Will SentinelOne's net dollar retention rate remain at or above 105% through Q2 FY2027?

NRR at 109% in Q4 FY2026 provides a healthy buffer above the 105% threshold. The key drivers supporting stability: (1) multi-module adoption surging — 65% of customers at 3+ modules, 42% at 4+, 22% at 5+ — creates natural expansion from cross-sell, (2) Purple AI at 50%+ attach rate with 338% ROI provides a new expansion vector that didn't exist a year ago, (3) record $64M net new ARR demonstrates strong expansion activity, (4) GRR at 96% means churn is minimal — NRR compression would have to come from slower expansion, not losses. The risk is that the 109% already reflects peak expansion from the AI security surge; as that normalizes, NRR could drift toward 105%. But with data products growing 60% YoY and new cloud/identity modules ramping, the expansion surface area is expanding, not contracting. 82%.

The base rate for NRR staying above 105% looks strong given the 109% starting point and accelerating cross-sell. However, SentinelOne's NRR has been compressing: it was 115%+ in FY2024, then 110% in Q4 FY2025, now 109% in Q4 FY2026. The trend line is downward even as the company adds new modules. This compression pattern suggests competitive pressure or market saturation in the endpoint base is partially offsetting cross-sell expansion. If the trend continues at ~1pp per year, NRR could approach 107-108% by Q2 FY2027 — still above 105% but the margin narrows. The key wildcard is whether Purple AI's monetization ramp can reverse the compression trend. The resolution also triggers NO if NRR is no longer disclosed — but having just restored disclosure with a new CFO, cessation seems unlikely. 78%.

The question has a relatively low bar — 105% — and NRR is currently 109%. Even with the downward compression trend observed over the past 2 years, a 4pp drop in 2 quarters would be historically aggressive for a company growing revenue 20%+ with accelerating multi-module adoption. The macro environment is the biggest risk: management noted 'evolving macroeconomic environment and geopolitical uncertainties' affecting deal timing, which could slow expansion activity within the installed base. But GRR at 96% anchors the floor — even if expansion slows materially, the retention base is solid. The resolved sibling market (NRR disclosure) gives calibration: our ensemble was poorly calibrated at 20% for a YES that happened (Brier 0.640). This was a 'transparency improving faster than expected' pattern. For this follow-on, the question is whether the disclosed number stays above a threshold — a more straightforward estimation. 80%.