At a glance
Okta Inc is worth $38.93B, about 170 times its fiscal 2026 earnings. Revenue grew 11.8% to $2.92B in fiscal 2026, with 8.1% kept as profit; over 5 years it has grown 28.4% a year. It pays no dividend; it spent $73.0M buying back its shares over FY2022–FY2026. The stock returned +149.3% over the past year with dividends reinvested and −1.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.1% in the 2020 crash (S&P 500: 33.7%) and 77.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 48 months after the lows.
The business in plain English
Okta sells identity software: cloud-based tools that confirm who someone is and control which apps, data and systems they can reach. Organizations use the Okta Platform for “workforce identity,” managing how employees, contractors and partners sign in to work apps. For “customer identity,” the Okta Platform and the developer-focused Auth0 Platform let businesses and government agencies add secure log-ins to apps their own customers or citizens use. Its Okta Integration Network offered over 7,000 integrations with other apps and IT and security vendors as of January 31, 2026.
Okta runs a software-as-a-service (SaaS) model: customers pay subscription fees, mostly on multi-year contracts, to use software hosted in the cloud. Revenue grows as customers add users and take on more products. More than 20,000 customers used Okta as of January 31, 2026, from the largest enterprises to small businesses, universities and government agencies. It sells through its own sales teams and through partners such as cloud marketplaces, resellers and system integrators.
Revenue was $2.92 billion in the fiscal year ended January 31, 2026, with 79.5% from the United States and 20.5% from other countries. Okta is also building tools to secure AI agents (software that carries out tasks on its own), though it says adoption is at an early stage.
Price history
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OKTA +149.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $2.32B | 79.5% |
| International | $598.0M | 20.5% |
Latest results
- In Q2 FY2027 (ended Jul 31, 2026), revenue was $805.0M, up 10.6% from a year earlier, and net income was $116.0M (+73.1%).
- For fiscal 2026, revenue was $2.92B (+11.8% year over year; +28.4% a year from FY2021 to FY2026) with a 8.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +28.4% good |
|---|---|
| Operating margin | 5.1% watch |
| Free cash flow margin | 30% good |
| Return on equity (FY2026) | 3.4% weak |
| Return on assets (FY2026) | 2.4% weak |
| Net cash (cash minus debt) | $1.95B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $835.0M | $-266.0M | $115.0M |
| FY2022 | $1.30B | $-848.0M | $91.0M |
| FY2023 | $1.86B | $-815.0M | $74.0M |
| FY2024 | $2.26B | $-355.0M | $504.0M |
| FY2025 | $2.61B | $28.0M | $742.0M |
| FY2026 | $2.92B | $235.0M | $875.0M |
Valuation snapshot
| Market value | $38.93B |
|---|---|
| P/E ratio | 170 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OKTA price data to Oct 28, 2026 | +157.5% | +149.3% | +49.2% | -1.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +157.5% |
| 2025 | +9.7% |
| 2024 | -13.0% |
| 2023 | +32.5% |
| 2022 | -69.5% |
| 2021 | -11.8% |
| 2020 | +120.4% |
| 2019 | +80.8% |
| 2018 | +149.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 15.1% over that stretch · deepest drop along the way 31.1%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 77.2% over that stretch · deepest drop along the way 77.2%, back to its old high 47.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 43 sales ($38.0M), 43 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 8, 2026 | Todd McKinnon Chief Executive Officer, Director | sell (plan) | $4.3M |
| Jul 8, 2026 | Todd McKinnon Chief Executive Officer, Director | sell (plan) | $3.7M |
| Sep 2, 2026 | Brett Tighe Chief Financial Officer | sell (plan) | $2.3M |
| Sep 2, 2026 | Brett Tighe Chief Financial Officer | sell (plan) | $2.3M |
| Sep 2, 2026 | Brett Tighe Chief Financial Officer | sell (plan) | $2.1M |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 11.6% | Jul 31, 2026 |
| BlackRock, Inc. | 10.5% | Apr 30, 2025 |
| Vanguard Portfolio Management | 5.47% | Mar 31, 2026 |
| Vanguard Capital Management | 5.36% | Mar 31, 2026 |
| SANDS CAPITAL MANAGEMENT, LLC | 0.3% | Dec 31, 2024 |
ETFs with the most weight in OKTA
| BUG Global X Cybersecurity ETF | 5.96% |
| SPAM Themes Cybersecurity ETF | 5.53% |
| PSWD Xtrackers Cybersecurity Select Equity ETF | 5.35% |
| IHAK iShares Cybersecurity & Tech ETF | 5.07% |
| HACK Amplify Cybersecurity ETF | 4.71% |
| WCBR WisdomTree Cybersecurity Fund | 4.64% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 4.29% |
| UPGD Invesco Bloomberg Analyst Rating Improvers ETF | 2.29% |
What could go wrong
- Past breaches could happen again. Okta has had cybersecurity incidents that allowed unauthorized access to its systems or customers' data, which hurt its reputation and financial results. For a security company, another breach could cost customer trust.
- Outages could lock users out. Many customers rely on Okta to sign in to their apps. Software bugs and failures at outside data centers have caused problems before, and future outages could force Okta to give service credits.
- Larger rivals with deeper pockets. Okta faces intense competition, especially from larger, well-established companies. It warns it may lack the money or other resources to hold or improve its position against them.
- Revenue growth has slowed. Revenue grew 11.8% in the fiscal year ended January 31, 2026, versus an average of 28.4% a year over the five years from fiscal 2021. Okta warns past growth rates may not continue.
- AI agent demand is still early. Okta is building products to secure AI agents (software that acts independently), but says adoption is early. Fast technology shifts could leave it behind, and unclear AI rules add legal and reputational risk.
- Customers may cut back or leave. Most revenue comes from subscriptions, so Okta depends on customers renewing and adding users. Weaker economies and cuts in identity spending have reduced demand before and could again.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Executive or board change
For income and retirement investors
Okta pays no dividend, and its 10-K says it does not intend to pay one for the foreseeable future. That means no regular cash income; any return depends on the share price. Okta does return some cash through buybacks (purchases of its own shares), spending $73 million in the fiscal year ended January 31, 2026, after none in the prior two years. That is small next to the $875 million of free cash flow (cash left after running and investing in the business) it generated that year. The shares have swung hard in downturns. In the 2020 COVID crash they fell 31.1% between February 19 and March 16, 2020, then recovered in about a month. In the 2022 bear market they fell 77.2% between January 3 and October 11, 2022, and did not regain that peak until October 9, 2026, nearly four years later. A single stock like Okta carries more risk than a diversified fund.
Questions investors ask
How does Okta make money?
Okta makes money mainly by selling subscriptions, often multi-year, to its cloud-based identity software (tools that control who can access which apps and data). The Okta Platform manages how employees, contractors and partners sign in to work apps. The Okta and developer-focused Auth0 platforms also let businesses add secure log-ins to apps their own customers use. Revenue was $2.92 billion in the fiscal year ended January 31, 2026, with 79.5% from the United States. More than 20,000 customers used its products as of that date.
Does Okta pay a dividend?
No. Okta paid no dividends in the five fiscal years through January 31, 2026, and its 10-K says it does not intend to pay any for the foreseeable future. Instead, it returns some cash through buybacks (purchases of its own shares), spending $73 million in the fiscal year ended January 31, 2026. For income investors, that means no regular cash payments; any return depends on the share price.
Is Okta profitable?
Yes. Okta reported net income of $235 million in the fiscal year ended January 31, 2026, up from $28 million a year earlier. That followed years of losses, including $848 million in fiscal 2022. Its operating margin (profit from operations as a share of revenue) was a thin 5.1%, but it produced $875 million of free cash flow (cash left after running and investing in the business). As of October 28, 2026, the shares traded at about 170 times fiscal 2026 earnings per share.
Has Okta been hacked?
Yes. In its 10-K filed March 5, 2026, Okta says it has experienced cybersecurity incidents that allowed unauthorized access to its systems or data, or its customers' data. It says these incidents harmed its reputation, created extra liability and hurt its financial results. It warns that it and its outside service providers could face similar incidents, including ones that block access to its service. For a company that sells security, trust matters a great deal.
How has Okta stock performed?
Okta's shares have swung widely. As of October 28, 2026, the price was up 149.3% over one year and 232% in total over three years, but down 9% in total over five years. The shares lost 69.5% in calendar 2022 and gained 157.5% from the start of 2026 through October 28. The worst drop from a peak in its 9.6 years of price history was 84.6%. One-year volatility, a measure of how much the price swings, was 65.9%.