SentinelOne's first 10-K as a public company, filed April 7, 2022, does something a single quarterly filing cannot: it puts the net retention rate on a multi-year line. The filing reports a dollar-based net retention rate of 129% for fiscal 2022, shown alongside 117% and 119% for the two preceding fiscal years. The value is in the sequence.
A single high net-retention reading tells you customers expanded last period. A three-year series tells you whether expansion is a structural property of the business or a moment that flatters one quarter. SentinelOne's arc — from 119% to 117% to 129% — shows a base that consistently spends more year over year and, in the most recent year, accelerated. That is the difference between a data point and a trend.
For a markets desk, this is the durability evidence the IPO story required. Net revenue retention above 100% means the existing customer base grows on its own; sustaining it in the high 120s across multiple years means the land-and-expand motion is repeatable, not lucky. As the company widens its platform beyond core endpoint protection, the rising NRR is the cleanest read that customers are adopting more of it.
The discipline stays the same as it was for the earlier quarterly filings: net retention is a company-defined metric, and it must be read next to the GAAP statements in the same 10-K, where a company at this stage still reports operating losses as it funds aggressive growth. The trajectory does not eliminate the loss; it makes the case that the spending is buying a compounding base.
From April 2022, the open question is whether SentinelOne can keep net retention near 129% as the revenue base grows and year-over-year comparisons get tougher — the law of large numbers eventually pulls on expansion metrics too. Holding in the 120s would confirm the durable-growth thesis; a meaningful fade would shift weight back onto new-logo acquisition and the cost of getting it.
The grounded takeaway: SentinelOne's first annual report converts its retention story from a snapshot into a trajectory — 119%, 117%, 129% — and the rising recent reading is the point. Track the series, not any single year, and always against the operating loss. Source: SentinelOne Form 10-K (filed April 7, 2022), indexed via EdgarBeast.