Okta

OKTA

Software - Infrastructure · Technology

Also trades as: 0KB7.L

Price

$135.14

+0.98 (+0.73%)

Market Cap

$22.45B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Share count rising — dilution

+21.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 148.0M (2022) → 179.3M (2026)

Winston Score History

The full picture

Okta helps companies control who can log in to their software and systems. Its main product is an identity platform that manages usernames, passwords, and access permissions for employees and customers. Thousands of businesses — from small startups to large enterprises — use Okta so that only the right people can reach the right tools, making it a leading independent identity security company.

Okta makes money by charging businesses a recurring subscription fee based on how many users they manage. It operates primarily in the United States but has a growing international presence, and its fiscal year 2025 revenue was roughly $2.6 billion. Its competitive moat comes from deep integrations with thousands of third-party apps and the high cost of switching identity providers once a company is fully set up. The key growth driver is expanding its customer identity products, while the main risk is intense competition from Microsoft, which bundles similar identity features into its widely used enterprise software.

Politician Trades

5 trades / 12mo

3 Congressional buys and 2 sells on OKTA in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+176.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$639M/ year

→ Flat (-0% vs prior year)

21.9% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Okta is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

77.8%

Premium pricing power — 77.8% gross margin

Profit after running costs

Operating Margin

7.3%

Modest — 7.3% operating margin

Return on the money invested

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+11.7%

Steady sales growth (+11.7% YoY)

Profit growth

EPS YoY

+86.7%

Earnings growing fast (+86.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

372%

Turns 372% of profit into real cash

Spare cash per sale

FCF Margin

30.1%

Converts sales into free cash efficiently (30.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

42.50x

Comfortably covers interest (42.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

96.5x

Expensive — P/E 96.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+66.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (96.5 → 30.4)

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Dividends

Not applicable for this business.

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