HubSpot vs Okta
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KIRAβs take AI analyst
I put HubSpot and Okta side by side, using each oneβs latest annual report. Here is what stands out:
- HubSpot is the larger business, with $3.1B of revenue in fiscal 2025 against $2.9B for Okta.
- HubSpot grew revenue faster (19.2%, against 11.8%).
- Okta kept more of each dollar of sales as operating profit (5.1% operating margin, against 0.2%).
- Okta turned more of its sales into free cash flow (30.0% FCF margin, against 22.6%).
- Investors pay more for each dollar of Oktaβs earnings: a P/E of 132.5x against 93.9x for HubSpot.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
HubSpot
HUBS
3/8
Revenue growth5-year growthGross margin
Okta
OKTA
5/8
Operating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | HUBS FY25 | OKTA FY26 |
|---|---|---|
| Size | ||
| Market cap | $13.4B | $39.3B |
| Revenue | $3.1B | $2.9B |
| Free cash flow | $708M | $875M |
| Net income | $45.9M | $235M |
| Growth | ||
| Revenue growth | 19.2% | 11.8% |
| 5-year growth | 28.8% | 28.4% |
| Share count change | 2.7% | 2.4% |
| Profitability | ||
| Gross margin | 83.8% | 77.4% |
| Operating margin | 0.2% | 5.1% |
| Net margin | 1.5% | 8.1% |
| FCF margin | 22.6% | 30.0% |
| Return on capital | β | β |
| Return on equity | 2.3% | 3.5% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $500M | $73.0M |
| Valuation & quality | ||
| P/E | 93.9x | 132.5x |
| Piotroski F-score | β | 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.