analyticsVertical SaaS / Security
Data as of Q1 2026
Summary Verdict
NET: 1—OKTA: 4wins
Rule of 40
41.1NET
41.5OKTA
check_circleOKTA leads
Revenue Growth
31.4%NET
12.0%OKTA
check_circleNET leads
Gross Margin
74%NET
77%OKTA
check_circleOKTA leads
FCF Margin
9.7%NET
29.5%OKTA
check_circleOKTA leads
Operating Margin
-10.0%NET
5.4%OKTA
check_circleOKTA leads
NRR
—NET
—OKTA
Metric
Rule of 40Efficiency score
NET
41.1
OKTA
41.5check_circle
Revenue GrowthYoY
NET
31.4%check_circle
OKTA
12.0%
Gross Margin% of revenue
NET
74%
OKTA
77%check_circle
FCF MarginFree cash flow
NET
9.7%
OKTA
29.5%check_circle
Operating MarginGAAP
NET
-10.0%
OKTA
5.4%check_circle
NRRNet retention
NET
N/A
OKTA
N/A
EV / RevenueValuation multiple
NET
40.2x
OKTA
6.6xcheck_circle
Market CapUSD
NET
$88.4Bcheck_circle
OKTA
$19.7B
ARR GrowthYoY
NET
N/A
OKTA
N/A
CAC PaybackMonths to recover
NET
N/A
OKTA
N/A
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Analysis
As of Q1 2026, Cloudflare, Inc. trades at 40.2x EV/Revenue versus Okta, Inc. at 6.6x. On the Rule of 40, Cloudflare, Inc. scores 41.1 compared to Okta, Inc.'s 41.5, placing Okta, Inc. ahead in operating efficiency. Gross margins stand at Cloudflare, Inc. 74% vs Okta, Inc. 77%.