Cloudflare, Inc. vs Okta, Inc.
Side-by-Side SaaS Metrics & Valuation Comparison
analyticsVertical SaaS
Data as of Q2 2026
Summary Verdict
NET: 2—OKTA: 3wins
Rule of 40
53.2NET
44.9OKTA
check_circleNET leads
Revenue Growth
44.4%NET
16.5%OKTA
check_circleNET leads
Gross Margin
73%NET
78%OKTA
check_circleOKTA leads
FCF Margin
8.8%NET
28.4%OKTA
check_circleOKTA leads
Operating Margin
-15.4%NET
7.5%OKTA
check_circleOKTA leads
NRR
—NET
—OKTA
Metric
Rule of 40Efficiency score
NET
53.2check_circle
OKTA
44.9
Revenue GrowthYoY
NET
44.4%check_circle
OKTA
16.5%
Gross Margin% of revenue
NET
73%
OKTA
78%check_circle
FCF MarginFree cash flow
NET
8.8%
OKTA
28.4%check_circle
Operating MarginGAAP
NET
-15.4%
OKTA
7.5%check_circle
NRRNet retention
NET
N/A
OKTA
N/A
EV / RevenueValuation multiple
NET
41.0x
OKTA
9.2xcheck_circle
Market CapUSD
NET
$99.0Bcheck_circle
OKTA
$28.3B
ARR GrowthYoY
NET
N/A
OKTA
N/A
CAC PaybackMonths to recover
NET
N/A
OKTA
N/A
insights
Analysis
As of Q2 2026, Cloudflare, Inc. trades at 41.0x EV/Revenue versus Okta, Inc. at 9.2x. On the Rule of 40, Cloudflare, Inc. scores 53.2 compared to Okta, Inc.'s 44.9, placing Cloudflare, Inc. ahead in operating efficiency. Gross margins stand at Cloudflare, Inc. 73% vs Okta, Inc. 78%.
Sector Context
Cloudflare, Inc. operates in the Vertical SaaS sector and Okta, Inc. operates in the Security sector. The median comparison above shows where they stand relative to their respective peers.