Docusign vs Okta
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KIRAβs take AI analyst
I put Docusign and Okta side by side, using each oneβs latest annual report. Here is what stands out:
- 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 132.5x against 51.8x for Docusign.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Docusign
DOCU
6/9
Gross marginOperating marginNet marginFCF marginReturn on equityShare count change
Okta
OKTA
3/9
Revenue growth5-year growthPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | DOCU FY26 | OKTA FY26 |
|---|---|---|
| Size | ||
| Market cap | $16.4B | $39.3B |
| 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 | 51.8x | 132.5x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.