Forensic Analysis · Software & SaaS · as of Nov 8, 2026
Okta, Inc. (OKTA)
A forensic read on Okta, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
2.7
Distress distance
Clean
Earnings quality
3
Forensic signals
3.5%
ROE
11.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Okta, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.7, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2.1%
FY2026
Return on invested capital.Return on invested capital is 2.1% in the latest fiscal year and rising across FY2024–FY2026 from -5.9%. After-tax operating profit was ($408M) in FY2024 and $134M in FY2026, with operating income at -22.8% of revenue in FY2024, -2.8% in FY2025 and 5.1% in FY2026. The capital base behind it went from $6.9B in FY2024 to $6.4B in FY2026 (-7%), while the revenue it carried went from $2.3B to $2.9B.
+4.7%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +10% over the last 2 years to FY2026 (+4.7%/yr). The count is growing — 163.6M shares in FY2024, 179.3M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~9%.
19% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 19% of revenue and 63% of free cash flow in FY2026 — about $3.03 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 4.7% a year across FY2024–FY2026, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.92B
Revenue Growth YoY+11.8%
Revenue CAGR (2yr)+13.6%
Net Margin8.1%
Free Cash Flow$863.0M
Return on Equity3.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Okta, Inc.'s actual 10-K/10-Q/8-K filings?