+76% above 5y medianEV / revenue vs. its own five years
Board median EV / revenue10.2×five-year median 11.8× · −14%
Median Rule of 405321 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on0 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score 43
growth 11 ptFCF margin 32 pt
Growth +11% plus FCF margin +32% is 43 points, 3 above the line at 40. Counting the stock as an expense: 26 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Oct 31, 2021 → Jul 31, 2026
Five-year median 5.8×, middle half 5.1–7.1×, range 3.6–32.6×. Now 10.2×: +76% above its own median, higher than 85% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Jul 31, 2026 · $B
FCF 0.97B − SBC 0.50B = 0.47B ex-SBC · operating income 0.24B is the GAAP figure after SBC
Against its scale group
OKTA (blue) vs. the other Growth companies on the board (3), grey
Revenue growth+11% vs. +22%
Gross margin78% vs. 78%
FCF margin+32% vs. +34%
SBC / revenue16% vs. 20%
Rule of 4043 vs. 56
EV / revenue10.2× vs. 22.5×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Oct 31, 2024 → Jul 31, 2026 · a gap is a dropped quarter