Investor Research

OKTA · US

OKTA.US: Q2 FY27 $805M (+11%) — 28% FCF & low-teens growth

Okta Q2 FY27 revenue $805M (+11%), subscription $793M (+12%), RPO $4.858B (+17%), FCF $227M (28% margin). FY27 $3.216–3.226B; ~1ppt professional-services-to-partner headwind.

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Snapshot

Price (approx.)
USD 79
Mkt cap (approx.)
USD 14.0B
Revenue (approx.)
USD 3.2B
RPO
USD 4.9B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Okta Q2 FY27 (ended 2026-07-31) revenue $805M (+11%), subscription $793M (+12%), RPO $4.858B (+17%), cRPO $2.585B (+14%). OCF $234M / FCF $227M (28% of revenue). FY27 $3.216–3.226B (+10–11%) with ~1ppt PS-to-partner headwind. Identity cash compounder at low-teens growth; tape is cRPO and agent identity.

Business

Model: Workforce/Customer identity-cloud subscriptions. Flagships: SSO/lifecycle; Auth0 CIAM; threat detection. Edge: integration fabric and cloud-neutral stance. Strategy: machine/AI-agent identity; shift PS to partners. Entity: Okta, Inc.; FY ends Jan 31.

Value chain

Identity mid-layer. Upstream: cloud and directories; downstream: almost every enterprise app. Moderate concentration. Risks: (1) post-incident trust; (2) Microsoft Entra bundling; (3) squeezed role vs IGA (SailPoint) and platform security (PANW+CyberArk).

Valuation

Price context ~$79 / mkt ~$14B (pack KPI). Low-teens growth maps to a mid-growth multiple; PE/PB stay null without a named market feed.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 79OKTA · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Public quarterly closes (split-adjusted); do not invent gaps · As of 2026-09-25

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Company IR / 10-Q quarterly revenue; null when missing · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company IR gross margin; null when missing — no interpolation · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Attributable NI from filings; null when missing — no interpolation · As of 2026-09-25

Financial health (§A.7)

Q2 OCF $234M (29%), FCF $227M (28%). FY FCF $910–930M. Net-cash software. Audit per latest 10-K.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评现金牛FCF 利润率 28%；增速换质量
经营现金流$234M（Q2）占收 29%；来源 2026-08-26 EX-99.1
有息债 vs 现金见 10-Q身份 SaaS 常规净现金，不在本 PR 详列
流动性充裕FCF 指引 $910–930M
审计意见以最新 10-K 为准本 EX-99.1 未重述
As of 2026-09-25

Operations

Q3 guide $813–817M revenue, cRPO $2.590–2.600B. FY FCF $910–930M (28–29% margin).

Key financial points

Key financial points
ItemValueYoYNote
Q2 营收$805M+11%截至 2026-07-31
订阅$793M+12%经常性
RPO$4.858B+17%cRPO $2.585B / +14%
FCF$227M28% 利润率OCF $234M
Q3 指引$813–817M+10%cRPO $2.59–2.60B
FY27 营收$3.216–3.226B+10–11%PS 转伙伴 ~1ppt
As of 2026-09-25

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Named industry/company sources only; else omit or null · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Named sources only; list in references · As of 2026-09-25

Peer map

Peer map
CompanyShare/roleMarginStrengthWeakness
Okta (self)IAM / CIAMFCF+SSO ecosystemGrowth deceleration
Microsoft EntraBundle IAMN/AOffice attachNot standalone
SailPointIGACloud rampGovernanceLess access-layer
PANW + CyberArkPAMFCF+Privileged/agent IDDifferent job-to-be-done
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
CEO / Co-founderTodd McKinnonFoundingNo material change
CFOCFO officeongoingVerify latest proxy
Auth0 / CIAMCIAM leadershippost-acquisitionIntegrated
As of 2026-09-25

Stability: This EX-99.1 discloses no Chair/CEO/CFO change; continuity remains high on a 24m public-file basis.

Outlook

Track cRPO, agent-identity deals, Entra pressure, FCF guide.

Scenarios

Scenario Condition Implication
Bull Demand/execution beats Upside
Base Trend continues Hold/watch
Bear Cycle/competition worsens Drawdown/reassess

Risks

Risk Severity Note
增速下台阶 高 Q3 仅 +10%；PS 外置再削 1ppt
平台捆绑 高 Entra / PANW+CyberArk 压缩独立身份溢价
安全事件声誉 中 历史供应链事件后信任仍是溢价约束
竞争分工 中 IGA（SailPoint）与 CIAM 价格战
估值 低 倍数已随增速回落

Tracking list

Verify on next earnings:

  1. Q3 $813–817M (+10%) and cRPO $2.590–2.600B
  2. FY27 $3.216–3.226B; ~1ppt PS-to-partner headwind
  3. RPO $4.858B (+17%) / cRPO $2.585B (+14%)
  4. FCF $227M (28%) vs FY $910–930M
  5. Agent/non-human identity deals vs Entra / PANW+CyberArk

References

  1. Okta Q2 FY2027 EX-99.1 (2026-08-26) — https://www.sec.gov/Archives/edgar/data/1660134/000166013426000068/okta-7312026_ex991.htm
  2. Okta IR — https://investor.okta.com/
  3. Peers — PANW identity / SailPoint IGA

Not investment advice; defer to latest company filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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