# Okta Inc. (OKTA) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/OKTA/thesis · /stocks/OKTA/memo

## Financial Snapshot

---
ticker: OKTA
step: 04
generated: 2026-05-13
source: quick-research
---

### Okta, Inc. (OKTA) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $1.30B | $1.86B | $2.26B | +21.8% |
| Non-GAAP Op. Margin | ~-10% | ~1% | ~13% | |
| GAAP Net Income | ~-$815M | ~-$1.0B | ~-$356M | improving |
| Non-GAAP EPS | ~$0.04 | ~$1.31 | ~$2.24 | |

*FY2025: Revenue $2.61B (+15.3%); first full-year GAAP net income ($28M); Non-GAAP EPS ~$3.26. Q3 FY2026: Revenue $742M (+11.6%) — above estimates; adj. EPS $0.82 (+22% YoY).*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$0.5B |
| Free Cash Flow | ~$0.4B |
| Capital Expenditures | ~$0.1B |
| Cash & Equivalents | ~$2.5B |
| Total Debt | ~$1.5B (convertible notes) |

*FY2026: FCF margin reached 26% — strong conversion. Cash + short-term investments ~$2.5B against ~$1.5B convertible notes. Stock-based compensation remains elevated (~20%+ of revenue), suppressing GAAP earnings.*

#### Key Ratios (approximate)
- P/E: ~18x (non-GAAP FY2026E) | EV/EBITDA: ~20x | FCF Yield: ~4%
- Revenue Growth: 11–15% | Non-GAAP Operating Margin: ~16–18%

#### Growth Profile
Okta's revenue growth decelerated from 55% (FY2022) through a breach-impacted period (FY2024: +22%) to ~11–15% currently. The financial profile is improving rapidly: FY2025 delivered first GAAP profitability, non-GAAP margins are expanding, and FCF reached 26% margin. The stock fell 20% in early 2026 before recovering 16.9% on AI agent identity catalysts. At ~4.7x FY2026 revenue multiple — well below SaaS peers at 8–10x — Okta screens as undervalued if double-digit growth is sustainable.

#### Forward Estimates
- FY2026 consensus: Revenue ~$2.95B (+13%); Non-GAAP EPS ~$3.50
- FY2027: Revenue ~$3.30B (+12%); EPS re-rating potential if AI agent revenues materialize
- New products (Governance, Privileged Access, AI): ~30% of Q4 bookings; +40% ACV uplift
- Analyst mean PT: ~$101 (+49% from ~$68); 25 Strong Buy / 12 Hold / 2 Sell
- Auth0 for AI Agents (Apr 30, 2026): potential TAM expansion into multi-trillion-dollar AI agent market

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/OKTA/fundamental

## Navigation

- Overview: /stocks/OKTA
- Financials (this page): /stocks/OKTA/financials
- Thesis: /stocks/OKTA/thesis
- Investment Memo: /stocks/OKTA/memo
- Coverage universe: /stocks