How Does Okta Stock Compare With Peers?
Okta‘s stock has underperformed over the past year, but how does this identity management pure-play stack up against its rapidly scaling cybersecurity peers? A closer look reveals strong free cash flow and a moderate operating margin, yet slower revenue growth and a high valuation compared to some industry leaders. Limited upside exists if peers maintain their rapid growth trajectory in a competitive market as of March 5, 2026.
- OKTA’s 4.3% operating margin, above peers but below MSFT’s 46.7%, suggests a focus on growth over near-term profitability.
- OKTA’s 12.1% LTM revenue growth, though strong, trails peers (MSFT, SAIL, CRWD, ZS, PANW), indicating intense market competition.
- OKTA’s stock, down 31.5% (1yr) and underperforming peers, with a 72.1 PE, reflects investor caution despite growth expectations.
Here’s how Okta stacks up across size, valuation, and profitability versus key peers.
| OKTA | MSFT | SAIL | CRWD | ZS | PANW | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 14.1 | 3,051.8 | 8.5 | 107.1 | 25.9 | 114.9 |
| Revenue ($ Bil) | 2.8 | 305.5 | 1.0 | 4.6 | 3.0 | 9.9 |
| PE Ratio | 72.1 | 25.6 | -27.1 | -340.9 | -382.4 | 89.6 |
| LTM Revenue Growth | 12.1% | 16.7% | 23.4% | 22.0% | 23.9% | 15.4% |
| LTM Operating Margin | 4.3% | 46.7% | -29.3% | -8.6% | -4.8% | 14.4% |
| LTM FCF Margin | 31.5% | 25.3% | 0.6% | 24.2% | 29.1% | 36.0% |
| 12M Market Return | -31.5% | 3.2% | -34.7% | 16.6% | -17.6% | -11.5% |
For more details on Okta, read Buy or Sell OKTA Stock. Below we compare OKTA’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| OKTA | 12.1% | 15.3% | 21.8% | 42.9% | |
| MSFT | 16.7% | 14.9% | 15.7% | 6.9% | |
| SAIL | 23.4% | 23.2% | 55.4% | � | |
| CRWD | 22.0% | 29.4% | 36.3% | 54.4% | |
| ZS | 23.9% | 23.3% | 34.1% | 48.2% | |
| PANW | 15.4% | 14.9% | 16.5% | 25.3% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| OKTA | 4.3% | -2.4% | -20.3% | -42.1% | |
| MSFT | 46.7% | 45.6% | 44.6% | 41.8% | |
| SAIL | -29.3% | -21.9% | -47.6% | -13.4% | |
| CRWD | -8.6% | -3.0% | -0.1% | -8.5% | |
| ZS | -4.8% | -4.8% | -5.6% | -14.5% | |
| PANW | 14.4% | 13.5% | 8.5% | 5.6% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| OKTA | 72.1 | 523.7 | -36.3 | -17.6 | |
| MSFT | 25.6 | 35.3 | 35.5 | 38.7 | |
| SAIL | -27.1 | -35.0 | � | � | |
| CRWD | -340.9 | -5953.5 | 914.1 | -324.8 | |
| ZS | -382.4 | -837.3 | -467.7 | -158.7 | |
| PANW | 89.6 | 107.6 | 45.1 | 203.3 |
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