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The Moat Index

Okta, Inc.

OKTA · Technology · $26.8B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

49/ 100
Shallow moat

The four filters

Pricing power98

Median gross margin 72.2% over 10y, very stable.

Returns on capital0

Median ROIC -10.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 37x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$149.35
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

12 years of fundamentals

The business, in plain English

Okta, Inc. booked $2.9B of revenue in FY2026 in the Technology sector and kept 77.4% of it as gross profit — a high-margin business by that measure. After every other cost, 8.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $160.8M (FY2017) to $2.9B (FY2026) — about 38.0% a year compounded over 9 years.

It earned 2.2% on invested capital in FY2026, with a median of −10.7% across 7 filed years. The Returns on Capital filter above scores it 0/100.

OKTA's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 53.0% between FY2020 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (98/100) and Returns on Capital the weakest (0/100), which is how OKTA lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2015–FY2026 · 12 fiscal years, normalized from OKTA’s SEC filings

RevenueSales, as filed$2.9B FY2026
$0$2B2015201920232026
Gross marginRevenue kept after cost of goods77.4% FY2026
0%50%2015201920232026
Return on invested capitalOperating profit on the capital employed2.2% FY2026
−100%−50%0%2015201920232026
Owner earningsCash an owner could take out$226.0M FY2026
−$500M$02015201920232026

Gaps in a line mean that item isn’t in OKTA’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.6 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — OKTA has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#205 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #203LAWIL LIGHT & WONDER, INC.48.7Shallow moat
  2. #204INOD INNODATA INC.48.7Shallow moat
  3. #206TBCH TURTLE BEACH CORPORATION48.5Shallow moat
  4. #207INTA Intapp, Inc.48.5Shallow moat

Compare OKTA with its nearest peers →All Technology companies on the Index →

Common questions about OKTA

Does Okta, Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores Okta, Inc. (OKTA) 48.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 98, returns on capital 0, balance-sheet safety 73, capital discipline 24.
How has OKTA's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 48.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell OKTA. See the disclaimer.

Okta, Inc. (OKTA) Moat Score — The Moat Index · Buy Like Buffett