Samsara Inc.

Rank #106Hypergrowth

IOT · NYSE · Technology

Samsara Inc. (IOT) — Rank #106 by gross profitability (GP/assets 0.45) · ROE -0.6% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0001642896 · all metrics point-in-time as of the filing date.

About

Samsara Inc. provides solutions to connect physical operations data to its connected operations platform in the United States and internationally.

The company's Connected Operations Platform includes Data Platform, which ingests, aggregates, and enriches data from its IoT devices and a growing ecosystem of connected assets and third-party systems, and which has embedded capabilities for AI, workflows and analytics, alerts, API connections, and data security and privacy. Its applications include video-based safety; and telematics, which provides visibility into real-time vehicle location and diagnostics with GPS tracking, routing and dispatch, fuel management, driver recognition, electric vehicle usage and charge planning, preventative maintenance, and insights to manage fuel and energy costs. The company also provides site visibility that provides remote visibility into sites to enhance onsite security, safety, and incident response times. It serves transportation, construction, wholesale and retail trade, field services, logistics, manufacturing, utilities and energy, government, healthcare and education, food and beverage, and other industries.

The company was incorporated in 2015 and is headquartered in San Francisco, California.

Industry: Software - Infrastructure
Sector: Technology
State: NV
Filer Category: Large accelerated filer
Fiscal Year End: January 30
Website: samsara.com

Price History

IOT+55.4% · +9.8% CAGRSPY+73.2% · +12.3% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$25.07B

P/E (annual)

—

P/S (annual)

15.5

P/B

15.7

P/OCF (annual)

106.1

Shareholder Yield

-3.1%

Employees

4,100

Industry

Software - Infrastructure

Exchange

NYSE

Signal Flags

3 green1 yellow

Deferred revenue growingRevenue and deferred revenue both growing — retention signal

RPO outpacing revenueRemaining performance obligations growing faster than recognized revenue — forward demand building

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Quality Profile

Profitability

1/1 pass

GP / assets

0.45

Return on equity

-0.6%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

0.73

Current ratio

1.62×

Net cash

$291.39M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

19.5%

Growth

1/2 pass

Revenue growth

29.6%

Piotroski F-Score

6 / 9

Share dilution

3.1%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

32.3%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 3.1% — per-share value needs a total required return of 35.4% once share-count change is priced in.

vs. own 6-year median revenue growth: 48.0%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

26.7%

r = 10% (base)

32.3%

r = 12%

37.2%

Net debt / market cap: -1.2%

Base FCF: $207.4M3Y mean FCF: $98.7M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

11.5xCheap

11.5xmed 16.4x22.5x

P / B

Price / book value per share

13.1xFair

5.3xmed 13.1x23.0x

P / GP

Price / gross profit per share

15.0xCheap

15.0xmed 22.7x30.5x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Operating margin-3.2% now vs -39.8%–-3.2% 10yr range

1.6σ above average

Net margin-0.6% now vs -37.9%–-0.6% 10yr range

1.6σ above average

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.45

Primary signal (Novy-Marx).

1st of 8 SIC 7373 peers

Return on equity

-0.6%

Gross margin

76.7%

2nd of 7 SIC 7373 peers

Revenue growth (YoY)

29.6%

RPO growth (YoY)

42.0%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2023	2024	2025	2026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

35.4%

Revenue CAGR (5Y)

45.3%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.73

5th of 8 SIC 7373 peers (best = lowest)

Current ratio

1.62×

6th of 8 SIC 7373 peers

Quick ratio

0.65×

Net cash

$291.39M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$207.44M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

23.75

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

19.5%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

2021-2026

20212026

Hypergrowth

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