OKTA Nasdaq Application Software Financials FY2017βFY2026
Okta had $2.9B of revenue in fiscal 2026, up 11.8% on the year before. Over five years, revenue changed +28.4% a year on average.
Hi! I read Oktaβs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+11.8%
Yes. Sales grew 11.8% last year.
Does it make a profit?
8.1%
A little. It keeps 8.1% of every sale as profit.
Does profit turn into cash?
30.0%
Yes. 30.0% of sales ends up as free cash.
How healthy are the accounts?
8 / 9
Solid. It passes 8 of 9 health tests.
How is the share priced?
132.5x
One share costs 132.5 times its yearly profit per share. Typical for its sector: 33.0x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA Β· Okta had $2.9B of revenue in fiscal 2026, up 11.8% on the year before. Over five years, revenue changed +28.4% a year on average. Its operating margin was 5.1%, up 7.9Β pts: of every 100 in sales, about 5 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Okta made $235M of net profit in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $875M in fiscal 2026, 30.0% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Okta returned $73.0M to shareholders in fiscal 2026, 8% of free cash flow. The diluted share count rose 2.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.3M and sold $58.2M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.3M
1 insider
Sold, 12 months
$58.2M
7 insiders
Of sales under plans
100%
$58.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 8, 2026 | Shibu NinanChief Accounting Officer | Sold plan | 2,002 | $220.00 | $0.4M | Form 4 |
| Oct 7, 2026 | Shibu NinanChief Accounting Officer | Sold plan | 12,675 | $217.45 | $2.8M | Form 4 |
| 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 |
| Apr 16, 2026 | David SchellhaseDirector | Bought plan | 3,712 | $72.04 | $0.3M | Form 4 |
| Apr 7, 2026 | Larissa SchwartzSee Remarks | Sold plan | 6,377 | $79.76 | $0.5M | Form 4 |
| Apr 1, 2026 | Eric Robert KelleherSee Remarks | Sold plan | 2,409 | $80.00 | $0.2M | Form 4 |
| Mar 25, 2026 | Jonathan James AddisonChief Revenue Officer | Sold plan | 23,304 | $77.79 | $1.8M | Form 4 |
| Mar 23, 2026 | Todd McKinnonChief Executive Officer, Director | Sold plan | 11,263 | $81.00 | $0.9M | Form 4 |
| Mar 19, 2026 | Eric Robert KelleherSee Remarks | Sold plan | 16,818 | $80.00 | $1.3M | Form 4 |
| Mar 10, 2026 | Larissa SchwartzSee Remarks | Sold plan | 1,836 | $79.89 | $0.1M | Form 4 |
| Feb 6, 2026 | Larissa SchwartzSee Remarks | Sold plan | 1,836 | $83.47 | $0.2M | Form 4 |
| Jan 13, 2026 | Shibu NinanChief Accounting Officer | Sold plan | 1,052 | $95.00 | $0.1M | Form 4 |
| Jan 13, 2026 | Brett TigheChief Financial Officer | Sold plan | 10,000 | $95.07 | $1.0M | Form 4 |
| Jan 7, 2026 | Larissa SchwartzSee Remarks | Sold plan | 1,899 | $90.74 | $0.2M | Form 4 |
| Jan 2, 2026 | Eric Robert KelleherSee Remarks | Sold plan | 2,409 | $84.40 | $0.2M | Form 4 |
| Dec 22, 2025 | Eric Robert KelleherSee Remarks | Sold plan | 127 | $91.40 | $0.0M | Form 4 |
| Dec 22, 2025 | Todd McKinnonChief Executive Officer, Director | Sold plan | 11,286 | $90.96 | $1.0M | Form 4 |
| Dec 18, 2025 | Eric Robert KelleherSee Remarks | Sold plan | 8,370 | $90.19 | $0.8M | Form 4 |
| Dec 5, 2025 | Larissa SchwartzSee Remarks | Sold plan | 1,318 | $85.71 | $0.1M | Form 4 |
| Nov 11, 2025 | Larissa SchwartzSee Remarks | Sold plan | 1,318 | $85.26 | $0.1M | Form 4 |
| Oct 8, 2025 | Larissa SchwartzSee Remarks | Sold plan | 1,318 | $91.65 | $0.1M | Form 4 |
| Oct 2, 2025 | Brett TigheChief Financial Officer | Sold plan | 10,000 | $95.00 | $1.0M | Form 4 |
| Oct 1, 2025 | Eric Robert KelleherSee Remarks | Sold plan | 2,410 | $91.73 | $0.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Okta can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.5B | $2.6B | $2.2B | $2.5B | β |
| Debt incl. finance leases | $1.8B | $2.2B | $1.2B | $858M | $350M |
| Net debt / EBITDA | β | β | β | β69.4x | β |
| Debt / equity | 0.3x | 0.4x | 0.2x | 0.1x | 0.1x |
| Interest coverage | β8.4x | β73.8x | β64.5x | β14.8x | 37.3x |
| Current ratio | 2.5x | 2.2x | 1.7x | 1.4x | 1.4x |
| Quick ratio | 2.5x | 2.2x | 1.7x | 1.4x | 1.4x |
| 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 (β = net cash) | β$670M | β$387M | β$1.0B | β$1.7B | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Okta passes 8 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 6 / 9 | 7 / 9 | 8 / 9 |
| Accruals ratio | β9.5% | β7.8% | β6.8% |
| Altman Z'' | 1.46 | 1.82 | 2.69 |
What does the share cost, and how does it compare?
KIRA Β· At $220.01 a share, the company is worth $39.3B: 132.5 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β and divides by 179.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 128.3x Β· peers 36.5x Β· sector 33.0x.
KIRA Β· Okta grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 4 of 4.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Okta OKTA | $39.3B | 11.8% | 5.1% | 30.0% | β | 132.5x | 8 | |
| PTC PTC | $22.3B | 19.2% | 35.9% | 31.3% | 17.4% | 18.9x | 8 | Compare β |
| HubSpot HUBS | $13.4B | 19.2% | 0.2% | 22.6% | β | 93.9x | β | Compare β |
| Docusign DOCU | $16.4B | 8.2% | 9.3% | 32.9% | 25.4% | 51.8x | 5 | Compare β |
| Dropbox DBX | $8.6B | β1.1% | 27.3% | 36.9% | β | 21.0x | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$74.7M | β$112M | β$120M | β$186M | β$204M | β$768M | β$812M | β$516M | β$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 | β$74.6M | β$110M | β$126M | β$210M | β$266M | β$850M | β$801M | β$337M | $46.0M | $255M |
| Income tax | $0.4M | β$0.3M | $0.0M | β$1.4M | $0.0M | β$2.0M | $14.0M | $18.0M | $18.0M | $20.0M |
| Net income | β$75.1M | β$110M | β$126M | β$209M | β$266M | β$848M | β$815M | β$355M | $28.0M | $235M |
| Diluted EPS | β$3.94 | β$1.32 | β$1.17 | β$1.78 | β$2.09 | β$5.73 | β$5.16 | β$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 | β$42.1M | β$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 | β$48.4M | β$31.8M | β$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 | β |
| 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 | β$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 | β46.4% | β43.6% | β30.0% | β31.7% | β24.4% | β59.1% | β43.7% | β22.8% | β2.8% | 5.1% |
| EBITDA margin | β43.8% | β40.9% | β27.1% | β28.4% | β22.0% | β52.9% | β38.1% | β18.4% | 0.9% | 8.4% |
| Net margin | β46.7% | β42.8% | β31.4% | β35.7% | β31.9% | β65.2% | β43.9% | β15.7% | 1.1% | 8.1% |
| FCF margin | β30.1% | β12.4% | β1.2% | 6.9% | 13.8% | 7.0% | 4.0% | 22.3% | 28.4% | 30.0% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | β23.5% | β12.4% | β8.2% | β0.9% | β |
| Return on capital employed | β | β107.8% | β38.4% | β20.4% | β12.9% | β15.8% | β10.3% | β6.9% | β1.1% | 2.1% |
| Return on equity | β | β | β55.6% | β63.6% | β48.5% | β25.6% | β14.3% | β6.3% | 0.5% | 3.5% |
| Return on assets | β | β41.5% | β18.1% | β14.2% | β10.1% | β13.6% | β8.8% | β3.9% | 0.3% | 2.5% |
| Growth | ||||||||||
| Revenue growth | β | 59.5% | 55.6% | 46.8% | 42.5% | 55.7% | 42.9% | 21.8% | 15.3% | 11.8% |
| Net income growth | β | β | β | β | β | β | β | β | β | 739.3% |
| EPS growth | β | β | β | β | β | β | β | β | β | 2,083.3% |
| FCF growth | β | β | β | β | 186.4% | β20.9% | β18.7% | 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 | β | β | β | β | β | β | β | β | β69.4x | β |
| Debt / equity | β | 0.0x | 1.1x | 2.3x | 2.6x | 0.3x | 0.4x | 0.2x | 0.1x | 0.1x |
| Interest coverage | β | β | β7.9x | β6.9x | β2.8x | β8.4x | β73.8x | β64.5x | β14.8x | 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 | β | β | β | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.3% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 4.0 | 5.0 | 4.0 | 4.0 | 5.0 | 6.0 | 7.0 | 8.0 |
| Altman Z'' | β14.6 | β1.7 | β1.2 | 2.0 | 1.6 | 2.0 | 1.3 | 1.5 | 1.8 | 2.7 |
| Accruals ratio | β | β31.9% | β20.3% | β18.0% | β15.0% | β15.2% | β9.7% | β9.5% | β7.8% | β6.8% |
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 β not investment advice. Check the original filings before relying on any figure.
