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.
Okta, Inc. (OKTA) reported trailing twelve months revenue of $3.00B as of April 2026, a 11.7% increase year-over-year. Quarterly revenue reached $765.00M, reflecting continued top-line momentum.
Okta, Inc. generated $247.00M in TTM net income, with quarterly EBITDA of $81.00M. The operating margin expanded from 5.7% to 7.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (7.3%) and net margin (9.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 9.0% a year ago, signaling stronger bottom-line efficiency.
OKTA trades at a P/E of 54.3x (a premium multiple) and a P/S of 4.5x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company generated $276.00M in free cash flow over the trailing twelve months, a 15.0% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $9.35B in total assets with no in long-term debt against $6.90B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 2.9%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~22.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by 5.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 4.5% — mild dilution. Compare to earnings growth to assess net per-share impact.