Okta, Inc. (OKTA)
POSITIVEファンダメンタル
75
株価
$130.56
時価総額
$22.76B
パート1 · 企業の価値
概要
Okta makes software that manages who is allowed to log into a company's other applications and verifies they really are who they claim to be. Employees use it to sign into email, cloud tools and internal systems with one login instead of dozens of separate passwords (workforce identity); other companies also embed Okta's technology into their own apps to handle their customers' logins (customer identity). It sells subscriptions to businesses ranging from small startups to the largest global enterprises.
収益の仕組み
Almost all revenue comes from multi-year subscription contracts priced by the number of users or app integrations covered, recognized evenly over the length of the contract; a small remainder is implementation and training fees. Once Okta is managing logins for dozens of a company's connected apps, ripping it out means reconfiguring every one of them and risking outages, so customers rarely switch — which shows up as high renewal rates and revenue that compounds through both new customers and larger contracts with existing ones.
セグメント別売上高
Cloud software licensed on a recurring, multi-year basis for workforce identity (employee logins) and customer identity (embedded in other companies' apps).
Implementation, training and technical consulting fees for setting up and configuring the Okta platform, a small and shrinking share of revenue.
競争優位性（moat）
スイッチングコスト · 狭いOnce Okta is wired into how hundreds of applications verify a company's employees or customers, removing it means reconfiguring every one of those connections and risking login outages, so switching costs are real and renewal rates stay high. The moat is narrow rather than wide, though, because Microsoft bundles a competing identity product into Office 365 that many companies already pay for.
需要を左右する要因
中程度の景気循環性Demand tracks enterprise IT and security budgets, which companies can delay or trim in a downturn, but rising cybersecurity and compliance requirements give identity software more staying power than typical software spending. Growth depends on both winning new enterprise customers and selling more seats or products into the roughly four-fifths of revenue that already comes from the United States.
主なリスク
- Competition from Microsoft — Microsoft bundles Entra ID, a competing identity product, into Office 365 subscriptions many companies already buy, letting it compete on price in a way a standalone vendor cannot.
- History of security incidents — Okta has disclosed customer-impacting security breaches in the past; because it manages access to its customers' other systems, a future incident could damage trust broadly across its base.
- Reliance on channel partners — A meaningful share of new business is generated through system integrators and reseller partners rather than direct sales, so Okta's growth partly depends on relationships it does not fully control.
- Geographic concentration in the US — About four-fifths of revenue comes from the United States, so a slowdown in US enterprise IT spending would affect Okta more than a more geographically diversified competitor.
- Enterprise IT budget sensitivity — Large customers can delay or shrink software purchases during uncertain economic periods, lengthening sales cycles and slowing the seat and product expansion Okta's growth relies on.
顧客集中度
Okta does not disclose a single customer's share of revenue; about four-fifths of fiscal 2026 revenue came from the United States, so exposure concentrates more by geography than by any one account.
強気材料
Buyers argue that identity has become the new security perimeter as companies adopt more cloud applications, and that Okta's position as a neutral, best-of-breed vendor outside the Microsoft ecosystem makes it the default choice for large, complex organizations with demanding security needs.
弱気材料
Sellers fear that Microsoft's ability to bundle a good-enough identity product for free into software most companies already pay for caps how much Okta can charge and slows its growth as customers' IT budgets tighten.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$3.00B
直近12か月（2026/4/30まで）
純利益
$247M
直近12か月（2026/4/30まで）
フリーキャッシュフロー
$875M
自己資本合計
$7.00B
負債合計
$2.71B
流動比率
1.43
利払い倍率
41.50
負債/EBITDA
1.54
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$106.14
現在株価
$130.56
安全マージン
-23.0%
適正価値レンジ
$68.99 - $143.29
推定方法
バリュエーション指標
P/E レシオ
94.91
ROE
3.4%
P/B レシオ
-
P/FCF
-
粗利益率
77.4%
ROIC
1.9%
収益性レーダー
Value Creation (Economic Moat)
ROIC
1.9%
WACC
8.3%
ROIC − WACC
-6.5 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（18）
- EPS shows upward trend
- Price CAGR 20.30%
- Gross Margin 77.4%
- Debt/Equity ratio
- Operating Margin 5.5%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Revenue Growth 5Y 28.4%
- Analyst Consensus 77% Buy
- Earnings Surprise avg 5.4%
- Earnings Quality (OCF/NI) 3.72
- Share Dilution -61.6%
- Net Margin Trend 8.2% vs 4.8%
- Piotroski F-Score 9/9
不合格（4）
- ROIC 1.9%
- Low reliance on intangibles
- DCF valuation (Unknown)
- ROE 3.6%
データなし（5）
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Todd McKinnon | Co-Founder, Chairman & CEO | 53 |
| Mr. Jacques Frederic Kerrest | Co-Founder & Executive Vice Chairman | 47 |
| Mr. Eric Kelleher | President & COO | 53 |
| Mr. Brett Tighe | Chief Financial Officer | 45 |
| Mr. Jon Addison | Chief Revenue Officer | 50 |
| Ms. Larissa Schwartz | Senior Advisor | 53 |
| Mr. Shibu Ninan CPA | Chief Accounting Officer | 50 |
| Mr. Dave Gennarelli | Senior Vice President of Investor Relations | - |
監査リスク
1
取締役会リスク
8
報酬リスク
9
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for OKTA, sourced from Markets Gazette.
- 5/28/2026POSITIVEOkta shares rise on earnings beat and AI-agent opportunity
Okta Inc. reported first-quarter earnings that surpassed Wall Street's consensus estimates, signaling strong operational performance. The company also highlighted a significant emerging market opportunity in AI-agent identity management, suggesting future growth potential driven by technological advancements. This dual positive development, combining current financial strength with a forward-looking strategic advantage, is likely to be viewed favorably by investors, potentially driving increased demand for Okta's stock.
- 4/20/2026POSITIVEOkta’s stock is surging. Here’s why identity security has become the next hot thing.
Okta Inc. shares experienced a significant surge following positive analyst ratings from both Barclays and Raymond James. This renewed investor confidence stems from a reported resurgence in customer investment in identity security solutions, marking the first substantial increase in this sector in several years. The analysts' upgraded outlook suggests a strong belief in Okta's market position and future growth prospects within the increasingly vital identity security landscape. Investors are likely to view this as a signal of potential upside for Okta.
- 4/16/2026POSITIVEThis Okta Analyst Turns Bullish; Here Are Top 5 Upgrades For Thursday
Okta Inc. has received an upgrade from a top Wall Street analyst, signaling a potentially positive outlook for the identity and access management company. While specific details of the upgrade are not provided in this summary, analyst upgrades often reflect increased confidence in a company's future performance, strategic direction, or financial health. Investors often view such upgrades as a catalyst for stock price appreciation, suggesting that the analyst believes Okta's current valuation does not fully reflect its growth prospects or competitive advantages. This move could attract further institutional and retail investor interest.
- 3/20/2026POSITIVEOkta, Phillips 66 And More: CNBC's 'Final Trades'
Okta Inc. saw its shares climb 3% to finish Thursday's trading session at $80.76. This positive movement suggests renewed investor interest or favorable market sentiment towards the identity and access management company. While the article also mentions Phillips 66, Okta's specific gain highlights its individual performance. Investors may interpret this rise as a sign of underlying strength in Okta's business fundamentals or a positive reaction to recent company-specific news not detailed here.
- 3/6/2026POSITIVEWhy Okta Stock Popped Today
Okta Inc. stock saw a significant pop today, triggered by renewed interest in the security of AI agents. Although the article is concise, the focus on AI agent protection suggests Okta may have announced or is perceived as a key player in developing advanced security solutions for these emerging technologies. This strategic positioning in a nascent, high-growth sector could attract investor attention, leading to increased demand for the company's shares and potential value appreciation.
- 3/5/2026POSITIVEOkta’s stock rises as momentum in AI agents fuels an earnings beat
Okta Inc. surpassed earnings expectations for the latest quarter, with momentum in AI agents fueling demand for its digital identity solutions. Despite a strong recent performance, guidance for the current quarter fell below analyst forecasts, introducing a note of caution. For investors, Okta's ability to capitalize on emerging technological trends is a positive sign, but the discrepancy between past results and future outlook warrants careful consideration of the risk/reward profile.
- 3/5/2026NEUTRALOkta (OKTA) Q4 2026 Earnings Call Transcript
The transcript for Okta's (OKTA) Q4 2026 earnings call has been released. This document offers insights into the company's financial performance, future strategies, and market outlook. While the specific content is not available in this summary, the release of an earnings transcript is a standard event allowing investors to assess Okta's financial health and operational direction. Analyzing these transcripts is crucial for understanding the challenges and opportunities the company may face.
- 3/4/2026POSITIVEOkta’s stock rallies as momentum in AI agents fuels an earnings beat
Okta Inc. beat earnings expectations for the latest quarter, with momentum in AI agents contributing to the positive results. Although guidance for the current quarter fell below forecasts, the strong performance fueled a rally in Okta's stock. This outcome suggests that despite an uncertain market environment, the company is finding new growth drivers, potentially linked to AI innovation. For investors, Okta's ability to deliver better-than-expected earnings, even with cautious future outlooks, indicates solid operational management and potential for stock recovery.
via Markets Gazette