Okta Inc
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Okta Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 5.5B is 80% of equity (6.9B) - Auth0 acquisition creates material impairment risk if identity market consolidates[Goodwill]
- FCF margin 31.5% (895M TTM) on just 17M capex - asset-light SaaS model converts 98% of operating cash to free cash[Free Cash Flow TTM]
- Operating margin 4.3% TTM vs industry median 0% - first sustained profitability after years of losses, inflection confirmed[Operating Margin TTM]
Watch Triggers
- Operating Margin TTM: Sustained above 10% — Confirms SaaS leverage thesis - current 4.3% is early; 10%+ validates durable profitability
- Total Revenue 3yr Growth: Falls below 10% — Would signal market saturation; current 16% already half of 5Y rate
- Goodwill: Any impairment charge — 5.5B goodwill (80% of equity) from Auth0 - impairment signals integration failure
Bull Case
FCF conversion of 31.5% with minimal capex (0.6% of revenue) funds growth without dilution. Debt/equity just 6% provides optionality for M&A or buybacks.
Identity is mission-critical infrastructure with high switching costs. 77% gross margin and 5Y revenue CAGR of 28% show durable competitive position.
Bear Case
P/E of 76x vs industry median 30x prices in perfection. Tangible book just 1.3B vs 16.3B market cap - paying 12.5x for goodwill-heavy balance sheet.
Revenue growth decelerating: 5Y CAGR 28% vs 3Y CAGR 16%. At 2.8B revenue, law of large numbers limits upside in maturing IAM market.
Bull vs Bear Balance
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Forward Thesis
Operating margin expansion to 15%+ as R&D leverage improves on maturing product suite
- R&D at 22% of revenue vs 25%+ historically
- Gross margin 77% provides headroom
- Auth0 integration costs declining
Valuation Context
Caveats
OKTA Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$14.49B | — | ||
$14.05B | — | ||
62 | — | ||
$2.92B | +11.8% | — | |
$1.31 | +4033.7% | — | |
5.24% | +7.7% | — | |
8.05% | +7.0% | — | |
$863.0M | +18.2% | — | |
3.51% | +3.1% | — | |
Beta 5Y (Monthly) | unknown | — |
OKTA Dividend History
OKTA Stock Splits
OKTA SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/05/26 | 01/31/26 | Unknown | |
12/03/25 | 10/31/25 | 10-Q | |
08/27/25 | 07/31/25 | 10-Q | |
05/28/25 | 04/30/25 | 10-Q | |
03/05/25 | 01/31/25 | Unknown | |
12/04/24 | 10/31/24 | 10-Q | |
08/29/24 | 07/31/24 | 10-Q | |
05/30/24 | 04/30/24 | 10-Q | |
03/01/24 | 01/31/24 | 10-K | |
12/01/23 | 10/31/23 | 10-Q | |
08/31/23 | 07/31/23 | 10-Q | |
06/01/23 | 04/30/23 | 10-Q | |
03/03/23 | 01/31/23 | 10-K | |
12/01/22 | 10/31/22 | 10-Q | |
09/01/22 | 07/31/22 | 10-Q | |
06/03/22 | 04/30/22 | 10-Q | |
03/07/22 | 01/31/22 | 10-K | |
12/02/21 | 10/31/21 | 10-Q | |
09/02/21 | 07/31/21 | 10-Q | |
05/27/21 | 04/30/21 | 10-Q | |
03/04/21 | 01/31/21 | 10-K | |
12/03/20 | 10/31/20 | 10-Q | |
08/28/20 | 07/31/20 | 10-Q | |
05/29/20 | 04/30/20 | 10-Q | |
03/06/20 | 01/31/20 | 10-K | |
12/06/19 | 10/31/19 | 10-Q | |
08/29/19 | 07/31/19 | 10-Q | |
05/31/19 | 04/30/19 | 10-Q | |
03/14/19 | 01/31/19 | 10-K | |
12/06/18 | 10/31/18 | 10-Q | |
09/07/18 | 07/31/18 | 10-Q | |
06/08/18 | 04/30/18 | 10-Q | |
03/12/18 | 01/31/18 | 10-K | |
12/07/17 | 10/31/17 | 10-Q | |
09/08/17 | 07/31/17 | 10-Q | |
06/08/17 | 04/30/17 | 10-Q | |
04/07/17 | 01/31/17 | 424B4 | |
03/13/17 | 10/31/16 | S-1 | |
09/08/17 | 07/31/16 | 10-Q | |
06/08/17 | 04/30/16 | 10-Q | |
03/13/17 | 01/31/16 | S-1 |