Okta, Inc.
OKTA 6Price and target zones价格与目标区间
Above fair value高于合理价值
What the company does公司做什么
Okta, Inc. operates as an identity partner in the United States and internationally. It offers Single Sign-on to secure access to cloud and on-premises applications from any device; Adaptive MFA for a risk-based layer of security for an organization's cloud, mobile, and web applications; API Access Management, which enables organizations to secure APIs as systems; Access Gateway, which extends the Okta platform to hybrid IT environments; Okta Device Access, which extends Okta platform's secure access management to the device login experience; Universal Directory for a cloud-based system of record.
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Okta, Inc. operates as an identity partner in the United States and internationally. It offers Single Sign-on to secure access to cloud and on-premises applications from any device; Adaptive MFA for a risk-based layer of security for an organization's cloud, mobile, and web applications; API Access Management, which enables organizations to secure APIs as systems; Access Gateway, which extends the Okta platform to hybrid IT environments; Okta Device Access, which extends Okta platform's secure access management to the device login experience; Universal Directory for a cloud-based system of record. The company also provides Identity Threat Protection; Identity Security Posture Management for security measures and safeguards digital assets; Okta for AI Agents to discover, register, authenticate, govern, and manage AI Agents; Identity Governance and Administration products, including Lifecycle Management, Okta Workflows, Okta Identity Governance, and Cross App Access; Advanced Server Access for continuous and contextual access management to secure cloud infrastructure; and Okta Privileged Access to reduce risk with unified access and governance management. In addition, it provides Universal Login, a standards-based login infrastructure; Attack Protection Suite to minimize risks associated with identity-targeted attacks; Adaptive MFA; Passwordless, which enables users to login without a password; Machine-to-Machine Tokens for authentication and authorization with NHIs; Private Cloud, a deployment option; Organizations, which support a large number of partners or customers; Extensibility, which enables customers to build customized identity flows; Fine Grained Authorization, which manages complex authorization scenarios; and Auth0 for AI Agents to secure and scale agentic applications. The company was formerly known as Saasure, Inc. Okta, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.
Products and services产品与服务 from the vendor summary — not yet written up来自供应商简介——尚未整理成文
- The company also provides Identity Threat Protection
- Identity Security Posture Management for security measures and safeguards digital assets
- Okta for AI Agents to discover, register, authenticate, govern, and manage AI Agents
- Identity Governance and Administration products, including Lifecycle Management, Okta Workflows, Okta Identity Governance, and Cross App Access
- Advanced Server Access for continuous and contextual access management to secure cloud infrastructure
- Okta Privileged Access to reduce risk with unified access and governance management In addition, it provides Universal Login, a standards-based login infrastructure
- Attack Protection Suite to minimize risks associated with identity-targeted attacks
- Adaptive MFA
- Passwordless, which enables users to login without a password
Company facts公司资料
- Founded成立时间
- 2009
- Headquarters总部
- San Francisco, California
- Employees员工人数
- 6,366
- Industry行业
- Software - Infrastructure
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
✂️ Analyzed 8/27 — TRIM, first score. The 8/26 print reframed Okta as the governance/identity layer for AI agents ("Okta for AI Agents" GA), driving a +28.6% one-day pop — but part of that was sector-wide re-rating (CRWD/ZS popped the same day). cRPO +14% accelerating, NRR 107%, net cash, SBC falling 20%→15% of revenue.
Watch
- Microsoft Entra bundling caps the core; the AI-agent segment could be disintermediated by the same hyperscalers it means to govern. FV $100-155. Entry $100-115. Trim 36x fwd (~$141 — spot above it)
8/27 分析——减持，首次评分 [6.0]。 8/26 财报将 Okta 重新定位为 AI 智能体的治理/身份层（"Okta for AI Agents" 正式发布），带动单日 +28.6%——但部分是板块整体重估（CRWD/ZS 同日大涨）。 cRPO +14% 加速、净留存 107%、净现金、SBC 占营收从 20% 降至 15%。 ⚠️ 微软 Entra 捆绑封顶核心业务；AI 智能体这一细分可能被它意图治理的同一批超大规模厂商去中介化。 FV $100-155。 入场 $100-115，减持 36x fwd（约 $141，现价高于）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 4%
- Revenue growth营收增长
- +11%
Competitive advantages竞争优势 from the thesis and the reports来自投资逻辑和报告
- Moat & Competitive Advantage Quantitative base: Gross margin 77.4% (stable, high — SaaS-typical), ROE only 3.7% / ROA 1.1% (GAAP profitability is too recent and too thin to read ROIC as a moat signal yet — use gross margin + retention as the better proxies here).
- NRR 107%, trending up for the first time in several quarters — the moat's cash signature (expansion inside the existing base) is intact and modestly improving, not just holding the line.
- Revenue-stream map: - Workforce Identity (SSO, MFA, lifecycle management, governance) — the legacy core, high switching costs once SSO is wired into thousands of enterprise app integrations.
- Disruption forecast: Near-term (1-2yr) — low disruption risk to the core workforce/CIAM business (switching costs are real and immediate).
- Key risks - Microsoft bundling remains the structural ceiling on the core business — Entra ID ships free with M365/Azure; Okta's moat depends on enterprises continuing to value multi-cloud neutrality over bundled convenience.