A Business at a Glance
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Okta, Inc.
OKTA
$24.8B
Mkt Cap
$138.50
+1.76%
Okta, Inc. (OKTA) has a current P/E ratio of 125.9.
Okta, Inc. (OKTA) has a 5-year average return on invested capital (ROIC) of -6.2%. This is below average and may indicate limited pricing power.
Okta, Inc. (OKTA) has a market capitalization of $24.6B. It is classified as a large-cap stock.
Okta, Inc. (OKTA) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.30%.
Okta, Inc. (OKTA) operates in the Services-Prepackaged Software industry, within the Technology sector.
Okta, Inc. (OKTA) reported annual revenue of $2.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Okta, Inc. (OKTA) has a net profit margin of 8.1%. This is a modest margin.
Okta, Inc. (OKTA) generated $875 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Okta is the leading independent identity platform provider, offering cloud-based SaaS solutions that enable organizations to securely manage and govern access for employees, contractors, partners, and increasingly artificial intelligence agents across applications, infrastructure, and services. The company operates two primary platforms—the Okta Platform for workforce identity management and the Auth0 Platform for customer identity and developer-focused use cases—which serve more than 20,000 customers across enterprises, mid-market businesses, universities, nonprofits, and government agencies globally. Okta generates revenue through multi-year subscription contracts sold directly via field and inside sales teams as well as indirectly through channel partners including cloud marketplaces, resellers, and system integrators; the company benefits from network effects as it adds customers, users, developers, and integrations to its platforms. The business model emphasizes technological neutrality and compatibility across public clouds, on-premises infrastructure, and hybrid environments, with over 7,000 integrations available through the Okta Integration Network. Okta's competitive moat derives from its independent positioning, broad platform breadth spanning workforce and customer identity, and emerging capabilities in securing non-human identities and AI agents—a nascent but potentially significant market opportunity as organizations adopt agentic technologies at scale.
【AI agents and growth acceleration】 Management expects continued momentum from the specialization of its go-to-market organization, which has driven improved sales productivity and record pipeline generation, with plans to add sales capacity in fiscal 2027 to service anticipated demand. The company views AI agents and non-human identities as a significant long-term opportunity, with Okta for AI Agents and Auth0 for AI Agents already in early access and expected to contribute to growth in future quarters; management notes these products are differentiated and could represent upside beyond current guidance assumptions. The business is prioritizing top-line growth acceleration in the medium term, with management expressing confidence in the field organization's engagement and capability under the specialized model. Management remains prudent in its forward guidance approach, factoring in current market conditions and the early-stage nature of agentic product adoption.
| Metric | Target | Period |
|---|---|---|
| Total revenue growth | 9%-10% | FY 2027 |
| Non-GAAP operating margin | 25%-26% | FY 2027 |
| Free cash flow margin | 27%-28% | FY 2027 |
| Total revenue growth | 9% | Q2 FY 2027 |
| Current RPO growth | 11% | Q2 FY 2027 |
| Non-GAAP operating margin | 26% | Q2 FY 2027 |
| Free cash flow margin | 20%-21% | Q2 FY 2027 |
Total revenue growth (FY 2027): “For the full year FY 2027, we now expect total revenue growth of 9%-10%”
Non-GAAP operating margin (FY 2027): “For the full year FY 2027, we now expect total revenue growth of 9%-10%, non-GAAP operating margin of 25%-26%”
Free cash flow margin (FY 2027): “For the full year FY 2027, we now expect total revenue growth of 9%-10%, non-GAAP operating margin of 25%-26%, and a free cash flow margin of 27%-28%”
Total revenue growth (Q2 FY 2027): “For the second quarter of FY 2027, we expect total revenue growth of 9%”
“For the second quarter of FY 2027, we expect total revenue growth of 9%, current RPO growth of 11%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2027 Earnings Call, Q3 FY2027 Earnings Call, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 3.0B | 2.9B | 2.6B | 2.3B | 1.9B | 1.3B |
| Net Income | 247M | 235M | 28M | -355M | -815M | -848M |
| EPS | $1.38 | $1.31 | $0.06 | $-2.17 | $-5.16 | $-5.73 |
| Free Cash Flow | 911M | 875M | 742M | 504M | 74M | 91M |
| ROIC | 3.3% | 2.1% | 0.4% | -4.8% | -10.6% | -18.3% |
| Gross Margin | 77.4% | 77.4% | 76.3% | 74.3% | 70.6% | 69.5% |
| Debt/Equity | 0.05 | 0.06 | 0.13 | 0.20 | 0.40 | 0.31 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 166M | 149M | -74M | -516M | -812M | -768M |
| Operating Margin | 5.5% | 5.1% | -2.8% | -22.8% | -43.7% | -59.1% |
| ROE | 3.6% | 3.5% | 0.5% | -6.3% | -14.3% | -25.6% |
| Shares Outstanding | 178M | 179M | 467M | 164M | 158M | 148M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 86M | 160M | 260M | 399M | 586M | 835M | 1.3B | 1.9B | 2.3B | 2.6B | 2.9B | 3.0B |
| Gross Margin | 58.1% | 65.4% | 67.6% | 71.6% | 72.8% | 73.9% | 69.5% | 70.6% | 74.3% | 76.3% | 77.4% | 77.4% |
| R&D | 29M | 39M | 71M | 102M | 159M | 223M | 469M | 620M | 656M | 642M | 639M | 648M |
| SG&A | 19M | 30M | 52M | 75M | 113M | 171M | 432M | 409M | 450M | 448M | 448M | 443M |
| EBIT | -76M | -75M | -112M | -120M | -186M | -204M | -768M | -812M | -516M | -74M | 149M | 166M |
| Op. Margin | -88.5% | -46.6% | -43.0% | -30.0% | -31.7% | -24.4% | -59.1% | -43.7% | -22.8% | -2.8% | 5.1% | 5.5% |
| Net Income | -76M | -75M | -110M | -125M | -209M | -266M | -848M | -815M | -355M | 28M | 235M | 247M |
| Net Margin | -88.8% | -46.8% | -42.3% | -31.4% | -35.6% | -31.9% | -65.2% | -43.9% | -15.7% | 1.1% | 8.1% | 8.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 28M | 11M | 4.0M | 4.0M |
| Returns on Capital | ||||||||||||
| ROIC | N/A | -57.2% | -28.0% | -55.6% | -28.0% | -19.1% | -18.3% | -10.6% | -4.8% | 0.4% | 2.1% | 3.3% |
| ROE | 55.4% | 40.5% | -55.1% | -55.6% | -63.6% | -48.5% | -25.6% | -14.3% | -6.3% | 0.5% | 3.5% | 3.6% |
| ROA | N/A | -114.1% | -41.5% | -18.1% | -14.2% | -10.1% | -13.6% | -8.8% | -3.9% | 0.3% | 2.5% | 2.6% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | -42M | -42M | -25M | 15M | 56M | 128M | 104M | 86M | 512M | 750M | 884M | 920M |
| Free Cash Flow | -46M | -48M | -32M | -4.6M | 40M | 115M | 91M | 74M | 504M | 742M | 875M | 911M |
| Owner Earnings | -53M | -63M | -83M | -71M | -87M | -89M | -497M | -696M | -271M | 87M | 244M | 316M |
| CapEx | 4.1M | 6.3M | 6.6M | 20M | 15M | 13M | 13M | 12M | 8.0M | 8.0M | 9.0M | 9.0M |
| Maint. CapEx | 2.0M | 4.1M | 8.1M | 9.6M | 16M | 22M | 35M | 105M | 99M | 98M | 96M | 71M |
| Growth CapEx | 2.1M | 2.1M | 0 | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 2.0M | 4.1M | 8.1M | 9.6M | 16M | 22M | 35M | 105M | 99M | 98M | 96M | 71M |
| CapEx/OCF | N/A | N/A | N/A | 130.6% | 27.8% | 10.2% | 12.5% | 14.0% | 1.6% | 1.1% | N/A | 1.0% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 73M | 73M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.3% |
| Stock-Based Comp | 9.8M | 17M | 50M | 76M | 127M | 195M | 566M | 677M | 684M | 565M | 544M | 533M |
| Debt Repayment | 0 | 0 | 0 | 0 | 224M | 446K | 0 | 0 | 937M | 280M | 510M | 510M |
| Balance Sheet | ||||||||||||
| Net Debt | N/A | N/A | -230M | -292M | -465M | -791M | -670M | -387M | -1.0B | -1.7B | -436M | -2.2B |
| Cash & Equiv. | 54M | 23M | 128M | 298M | 520M | 435M | 260M | 264M | 334M | 409M | 858M | 2.6B |
| Long-Term Debt | N/A | N/A | N/A | 0 | 837M | 857M | 1.8B | 2.2B | 1.2B | 349M | 0 | N/A |
| Debt/Equity | N/A | -1.62 | 0.00 | 1.08 | 2.32 | 2.55 | 0.31 | 0.40 | 0.20 | 0.13 | 0.06 | 0.05 |
| Interest Coverage | N/A | N/A | N/A | -7.9 | -6.9 | -2.8 | -8.4 | -73.8 | -64.5 | -14.8 | 37.3 | 41.5 |
| Equity | -158M | -212M | 199M | 252M | 405M | 693M | 5.9B | 5.5B | 5.9B | 6.4B | 7.0B | 6.9B |
| Total Assets | N/A | 131M | 399M | 984M | 2.0B | 3.3B | 9.2B | 9.3B | 9.0B | 9.4B | 9.7B | 9.3B |
| Total Liabilities | N/A | 343M | 200M | 732M | 1.6B | 2.6B | 3.3B | 3.8B | 3.1B | 3.0B | 2.7B | 2.4B |
| Intangibles | N/A | 9.2M | 12M | 14M | 33M | 27M | 317M | 241M | 182M | 138M | 91M | 78M |
| Retained Earnings | N/A | -288M | -367M | -492M | -701M | -967M | -1.8B | -2.5B | -2.8B | -2.8B | -2.6B | -2.5B |
| Working Capital | N/A | -42M | 130M | 135M | 1.1B | 1.3B | 1.8B | 1.8B | 1.2B | 893M | 1.1B | 994M |
| Current Assets | N/A | 93M | 317M | 708M | 1.6B | 2.9B | 3.0B | 3.2B | 3.0B | 3.4B | 3.6B | 3.3B |
| Current Liabilities | N/A | 134M | 188M | 573M | 547M | 1.5B | 1.2B | 1.5B | 1.8B | 2.5B | 2.6B | 2.3B |
| Per Share Data | ||||||||||||
| EPS | -4.28 | -3.94 | -1.32 | -1.17 | -1.78 | -2.09 | -5.73 | -5.16 | -2.17 | 0.06 | 1.31 | 1.38 |
| Owner EPS | -2.99 | -3.32 | -1.00 | -0.66 | -0.74 | -0.70 | -3.36 | -4.41 | -1.66 | 0.19 | 1.36 | 1.78 |
| Book Value | -8.88 | -11.15 | 2.40 | 2.35 | 3.45 | 5.45 | 40.02 | 34.61 | 35.99 | 13.73 | 39.02 | 38.82 |
| Cash Flow/Share | -2.33 | -2.21 | -0.30 | 0.14 | 0.47 | 1.01 | 0.70 | 0.54 | 3.13 | 1.61 | 4.93 | 1.79 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 17.8M | 19.0M | 83.2M | 107.3M | 117.4M | 127.3M | 148.0M | 157.9M | 163.6M | 466.7M | 179.4M | 177.7M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 100.6 |
| P/FCF | N/A | N/A | N/A | N/A | 372.5 | 286.1 | 299.6 | 152.4 | 27.5 | 59.7 | N/A | 27.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 134.8 |
| Price/Book | N/A | N/A | 12.9 | 33.6 | 36.9 | 47.5 | 4.6 | 2.1 | 2.4 | 2.6 | N/A | 3.6 |
| Price/Sales | N/A | N/A | 8.5 | 14.3 | 22.2 | 29.8 | 27.4 | 8.3 | 5.6 | 5.9 | N/A | 8.2 |
| FCF Yield | N/A | N/A | -1.2% | -0.1% | 0.3% | 0.3% | 0.3% | 0.7% | 3.6% | 4.5% | N/A | 3.7% |
| Market Cap | 0 | N/A | 2.6B | 8.5B | 15.0B | 32.9B | 27.3B | 11.3B | 13.9B | 16.5B | 0 | 24.6B |
| Avg. Price | 0.00 | N/A | 26.20 | 53.21 | 111.01 | 195.11 | 240.48 | 97.92 | 77.13 | 88.05 | 0.00 | 138.50 |
| Year-End Price | 0.00 | N/A | 30.98 | 78.99 | 127.47 | 258.48 | 184.24 | 71.38 | 84.77 | 94.93 | 0.00 | 138.50 |
Okta, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 26.0x vs a median of 43.6x. The company's 5-year average gross margin is 73.6%. Total shareholder yield (buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is +60.9%.
Okta, Inc. (OKTA) has a debt-to-equity ratio of 0.06. This indicates a conservatively financed balance sheet.
Okta, Inc. (OKTA) reported earnings per share (EPS) of $1.31 in its most recent fiscal year.
Okta, Inc. (OKTA) has a return on equity (ROE) of 3.5%. This indicates moderate shareholder returns.
Okta, Inc. (OKTA) has a 5-year average gross margin of 73.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 11 years of financial data for Okta, Inc. (OKTA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Okta, Inc. (OKTA) has a book value per share of $39.02, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum from the specialization of its go-to-market organization, which has driven improved sales productivity and record pipeline generation, with plans to add sales capacity in fiscal 2027 to service anticipated demand. The company views AI agents and non-human identities as a significant long-term opportunity, with Okta for AI Agents and Auth0 for AI Agents already in early access and expected to contribute to growth in future quarters; management notes these products are differentiated and could represent upside beyond current guidance assumptions. The business is prioritizing top-line growth acceleration in the medium term, with management expressing confidence in the field organization's engagement and capability under the specialized model. Management remains prudent in its forward guidance approach, factoring in current market conditions and the early-stage nature of agentic product adoption.
Based on recent SEC filings and earnings calls, Okta, Inc. (OKTA) has provided the following forward guidance: Total revenue growth: 9%-10% (FY 2027); Non-GAAP operating margin: 25%-26% (FY 2027); Free cash flow margin: 27%-28% (FY 2027); Total revenue growth: 9% (Q2 FY 2027); Current RPO growth: 11% (Q2 FY 2027), plus 2 additional metrics.
Non-GAAP operating margin (Q2 FY 2027): “For the second quarter of FY 2027, we expect total revenue growth of 9%, current RPO growth of 11%, non-GAAP operating margin of 26%”
Free cash flow margin (Q2 FY 2027): “For the second quarter of FY 2027, we expect total revenue growth of 9%, current RPO growth of 11%, non-GAAP operating margin of 26%, and free cash flow margin of 20%-21%”