Okta, Inc. (OKTA)
ÜberbewertetFundamental
66
Kurs
$211.65
Marktkapitalisierung
$36.12B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Okta makes software that manages who is allowed to log into a company's other applications and verifies they really are who they claim to be. Employees use it to sign into email, cloud tools and internal systems with one login instead of dozens of separate passwords (workforce identity); other companies also embed Okta's technology into their own apps to handle their customers' logins (customer identity). It sells subscriptions to businesses ranging from small startups to the largest global enterprises.
Wie das Geld verdient wird
Almost all revenue comes from multi-year subscription contracts priced by the number of users or app integrations covered, recognized evenly over the length of the contract; a small remainder is implementation and training fees. Once Okta is managing logins for dozens of a company's connected apps, ripping it out means reconfiguring every one of them and risking outages, so customers rarely switch — which shows up as high renewal rates and revenue that compounds through both new customers and larger contracts with existing ones.
Umsatz nach Segment
Cloud software licensed on a recurring, multi-year basis for workforce identity (employee logins) and customer identity (embedded in other companies' apps).
Implementation, training and technical consulting fees for setting up and configuring the Okta platform, a small and shrinking share of revenue.
Wettbewerbsvorteil
Wechselkosten · SchmalOnce Okta is wired into how hundreds of applications verify a company's employees or customers, removing it means reconfiguring every one of those connections and risking login outages, so switching costs are real and renewal rates stay high. The moat is narrow rather than wide, though, because Microsoft bundles a competing identity product into Office 365 that many companies already pay for.
Was die Nachfrage antreibt
Mäßig zyklischDemand tracks enterprise IT and security budgets, which companies can delay or trim in a downturn, but rising cybersecurity and compliance requirements give identity software more staying power than typical software spending. Growth depends on both winning new enterprise customers and selling more seats or products into the roughly four-fifths of revenue that already comes from the United States.
Wichtigste Risiken
- Competition from Microsoft — Microsoft bundles Entra ID, a competing identity product, into Office 365 subscriptions many companies already buy, letting it compete on price in a way a standalone vendor cannot.
- History of security incidents — Okta has disclosed customer-impacting security breaches in the past; because it manages access to its customers' other systems, a future incident could damage trust broadly across its base.
- Reliance on channel partners — A meaningful share of new business is generated through system integrators and reseller partners rather than direct sales, so Okta's growth partly depends on relationships it does not fully control.
- Geographic concentration in the US — About four-fifths of revenue comes from the United States, so a slowdown in US enterprise IT spending would affect Okta more than a more geographically diversified competitor.
- Enterprise IT budget sensitivity — Large customers can delay or shrink software purchases during uncertain economic periods, lengthening sales cycles and slowing the seat and product expansion Okta's growth relies on.
Kundenkonzentration
Okta does not disclose a single customer's share of revenue; about four-fifths of fiscal 2026 revenue came from the United States, so exposure concentrates more by geography than by any one account.
Die Argumente dafür
Buyers argue that identity has become the new security perimeter as companies adopt more cloud applications, and that Okta's position as a neutral, best-of-breed vendor outside the Microsoft ecosystem makes it the default choice for large, complex organizations with demanding security needs.
Die Argumente dagegen
Sellers fear that Microsoft's ability to bundle a good-enough identity product for free into software most companies already pay for caps how much Okta can charge and slows its growth as customers' IT budgets tighten.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19. September 2026 with claude-haiku-4-5 — shared with all users
Okta's 10-K names Microsoft as its principal competitor: Entra ID is bundled with Microsoft 365 and competes for the same single sign-on and multi-factor authentication budget in the same enterprises.
SailPoint sells identity governance to large regulated enterprises, the same buyers and the same budget Okta targets with Okta Identity Governance.
Since closing the CyberArk acquisition in February 2026, Palo Alto Networks sells workforce identity, privileged access and machine identity to the same enterprise security teams Okta sells to.
IBM Verify competes for the same workforce and customer identity deployments in large hybrid enterprises, where IBM already sells the surrounding security stack.
Ping Identity (privately held, and now including ForgeRock) sells workforce and customer identity platforms to the same large enterprises that evaluate Okta, often in the same procurement.
Bilanz & Liquidität
Umsatz
$3.07B
Letzte 12 Monate (bis 31.7.2026)
Nettogewinn
$296M
Letzte 12 Monate (bis 31.7.2026)
Freier Cashflow
$875M
Gesamtes Eigenkapital
$7.00B
Gesamtverbindlichkeiten
$2.71B
Current Ratio
1.53
Zinsdeckungsgrad
77.33
Schulden/EBITDA
0.17
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$151.57
Aktueller Kurs
$211.65
Sicherheitsmarge
-39.6%
Innerer-Wert-Spanne
$98.52 - $204.61
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
125.97
ROE
3.4%
P/B-Verhältnis
5.01
P/FCF
35.70
Bruttomarge
78.1%
ROIC
2.6%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
2.6%
WACC
8.6%
ROIC − WACC
-6.0 pp
Der ROIC liegt unter den Kapitalkosten: Das Unternehmen vernichtet für jeden investierten Dollar Wert.
Fundamentalanalyse-Kriterien
Bestanden (18)
- EPS shows upward trend
- Price CAGR 26.03%
- Gross Margin 78.1%
- Debt/Equity ratio
- Operating Margin 7.5%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Revenue Growth 5Y 28.4%
- Analyst Consensus 83% Buy
- Earnings Surprise avg 5.4%
- Earnings Quality (OCF/NI) 3.33
- Share Dilution -61.6%
- Net Margin Trend 9.6% vs 6.1%
- Piotroski F-Score 9/9
Nicht bestanden (7)
- ROIC 2.6%
- P/FCF 35.70
- P/B Ratio 5.01
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 4.3%
Nicht verfügbar (2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Starke finanzielle Gesundheit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Todd McKinnon | Co-Founder, Chairman & CEO | 53 |
| Mr. Jacques Frederic Kerrest | Co-Founder & Executive Vice Chairman | 47 |
| Mr. Eric Kelleher | President & COO | 53 |
| Mr. Brett Tighe | Chief Financial Officer | 45 |
| Mr. Jon Addison | Chief Revenue Officer | 50 |
| Ms. Larissa Schwartz | Senior Advisor | 53 |
| Mr. Shibu Ninan CPA | Chief Accounting Officer | 50 |
| Mr. Dave Gennarelli | Senior Vice President of Investor Relations | - |
| Mr. Scott Morgan | Chief Legal Officer | - |
| Mr. Monty Gray | Executive Vice President of Corporate Development | - |
Prüfungsrisiko
1
Vorstandsrisiko
8
Vergütungsrisiko
9
Aktionärsrechterisiko
10
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-03-05
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-08-27
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-09-18
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for OKTA, sourced from Markets Gazette.
- 8/27/2026POSITIVEOkta Shares Surge on Strong Earnings
Okta Inc. shares surged after the cybersecurity firm announced quarterly results that surpassed analyst expectations, coupled with an upward revision to its revenue forecast. The company is benefiting from heightened demand for security solutions, particularly those designed for the proliferation of AI agents within corporate environments. CEO Todd McKinnon highlighted these growth drivers, signaling strong execution and market positioning. Investors may view this performance as a positive indicator of Okta's ability to navigate the evolving cybersecurity landscape and capitalize on emerging technology trends.
- 5/28/2026POSITIVEOkta shares rise on earnings beat and AI-agent opportunity
Okta Inc. reported first-quarter earnings that surpassed Wall Street's consensus estimates, signaling strong operational performance. The company also highlighted a significant emerging market opportunity in AI-agent identity management, suggesting future growth potential driven by technological advancements. This dual positive development, combining current financial strength with a forward-looking strategic advantage, is likely to be viewed favorably by investors, potentially driving increased demand for Okta's stock.
- 4/20/2026POSITIVEOkta’s stock is surging. Here’s why identity security has become the next hot thing.
Okta Inc. shares experienced a significant surge following positive analyst ratings from both Barclays and Raymond James. This renewed investor confidence stems from a reported resurgence in customer investment in identity security solutions, marking the first substantial increase in this sector in several years. The analysts' upgraded outlook suggests a strong belief in Okta's market position and future growth prospects within the increasingly vital identity security landscape. Investors are likely to view this as a signal of potential upside for Okta.
- 4/16/2026POSITIVEThis Okta Analyst Turns Bullish; Here Are Top 5 Upgrades For Thursday
Okta Inc. has received an upgrade from a top Wall Street analyst, signaling a potentially positive outlook for the identity and access management company. While specific details of the upgrade are not provided in this summary, analyst upgrades often reflect increased confidence in a company's future performance, strategic direction, or financial health. Investors often view such upgrades as a catalyst for stock price appreciation, suggesting that the analyst believes Okta's current valuation does not fully reflect its growth prospects or competitive advantages. This move could attract further institutional and retail investor interest.
- 3/20/2026POSITIVEOkta, Phillips 66 And More: CNBC's 'Final Trades'
Okta Inc. saw its shares climb 3% to finish Thursday's trading session at $80.76. This positive movement suggests renewed investor interest or favorable market sentiment towards the identity and access management company. While the article also mentions Phillips 66, Okta's specific gain highlights its individual performance. Investors may interpret this rise as a sign of underlying strength in Okta's business fundamentals or a positive reaction to recent company-specific news not detailed here.
- 3/6/2026POSITIVEWhy Okta Stock Popped Today
Okta Inc. stock saw a significant pop today, triggered by renewed interest in the security of AI agents. Although the article is concise, the focus on AI agent protection suggests Okta may have announced or is perceived as a key player in developing advanced security solutions for these emerging technologies. This strategic positioning in a nascent, high-growth sector could attract investor attention, leading to increased demand for the company's shares and potential value appreciation.
- 3/5/2026POSITIVEOkta’s stock rises as momentum in AI agents fuels an earnings beat
Okta Inc. surpassed earnings expectations for the latest quarter, with momentum in AI agents fueling demand for its digital identity solutions. Despite a strong recent performance, guidance for the current quarter fell below analyst forecasts, introducing a note of caution. For investors, Okta's ability to capitalize on emerging technological trends is a positive sign, but the discrepancy between past results and future outlook warrants careful consideration of the risk/reward profile.
- 3/5/2026NEUTRALOkta (OKTA) Q4 2026 Earnings Call Transcript
The transcript for Okta's (OKTA) Q4 2026 earnings call has been released. This document offers insights into the company's financial performance, future strategies, and market outlook. While the specific content is not available in this summary, the release of an earnings transcript is a standard event allowing investors to assess Okta's financial health and operational direction. Analyzing these transcripts is crucial for understanding the challenges and opportunities the company may face.
- 3/4/2026POSITIVEOkta’s stock rallies as momentum in AI agents fuels an earnings beat
Okta Inc. beat earnings expectations for the latest quarter, with momentum in AI agents contributing to the positive results. Although guidance for the current quarter fell below forecasts, the strong performance fueled a rally in Okta's stock. This outcome suggests that despite an uncertain market environment, the company is finding new growth drivers, potentially linked to AI innovation. For investors, Okta's ability to deliver better-than-expected earnings, even with cautious future outlooks, indicates solid operational management and potential for stock recovery.
via Markets Gazette