Okta Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that margins keep rising, that net retention turns sustainably above 107 percent and that the AI-agent logic eventually becomes revenue — before the 87-times trailing P/E meets 11 percent growth again. Whoever waits checks three lines in every quarterly report (10-Q): the dollar-based net retention rate (above 107?), revenue growth (still double-digit?) and the diluted share count (still falling?). A genuine turnaround rarely runs away within a quarter — a 79 percent rally, however, can correct quickly. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Okta is the rare case of a turnaround built not on promises but on audited numbers: operationally profitable, ~$863M in free cash flow, a fortress balance sheet, buybacks against dilution. Against that stand growth at walking pace (+12 percent), net retention down to 106/107 percent, two security incidents with admitted long-tail effects — and a valuation that, after a 79 percent three-month rally, already pays 87 times trailing earnings. Whoever invests here buys the second half of the reconciliation, not the turnaround itself. Not investment advice.
Swing to profit
SEC-documented: net income (loss) of −$355M (FY 2024) → +$28M (FY 2025) → +$235M (FY 2026); operations turned positive for the first time in FY 2026 at +$149M, and the opening quarter of FY 2027 added +$74M net (10-K fiscal 2026; 10-Q as of 04/30/2026).
Balance sheet & cash flow
$884M operating and ~$863M free cash flow in FY 2026 (~30% of revenue), $2,553M in liquidity against $350M of remaining convertible notes, an Altman Z-Score near 6 — plus a $1 billion repurchase program that made the diluted share count fall for the first time in Q1 FY 2027.
Growth & retention
Revenue growth down to +12% (FY 2026) and +11% (Q1 FY 2027), dollar-based net retention fallen from 111% to 106/107%, cRPO +12% — solid numbers, but no longer a growth story; the AI-agent products are, per the 10-K, explicitly "in its early stages."
Trust & security incidents
Per the 10-K, the January 2022 and October 2023 incidents harmed reputation, customer relations and financial results; Okta explicitly expects further adverse impact and shareholder lawsuits are pending — for a vendor whose product is trust, this remains the most sensitive flank.
Profit quality & dilution
Stock-based compensation of $544M (~19% of revenue, FY 2026, declining); the first net profit of FY 2025 only turned positive through interest income ($106M) and notes-repurchase gains ($19M); since January 2026, buybacks counter the dilution (Q1: $242M).
Valuation
P/E near 87 trailing, ~31 times expected adjusted earnings, P/S ~6.8, price/FCF ~23 after +79 percent in three months (as of 07/18/2026) — half the reconciliation is pre-paid; meanwhile 19 insider sales against 1 buy within twelve months.
Worth Noting
OKTA made the research list as rank 3 of our in-house turnaround scanner (U.S. selection, turnaround check 7/8, as of July 18, 2026) — part of our series on the top 20 of that selection.
Scanner metrics (P/E, P/S, P/B, Altman Z, relative strength, insider and institutional data) use trailing twelve-month figures as of July 18, 2026; the expected adjusted earnings ($3.84/$4.28 per share) are analyst consensus from the fundamental data, not GAAP figures.
Price and market-value figures (~$119, ~$21 billion) from the July 18, 2026 feed, sanity-checked against 175.3 million shares outstanding per the quarterly report 10-Q as of April 30, 2026; analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at OKTA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 62.90 $ to 190.50 $ · Last price: 190.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Okta Inc OKTA | 32.5 | 107.3 | 73.7 | 78.1 | 7.3 | 11.8 | 111.1 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Median of companies shown | 248.2 | 77.0 | 73.7 | 75.2 | 10.4 | 15.1 | 56.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 161 | -75 | -75 | -0.83 | -42 | -16 | 131 |
| 2018 | 257 | -112 | -110 | -1.32 | -25 | 199 | 399 |
| 2019 | 399 | -120 | -126 | -1.17 | 15 | 252 | 984 |
| 2020 | 586 | -186 | -209 | -1.78 | 56 | 405 | 1,955 |
| 2021 | 835 | -204 | -266 | -2.09 | 128 | 694 | 3,299 |
| 2022 | 1,300 | -768 | -848 | -5.73 | 104 | 5,922 | 9,206 |
| 2023 | 1,858 | -812 | -815 | -5.16 | 86 | 5,466 | 9,307 |
| 2024 | 2,263 | -516 | -355 | -2.17 | 512 | 5,888 | 8,989 |
| 2025 | 2,610 | -63 | 28 | 0.16 | 750 | 6,405 | 9,437 |
| 2026 | 2,919 | 153 | 235 | 1.31 | 914 | 6,999 | 9,710 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 0.13 | – | 682 | 12.70 | 3.40 | 286 | 284 |
| 2025: Q2 | 0.34 | – | 688 | 11.50 | 9.00 | 241 | 238 |
| 2025: Q3 | 0.37 | 122.70 | 728 | 12.70 | 9.20 | 167 | 162 |
| 2025: Q4 | 0.24 | 155.70 | 742 | 11.60 | 5.80 | 218 | 211 |
| 2026: Q1 | 0.35 | 166.10 | 761 | 11.60 | 8.30 | 258 | 252 |
| 2026: Q2 | 0.42 | 22.10 | 765 | 11.20 | 9.70 | 277 | 276 |
| 2026: Q3 | 0.65 | 75.70 | 805 | 10.60 | 14.40 | 234 | 233 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 20 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Character Change (CC)
- High ADR (≥5%)
- Mike Webster: Swing Trading List
- Power Trend
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 01/31/2027 | 3.93 | 3.90 – 4.05 | 3,224 | 12.3% | 43 |
| 01/31/2028 | 4.38 | 4.10 – 5.90 | 3,547 | 11.4% | 43 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 14.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $972.0M |
|---|---|
| Market cap | $32.53B |
| Free cash flow in year ten | $3.83B |
| Terminal value as a share of market value | 62.1% |
For comparison: over the past five years free cash flow grew by 52.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 19.07.2026 gegen die Geschäftsberichte (10-K) für die Geschäftsjahre 2026 (Ende 31.01.2026, eingereicht 05.03.2026) und 2025 (05.03.2025) sowie die vier jüngsten Quartalsberichte (10-Q): KI-Funktionen sind bei Okta Bestandteil des verkauften Abo-Portfolios. Der Produktkatalog im 10-K (Item 1 „Business“) bewirbt Identity Threat Protection ausdrücklich mit „AI-driven continuous risk and policy evaluations“ als Sicherheitsprodukt der Okta-Plattform, und mit „Okta for AI Agents“, „Auth0 for AI Agents“ und „Cross App Access“ führt der Bericht dedizierte Produktangebote zum Absichern von KI-Agenten (Early Access). Zusätzlich benennt Item 1 die Verwaltung nicht-menschlicher Identitäten und KI-Agenten als möglichen langfristigen Nachfragetreiber für die Plattformen. KI-getriebene Produktfunktionen sind damit dokumentierter Teil der Umsatzquelle Abo-Subskription — nach Vorrang-Regel „verkauft“ (dies vor dem ebenfalls vorhandenen KI-Risikofaktor in Item 1A).
View the full file — quotes, sources, reviewed filings
„Identity Threat Protection. Delivers native identity intelligence from the Okta Platform and signals from third-party tools integrated into an organization's security stack. The Okta Platform's AI-driven continuous risk and policy evaluations deliver real-time identity threat assessment and automated remediation."
Identity Threat Protection. Liefert native Identitäts-Intelligenz aus der Okta-Plattform sowie Signale von Drittanbieter-Werkzeugen, die in den Sicherheits-Stack einer Organisation integriert sind. Die KI-gestützten kontinuierlichen Risiko- und Richtlinienbewertungen der Okta-Plattform liefern Bedrohungsanalysen zur Identität in Echtzeit und automatisierte Gegenmaßnahmen.
10-K · 2026-03-05 · View SEC filing
„Okta for AI Agents. Gives customers the ability to discover, register, authenticate, govern and manage their AI Agents through a unified identity control plane within the Okta Platform. Currently available in early access."
Okta for AI Agents. Gibt Kunden die Möglichkeit, ihre KI-Agenten über eine einheitliche Identitäts-Kontrollebene innerhalb der Okta-Plattform zu entdecken, zu registrieren, zu authentifizieren, zu steuern und zu verwalten. Derzeit im Frühzugang verfügbar.
10-K · 2026-03-05 · View SEC filing
„Through Auth0 for AI Agents, we provide tools that enable developers to integrate generative AI and AI agents into their applications while mitigating risks such as static credential sprawl, including hardcoded API keys and machine-to-machine secrets, and unauthorized data access."
Mit Auth0 for AI Agents stellen wir Werkzeuge bereit, mit denen Entwickler generative KI und KI-Agenten in ihre Anwendungen integrieren und zugleich Risiken eindämmen können — etwa die Wildwucherung statischer Zugangsdaten, darunter fest einprogrammierte API-Schlüssel und Maschine-zu-Maschine-Geheimnisse, sowie unbefugten Datenzugriff.
10-K · 2026-03-05 · View SEC filing
„We see a potential long-term opportunity for our platforms to serve as a unified, independent control plane for non-human identities (“NHIs”) and AI agents, a distinct class of identity that requires authenticated, secure access to sensitive resources at a scale and speed exceeding traditional security models designed for human users."
Wir sehen eine mögliche langfristige Chance, dass unsere Plattformen als einheitliche, unabhängige Kontrollebene für nicht-menschliche Identitäten („NHIs“) und KI-Agenten dienen — eine eigene Klasse von Identitäten, die authentifizierten, sicheren Zugriff auf sensible Ressourcen in einem Umfang und Tempo benötigt, das traditionelle, für menschliche Nutzer entworfene Sicherheitsmodelle übersteigt.
10-K · 2026-03-05 · View SEC filing
Filings Reviewed: 10-Q 2026-05-29 · 10-Q 2025-12-03 · 10-Q 2025-08-27 · 10-Q 2025-05-28 · 10-K 2026-03-05 · 10-K 2025-03-05
Rated on July 19, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 16.3%
- More than 10% revenue growth is expected for the coming year 9.6%
- Share count grows by less than 3% a year 4.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 42.8%
- Gross margin at 40% or higher and without meaningful erosion 77.4%
- Goodwill from acquisitions does not grow faster than revenue 56.5%
- Net debt below twice EBITDA 2,131 m net cash
- Operating cash flow covers the profits of the last three years 2,268 m
- Return on capital at 15% or higher, or up versus two years ago 2.1%
- Insiders hold at least 10% or are net buyers 0.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 38.0%
- Exp. sales growth 3Y > 5% 10.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 82.8%
- Net debt < 4x EBIT -13.9x
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 16.5%
- ROCE > 15% 2.1%
- Expected return > 10% 87.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Kelleher Eric Robert | See Remarks | Sell | 2,549 | 168.55 | 429,643 |
| Sep 9, 2026 | Kerrest Jacques Frederic | Director | Other | 6,000 | 0.00 | – |
| Sep 4, 2026 | Kerrest Jacques Frederic | Director | Other | 6,000 | 0.00 | – |
| Sep 2, 2026 | Tighe Brett | Chief Financial Officer | Sell | 14,216 | 160.28 | 2,278,579 |
| Sep 2, 2026 | Tighe Brett | Chief Financial Officer | Sell | 10,194 | 159.42 | 1,625,135 |
| Sep 2, 2026 | Tighe Brett | Chief Financial Officer | Sell | 14,339 | 158.51 | 2,272,875 |
| Sep 2, 2026 | Tighe Brett | Chief Financial Officer | Sell | 600 | 167.09 | 100,252 |
| Sep 2, 2026 | Tighe Brett | Chief Financial Officer | Sell | 1,000 | 166.21 | 166,205 |
| Sep 2, 2026 | Tighe Brett | Chief Financial Officer | Sell | 900 | 165.20 | 148,676 |
| Sep 2, 2026 | Tighe Brett | Chief Financial Officer | Sell | 2,500 | 164.04 | 410,094 |
The company
About the Company
Okta, Inc. ist ein Identity-Partner in den USA und international.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 6,366
- Headquarters
- San Francisco, CA
- Address
- 100 First Street, 94105 San Francisco, United States
- Phone
- 888 722 7871
- Website
- okta.com
- IPO Date
- 04/07/2017
- ISIN
- US6792951054
Management
| Name | Title | Birth Year |
|---|---|---|
| Todd McKinnon | Co-Founder, Chairman & CEO | 1972 |
| Jacques Frederic Kerrest | Co-Founder & Executive Vice Chairman | 1978 |
| Eric Kelleher | President & COO | 1972 |
| Brett Tighe | Chief Financial Officer | 1980 |
| Jon Addison | Chief Revenue Officer | 1975 |
| Larissa Schwartz | Senior Advisor | 1972 |
| Shibu Ninan CPA | Chief Accounting Officer | 1975 |
| Dave Gennarelli | Senior Vice President of Investor Relations | – |
| Scott Morgan | Chief Legal Officer | – |
| Monty Gray | Executive Vice President of Corporate Development | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/26/2026 Okta, Inc. (OKTA): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.