SentinelOne looks like it's where CrowdStrike was 3 years ago.
The numbers are extremely similar. We'll see how SentinelOne scales from here. It's a tough act to follow as CrowdStrike has executed wonderfully.
The numbers are extremely similar. We'll see how SentinelOne scales from here. It's a tough act to follow as CrowdStrike has executed wonderfully.
• SentinelOne's (S) FY '21 TTM revenue was $113 million
• CrowdStrike's (CRWD) FY '18 TTM revenue was $118 million
So yep, pretty much exactly 3 years apart.
• CrowdStrike's (CRWD) FY '18 TTM revenue was $118 million
So yep, pretty much exactly 3 years apart.
• S's gross margin for Q4 2021: 51%
• CRWD's gross margin for Q4 2018: 50%
• S's GAAP operating loss for 2021: -134%
• CRWD's GAAP operating loss for 2018: -111%
• S's FCF margin for 2021: -82%
• CRWD's FCF margin for 2018: -69%
• CRWD's gross margin for Q4 2018: 50%
• S's GAAP operating loss for 2021: -134%
• CRWD's GAAP operating loss for 2018: -111%
• S's FCF margin for 2021: -82%
• CRWD's FCF margin for 2018: -69%
One difference between the two is customer count.
SentinelOne has 4,700 customers. At the end of 2018 (3 years ago), CRWD had 1,242.
So CRWD's average customer was nearly 4x as big at the same point.
SentinelOne has 4,700 customers. At the end of 2018 (3 years ago), CRWD had 1,242.
So CRWD's average customer was nearly 4x as big at the same point.
Another thing that stands out is CRWD's dollar-based retention rate.
In 2018, it was 119% and but it shot up to 147% in 2019 as they raised prices and started really focusing on their module strategy.
Maybe it's no surprise but SentinelOne's annual retention rate is 119%.
In 2018, it was 119% and but it shot up to 147% in 2019 as they raised prices and started really focusing on their module strategy.
Maybe it's no surprise but SentinelOne's annual retention rate is 119%.
I would be quite surprised if SentinelOne can increase it quite as drastically as CRWD.
One last thing is that SentinelOne spent 68% of revenue on R&D in FY '21 whereas CRWD only spent 50% of sales in FY '18.
This is the difference in operating losses.
One last thing is that SentinelOne spent 68% of revenue on R&D in FY '21 whereas CRWD only spent 50% of sales in FY '18.
This is the difference in operating losses.
All in all, SentinelOne obviously has some strong numbers. It's kinda crazy just how similar they are to CRWD in 2018.
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