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Okta (OKTA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Okta
NasdaqGS•Technology•Software - Infrastructure
$167.78-3.34(-0.02%)Market open
Market Cap
$33.12B
P/E
111.9x
P/S
10.8x
P/B
4.7x

Okta, Inc. operates as an identity partner in the United States and internationally. It offers Single Sign-on to secure access to cloud and on-premises applications from any device; Adaptive MFA for a risk-based layer of security for an organization's cloud, mobile, and web applications; API Access Management, which enables organizations to secure APIs as systems; Access Gateway, which extends the Okta platform to hybrid IT environments; Okta Device Access, which extends Okta platform's secure access management to the device login experience; Universal Directory for a cloud-based system of record. The company also provides Identity Threat Protection; Identity Security Posture Management for security measures and safeguards digital assets; Okta for AI Agents to discover, register, authenticate, govern, and manage AI Agents; Identity Governance and Administration products, including Lifecycle Management, Okta Workflows, Okta Identity Governance, and Cross App Access; Advanced Server Access for continuous and contextual access management to secure cloud infrastructure; and Okta Privileged Access to reduce risk with unified access and governance management. In addition, it provides Universal Login, a standards-based login infrastructure; Attack Protection Suite to minimize risks associated with identity-targeted attacks; Adaptive MFA; Passwordless, which enables users to login without a password; Machine-to-Machine Tokens for authentication and authorization with NHIs; Private Cloud, a deployment option; Organizations, which support a large number of partners or customers; Extensibility, which enables customers to build customized identity flows; Fine Grained Authorization, which manages complex authorization scenarios; and Auth0 for AI Agents to secure and scale agentic applications. The company was formerly known as Saasure, Inc. Okta, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.

B

How this company scores

GoodMetricSide Score: 76/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability15/25
Growth21/25
Balance Sheet & Red Flags15/25
Cash & Earnings Quality25/25
Strengths
Rising free cash flowRising earningsInterest easily coveredCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 111.9x5y range 54.3x – 575.9x
P/E 111.9x · near its 7-quarter median

Currently near its 7-quarter median.

P/S · 10.8x5y range 4.5x – 33.0x
P/S 10.8x · above its 20-quarter median

Currently above its 20-quarter median.

P/B · 4.7x5y range 1.6x – 6.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Share Dilution

Watch

Shares outstanding rose 2.4% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume
Market Cap $33.12B

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$3.07B
7Q
Q. Revenue
$805.00M
7Q
TTM EBITDA
$317.00M
7Q
TTM Op. Income
$232.00M
7Q
Q. Op. Income
$107.00M
3Q
TTM Net Income
$296.00M
7Q
Q. Net Income
$116.00M
3Q
EPS
$0.67
3Q
Shares Out.
$174.30M
2Q
$3.07B in TTM revenue grew 11.2% YoY, reaching $805.00M last quarter. TTM EBITDA of $317.00M and TTM operating income of $232.00M show growth is flowing through to the bottom line. TTM net income of $296.00M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
79.6%
4%
EBITDA Margin
14.8%
3Q
Op. Margin
13.3%
3Q
Net Margin
14.4%
3Q
Op. margin of 13.3% is up 7.7% YoY — cost efficiency is improving. Net margin at 14.4% and gross margin of 79.6% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
111.9x
7%
P/S Ratio
10.8x
70%
P/B Ratio
4.7x
83%
At 111.9x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 10.8x and P/B of 4.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 7% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$9.14B
2Q
Cash
$763.00M
13%
Long-Term Debt
N/A
Book Value
$6.97B
3%
D/E Ratio
N/A
2Q
Debt/EBITDA
0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$234.00M
40%
TTM Free Cash Flow
$979.00M
2Q
FCF Margin
31.9%
2Q
FCF / Net Income
3.3
6Q
TTM FCF of $979.00M on $234.00M in operating cash flow. The FCF / Net Income ratio of 3.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.

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· above its 20-quarter median

Currently above its 20-quarter median.