The first, adopted by Palantir for example, is to provide the market with proof that their business models are viable, and that their gargantuan stock option packages can be gradually reduced to more reasonable levels.

The second, chosen by Snowflake for example, is to act as if nothing had happened - as if the roaring twenties were not over, and so leave untouched the schemes that make these listed companies formidable vehicles for enriching their management rather than their shareholders.

It's hard to tell which of these approaches was chosen by cybersecurity specialist SentinelOne. SentinelOne's revenues grew by 36% over the first six months of the year, and the company managed to significantly reduce its operating loss.

Nevertheless, the operating loss remains substantial, equivalent to 40% of sales. This is certainly much better than last year at the same time, when the operating loss reached 76% of sales, or than in the previous half-year, when it reached half of sales; but not enough to really discern a trend.

Investors may appreciate this gradual recalibration. MarketScreener's analysts believe, however, that more positive signals will have to be sent out, not least because SentinelOne's organic growth performance is still being skilfully kept vague.

In addition, the number of shares in circulation is still increasing at far too fast a rate, precisely because of stock option remuneration: 310 million at the end of the first half of 2024, compared with 291 million at the same time last year.

With a 4% market share, SentinelOne remains a minor player in its sector, and in all likelihood an acquisition target. Nevertheless, the company can continue to consolidate on a smaller scale, thanks to its excellent balance sheet and billion-dollar cash surplus.

In this respect, the market values SentinelOne at x7 its expected sales this year, a much lower multiple than that assigned to Crowdstrike, Palo Alto Networks or Fortinet, respectively valued at x9, x12 and x15 their sales.

SentinelOne is by far the smallest of the four. Fortinet, which was once an investment in MarketScreener's US portfolio, has seven times the sales, a solid profitability and a reduced number of shares outstanding.