Okta, Inc. (OKTA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-22.5%

$153.19

vs $197.55 price

Levered DCF

$154.05

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

9.88

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	63.04×	554.24×	-38.09×	-14.27×	-34.54×	-127.45×	-71.94×	-70.45×
P/B	2.12×	2.49×	2.3×	2.13×	4.95×	48.82×	37.03×	35.11×
P/S	5.09×	6.12×	5.98×	6.26×	22.53×	40.58×	25.61×	22.2×
EV / EBITDA	40.63×	110.87×	-59.13×	-20.32×	-47.72×	-227.05×	-94.23×	-87.78×
Gross margin	77.4%	76.3%	74.3%	70.6%	69.5%	73.9%	72.8%	71.6%
Operating margin	5.2%	-2.4%	-22.8%	-43.7%	-59.1%	-24.4%	-31.7%	-30.0%
Net margin	8.1%	1.1%	-15.7%	-43.9%	-65.2%	-31.9%	-35.6%	-31.4%
Current ratio	1.36×	1.35×	1.67×	2.2×	2.45×	1.86×	2.92×	1.24×
Debt / equity	0.06×	0.15×	0.22×	0.43×	0.34×	2.84×	2.72×	1.7×
Interest coverage	38.25×	-12.6×	-64.5×	-73.82×	-8.44×	-2.81×	-6.88×	-7.94×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.4%	0.4%	-6.0%	-14.9%	-14.3%	-38.3%	-51.5%	-49.7%
Return on invested capital	1.9%	-0.5%	-7.1%	-10.3%	-9.6%	-7.6%	-12.1%	-17.2%
Return on assets	2.4%	0.3%	-3.9%	-8.8%	-9.2%	-8.1%	-10.7%	-12.7%
Free cash flow yield	5.8%	4.6%	3.6%	0.5%	0.3%	0.3%	0.2%	-0.1%
Earnings yield	1.6%	0.2%	-2.6%	-7.0%	-2.9%	-0.8%	-1.4%	-1.4%
Enterprise value	$14.4B	$16.5B	$14.5B	$13.7B	$31.1B	$35.4B	$15.6B	$9B
Net debt / EBITDA	-1.23×	3.64×	-3.93×	-3.11×	-2.72×	-9.84×	-3.53×	-1.28×
Cash conversion cycle (days)	79	79	83	86	93	71	72	78