Cybersecurity appears poised for growth over the coming years; companies are routinely making headlines for getting hacked or having their data breached. Traditional security companies are still relevant, but SentinelOne (S -2.72%) is thriving because digital threats evolve and require new solutions.

SentinelOne delivered blistering revenue growth. Meanwhile, the ongoing bear market is only pushing shares lower, a trend that shouldn't last forever. I'll peel apart the layers of this onion to show you why SentinelOne is one of the best tech stocks you can buy right now.

A new dawn on cybersecurity

Anyone who grew up in the late 1990s through the 2010s is familiar with antivirus computer protection; it had a run of decades as the primary defense against viruses and other malicious computer attacks. Antivirus is a program that would install onto your computer; it refers to a database of known threats to monitor your system.

But hacks and viruses are more sophisticated today than in previous decades, and they change quickly enough that antivirus software can become outdated and grow blind spots to new threats. SentinelOne is among a new generation of cybersecurity protection; it uses artificial intelligence (AI) to continuously monitor devices for abnormal or suspicious files/actions. SentinelOne is the first cybersecurity company that depends so heavily on AI, which could be an advantage if the algorithms outperform human analysts and traditional antivirus software. Its product scored very well with third-party testing like MITRE, detecting and protecting against 100% of threats in real time.

S Revenue (TTM) Chart

S Revenue (TTM) data by YCharts

Grand View Research estimates that global cybersecurity spending was $185 billion last year and will grow by an average of 12% annually through 2030. SentinelOne's grown revenue much faster; it's a sign that SentinelOne is taking business from others in the industry, a testament to the product's value.

Quickly heading toward bargain territory

SentinelOne was one of Wall Street's most expensive stocks when it first went public; it sported a price-to-sales (P/S) ratio near 100. Such a high valuation creates hype that's difficult to live up to even when your business grows at a triple-digit rate.

Investors now sit in a brutal bear market, and that's dumped water on investor sentiment. But SentinelOne's revenue has continued growing, putting even more pressure on the stock's valuation. Today, shares command a P/S ratio of 19, which will fall even more if SentinelOne keeps putting up strong revenue growth. It just picked up the pace last quarter, growing revenue 124% year over year in the quarter ending July 31, 2022.

S PS Ratio Chart

S PS Ratio data by YCharts

One could argue that SentinelOne's current valuation is attractive for a company growing so much in an already growing field. Still, long-term investors could see the company fill out those valuation shoes over the next several years. That's without factoring in any tailwinds if a market rally lifts investor sentiment out of the gutter it's in now.

But what about a recession?

Rapidly rising interest rates across the economy are sparking conversation around the dreaded word, recession. Most companies have mentioned economic worries in their earnings calls, but investors shouldn't panic over how a recession might impact SentinelOne. The company has a ton of cash from going public, with $1.2 billion against zero debt. The company lost $150 million in cash over the past year, so there's plenty of money to sustain the business and continue growing, barring some unexpected disaster.

No matter how bad the economy or markets get, going bankrupt with zero debt is not easy. I don't think SentinelOne is going anywhere anytime soon. That makes each dip in the stock a potential buying opportunity for long-term investors. SentinelOne is arguably a poster child for an outstanding stock that got beaten up in a lousy market. Look for the stock to shine bright when better days come to Wall Street.