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Okta, Inc. (OKTA) stock

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NASDAQ: OKTA Nasdaq Systems Software Next results ~December 1, 2026

B Fundamentals grade

Okta is an identity management company whose software controls how people and machines gain access to digital systems. Its two cloud-based products are the Okta Platform, which handles "workforce identity" by managing access for an organisation's employees, contractors and partners, and the Auth0 Platform, a developer-focused tool for embedding secure sign-in into consumer and business applications ("customer identity"). Features include single sign-on, multi-factor authentication, a central user directory and governance tools, and the firm is extending both platforms to cover AI agents and other non-human identities.

Customers range from large enterprises and small businesses to universities, charities and government agencies; more than 20,000 organisations used its services as of 31 January 2026. Okta runs a software-as-a-service model, earning most of its money from multi-year subscriptions to its cloud offerings. It sells directly through its own sales teams and indirectly via resellers, system integrators and cloud marketplaces.

The business organises its offerings around workforce and customer identity and sells internationally. It also maintains the Okta Integration Network, which held over 7,000 pre-built connections to other applications, infrastructure providers and security vendors at that date.

Based on Okta, Inc.'s 10-K filed March 5, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$88

Cash-flow model

Base case. Range ~$69–$110 across our lower- and higher-growth cases (7.7%–17.7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 53% below it.

Price used: $184.87, November 2, 2026

Okta, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Okta files

Where Okta stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $3.07bn, up 11.2% on a year earlier, slower than 11.7% a quarter earlier. Free-cash-flow margin rose to 31.9% from 30.7% a year earlier. Operating margin widened to 7.5% from 2.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $53.27 a share, against a share price of $193. At that price, our model says the market is pricing in about 38.6% a year of cash-flow growth for five years, faster than the 18.8% a year revenue growth it has delivered.

Source: 10-Q filed August 27, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 1, 2026 (estimated)

Okta, Inc.'s trailing-twelve-month revenue grew 11.2% year on year, with a free-cash-flow margin of 31.9%.

Our discounted-cash-flow model values the business at ~$88 per share in the base case (~$69–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 15.4% while net income grew 76.2%: a 61pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 4.9 points on a year ago.
  • Strong cash generation. 31.9% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
  • Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.8bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $184.87 is 53% above our value per share of $88.
  • Heavy stock-based pay. Stock pay equals 16.4% of revenue, against a median of 8.5% for systems software companies we cover: a real cost that cash-flow figures leave out.
  • High earnings multiple. The shares trade at 111 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 69% and a beta of 1.4 against the S&P 500.

Latest results: FY2027 Q2

Filed August 27, 2026
Earnings per share
$1.05 against an average estimate of $0.96: beat by 8.9%
Revenue
$805m, up 10.6% on a year earlier
Share reaction
+32.4% in the first session after the results on August 26, 2026, against +0.7% for the S&P 500
Guidance given
total revenue $813m to $817m (the third quarter of fiscal 2027); total revenue growth rate growth 10% (the third quarter of fiscal 2027)
Next report
December 1, 2026; average EPS estimate $0.93

Okta's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-11.2%
  • 1 week-16.0%
  • 1 month-12.6%
  • This year+113.8%
  • 1 year+102.0%
  • 5 years-27.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.1B
Operating margin
7.5%
Net margin
9.6%
EPS (TTM, diluted)
$1.67

Growth

Revenue growth
+11.2%
Change in growth rate
−0.5 pts
Share count change
−1.4%

Cash

Free cash flow (TTM)
$979M
FCF margin
31.9%
Stock pay % of revenue
16.4%

Earnings

Last results
August 26, 2026
Next results (est.)
November 22, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Announcement
  4. Insider trade
  5. Leadership
  6. Insider trade
  7. Results
  8. Guidance
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Okta, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 36.6% a year of cash-flow growth for five years.That is faster than the 18.8% a year revenue growth Okta has delivered.

  • Priced in36.6%
  • Last 12 months11.2%
  • 3 years a year14.2%
  • 5 years a year18.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($187.11, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$88
Price used
$187.11close November 3, 2026
Implied change
▼ 53%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Okta, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($292M, FY2027 Q2 TTM), growing 10.8% and 11.7% in the next two years (forecasts, guidance and its record), then back to 12.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$69–~$110 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Okta, Inc.'s free cash flow after stock-based pay ( $292M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Okta, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$88 ~$69–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$72 ~$51–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.8 Left out: out of range vs price (0.00x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$82 ~$72–$88 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Okta, Inc. with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +3%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $36$45$56$71$90$115
8.5% $31$37$45$56$69$87
10% $28$32$38$47$57$70

Valuation multiples over time Market data may be delayed

At fiscal year end 201820192020202120222023202420252026Now
Share price$29.45$82.43$128.05$259.01$197.89$73.61$82.65$94.22$84.48$184.87
Market value$2.4bn$8.9bn$15.0bn$32.9bn$29.3bn$11.6bn$13.5bn$16.5bn$15.1bn$32.9bn
+ Net debt (− = net cash)−$128m−$298m−$520m−$435m−$260m−$264m−$334m−$409m−$858m−$763m
Enterprise value$2.3bn$8.6bn$14.5bn$32.5bn$29.0bn$11.4bn$13.2bn$16.1bn$14.3bn$32.1bn
Multiples
Price / sales 9.5x22.2x25.6x39.5x22.5x6.3x6.0x6.3x5.2x10.7x
Price / earnings ———————n/m64.5x111.0x
Price / free cash flow ——n/mn/mn/m157.2x26.8x22.2x17.3x33.6x
EV / EBITDA ————————88.2x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard Okta's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median 2.1% of total assets over 9 years.

  • Pricing power 19 / 20

    Gross margin has been a median 72.5%, moving by 2.9 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -31.1%; its worst year was -53.9%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 8 of 9 years, at a median 12.3% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 31.1% over five years; stock-based pay has been a median 22.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 1, 2026, after the close. Analysts expect revenue of $816m and EPS of $0.93 (range $0.92 to $0.99) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.93 +12% $3.2bn +10%
Next $4.38 +11% $3.5bn +10%

Next year's EPS estimate has moved +2.3% in 90 days, across 43 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.2% on 90 days ago. In the last 30 days, 42 analysts raised Okta, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Okta, Inc., last 90 days
$3.80 $4.00 $4.20 $4.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.84 Current fiscal year, 60 days ago: $3.93 Current fiscal year, 30 days ago: $3.93 Current fiscal year, 7 days ago: $3.93 Current fiscal year, Now: $3.93 $3.93 Next fiscal year, 90 days ago: $4.28 Next fiscal year, 60 days ago: $4.38 Next fiscal year, 30 days ago: $4.38 Next fiscal year, 7 days ago: $4.38 Next fiscal year, Now: $4.38 $4.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.84$4.28
60 days ago $3.93$4.38
30 days ago $3.93$4.38
7 days ago $3.93$4.38
Now $3.93$4.38

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.96 $1.05 +8.9%
Apr 2026 $0.85 $0.91 +6.7%
Jan 2026 $0.85 $0.90 +6.3%
Oct 2025 $0.76 $0.82 +8.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 26, 2026
  • Total revenue the full year fiscal 2027 $3.216bn to $3.226bn
    “Total revenue of $3.216 billion to $3.226 billion , representing a growth rate of 10% to 11% year-over-year;” source
  • total revenue growth rate the full year fiscal 2027 10% growth to 11% growth
    “Total revenue of $3.216 billion to $3.226 billion , representing a growth rate of 10% to 11% year-over-year;” source
  • Total revenue the third quarter of fiscal 2027 $813m to $817m
    “Total revenue of $813 million to $817 million, representing a growth rate of 10% year-over-year;” source
  • total revenue growth rate the third quarter of fiscal 2027 about 10% growth
    “Total revenue of $813 million to $817 million, representing a growth rate of 10% year-over-year;” source
  • Non-GAAP diluted net income per share the full year fiscal 2027 $3.90 to $3.94 Non-GAAP
    “Non-GAAP diluted net income per share of $3.90 to $3.94, assuming diluted weighted-average shares outstanding of approximately 184 million and a non-GAAP tax rate of 21%; and” source
  • Non-GAAP diluted net income per share the third quarter of fiscal 2027 $0.92 to $0.94 Non-GAAP
    “Non-GAAP diluted net income per share of $0.92 to $0.94, assuming diluted weighted-average shares outstanding of approximately 184 million and a non-GAAP tax rate of 21%; and” source
Show 14 more items
  • non-GAAP operating margin the full year fiscal 2027 about 26% Non-GAAP
    “Non-GAAP operating income of $830 million to $840 million, which yields a non-GAAP operating margin of 26%;” source
  • non-GAAP operating margin the third quarter of fiscal 2027 24% to 25% Non-GAAP
    “Non-GAAP operating income of $196 million to $200 million, which yields a non-GAAP operating margin of 24% to 25%;” source
  • Non-GAAP operating income the full year fiscal 2027 $830m to $840m Non-GAAP
    “Non-GAAP operating income of $830 million to $840 million, which yields a non-GAAP operating margin of 26%;” source
  • diluted weighted-average shares outstanding the full year fiscal 2027 about 184m
    “Non-GAAP diluted net income per share of $3.90 to $3.94, assuming diluted weighted-average shares outstanding of approximately 184 million and a non-GAAP tax rate of 21%; and” source
  • non-GAAP tax rate the full year fiscal 2027 about 21% Non-GAAP
    “Non-GAAP diluted net income per share of $3.90 to $3.94, assuming diluted weighted-average shares outstanding of approximately 184 million and a non-GAAP tax rate of 21%; and” source
  • Non-GAAP free cash flow the full year fiscal 2027 $910m to $930m Non-GAAP
    “Non-GAAP free cash flow of $910 million to $930 million, which yields a free cash flow margin of 28% to 29%.” source
  • free cash flow margin the full year fiscal 2027 28% to 29% Non-GAAP
    “Non-GAAP free cash flow of $910 million to $930 million, which yields a free cash flow margin of 28% to 29%.” source
  • Current RPO the third quarter of fiscal 2027 $2.59bn to $2.6bn
    “Current RPO of $2.590 billion to $2.600 billion , representing a growth rate of 11% to 12% year-over-year;” source
  • Current RPO growth rate the third quarter of fiscal 2027 11% growth to 12% growth
    “Current RPO of $2.590 billion to $2.600 billion , representing a growth rate of 11% to 12% year-over-year;” source
  • Non-GAAP operating income the third quarter of fiscal 2027 $196m to $200m Non-GAAP
    “Non-GAAP operating income of $196 million to $200 million, which yields a non-GAAP operating margin of 24% to 25%;” source
  • diluted weighted-average shares outstanding the third quarter of fiscal 2027 about 184m
    “Non-GAAP diluted net income per share of $0.92 to $0.94, assuming diluted weighted-average shares outstanding of approximately 184 million and a non-GAAP tax rate of 21%; and” source
  • non-GAAP tax rate the third quarter of fiscal 2027 about 21% Non-GAAP
    “Non-GAAP diluted net income per share of $0.92 to $0.94, assuming diluted weighted-average shares outstanding of approximately 184 million and a non-GAAP tax rate of 21%; and” source
  • Non-GAAP free cash flow the third quarter of fiscal 2027 $175m to $185m Non-GAAP
    “Non-GAAP free cash flow of $175 million to $185 million, yielding a free cash flow margin of 21% to 23%.” source
  • free cash flow margin the third quarter of fiscal 2027 21% to 23% Non-GAAP
    “Non-GAAP free cash flow of $175 million to $185 million, yielding a free cash flow margin of 21% to 23%.” source

How earlier guidance turned out

  • Total revenue, the second quarter of fiscal 2027 guided $790m to $794m Above range: $805m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Okta, Inc.'s revenue by +10.8% next year and +11.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.2%, weight 58%) , management guidance (+10.1%, weight 18%) and the company's own record (+12.7%, weight 24%) . How the weights are set.

Analyst recommendations

44 analysts, Nov 2026
Buy3477%
Hold1023%
Sell00%

Monthly trend

  1. Nov 20269251044
  2. Oct 20269251044
  3. Sep 2026926944

Counts of recommendations published by analysts covering Okta, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.7%
of tradable shares
Days to cover
1.93
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
100%
of shares
Held by insiders
0.5%
of shares
Employees
6,366
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +102.0%

$91.53 on October 31, 2025 to $184.87

ThenNowEffect
Revenue (last 12 months) $2.8bn $3.1bn +11.2%
Net margin 6.1% 9.6% +58.4%
P/E multiple 98.2x 111.0x +13.0%
Share count 180m 178m +1.4%

Biggest factor: net margin.

Last 3 years +164.6%

$69.88 on November 3, 2023 to $184.87

ThenNowEffect
Revenue (last 12 months) $2.1bn $3.1bn +48.8%
P/S multiple 5.4x 10.7x +96.6%
Share count 161m 178m −9.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
OKTA−12%−70%+33%−13%+10%+114%
Industry peers (median)+26%−40%+29%+23%−1%+25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
OKTA67%25%50%42%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
OKTA−32%−80%−28%−36%−39%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since April 7, 2017: 85% from February 12, 2021 to November 4, 2022. Getting back needed a 548% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$62.93 – $232.13
From 52-week high
−20.4%
vs 50-day average
−4.6%
vs 200-day average
+47.9%
Volatility (1 year)
69%
Beta vs S&P 500
1.44

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±15.3%
After a week
8 up, 4 down
typical move ±14.9%
After a month
7 up, 5 down
typical move ±17.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 26, 2026 +32.4% +0.7% +24.9% +49.4%
May 28, 2026 +37.7% +0.8% +38.0% +46.7%
March 4, 2026 +9.8% +0.1% +11.5% +10.6%
December 2, 2025 +7.1% +0.5% +8.9% +3.7%
August 26, 2025 +1.8% +0.6% −1.7% −0.2%
May 27, 2025 −14.9% +1.5% −16.3% −20.7%
March 3, 2025 +19.7% −2.9% +16.2% +15.7%
February 4, 2025 +4.5% +1.1% +2.7% +19.3%
December 3, 2024 +6.5% +0.7% +2.4% −0.1%
August 28, 2024 −18.0% −0.6% −23.0% −23.7%
May 29, 2024 −7.6% −1.4% −7.9% −2.6%
February 28, 2024 +23.5% +0.2% +25.3% +20.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Okta, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.04× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

OKTA Okta, Inc. Grade B $188.91

Own 100 shares, sell the $240 call expiring December 18, 2026 (46 days) for $6.80 a share — $680 per contract.

Previous session · Bid $6.80, ask $7.85, quoted Mon 2 Nov, 17:32 New York time with OKTA at $188.91. Option prices move with the shares: check the live chain at your broker before trading.

  • If OKTA ends below $240: you keep your shares and the $680 — 3.6% extra on the position, 28.6% a year at that pace.
  • If it ends above $240: your shares are sold at $240, a total return of 30.6% including the premium — at or above our value of ~$88.
$5.8k $0 −$3.6k Break-even $182.11 Price $188.91 ← Our value ~$88
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$680
Annualised
28.6%
Break-even
$182.11
Max gain
$5,789.5
Chance of selling
~27%

Results are expected around November 22, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $160 put and sell the $240 call, both expiring December 18, 2026 (46 days).

  • Net cost of $4.65 a share ($465 per contract of 100 shares).
  • Worst case at expiry: -17.8%, if the shares fall below $160 (-15.3% from today).
  • Best case at expiry: +24.6%, if the shares rise above $240 (+27.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $88.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Okta, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Okta, Inc.
$2B $2.5B $3B $3.5B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.3B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.5B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.6B Revenue (TTM), FY26 Q1: $2.7B Revenue (TTM), FY26 Q2: $2.8B Revenue (TTM), FY26 Q3: $2.8B Revenue (TTM), FY26 Q4: $2.9B Revenue (TTM), FY27 Q1: $3B Revenue (TTM), FY27 Q2: $3.1B $3.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $2.2B
FY24 Q4 $2.3B
FY25 Q1 $2.4B
FY25 Q2 $2.5B
FY25 Q3 $2.5B
FY25 Q4 $2.6B
FY26 Q1 $2.7B
FY26 Q2 $2.8B
FY26 Q3 $2.8B
FY26 Q4 $2.9B
FY27 Q1 $3B
FY27 Q2 $3.1B
Revenue growth, TTM YoY Okta, Inc.
10% 15% 20% 25% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 25.3% Revenue growth, TTM YoY, FY24 Q4: 21.8% Revenue growth, TTM YoY, FY25 Q1: 20.4% Revenue growth, TTM YoY, FY25 Q2: 18.7% Revenue growth, TTM YoY, FY25 Q3: 16.8% Revenue growth, TTM YoY, FY25 Q4: 15.3% Revenue growth, TTM YoY, FY26 Q1: 13.5% Revenue growth, TTM YoY, FY26 Q2: 12.7% Revenue growth, TTM YoY, FY26 Q3: 12.1% Revenue growth, TTM YoY, FY26 Q4: 11.8% Revenue growth, TTM YoY, FY27 Q1: 11.7% Revenue growth, TTM YoY, FY27 Q2: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 25.3%
FY24 Q4 21.8%
FY25 Q1 20.4%
FY25 Q2 18.7%
FY25 Q3 16.8%
FY25 Q4 15.3%
FY26 Q1 13.5%
FY26 Q2 12.7%
FY26 Q3 12.1%
FY26 Q4 11.8%
FY27 Q1 11.7%
FY27 Q2 11.2%
Operating margin (TTM) Okta, Inc.
-30% -20% -10% 0% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: -27.2% Operating margin (TTM), FY24 Q4: -22.8% Operating margin (TTM), FY25 Q1: -17.1% Operating margin (TTM), FY25 Q2: -10.6% Operating margin (TTM), FY25 Q3: -6.5% Operating margin (TTM), FY25 Q4: -2.8% Operating margin (TTM), FY26 Q1: 0.4% Operating margin (TTM), FY26 Q2: 2.6% Operating margin (TTM), FY26 Q3: 3.9% Operating margin (TTM), FY26 Q4: 5.1% Operating margin (TTM), FY27 Q1: 5.5% Operating margin (TTM), FY27 Q2: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 -27.2%
FY24 Q4 -22.8%
FY25 Q1 -17.1%
FY25 Q2 -10.6%
FY25 Q3 -6.5%
FY25 Q4 -2.8%
FY26 Q1 0.4%
FY26 Q2 2.6%
FY26 Q3 3.9%
FY26 Q4 5.1%
FY27 Q1 5.5%
FY27 Q2 7.5%
FCF margin (TTM) Okta, Inc.
15% 20% 25% 30% 35% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 18.7% FCF margin (TTM), FY24 Q4: 22.3% FCF margin (TTM), FY25 Q1: 25.1% FCF margin (TTM), FY25 Q2: 25.4% FCF margin (TTM), FY25 Q3: 24.8% FCF margin (TTM), FY25 Q4: 28.4% FCF margin (TTM), FY26 Q1: 28.5% FCF margin (TTM), FY26 Q2: 30.7% FCF margin (TTM), FY26 Q3: 31.8% FCF margin (TTM), FY26 Q4: 30.0% FCF margin (TTM), FY27 Q1: 30.4% FCF margin (TTM), FY27 Q2: 31.9% 31.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 18.7%
FY24 Q4 22.3%
FY25 Q1 25.1%
FY25 Q2 25.4%
FY25 Q3 24.8%
FY25 Q4 28.4%
FY26 Q1 28.5%
FY26 Q2 30.7%
FY26 Q3 31.8%
FY26 Q4 30.0%
FY27 Q1 30.4%
FY27 Q2 31.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Okta took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.9B
  2. Other income $106M · 3.6%
  3. Cost of revenue $661M · 22.6%
  4. Gross profit $2.3B · 77.4%
  5. Research and development $639M · 21.9%
  6. Selling, general and admin $1.5B · 50.2%
  7. Operating income $149M · 5.1%
  8. Income tax $20M · 0.7%
  9. Net income $235M · 8.1%

Shares of revenue. Source: Okta's 10-K for FY2026, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 161 257 399 586 835 1,300 1,858 2,263 2,610 2,919 3,073
Gross profit 105 176 286 427 617 904 1,312 1,682 1,992 2,258 2,401
EBITDA −72 −108 −114 −177 −195 −756 −800 −504 −61 162 —
Operating income −75 −112 −120 −186 −204 −768 −812 −516 −74 149 232
Net income −75 −110 −125 −209 −266 −848 −815 −355 28 235 296
Diluted EPS −$3.94 −$1.32 −$1.17 −$1.78 −$2.09 −$5.73 −$5.16 −$2.17 $0.06 $1.31 $1.67
Growth (year on year)
Revenue — +59.5% +55.6% +46.8% +42.5% +55.7% +42.9% +21.8% +15.3% +11.8% +11.2%
Operating income — — — — — — — — — — +222.2%
Net income — — — — — — — — — — +76.2%
Diluted EPS — — — — — — — — — — +78.7%
Margins
Gross margin 65.2% 68.5% 71.6% 72.8% 73.9% 69.5% 70.6% 74.3% 76.3% 77.4% 78.1%
EBITDA margin −44.9% −42.0% −28.5% −30.2% −23.4% −58.2% −43.1% −22.3% −2.3% 5.5% —
Operating margin −46.4% −43.6% −30.0% −31.7% −24.4% −59.1% −43.7% −22.8% −2.8% 5.1% 7.5%
Net margin −46.7% −42.8% −31.4% −35.6% −31.9% −65.2% −43.9% −15.7% 1.1% 8.1% 9.6%
Free-cash-flow margin −30.1% −12.4% −1.2% 6.9% 13.8% 7.0% 4.0% 22.3% 28.4% 30.0% 31.9%
Cash flow
Cash from operations −42 −25 15 56 128 104 86 512 750 884 987
Capital spending 6 7 20 15 13 13 12 8 8 9 8
Free cash flow −48 −32 −5 40 115 91 74 504 742 875 979
Stock-based pay 17 50 76 127 195 566 677 684 565 544 503
Free cash flow after stock pay −65 −82 −81 −86 −80 −475 −603 −180 177 331 476
Balance sheet
Cash 23 128 298 520 435 260 264 334 409 858 763
Total debt — — — — — — — — — — 0
Net debt (negative = net cash) −23 −128 −298 −520 −435 −260 −264 −334 −409 −858 −763
Diluted shares 19m 83m 108m 117m 127m 148m 158m 164m 175m 179m 178m
Returned to shareholders
Buybacks — — — — — — — 0 0 73 —
Total returned — — — — — — — 0 0 73 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · July 31, 2026
What it owns · $9.1bn
Short-term assets $3.1bnLonger-term assets $6.0bn
What it owes, and who funded it · $9.1bn
Short-term liabilities $2.0bnLonger-term liabilities $140mShareholders' equity $7.0bn
  • Short-term assets cover short-term liabilities $3.1bn of assets due within a year against $2.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.1bn short-term assets against $140m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $232m against $3m of interest.

From Okta, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$73M
Diluted share count
−1.4%
year over year
R&D spending
21.2%
of revenue
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated OKTA NTNX ZS CHKP PAGS PAYP Median
Revenue, last 12 months $3.1bn $2.9bn $3.4bn $2.7bn $3.7bn $2.5bn $1.1bn
Revenue growth, last 12 months 11.2% 12.4% 25.4% 6.3% 4.3% 28.8% 16.9%
Revenue growth, 3-year average 14.2% 15.3% 27.5% 25.0% — — 16.1%
Revenue growth, latest quarter 10.6% 15.9% 24.9% — — — 19.6%
Gross margin 78.1% 86.8% 76.8% 86.7% 49.0% — 69.6%
Operating margin 7.5% 9.6% −4.0% 30.5% — 21.0% 3.7%
Operating margin, 3-year average −0.1% 5.6% −4.8% 40.7% — — 4.0%
Net margin 9.6% 52.8% −1.9% 38.8% 10.4% 30.2% 2.4%
Cash from operations / revenue 32.1% 32.1% 33.7% 44.0% 37.1% 98.6% 16.6%
Free-cash-flow margin 31.9% 29.5% 25.4% 43.0% 32.0% 96.9% 15.0%
Free-cash-flow margin, 3-year average 29.3% 28.9% 28.3% 52.0% 16.3% — 18.8%
Stock pay / revenue 16.4% 12.5% 24.5% 7.5% 0.5% 0.5% 8.2%
Change in share count −1.4% −0.6% 3.8% −3.1% −6.8% 17.1% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 11.2% 16.9% 24 of 37
Change in growth rate Growth -0.5pp -0.3pp 21 of 37
Gross margin Profitability 78.1% 70.4% 9 of 32
Operating margin Profitability 7.5% 3.8% 13 of 34
Net margin Profitability 9.6% 2.4% 12 of 37
Free-cash-flow margin Cash generation 31.9% 17.3% 9 of 34
Stock pay as % of revenue Cash generation 16.4% 8.5% 25 of 36
Change in share count Balance sheet -1.4% 3.1% 9 of 34
Days sales outstanding Balance sheet 56 days 72 days 8 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Subscriptions $2.9B 97.8% ▲ 11.7%
Technology services $64M 2.2% ▲ 18.5%
Geography
Region Revenue Share YoY
United States $2.3B 79.5% ▲ 12.6%
Outside the US $598M 20.5% ▲ 9.1%

From Okta, Inc.'s 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$21.6B
Institutions reporting
819
Shares held vs prior quarter
▲ 0.7%
Positions opened / closed
178 / 91

Top buyers and sellers, Q2 2026: 440 institutions bought and 376 sold ; the biggest buyer was FMR LLC (+4.9M shares) and the biggest seller UBS Group AG (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.6B 18.7M 11.8% ▼ 1.8%
FMR LLC $2.2B 16.3M 10.3% ▲ 43.5%
Vanguard Portfolio Management LLC $1.2B 8.9M 5.6% ▼ 3.1%
Vanguard Capital Management LLC $1B 7.6M 4.8% ▲ 0.1%
State Street Corp $856M 6.3M 4.0% ▲ 2.7%
First Trust Advisors LP $614M 4.5M 2.8% ▲ 7.2%
Allspring Global Investments Holdings, LLC $510M 3.6M 2.4% ▲ 2.3%
Morgan Stanley $469M 3.4M 2.2% ▲ 85.8%
Geode Capital Management, LLC $445M 3.3M 2.1% ▼ 3.4%
Massachusetts Financial Services Co $421M 3.1M 1.9% ▼ 18.1%
American Century Companies Inc $399M 2.9M 1.8% ▼ 4.4%
Jpmorgan Chase & Co $357M 2.7M 1.7% ▲ 19.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Okta, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $267,408 2 trades by 1 insider, last 12 months Insider sales History → $58.2M 86 trades by 7 insiders · 100% under pre-set plans
Net ▼ $57.9M net selling
Insider Date Trade Shares Price Value
Ninan Shibu Chief Accounting Officer October 8, 2026 Sell pre-set plan 2,002 $220.00 $440,440
Ninan Shibu Chief Accounting Officer October 7, 2026 Sell pre-set plan 2,100 $218.20 $458,216
Ninan Shibu Chief Accounting Officer October 7, 2026 Sell pre-set plan 7,875 $217.62 $1.7M
Ninan Shibu Chief Accounting Officer October 7, 2026 Sell pre-set plan 2,700 $216.35 $584,158
Mckinnon Todd Chief Executive Officer September 22, 2026 Sell pre-set plan 1,847 $197.79 $365,317
Mckinnon Todd Chief Executive Officer September 22, 2026 Sell pre-set plan 6,065 $197.20 $1.2M
Mckinnon Todd Chief Executive Officer September 22, 2026 Sell pre-set plan 9,996 $196.24 $2M
Mckinnon Todd Chief Executive Officer September 22, 2026 Sell pre-set plan 3,194 $195.46 $624,293
Mckinnon Todd Chief Executive Officer September 22, 2026 Sell pre-set plan 2,101 $194.24 $408,096
Mckinnon Todd Chief Executive Officer September 22, 2026 Sell pre-set plan 4,558 $192.88 $879,136
Mckinnon Todd Chief Executive Officer September 22, 2026 Sell pre-set plan 5,337 $192.02 $1M
Mckinnon Todd Chief Executive Officer September 22, 2026 Sell pre-set plan 3,970 $190.81 $757,529

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 1 sale of Okta, Inc. shares.

  • Maria Elvira Salazar(R-FL 27):Sale (partial), $1,001 - $15,000, traded September 24, 2026, filed October 7, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $1,001 - $15,000, traded September 4, 2026, filed October 7, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $1,001 - $15,000, traded September 4, 2026, filed October 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 22, 2026 estimated from the company's past filing pattern, not announced

  • August 26, 2026
  • May 28, 2026
  • March 4, 2026
  • December 2, 2025
  • August 26, 2025
  • May 27, 2025

Recent SEC filings

Data status

When each part of this page on Okta, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Okta, Inc. in brief

What does Okta, Inc. do?
Okta, Inc. is a US-listed company in the systems software industry. Its financial year ends in January.
What is Okta, Inc.'s stock ticker?
Okta, Inc. trades under the ticker OKTA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Okta, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Okta, Inc. reported revenue of $3.1B, 11.2% higher than a year earlier, according to its SEC filings.
What is Okta, Inc.'s free cash flow?
Okta, Inc.'s free-cash-flow margin is 31.9% of revenue over the trailing twelve months, ranking 9 of the 34 systems software companies we cover.
What is Okta, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Okta, Inc.'s free cash flow after stock-based pay gives ~$88 per share in the base case, and ~$69–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Okta, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Okta, Inc.'s market cap?
On November 2, 2026, Okta, Inc.'s market capitalisation was about $32.9B, with a price-to-earnings ratio of 111.0 and net debt of -$763M. Market figures come from third-party market data and may be delayed.
Who are Okta, Inc.'s competitors?
In our Systems Software peer group, the companies closest to Okta, Inc. are Nutanix, Inc., Zscaler, Inc., Check Point Software Technologies LTD, Pagseguro Digital Ltd. and Paypay Corp. The side-by-side comparison below sets their revenue, margins and growth against Okta, Inc.'s.
Are insiders buying or selling Okta, Inc. stock?
Over the last 12 months, Okta, Inc.'s directors and officers reported 2 open-market purchases and 86 sales on Form 4. The insider trading page charts every trade.
When is Okta, Inc.'s next earnings date?
Around December 1, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Okta, Inc. announces its own schedule.