NASDAQ · OKTA

Okta, Inc.

Technology · Software - Infrastructure

$182.37▼ 4.03% ($7.65)at close

After hours$182.95▲ 0.32%7:59 PM ET

52-week

$62.66$192.59

Market cap

What the market price implies · Reverse DCF

To support a price of $182.37, this model requires revenue to grow by 22.4%/yr over the next 10 years, compounded annually.

Historical revenue grew by 22.41%/yr over the past 4 years. The required annual growth rate is 0.01 percentage points lower.

Selected forecast · Base scenario

10.27%/yr · actual 10-year annualized revenue growth

Year 1 growth: 16.11%

Market-implied · Base operating assumptions + edited margins

22.4%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$182.37

Estimated value / share

$77.80

Base scenario

This estimate is 57.34% below the price used.

USD · TTM ending 2026-07-31

Year 1 growth 16.11% · Ending margin 10.12% · Discount rate 9.34%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-07-31
Data refreshed: Sep 20, 2026, 8:34 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 1 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 94.84%Revenue (TTM): 11.22%FCF (TTM): 15.99%P/FCF: 86th pct

What changed

The stock rose 94.84% over the last year. Revenue grew 11.22% over the trailing twelve months. Operating margin moved from 2.61% to 7.68%. Free cash flow grew 15.99% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (86th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 7.68% — continued expansion would be needed to justify the premium. Revenue growth of 11.22% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

Okta, Inc. delivers comprehensive identity management solutions tailored for a diverse clientele, including large corporations, small and medium-sized businesses, educational institutions, charitable organizations, and governmental bodies, operating both within the United States and globally.

CEOTodd McKinnon

SectorTechnology

IndustrySoftware - Infrastructure

Employees6,366

IPO dateApr 7, 2017

https://www.okta.com

Market multiples

Forward P/E—

EV/EBITDA40.63

Enterprise value$14.42B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth10.58%

Gross margin (FY2026)77.36%▲1.0ppvs FY2025

Operating margin (FY2026)5.24%▲7.7ppvs FY2025

ROE4.31%▲0.8ppvs FY2026

Analyst consensus

RatingBuy

Target price$178.35▼2.20%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Dec 1, 2026

Q4 FY26 · EPS est $0.93 · Revenue est $815.97M

View