Identity Matrix.

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SAIL Investor Day - I Am The Architect. I Created The Identity Matrix.

Security Software

Security Software - Market Weight

SAILPOINT, INC. (SAIL) June 16, 2026

SAIL Investor Day - I Am The Architect. I Created The Rating:

Identity Matrix. Outperform

Price:

$14.09

The Wolfe Byte Price Target:

SAIL presented new ARR targets through FY29 at their A-day. While the targets $18

% Upside:call for acceleration and were well above consensus we believe investors question 27.8%

what upside there is from here. We take a stab at the conversion math to reach

View SAIL Model

targets in the note. View Comp Table

Company Information

TLDR. We attended SAIL's investor day in NYC where management spent time 52-Week Range $10 - $24

highlighting how their platform, GTM, deployment model, and pricing are evolving Market Cap. (MM) $7,992

to secure both human and agent identities. The company also presented new ARR Enterprise Value (MM) $7,566 Shares Out. (MM) 567.2

and margin targets though FY29. We walk away from the event with a better Avg. Value Traded (MM) $59.42

appreciation for why the Identity market needs to move to real time/run time in SI% of Float 20.9%

EV/ Revenue 5.8x

an agentic future and why SAIL is positioning themselves to be a winner in this EV/ FCF 29.0x

market. However, while the ARR targets were well above consensus we believe

the implied acceleration in SaaS ARR is leaving investors questioning as to what 26

level of upside there is to this medium term outlook. 24 22

FY29 targets. Management is calling for $1.7B in SaaS and $2.1B of total ARR in 2018

FY29 which implies accelerating growth and a meaningful step-up in SaaS NNARR in 16

FY28/29 vs what is implied in the guidance for FY27. We estimate FY27 SaaS NNARR 1412

of $228M vs an avg $367 in FY28/29.