Okta, Inc. provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure. It also provides Auth0 products, including Universal Login that allows customers to provide login experience across different applications and devices; Attack Protection, a suite of security capabilities that protect from malicious traffics; Adaptive Multi-Factor Authentication that minimizes friction to end users; Passwordless authentication enables users to login without a password and supports in various login methods; Machine to Machine provides standards-based authentication and authorization; private Cloud that allows customers to run a dedicated cloud instance of Auth0; and Organizations that enables customers to independent configurations, login experiences, and security options. It offers customer support, training, and professional services. It sells its products directly to customers through sales force and channel partners. The company was formerly known as Saasure, Inc. Okta, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.

Okta, Inc.

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Trailing Valuation	LTM	Jan '25
Stock Price	90.2	94.2
Total Shares Outstanding	177.2	173.5
Market Cap	15,982.6	16,343.3
Total Enterprise Value (TEV)	13,942.6	14,772.3
Buyback Yield	1%	0.5%
Debt Paydown Yield	—	1.7%
Shareholder Yield	1%	2.2%
P/S	5.6	6.3
P/Gross Profit	7.3	8.2
P/E	82.7	1,570.3
Earnings Yield	1.2%	0.1%
P/OCF	17.5	21.8
P/FCF	17.7	22
FCF Yield	5.7%	4.5%
P/B	2.3	2.6
EV/Sales	4.9	5.7
EV/Gross Profit	6.4	7.4
EV/EBITDA	126.8	1,055.2
EV/EBIT	125.6	-199.6
EV/OCF	15.3	19.7
EV/FCF	15.4	19.9

Margins	LTM	Jan '25
Gross Profit Margin	77.1%	76.3%
Operating Margin	3.9%	-2.8%
EBITDA Margin	3.9%	0.5%
Net Profit Margin	6.9%	1.1%
Effective Tax Rate	9.7%	39.1%
Pre-Tax Profit Margin	7.6%	1.8%
Free Cash Flow Margin	31.8%	28.4%
OCF / Sales	32.1%	28.7%
OCF / Net Income	467.7%	2,678.6%
FCF / OCF	99.1%	98.9%
FCF / Net Income	463.6%	2,650%
FCF / EBITDA	821.8%	5,300%

Capital Efficiency	LTM	Jan '25
Return on Invested Capital	1.3%	-0.6%
Return on Assets	1.1%	-0.5%
Return on Equity	3%	0.5%
Return on Total Capital	23.7%	-4.1%
Return on Capital Employed	1.6%	-1%
Return on Tangible Assets	5.4%	0.8%
Receivables Turnover	6.1	4.4
Days Sales Outstanding	59.5	82.5
Payables Turnover	52.1	49.4
Days Payables Outstanding	7	7.4
Cash Conversion Cycle	52.5	75.1
Asset Turnover	0.3	0.3
Fixed Asset Turnover	24.8	21
Operating Cycle	59.5	82.5
CapEx to OCF	0	0
CapEx to Revenue	0	0
CapEx to Depreciation	-8	0.1

Financial Health	LTM	Jan '25
Total Debt	423	952
Net Debt	-2,040	-1,571
Current Ratio	1.5	1.4
Quick Ratio	1.3	1.2
Cash Ratio	1.1	1
Debt Ratio	0	0.1
Assets to Equity	1.3	1.5
Cash Flow to Debt Ratio	2.2	0.8
Long-term Debt to Assets	0	0
Intangibles to Total Assets	0.6	0.6
Net Current Asset Value	865	384
Goodwill / Assets	0.6	0.6
Debt / Equity	0.1	0.1
Total Debt / Capitalization	1	1
Long Term Debt / Capitalization	0.2	0.5
Long-Term Debt / Equity	0	0.1
Net Debt / EBITDA	-18.5	-112.2
EBIT / Interest Expense	27.8	-14.8
EBITDA / Interest Expense	27.5	2.8
(EBITDA - Capex) / Interest Expense	25.5	1.2

Per Share	LTM	Jan '25
Revenue per Share	15.9	14.9
Basic EPS	1.1	0.2
Diluted EPS	1.1	0.1
Book Value per Share	38.5	36.6
Tangible Book Value per Share	7.3	4.7
Cash per Share	13.8	14.4
Operating Cash Flow per Share	5.1	4.3
Free Cash Flow per Share	5	4.2
CapEx per Share	0	0
Weighted Avg. Shares Outstanding	174.5	169.6
Weighted Avg. Shares Outstanding Diluted	179.1	175.1

Common Size	LTM	Jan '25
R&D to Revenue	22.2%	24.6%
SG&A to Revenue	50.6%	54.1%
Stock-based Comp to Revenue	19%	21.6%