Okta Inc. (OKTA)
NASDAQ · Technology · analysed November 9, 2026
Founded in 2009, Okta, Inc. is a cloud software provider specializing in identity and access management, enabling organizations to securely connect users to enterprise applications and digital services. Its core business centers on two primary offerings: the Workforce Identity Cloud for employee authentication and access controls, and the Customer Identity Cloud for securing customer-facing applications. The company is currently focused on building out a unified identity security fabric, broadening its capabilities in identity governance and privileged access management, and rolling out solutions to manage and secure non-human and artificial intelligence agent identities.
Executive summary
Okta is the leading independent identity management platform, delivering $2.92B in FY2026 revenue with strong free cash flow generation of $875M and zero gross funded debt1,4. The company has successfully broadened its reach into identity governance, privileged access, and autonomous AI agent security frameworks4,6. However, following a 130% share price appreciation over the past year and an elevated forward valuation multiple of 44.7x, further upside is tempered by top-line growth moderating near 10% and relentless bundling competition from Microsoft Entra1,4,27.
Sources cited here, 4 of 31
Key figures
- Market cap
- $33.1B
- P/E, trailing
- 111.4
- P/E, next 12 months
- 44.7
- Revenue growth, fiscal year to Jan 2026
- 11.8%
- Net margin, fiscal year to Jan 2026
- 8.1%
Market cap and P/E as found on November 9, 2026.