Okta, Inc. (OKTA) Stock

Okta, Inc. (OKTA) is a Technology stock trading at $134.22 (as of 2026-08-20), with a market capitalization of $23.85B and a trailing P/E of 97.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Okta provides identity and access management offerings for enterprises and other organizations, including small and medium-sized businesses, universities, non-profits, and government agencies. Its platforms include Okta Identity Cloud and Auth0, offering capabilities such as directory services, single sign-on, multi-factor authentication, lifecycle and API access management, and related access and login protections.

Understand Okta, Inc.: how it makes money

Okta sells enterprise identity software (Okta Identity Cloud) that helps organizations secure access through services like single sign-on and adaptive multi-factor authentication, and it makes money primarily from subscription revenue.

Okta's profit model is driven by recurring subscription revenue that is tied to contracted subscription revenue (cRPO), so the quality of future revenue depends on how contracted amounts translate into subscription results.

Revenue by segment (latest quarter)
OktaSub$0.7B
Auth0$0.1B
ProfOther$0.0B

Business quality (Mixed): Clear recurring-subscription model with an operating focus on cRPO and subscription revenue, supported by high gross margin (77.8%), but with only modest operating margin (7.3%) that can be sensitive to execution.

Valuation: Trades at 90× trailing earnings · $22B market cap.

Bull case

  • High gross margin: Gross margin is 77.8% (quarter ended 2026-04-30), consistent with a software-heavy business mix.
  • Recurring revenue emphasis: Subscription revenue is 0.75B, and the company tracks contracted subscription revenue (cRPO), which can provide visibility into the subscription base.
  • Multiple subscription sources within the platform: Provided results include both Okta subscription revenue (0.71B) and Auth0 revenue (0.07B), indicating contributions from more than one identity offering.

Bear case

  • Operating profitability is modest: Operating margin is 7.3% (quarter ended 2026-04-30), so profitability may be more sensitive to changes in costs or revenue mix.
  • Conversion and timing risk: The company reports a much larger cRPO (1.68B) than subscription revenue (0.75B) in the quarter, so investors should watch how contracted amounts translate into reported subscription results over time.
  • Limited diversification from other revenue: Professional services and other revenue is 0.01B versus subscription revenue of 0.75B, meaning the quarter is heavily dependent on subscription performance.
Valuation — source: SEC EDGAR (first-party)
Price$134.22
Market Cap$23.85B
P/E Ratio97.0
EV / EBITDA145.2
Price / Book3.46
Price / Sales8.16
FCF Yield6.5%
DCF Value (model)$132.90
DCF Upside vs Price-1.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.92B
Net Margin8.1%
Revenue Growth (YoY)11.8%
EPS Growth (YoY)731.3%
FCF Growth (YoY)17.9%
Financial Health — source: SEC EDGAR
Altman Z-Score5.44 (safe)
Valuation vs Sector & Industry
Stock P/E97.0
Sector P/E (Technology)33.9
Industry P/E (Business Services)30.0
vs Sector185.7%
vs Industry223.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($1.56B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorTechnology
IndustryBusiness Services
CEOTodd McKinnon
Employees5,914
CountryUS
IPO Date2017-04-07

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OKTA earnings history · OKTA institutional & insider holders · OKTA KPIs & operating metrics · OKTA financials · OKTA investor presentations & press releases · OKTA SEC filings · OKTA peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.