Restricted Institutional Research • OKTA

OKTA report

Institutional research, investment thesis, and fundamental review.

December 30, 2025

Vijar Kohli

Stock Analysis Template

1. Financial Health Check

Revenue: $2.61B

Net Income: $28.00M

Net Margin: 1.07%

Revenue Growth (3yr CAGR): N/A (Need historical data)

ROE (Return on Equity): N/A (Missing Equity)

ROIC (Return on Invested Capital): [ROIC (Return on Invested Capital)]

Debt/Equity: N/A (Missing Liabilities)

Free Cash Flow Yield: [Free Cash Flow Yield]

Free Cash Flow Trend: [Free Cash Flow Trend]

2. Financial Trends

Revenue vs Net Income

3. Historical Data

Year	Revenue	Net Income	Gross Profit	Op. Cash Flow
2025	2.61B	28.00M	1.99B	750.00M
2024	2.26B	-355.00M	1.68B	512.00M
2023	1.86B	-815.00M	1.31B	86.00M
2022	1.30B	-848.00M	904.00M	104.00M
2021	835.00M	-266.00M	617.00M	128.00M

4. Competitive Advantage (Moat)

Type of Moat: [Switching Costs]
Strength: [Wide]
Description: Customers that adopt more Okta products have the highest retention rates, implying high switching costs. The increasing complexity of identity security and the integration of various products into a unified platform create a sticky solution that is difficult to replace.

5. Management Quality

CEO: [Todd McKinnon]
Capital Allocation: Reinvesting in product innovation, prioritizing partner ecosystem, and go-to-market specialization to reignite growth. Optimizing cost structure through headcount reduction to reallocate dollars and resources toward priorities to drive growth. No specific mention of buybacks or dividends.
Tone: [Optimistic]
Key Quotes:
- "We're excited about the momentum we've built going into FY 2026 and are taking the right steps to advance our position as the leader in the identity market."
- "More and more customers are looking to consolidate their disparate and ineffective identity solutions, and Okta is there to meet them with the most comprehensive identity security platform in the market today."

6. Growth Prospects

Total Addressable Market (TAM): [Size and Growth Rate]
Market Share: [Current share and potential to gain]
New Products/Services: [Pipeline]

7. Scuttlebutt & Soft Data

Customer Reviews: [Trends in customer satisfaction]
Employee Feedback: [Glassdoor ratings, turnover]
Channel Checks: [Insights from suppliers or distributors]

8. Valuation

P/E Ratio: [Current vs. Historical vs. Peers]
EV/EBITDA: [Current vs. Historical vs. Peers]
DCF Fair Value: [Estimate]

9. Risks

[Risk 1: Headcount reduction impact on business]
[Risk 2: Prudent approach to forward guidance due to go-to-market specialization]
[Risk 3: Seat-based headwinds continuing to impact growth]

10. Checklist

Do I understand the business model?
Is the balance sheet healthy?
Is management aligned with shareholders?
Is the valuation reasonable?
Is there a clear catalyst?

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