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US identity and access management software company providing single sign-on and authentication for enterprise employees and customers.
US identity and access management software company providing single sign-on and authentication for enterprise employees and customers.
Sells subscriptions priced per user, per month or year, so revenue grows as customers add employees, apps and security modules. Customer identity, sold under the Auth0 brand, came with the 2021 purchase of Auth0, a developer-focused product, and sells to software companies as well as large enterprises.
Moat: narrow (switching costs, network effects, installed base). Identity sits at the center of enterprise IT; ripping out SSO/MFA across thousands of apps is highly disruptive.
Headquarters: San Francisco, California, US · Founded: 2009 · Employees: 6,366
Size Okta (OKTA) is a United States Information Technology company (Packaged Software) with a market value of $29.5B, the 372nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $168.69 on 6 Nov 2026.
Performance Over six months the shares gained 101.1%, against +15.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue grew 11.2% over the last twelve months (peer median +23.8%); the operating margin is 7.7% (peer median 7.4%).
Valuation It trades at 41.3× forward earnings against a peer median of 23.7× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.6 points below its cost of capital (8.6% WACC).
Backlog Backlog (remaining performance obligations) was $4.86B at 31 Jul 2026, up 17% on a year earlier — 1.6 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.07B | $2.92B | $2.61B | $2.26B | $1.86B |
| Revenue growth | — | +12% | +15% | +22% | — |
| Gross profit | $2.40B | $2.26B | $1.99B | $1.68B | $1.31B |
| EBITDA | $315M | $249M | $35.0M | -$361M | -$662M |
| Net income | $296M | $235M | $28.0M | -$355M | -$815M |
| Free cash flow | $979M | $875M | $742M | $504M | $74.0M |
| Capital expenditure | $28.0M | $21.0M | $20.0M | $24.0M | $23.0M |
| Total debt | $53.0M | $422M | $979M | $1.30B | $2.37B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Okta OKTA | $29.5B | +101% | +11% | 8% | 41.3× | 39.2% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| SailPoint SAIL | $11.0B | +57% | +20% | -19% | 53.5× | 42.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OKTA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.4% | +0.1% | 6th lowest of 21 |
| 6-month return | +101.1% | +15.5% | highest of 19 |
| Distance from 52-week high | -28.2% | -25.2% | 11th highest of 21 |
| Revenue growth (TTM) | +11.2% | +23.8% | 6th lowest of 21 |
| Operating margin | 7.7% | 7.4% | 10th highest of 21 |
| Forward P/E | 41.3× | 23.7× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 39.2% | 20.7% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +28.4% | +19.1% | 5th highest of 16 |
| Hurdle (Req g minus delivered) | +10.8 pp | +0.8 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | -4.6 pp | -4.3 pp | 10th lowest of 20 |
| EV / EBITDA | 86.5× | 17.3× | 2nd most expensive of 13 |
| Net debt / EBITDA | -7.1× | -0.0× | 3rd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Okta OKTA | United States | $29.5B | +101% | +11% | 8% | 41.3× | 39.2% | +28.4% |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 25.6× | 45.5% | +94.7% |
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 30.7× | 38.2% | +23.5% |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% | +24.6% |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% | +37.9% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | n/a | n/a | n/a |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% | +12.9% |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | n/a | n/a | n/a |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 44.7× | 27.9% | +33.1% |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | n/a | n/a | n/a |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 48.5× | n/a | n/a |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% | +25.8% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% | +7.0% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Roper Technologies ROP | United States | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% | +10.2% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
Okta reported $4.86B of remaining performance obligations at 31 Jul 2026, up 17% from a year earlier and up 3% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.17.