Okta Inc (OKTA)
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Okta has disappointed investors twice: first with the crash after the 2021 hype, then with two security incidents at, of all companies, the guardian of digital access. Which is exactly why a second look pays: in our in-house turnaround scanner, the stock ranks no. 3 in the U.S. selection with a turnaround check of 7 out of 8 (as of July 18, 2026). We read the annual reports (10-K) and the quarterly report (10-Q) as of April 30, 2026: a genuine swing to profit from −$355 million (FY 2024) to +$235 million (FY 2026), a subscription business with a 77 percent gross margin and $863 million in free cash flow — but also growth at walking pace, slipping net retention, and a share price that already pays 87 times trailing earnings for the turnaround. Not investment advice — just a reminder that a grudge is not research.
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This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Sells AIGeprüft am 19.07.2026 gegen die Geschäftsberichte (10-K) für die Geschäftsjahre 2026 (Ende 31.01.2026, eingereicht 05.03.2026) und 2025 (05.03.2025) sowie die vier jüngsten Quartalsberichte (10-Q): KI-Funktionen sind bei Okta Bestandteil des verkauften Abo-Portfolios. Der Produktkatalog im 10-K (Item 1 „Business“) bewirbt Identity Threat Protection ausdrücklich mit „AI-driven continuous risk and policy evaluations“ als Sicherheitsprodukt der Okta-Plattform, und mit „Okta for AI Agents“, „Auth0 for AI Agents“ und „Cross App Access“ führt der Bericht dedizierte Produktangebote zum Absichern von KI-Agenten (Early Access). Zusätzlich benennt Item 1 die Verwaltung nicht-menschlicher Identitäten und KI-Agenten als möglichen langfristigen Nachfragetreiber für die Plattformen. KI-getriebene Produktfunktionen sind damit dokumentierter Teil der Umsatzquelle Abo-Subskription — nach Vorrang-Regel „verkauft“ (dies vor dem ebenfalls vorhandenen KI-Risikofaktor in Item 1A).
View the full file — quotes, sources, reviewed filings
„Identity Threat Protection. Delivers native identity intelligence from the Okta Platform and signals from third-party tools integrated into an organization's security stack. The Okta Platform's AI-driven continuous risk and policy evaluations deliver real-time identity threat assessment and automated remediation."
Identity Threat Protection. Liefert native Identitäts-Intelligenz aus der Okta-Plattform sowie Signale von Drittanbieter-Werkzeugen, die in den Sicherheits-Stack einer Organisation integriert sind. Die KI-gestützten kontinuierlichen Risiko- und Richtlinienbewertungen der Okta-Plattform liefern Bedrohungsanalysen zur Identität in Echtzeit und automatisierte Gegenmaßnahmen.
„Okta for AI Agents. Gives customers the ability to discover, register, authenticate, govern and manage their AI Agents through a unified identity control plane within the Okta Platform. Currently available in early access."
Okta for AI Agents. Gibt Kunden die Möglichkeit, ihre KI-Agenten über eine einheitliche Identitäts-Kontrollebene innerhalb der Okta-Plattform zu entdecken, zu registrieren, zu authentifizieren, zu steuern und zu verwalten. Derzeit im Frühzugang verfügbar.
„Through Auth0 for AI Agents, we provide tools that enable developers to integrate generative AI and AI agents into their applications while mitigating risks such as static credential sprawl, including hardcoded API keys and machine-to-machine secrets, and unauthorized data access."
Mit Auth0 for AI Agents stellen wir Werkzeuge bereit, mit denen Entwickler generative KI und KI-Agenten in ihre Anwendungen integrieren und zugleich Risiken eindämmen können — etwa die Wildwucherung statischer Zugangsdaten, darunter fest einprogrammierte API-Schlüssel und Maschine-zu-Maschine-Geheimnisse, sowie unbefugten Datenzugriff.
„We see a potential long-term opportunity for our platforms to serve as a unified, independent control plane for non-human identities (“NHIs”) and AI agents, a distinct class of identity that requires authenticated, secure access to sensitive resources at a scale and speed exceeding traditional security models designed for human users."
Wir sehen eine mögliche langfristige Chance, dass unsere Plattformen als einheitliche, unabhängige Kontrollebene für nicht-menschliche Identitäten („NHIs“) und KI-Agenten dienen — eine eigene Klasse von Identitäten, die authentifizierten, sicheren Zugriff auf sensible Ressourcen in einem Umfang und Tempo benötigt, das traditionelle, für menschliche Nutzer entworfene Sicherheitsmodelle übersteigt.
Filings Reviewed: 10-Q 2026-05-29 · 10-Q 2025-12-03 · 10-Q 2025-08-27 · 10-Q 2025-05-28 · 10-K 2026-03-05 · 10-K 2025-03-05
Rated on July 19, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 0.13 | – | 682 | 12.70 | 3.40 | 286 | 284 |
| 2025: Q2 | 0.34 | – | 688 | 11.50 | 9.00 | 241 | 238 |
| 2025: Q3 | 0.37 | 122.70 | 728 | 12.70 | 9.20 | 167 | 162 |
| 2025: Q4 | 0.24 | 155.70 | 742 | 11.60 | 5.80 | 218 | 211 |
| 2026: Q1 | 0.35 | 166.10 | 761 | 11.60 | 8.30 | 258 | 252 |
| 2026: Q2 | 0.42 | 22.10 | 765 | 11.20 | 9.70 | 277 | 276 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
SEC-documented: net income (loss) of −$355M (FY 2024) → +$28M (FY 2025) → +$235M (FY 2026); operations turned positive for the first time in FY 2026 at +$149M, and the opening quarter of FY 2027 added +$74M net (10-K fiscal 2026; 10-Q as of 04/30/2026).
$884M operating and ~$863M free cash flow in FY 2026 (~30% of revenue), $2,553M in liquidity against $350M of remaining convertible notes, an Altman Z-Score near 6 — plus a $1 billion repurchase program that made the diluted share count fall for the first time in Q1 FY 2027.
Revenue growth down to +12% (FY 2026) and +11% (Q1 FY 2027), dollar-based net retention fallen from 111% to 106/107%, cRPO +12% — solid numbers, but no longer a growth story; the AI-agent products are, per the 10-K, explicitly "in its early stages."
Per the 10-K, the January 2022 and October 2023 incidents harmed reputation, customer relations and financial results; Okta explicitly expects further adverse impact and shareholder lawsuits are pending — for a vendor whose product is trust, this remains the most sensitive flank.
Stock-based compensation of $544M (~19% of revenue, FY 2026, declining); the first net profit of FY 2025 only turned positive through interest income ($106M) and notes-repurchase gains ($19M); since January 2026, buybacks counter the dilution (Q1: $242M).
P/E near 87 trailing, ~31 times expected adjusted earnings, P/S ~6.8, price/FCF ~23 after +79 percent in three months (as of 07/18/2026) — half the reconciliation is pre-paid; meanwhile 19 insider sales against 1 buy within twelve months.
Okta is the rare case of a turnaround built not on promises but on audited numbers: operationally profitable, ~$863M in free cash flow, a fortress balance sheet, buybacks against dilution. Against that stand growth at walking pace (+12 percent), net retention down to 106/107 percent, two security incidents with admitted long-tail effects — and a valuation that, after a 79 percent three-month rally, already pays 87 times trailing earnings. Whoever invests here buys the second half of the reconciliation, not the turnaround itself. Not investment advice.
- OKTA made the research list as rank 3 of our in-house turnaround scanner (U.S. selection, turnaround check 7/8, as of July 18, 2026) — part of our series on the top 20 of that selection.
- Scanner metrics (P/E, P/S, P/B, Altman Z, relative strength, insider and institutional data) use trailing twelve-month figures as of July 18, 2026; the expected adjusted earnings ($3.84/$4.28 per share) are analyst consensus from the fundamental data, not GAAP figures.
- Price and market-value figures (~$119, ~$21 billion) from the July 18, 2026 feed, sanity-checked against 175.3 million shares outstanding per the quarterly report 10-Q as of April 30, 2026; analyses are evergreen, daily prices are not a buy argument.
About the Company
Okta, Inc. ist ein Identity-Partner in den USA und international.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 6,366 |
| Headquarters | San Francisco, CA |
| Website | okta.com |
| IPO Date | 7. Apr 2017 |
| Next Earnings | 25. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Todd McKinnon | Co-Founder, Chairman & CEO | 1972 |
| Jacques Frederic Kerrest | Co-Founder & Executive Vice Chairman | 1978 |
| Eric Kelleher | President & COO | 1972 |
| Brett Tighe | Chief Financial Officer | 1980 |
| Larissa Schwartz | Chief Legal Officer & Corporate Secretary | 1972 |
| Jon Addison | Chief Revenue Officer | 1975 |
| Shibu Ninan C.P.A. | Chief Accounting Officer | 1975 |
| Dave Gennarelli | Senior Vice President of Investor Relations | – |
| Monty Gray | Executive Vice President of Corporate Development | – |
| Shannon Sullivan Duffy | Chief Marketing Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.