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Okta

OKTA Nasdaq Application Software Financials FY2017–FY2026

Okta's revenue rose 11.8% to $2.9 billion in fiscal 2026. Its operating margin was 5.1%, up from −2.8% a year earlier. Free cash flow was $875 million, up 17.9%. It paid out $73 million in dividends and buybacks, 8% of free cash flow. The diluted share count rose 2.4%.

Last close · Oct 23, 2026

$213.05

5.8%
Value it Compare
Revenue Total sales reported in the income statement.
$2.9B
11.8% vs prior year
Operating margin Operating income as a share of revenue.
5.1%
7.9 pts
Net income Profit after all expenses, interest and tax.
$235M
739.3%
Free cash flow Cash from operations minus capital spending.
$875M
17.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$38.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
128.3x
On $1.66 EPS (TTM)

About these figures. Okta had no borrowings before its first convertible notes in February 2018, so debt counts as zero in earlier years. Okta's fiscal 2026 filing doesn't tag its short-term investments, so cash and short-term investments, return on capital and net debt to EBITDA are blank for that year.

What Okta does

No business description yet.

Legal name
Okta, Inc.
Fiscal year ends
January 31, 2026
Latest annual report
—
Accession · CIK
0001660134-26-000020
0001660134

Revenue and margins

Okta had $2.9B of revenue in fiscal 2026, up 11.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $875M in fiscal 2026, 30.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Okta returned $73.0M to shareholders in fiscal 2026, 8% of free cash flow. The diluted share count rose 2.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Okta yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 179.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 128.3x · peers 36.5x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Okta can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $2.5B$2.6B$2.2B$2.5B—
Debt incl. finance leases $1.8B$2.2B$1.2B$858M$350M
Net debt / EBITDA ———−69.4x—
Debt / equity 0.3x0.4x0.2x0.1x0.1x
Interest coverage −8.4x−73.8x−64.5x−14.8x37.3x
Current ratio 2.5x2.2x1.7x1.4x1.4x
Quick ratio 2.5x2.2x1.7x1.4x1.4x
Total assets $9.2B$9.3B$9.0B$9.4B$9.7B
Total liabilities $3.3B$3.8B$3.1B$3.0B$2.7B
Shareholders' equity $5.9B$5.5B$5.9B$6.4B$7.0B
Net debt (− = net cash) −$670M−$387M−$1.0B−$1.7B—

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$46.5M

5 insiders

Of sales under plans

100%

$46.5M

DateInsiderTradeSharesPriceValueFiling
Sep 22, 2026 Todd McKinnonChief Executive Officer, Director Sold plan 48,822 $193.47 $9.4M Form 4
Sep 18, 2026 Eric Robert KelleherSee Remarks Sold plan 6,395 $183.58 $1.2M Form 4
Sep 11, 2026 Eric Robert KelleherSee Remarks Sold plan 2,549 $168.55 $0.4M Form 4
Sep 2, 2026 Brett TigheChief Financial Officer Sold plan 80,000 $160.97 $12.9M Form 4
Jul 8, 2026 Todd McKinnonChief Executive Officer, Director Sold plan 68,936 $146.62 $10.1M Form 4
Jun 22, 2026 Larissa SchwartzSee Remarks Sold plan 2,463 $120.00 $0.3M Form 4
Jun 18, 2026 Eric Robert KelleherSee Remarks Sold plan 3,977 $114.10 $0.5M Form 4
Jun 8, 2026 Brett TigheChief Financial Officer Sold plan 65,000 $117.25 $7.6M Form 4
Jun 2, 2026 Larissa SchwartzSee Remarks Sold plan 24,971 $134.13 $3.3M Form 4
May 18, 2026 Shellye L ArchambeauDirector Sold plan 2,500 $85.00 $0.2M Form 4
May 7, 2026 Larissa SchwartzSee Remarks Sold plan 1,054 $80.00 $0.1M Form 4
May 6, 2026 Larissa SchwartzSee Remarks Sold plan 5,323 $77.07 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 97 / 98 / 9
Accruals ratio −9.5%−7.8%−6.8%
Altman Z'' 1.461.822.69

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Okta OKTA $38.1B 11.8% 5.1% 30.0% — 128.3x 8
PTC PTC $22.3B 19.2% 35.9% 31.3% 17.4% 18.9x 8 Compare →
HubSpot HUBS $13.7B 19.2% 0.2% 22.6% — 96.4x — Compare →
Docusign DOCU $16.5B 8.2% 9.3% 32.9% 25.4% 52.0x 5 Compare →
Dropbox DBX $8.6B −1.1% 27.3% 36.9% — 21.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $161M $257M $399M $586M $835M $1.3B $1.9B $2.3B $2.6B $2.9B
Gross profit $105M $176M $286M $427M $617M $904M $1.3B $1.7B $2.0B $2.3B
Research and development $38.7M $70.8M $102M $159M $223M $469M $620M $656M $642M $639M
Operating income −$74.7M −$112M −$120M −$186M −$204M −$768M −$812M −$516M −$74.0M $149M
Interest expense $0.0M $0.0M $15.1M $27.0M $73.0M $91.0M $11.0M $8.0M $5.0M $4.0M
Pretax income −$74.6M −$110M −$126M −$210M −$266M −$850M −$801M −$337M $46.0M $255M
Income tax $0.4M −$0.3M $0.0M −$1.4M $0.0M −$2.0M $14.0M $18.0M $18.0M $20.0M
Net income −$75.1M −$110M −$126M −$209M −$266M −$848M −$815M −$355M $28.0M $235M
Diluted EPS −$3.94 −$1.32 −$1.17 −$1.78 −$2.09 −$5.73 −$5.16 −$2.17 $0.06 $1.31
Diluted shares 0.02B 0.08B 0.11B 0.12B 0.13B 0.15B 0.16B 0.16B 0.18B 0.18B
Cash flow
Cash from operations −$42.1M −$25.2M $15.2M $55.6M $128M $104M $86.0M $512M $750M $884M
Capital expenditure $6.3M $6.5M $19.8M $15.4M $13.0M $13.0M $12.0M $8.0M $8.0M $9.0M
Free cash flow −$48.4M −$31.8M −$4.6M $40.2M $115M $91.0M $74.0M $504M $742M $875M
Depreciation and amortization $4.2M $6.9M $11.5M $19.4M $20.0M $81.0M $105M $99.0M $98.0M $96.0M
Stock-based compensation $17.1M $49.9M $76.3M $127M $195M $566M $677M $684M $565M $544M
Acquisitions $0.0M $0.0M $15.6M $44.3M $0.0M $215M $4.0M $22.0M $56.0M $56.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $73.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $73.0M
Balance sheet
Cash and short-term investments $37.7M $230M $564M $1.4B $2.6B $2.5B $2.6B $2.2B $2.5B —
Total debt $0.0M $0.0M $272M $938M $1.8B $1.8B $2.2B $1.2B $858M $350M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $92.8M $318M $708M $1.6B $2.9B $3.0B $3.2B $3.0B $3.4B $3.6B
Current liabilities $135M $188M $573M $547M $1.5B $1.2B $1.5B $1.8B $2.5B $2.6B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $11.0M $12.5M $52.9M $53.5M $62.8M $65.0M $59.0M $48.0M $43.0M $38.0M
Total assets $131M $399M $984M $2.0B $3.3B $9.2B $9.3B $9.0B $9.4B $9.7B
Total liabilities $146M $200M $732M $1.6B $2.6B $3.3B $3.8B $3.1B $3.0B $2.7B
Shareholders' equity −$212M $199M $252M $405M $693M $5.9B $5.5B $5.9B $6.4B $7.0B
Margins
Gross margin 65.2% 68.5% 71.6% 72.8% 73.9% 69.5% 70.6% 74.3% 76.3% 77.4%
Operating margin −46.4% −43.6% −30.0% −31.7% −24.4% −59.1% −43.7% −22.8% −2.8% 5.1%
EBITDA margin −43.8% −40.9% −27.1% −28.4% −22.0% −52.9% −38.1% −18.4% 0.9% 8.4%
Net margin −46.7% −42.8% −31.4% −35.7% −31.9% −65.2% −43.9% −15.7% 1.1% 8.1%
FCF margin −30.1% −12.4% −1.2% 6.9% 13.8% 7.0% 4.0% 22.3% 28.4% 30.0%
Returns
Return on capital — — — — — −23.5% −12.4% −8.2% −0.9% —
Return on capital employed — −107.8% −38.4% −20.4% −12.9% −15.8% −10.3% −6.9% −1.1% 2.1%
Return on equity — — −55.6% −63.6% −48.5% −25.6% −14.3% −6.3% 0.5% 3.5%
Return on assets — −41.5% −18.1% −14.2% −10.1% −13.6% −8.8% −3.9% 0.3% 2.5%
Growth
Revenue growth — 59.5% 55.6% 46.8% 42.5% 55.7% 42.9% 21.8% 15.3% 11.8%
Net income growth — — — — — — — — — 739.3%
EPS growth — — — — — — — — — 2,083.3%
FCF growth — — — — 186.4% −20.9% −18.7% 581.1% 47.2% 17.9%
Share count change 6.9% 336.0% 29.5% 9.0% 8.5% 16.4% 6.8% 3.6% 7.0% 2.4%
Financial health
Net debt / EBITDA — — — — — — — — −69.4x —
Debt / equity — 0.0x 1.1x 2.3x 2.6x 0.3x 0.4x 0.2x 0.1x 0.1x
Interest coverage — — −7.9x −6.9x −2.8x −8.4x −73.8x −64.5x −14.8x 37.3x
Current ratio 0.7x 1.7x 1.2x 2.9x 1.9x 2.5x 2.2x 1.7x 1.4x 1.4x
Quick ratio 0.7x 1.7x 1.2x 2.9x 1.9x 2.5x 2.2x 1.7x 1.4x 1.4x
Capital allocation
Capex / revenue 3.9% 2.6% 5.0% 2.6% 1.6% 1.0% 0.7% 0.4% 0.3% 0.3%
Stock comp / revenue 10.7% 19.4% 19.1% 21.6% 23.4% 43.5% 36.4% 30.2% 21.7% 18.6%
Payouts / FCF — — — 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 8.3%
Quality scores
Piotroski F-score — — 4.0 5.0 4.0 4.0 5.0 6.0 7.0 8.0
Altman Z'' −14.6 −1.7 −1.2 2.0 1.6 2.0 1.3 1.5 1.8 2.7
Accruals ratio — −31.9% −20.3% −18.0% −15.0% −15.2% −9.7% −9.5% −7.8% −6.8%

Source: SEC EDGAR XBRL filings (CIK 0001660134). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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