Docusign
DOCU · Application Software
$85.27
1.0%Okta
OKTA · Application Software
$213.05
5.8%The short version
- Docusign is the larger business, with $3.2B of revenue in fiscal 2026 against $2.9B for Okta.
- Okta grew revenue faster (11.8%, against 8.2%).
- Docusign kept more of each dollar of sales as operating profit (9.3% operating margin, against 5.1% operating margin).
- Docusign turned more of its sales into free cash flow (32.9% FCF margin, against 30.0% FCF margin).
- Investors pay more for each dollar of Okta’s earnings: a P/E of 128.3x against 52.0x for Docusign.
| Latest fiscal year | DOCU · FY26 | OKTA · FY26 |
|---|---|---|
| Size | ||
| Market cap | $16.5B | $38.1B |
| Revenue | $3.2B | $2.9B |
| Free cash flow | $1.1B | $875M |
| Net income | $309M | $235M |
| Growth | ||
| Revenue growth | 8.2% | 11.8% |
| 5-year growth | 17.3% | 28.4% |
| Share count change | −0.6% | 2.4% |
| Profitability | ||
| Gross margin | 79.4% | 77.4% |
| Operating margin | 9.3% | 5.1% |
| Net margin | 9.6% | 8.1% |
| FCF margin | 32.9% | 30.0% |
| Return on capital | 25.4% | — |
| Return on equity | 15.8% | 3.5% |
| Balance sheet | ||
| Net debt | −$867M | — |
| Net debt / EBITDA | −2.1x | — |
| Dividends and buybacks | $869M | $73.0M |
| Valuation & quality | ||
| P/E | 52.0x | 128.3x |
| Piotroski F-score | 5 | 8 |
FY17
DOCU $382M
OKTA $161M
FY18
DOCU $519M
OKTA $257M
FY19
DOCU $701M
OKTA $399M
FY20
DOCU $974M
OKTA $586M
FY21
DOCU $1.5B
OKTA $835M
FY22
DOCU $2.1B
OKTA $1.3B
FY23
DOCU $2.5B
OKTA $1.9B
FY24
DOCU $2.8B
OKTA $2.3B
FY25
DOCU $3.0B
OKTA $2.6B
FY26
DOCU $3.2B
OKTA $2.9B
DOCU
OKTA
FY17
DOCU −30.4%
OKTA −46.4%
FY18
DOCU −10.0%
OKTA −43.6%
FY19
DOCU −60.8%
OKTA −30.0%
FY20
DOCU −19.9%
OKTA −31.7%
FY21
DOCU −12.0%
OKTA −24.4%
FY22
DOCU −2.9%
OKTA −59.1%
FY23
DOCU −3.5%
OKTA −43.7%
FY24
DOCU 1.2%
OKTA −22.8%
FY25
DOCU 6.7%
OKTA −2.8%
FY26
DOCU 9.3%
OKTA 5.1%
DOCU
OKTA
FY17
DOCU −$48.1M
OKTA −$48.4M
FY18
DOCU $36.1M
OKTA −$31.8M
FY19
DOCU $45.7M
OKTA −$4.6M
FY20
DOCU $43.7M
OKTA $40.2M
FY21
DOCU $215M
OKTA $115M
FY22
DOCU $445M
OKTA $91.0M
FY23
DOCU $429M
OKTA $74.0M
FY24
DOCU $887M
OKTA $504M
FY25
DOCU $920M
OKTA $742M
FY26
DOCU $1.1B
OKTA $875M
DOCU
OKTA
FY17
DOCU —
OKTA —
FY18
DOCU —
OKTA —
FY19
DOCU —
OKTA —
FY20
DOCU −47.8%
OKTA —
FY21
DOCU −44.2%
OKTA —
FY22
DOCU —
OKTA −23.5%
FY23
DOCU —
OKTA −12.4%
FY24
DOCU —
OKTA −8.2%
FY25
DOCU 35.6%
OKTA −0.9%
FY26
DOCU 25.4%
OKTA —
DOCU
OKTA
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