Reading the tape
NASDAQ: OKTA
Okta, Inc.
Technology · Software - Infrastructure
Market Cap
$10.65B
52w High
$127.57
52w Low
$62.66
P/E
47.48
Volume
7.21M
Outstanding Shares
169.20M
Price vs Fundamentals
Why The Stock Is Moving
Likely multiple compressionHigh confidence
1Y Price: -38.08%Revenue (TTM): 11.84%FCF (TTM): 23.29%P/FCF: 0th pct
What changed
The stock fell 38.08% over the last year. Revenue grew 11.84% over the trailing twelve months. Operating margin moved from -2.84% to 5.24%. Free cash flow grew 23.29% over the trailing twelve months.
What the market seems to be pricing
Visible fundamentals weakened far less than the stock price, and the shares now sit around the 0th percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.
What would invalidate this read
This read changes if operating margin (currently 5.24%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Company profile
Okta, Inc. provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally.
CEOTodd McKinnon
SectorTechnology
IndustrySoftware - Infrastructure
Employees5,914
IPO dateApr 7, 2017
Valuation
Forward P/E—
EV/EBITDA57.92
Enterprise value$14.42B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth11.58%
Gross margin77.36%▲1.35%vs FY2025
Operating margin5.24%▲284.87%vs FY2025
ROE3.36%▲668.06%vs FY2025
Analyst consensus
RatingBuy
Target price$106.90▲69.87%
35
Buy
14
Hold
2
Sell
⚠ Analyst ratings tend to be lagging indicators — upgrades often follow price gains rather than precede them. Use as one signal among many.
Earnings
Last 3 reported quarters plus the next estimate. Switch into compare mode to inspect one metric year-over-year.
Next report
May 26, 2026
View
EPS
Actual vs estimate by quarter
Q3FY25
ActualEst.
$0.91
$0.85
Q4FY25
ActualEst.
$0.82
$0.76
Q1FY26
ActualEst.
$0.90
$0.85
Q2FY26
Next Est.
—
Revenue
Actual vs estimate by quarter
Q3FY25
ActualEst.
$728M
$712.26M
Q4FY25
ActualEst.
$742M
$730.82M
Q1FY26
ActualEst.
$761M
$749.52M
Q2FY26
Next Est.
—