Docusign vs Okta
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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%).
- Docusign turned more of its sales into free cash flow (32.9% FCF margin, against 30.0%).
- Investors pay more for each dollar of Oktaβs earnings: a P/E of 128.3x against 52.0x for Docusign.
| Latest fiscal year | DOCU Β· FY26 | OKTA Β· 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 | β0.6% | 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% | β |
| Return on equity | 15.8% | 3.5% |
| Balance sheet | ||
| Net debt | β$867M | β |
| Net debt / EBITDA | β2.1x | β |
| Dividends and buybacks | $869M | $73.0M |
| Valuation & quality | ||
| P/E | 52.0x | 128.3x |
| Piotroski F-score | 5 | 8 |
Revenue
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
Operating margin
FY17
DOCU β30.4%
OKTA β46.4%
FY18
DOCU β10.0%
OKTA β43.6%
FY19
DOCU β60.8%
OKTA β30.0%
FY20
DOCU β19.9%
OKTA β31.7%
FY21
DOCU β12.0%
OKTA β24.4%
FY22
DOCU β2.9%
OKTA β59.1%
FY23
DOCU β3.5%
OKTA β43.7%
FY24
DOCU 1.2%
OKTA β22.8%
FY25
DOCU 6.7%
OKTA β2.8%
FY26
DOCU 9.3%
OKTA 5.1%
DOCU
OKTA
Free cash flow
FY17
DOCU β$48.1M
OKTA β$48.4M
FY18
DOCU $36.1M
OKTA β$31.8M
FY19
DOCU $45.7M
OKTA β$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
Return on capital
FY17
DOCU β
OKTA β
FY18
DOCU β
OKTA β
FY19
DOCU β
OKTA β
FY20
DOCU β47.8%
OKTA β
FY21
DOCU β44.2%
OKTA β
FY22
DOCU β
OKTA β23.5%
FY23
DOCU β
OKTA β12.4%
FY24
DOCU β
OKTA β8.2%
FY25
DOCU 35.6%
OKTA β0.9%
FY26
DOCU 25.4%
OKTA β
DOCU
OKTA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.