Dropbox vs Okta
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The short version
- Okta is the larger business, with $2.9B of revenue in fiscal 2026 against $2.5B for Dropbox.
- Okta grew revenue faster (11.8%, against β1.1%).
- Dropbox kept more of each dollar of sales as operating profit (27.3% operating margin, against 5.1%).
- Dropbox turned more of its sales into free cash flow (36.9% FCF margin, against 30.0%).
- Investors pay more for each dollar of Oktaβs earnings: a P/E of 128.3x against 21.0x for Dropbox.
| Latest fiscal year | DBX Β· FY25 | OKTA Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $38.1B |
| Revenue | $2.5B | $2.9B |
| Free cash flow | $931M | $875M |
| Net income | $508M | $235M |
| Growth | ||
| Revenue growth | β1.1% | 11.8% |
| 5-year growth | 5.7% | 28.4% |
| Share count change | β15.7% | 2.4% |
| Profitability | ||
| Gross margin | 80.1% | 77.4% |
| Operating margin | 27.3% | 5.1% |
| Net margin | 20.2% | 8.1% |
| FCF margin | 36.9% | 30.0% |
| Return on capital | β | β |
| Return on equity | β | 3.5% |
| Balance sheet | ||
| Net debt | $693M | β |
| Net debt / EBITDA | 0.8x | β |
| Dividends and buybacks | $1.7B | $73.0M |
| Valuation & quality | ||
| P/E | 21.0x | 128.3x |
| Piotroski F-score | 5 | 8 |
Revenue
FY17
DBX $1.1B
OKTA $161M
FY18
DBX $1.4B
OKTA $257M
FY19
DBX $1.7B
OKTA $399M
FY20
DBX $1.9B
OKTA $586M
FY21
DBX $2.2B
OKTA $835M
FY22
DBX $2.3B
OKTA $1.3B
FY23
DBX $2.5B
OKTA $1.9B
FY24
DBX $2.5B
OKTA $2.3B
FY25
DBX $2.5B
OKTA $2.6B
FY26
DBX β
OKTA $2.9B
DBX
OKTA
Operating margin
FY17
DBX β10.3%
OKTA β46.4%
FY18
DBX β35.5%
OKTA β43.6%
FY19
DBX β4.9%
OKTA β30.0%
FY20
DBX β14.5%
OKTA β31.7%
FY21
DBX 12.7%
OKTA β24.4%
FY22
DBX 7.8%
OKTA β59.1%
FY23
DBX 21.5%
OKTA β43.7%
FY24
DBX 19.1%
OKTA β22.8%
FY25
DBX 27.3%
OKTA β2.8%
FY26
DBX β
OKTA 5.1%
DBX
OKTA
Free cash flow
FY17
DBX $305M
OKTA β$48.4M
FY18
DBX $362M
OKTA β$31.8M
FY19
DBX $392M
OKTA β$4.6M
FY20
DBX $491M
OKTA $40.2M
FY21
DBX $708M
OKTA $115M
FY22
DBX $764M
OKTA $91.0M
FY23
DBX $759M
OKTA $74.0M
FY24
DBX $872M
OKTA $504M
FY25
DBX $931M
OKTA $742M
FY26
DBX β
OKTA $875M
DBX
OKTA
Return on capital
FY17
DBX β
OKTA β
FY18
DBX β
OKTA β
FY19
DBX β
OKTA β
FY20
DBX β
OKTA β
FY21
DBX β
OKTA β
FY22
DBX β
OKTA β23.5%
FY23
DBX β
OKTA β12.4%
FY24
DBX β
OKTA β8.2%
FY25
DBX β
OKTA β0.9%
FY26
DBX β
OKTA β
DBX
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.