# Okta, Inc. (OKTA)

> Source: Nexqual · https://nexqual.com/OKTA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Okta, Inc. (OKTA), nexqual.com/OKTA" · informational, not investment advice.

**Price:** USD 201.33 (-3.50% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 208.64 · day 199.54–210.86 · 52w 62.66–235 · market cap $35.2B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $3.07B, net income $296M (9.6% margin), free cash flow $979M (SEC filings).
- Valuation: P/E 118.9x (avg 326.9x at the last 2 fiscal year-ends).
- Earnings quality: non-operating income $95.0M vs operating income $232M over the last four quarters; P/E excluding non-operating income ≈168.2x (estimate: non-operating income taxed at the company's 8.6% effective rate).
- 1 of 80 tracked superinvestors hold OKTA (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $50.2M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $267K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.02 on a 1–5 scale) (44 analysts), mean target USD 214.72 (range 127–250).
- Total return with dividends: 1Y +127.4% vs S&P 500 +14.9%; 5Y -22.7% vs S&P 500 +80.3%.
- Next earnings: 2026-12-01, EPS estimate USD 0.93, revenue estimate $816M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.30B | $1.86B | $2.26B | $2.61B | $2.92B | $3.07B |
| Gross profit | $904M | $1.31B | $1.68B | $1.99B | $2.26B | — |
| Operating income | -$768M | -$812M | -$516M | -$74.0M | $149M | $232M |
| Net income | -$848M | -$815M | -$355M | $28.0M | $235M | $296M |
| EPS (diluted) | -$5.73 | -$5.16 | -$2.17 | $0.06 | $1.31 | — |
| Free cash flow | $91.0M | $74.0M | $504M | $742M | $875M | $979M |
| Gross margin | 69.5% | 70.6% | 74.3% | 76.3% | 77.4% | — |
| Operating margin | -59.1% | -43.7% | -22.8% | -2.8% | 5.1% | 7.5% |
| Net margin | -65.2% | -43.9% | -15.7% | 1.1% | 8.1% | 9.6% |
| Revenue growth | +55.7% | +42.9% | +21.8% | +15.3% | +11.8% | — |
| Cash + short-term investments | $2.50B | $2.58B | $2.20B | $2.52B | $2.55B | — |
| Total debt | $1.82B | $2.19B | $1.15B | $349M | $0K | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 118.9x · P/E ex non-operating (est.) ≈168.2x · P/S 11.4x · P/FCF 36.0x · P/B 5.0x · FCF yield 2.78% · Earnings yield 0.84%
P/E at fiscal year-ends: Jan 2026 64.5x, Jan 2025 589.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold OKTA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dennis Hong | ShawSpring Partners | 13.80% | $32.0M | Reduced -58.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-07…2026-10-08 | Ninan Shibu | Chief Accounting Officer | 14,677 | $3.2M | 57% | Yes (adopted July 8, 2026) | Too little history (no open-market trades in 2025) |
| 2026-09-22 | McKinnon Todd | Chief Executive Officer | 48,822 | $9.4M | 100% | Yes (adopted April 8, 2026) | Routine (sold in Sep & Dec each year 2023–2025) |
| 2026-09-18 | Kelleher Eric Robert | See Remarks | 6,395 | $1.2M | 25.5% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-11 | Kelleher Eric Robert | See Remarks | 2,549 | $430K | 13% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Tighe Brett | Chief Financial Officer | 80,000 | $12.9M | 47.1% | Yes (adopted April 8, 2026) | Too little history (no open-market trades in 2024) |
| 2026-07-08 | McKinnon Todd | Chief Executive Officer | 68,936 | $10.1M | 64.2% | Yes (adopted April 8, 2026) | Routine (sold in Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-22 | Schwartz Larissa | See Remarks | 2,463 | $296K | 8.9% | Yes (adopted July 03, 2025) | Routine (sold in Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-18 | Kelleher Eric Robert | See Remarks | 3,977 | $454K | 16.9% | Yes (adopted April 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08 | Tighe Brett | Chief Financial Officer | 65,000 | $7.6M | 35% | Yes | Too little history (no open-market trades in 2024) |
| 2026-06-02 | Schwartz Larissa | See Remarks | 24,971 | $3.3M | 51.5% | Yes (adopted July 03, 2025) | Routine (sold in Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Archambeau Shellye L | Director | 2,500 | $213K | 21.4% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-06…2026-05-07 | Schwartz Larissa | See Remarks | 6,377 | $495K | 11.6% | Yes (adopted July 03, 2025) | Routine (sold in Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-04-07 | Schwartz Larissa | See Remarks | 6,377 | $509K | 10.4% | Yes (adopted July 03, 2025) | Routine (sold in Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $267K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-16 | Schellhase David | Director | 3,712 | $267K | 72.04 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.02 on a 1–5 scale), 44 analysts; mean target USD 214.72 (low 127, high 250).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Citigroup | Target raised | Neutral | $205 → $215 |
| 2026-10-09 | BMO Capital | Target raised | Outperform | $230 → $245 |
| 2026-10-08 | Amerx | Initiated | Hold |  |
| 2026-09-29 | Morgan Stanley | Target raised | Overweight | $200 → $245 |
| 2026-09-28 | Scotiabank | Target raised | Sector Outperform | $190 → $245 |
| 2026-09-28 | Citizens | Target raised | Market Outperform | $180 → $225 |
| 2026-09-25 | Macquarie | Target raised | Outperform | $185 → $240 |
| 2026-09-25 | Truist Securities | Target raised | Buy | $200 → $235 |
| 2026-09-25 | Stephens & Co. | Target raised | Overweight | $190 → $240 |
| 2026-09-25 | BMO Capital | Target raised | Outperform | $187 → $230 |
| 2026-09-25 | Baird | Target raised | Outperform | $200 → $235 |
| 2026-09-24 | B of A Securities | Target raised | Neutral | $200 → $220 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +127.4% | -22.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +128.0% | -5.0% |
| Volatility (annualized) | 64.8% | 59.4% |
| Max drawdown | -33.1% (Jan 2026→Apr 2026) | -82.8% (Nov 2021→Oct 2022) |

## Peers (Software - Infrastructure)
ZS (Zscaler, Inc.) USD 237.76 +2.78% · TWLO (Twilio Inc.) USD 253.63 -4.89% · CRWV (CoreWeave, Inc.) USD 55.6 -10.06% · NTAP (NetApp, Inc.) USD 212.51 -2.16% · MDB (MongoDB, Inc.) USD 362.24 -7.30% · VRSN (VeriSign, Inc.) USD 304.59 -0.87%

## More
Full page: https://nexqual.com/OKTA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OKTA's own 10-K filed 2026-03-05 (https://www.sec.gov/Archives/edgar/data/1660134/000166013426000020/okta-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Auth0 | "Our Okta Platform and Auth0 Platform enable our customers to securely connect the right people to the right technologies and services at the right time." |
| Customer | Amazon (AMZN) | "theft or misuse, password spraying, phishing and denial-of-service attacks, we and our third-party service providers now also face threats from sophisticated nation-state actors and organized crime groups who engage in a…" |
| Competitor | Microsoft (MSFT) | "Our principal competitor is Microsoft." |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription | $793.0M | 98.5% | +11.5% |
| Professional services and other | $12.0M | 1.5% | -29.4% |
| Total revenue | $805.0M | 100% | — |

## Revenue by region (fiscal year ended 2026-01-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.32B | 79.5% | +12.6% |
| Non Us | $598.0M | 20.5% | +9.1% |
| Total revenue | $2.92B | 100% | — |

## Company outlook (8-K filed 2026-08-26)

- "Financial Outlook: For Q3 and FY27 we continue to take a prudent approach to forward guidance."
- "For the full year fiscal 2027, the Company now expects: • Total revenue of $3.216 billion to $3.226 billion , representing a growth rate of 10% to 11% year-over-year; ◦ Reflected in the revenue guidance is an approximately one percentage point impact to total revenue growth resulting from our decision to accelerate the shift of professional services business to our partners."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.93 | $0.94 | -0.1% | $816.2M | 41 |
| Next quarter (ends 2027-01-31) | $1.03 | $1.03 | -0.4% | $837.9M | 41 |
| Current fiscal year (ends 2027-01-31) | $3.93 | $3.84 | +2.2% | $3.22B | 43 |
| Next fiscal year (ends 2028-01-31) | $4.38 | $4.28 | +2.3% | $3.55B | 43 |