Is Okta, Inc. overvalued or undervalued?

As of 8 September 2025, the valuation grade for Okta, Inc. has moved from very attractive to fair. This indicates that the company is fairly valued at the moment. Key valuation ratios include a P/E ratio of 147, an EV to EBITDA of 145.00, and a PEG ratio of 1.05. In comparison, peers such as PTC, Inc. have a P/E of 49.59 and an EV to EBITDA of 29.90, while Zoom Video Communications, Inc. boasts a much lower P/E of 21.43 and an EV to EBITDA of 15.04.
In terms of stock performance, Okta has outperformed the S&P 500 over the one-month and year-to-date periods, with returns of 2.43% and 18.78%, respectively, although it has significantly lagged over the longer three and five-year periods. Overall, while Okta appears fairly valued now, its high P/E ratio suggests caution compared to its peers.