Okta vs SentinelOne: Revenue, Profit and Business Model
Okta had $2.9B of annual revenue in FY2026 and $235M of net income. SentinelOne had $621.1M of annual revenue in FY2024 and a net loss of $338.7M.
Latest financial snapshot
Okta
- Latest annual revenue
- $2.9B (FY2026)
- Net income
- $235M
- Net margin
- 8.1%
- Revenue growth
- +38.0% a year, FY2017–FY2026
SentinelOne
- Latest annual revenue
- $621.1M (FY2024)
- Net income
- -$338.7M
- Net margin
- -54.5%
- Revenue growth
- +109.5% a year, FY2015–FY2024
Financial summary
Okta
Okta crossed into GAAP profitability in fiscal 2025 ($28 million net income on $2.610 billion revenue) and expanded it in fiscal 2026: revenue rose 12% to $2.919 billion, GAAP operating income reached $149 million, net income $235 million and free cash flow $863 million (30% margin). Momentum continued in fiscal 2027. Q2 FY2027 (ended July 31, 2026) revenue grew 11% to $805 million, GAAP net income was $116 million, free cash flow $227 million, and remaining performance obligations rose 17% to $4.858 billion. Okta held $2.299 billion of cash and short-term investments after repaying the last $350 million of its 2026 convertible notes in cash, and it has been buying back stock. Okta, Inc. is a massive American cloud-based identity and access management company, commanding a market valuation typically exceeding $15 billion.
SentinelOne
SentinelOne's financial profile is characterized by rapid top-line revenue expansion, expanding gross margins, and a clear trajectory toward GAAP profitability. In fiscal year 2024, SentinelOne reported consolidated net revenue of $621.15 million, representing a robust 47% year-over-year increase compared to $422.2 million in FY2023. Annualized Recurring Revenue (ARR) surged 39% to $724.4 million, driven by balanced enterprise new-customer acquisition and net expansion. GAAP gross margins expanded to 73%, while Non-GAAP gross margins reached an impressive 77%, reflecting strong cloud hosting infrastructure optimization. The company maintained exceptional balance sheet liquidity, closing the fiscal year with over $1.1 billion in cash, cash equivalents, and short-term investments, and zero funded corporate debt. With operating cash flow turning positive in late FY2024, SentinelOne is fully funded to execute its long-term AI-driven security expansion without external equity dilution.
Revenue and profit by year
Okta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $2.9B | $235M | 8.1% | +11.8% | Source |
| FY2025 | $2.6B | $28M | 1.1% | +15.3% | Source |
| FY2024 | $2.3B | -$355M | -15.7% | +21.8% | Source |
| FY2023 | $1.9B | -$815M | -43.9% | +42.9% | Source |
| FY2022 | $1.3B | -$848M | -65.2% | +55.7% | Source |
| FY2021 | $835M | -$266M | -31.9% | +42.5% | Source |
| FY2020 | $586.1M | -$208.9M | -35.6% | +46.8% | Source |
| FY2019 | $399.3M | -$125.5M | -31.4% | +55.6% | Source |
| FY2018 | $256.5M | -$109.8M | -42.8% | +59.5% | Source |
| FY2017 | $160.8M | -$75.1M | -46.7% | — | Source |
SentinelOne
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $621.1M | -$338.7M | -54.5% | +47.1% | Source |
| FY2023 | $422.2M | -$378.7M | -89.7% | +106.1% | Source |
| FY2022 | $204.8M | -$271.1M | -132.4% | +120.0% | Source |
| FY2021 | $93.1M | -$117.6M | -126.4% | +100.2% | Source |
| FY2020 | $46.5M | -$76M | -163.4% | +87.5% | Source |
| FY2019 | $24.8M | -$35M | -141.1% | +98.4% | Source |
| FY2018 | $12.5M | -$19M | -152.0% | +108.3% | Source |
| FY2017 | $6M | -$10M | -166.7% | +140.0% | Source |
| FY2016 | $2.5M | -$5M | -200.0% | +212.5% | Source |
| FY2015 | $800,000 | -$2M | -250.0% | — | Source |
Where the revenue comes from
Okta
- Subscription~98%
$2.855 billion of fiscal 2026 revenue from workforce and customer identity subscriptions.
- Professional services and other~2%
About $64 million in fiscal 2026; Okta is shifting this work to partners.
SentinelOne
- Singularity Endpoint Protection & EDR62.0%
Autonomous AI-driven endpoint detection and response, Storyline automated telemetry, and device control.
- Singularity Cloud Security18.0%
Cloud workload protection, Kubernetes runtime agent security, and containerized infrastructure threat mitigation.
- Singularity Identity & Credential Defense12.0%
Active Directory deception, credential protection, and lateral movement defense.
- Singularity Data Lake & Security Operations8.0%
Scalable high-speed log ingestion, automated incident response orchestration, and threat hunting analytics.
Business model and strategy
Okta
How it makes money
Okta makes money by selling term subscriptions to its cloud identity services. Workforce identity products such as Single Sign-On, Adaptive MFA, Universal Directory, Lifecycle Management, Okta Identity Governance and Privileged Access are generally priced per user per month and sold on annual or multi-year contracts.
Growth strategy
Okta's growth strategy has three parts: sell newer products (Okta Identity Governance, Privileged Access, Identity Threat Protection, Identity Security Posture Management) into its existing base; move up-market, where customers above $1 million in ACV grew more than 20% to over 600 by mid-2026;
Competitive advantage
Okta's main advantage is neutrality. It does not sell a cloud, an operating system or a productivity suite, so customers running AWS, Google Cloud, Microsoft and hundreds of SaaS tools can use one identity layer without favouring a single vendor. The Okta Integration Network offers more than 7,000 pre-built integrations, and identity systems are costly to replace once wired into HR, IT and security workflows.
SentinelOne
How it makes money
SentinelOne operates a pure-play cloud Software-as-a-Service (SaaS) subscription business model with high gross margins and predictable annual recurring revenue: (1) Singularity Core, Control, and Complete Subscriptions (~85% of revenue), billed annually on a per-endpoint or per-workload basis, providing multi-tiered endpoint protection, automated EDR investigation, and autonomous ransomware rollback;
Growth strategy
Under CEO Tomer Weingarten, SentinelOne is pursuing four strategic growth imperatives: (1) Scaling Purple AI Adoption: Driving enterprise monetization of Purple AI as an automated security analyst, empowering tier-1 SOC analysts to perform advanced threat hunting and cutting mean time to detect (MTTD) by over 80%;
Competitive advantage
SentinelOne's foundational architectural advantage is its autonomous on-device behavioral AI execution. Unlike traditional cloud-dependent architectures that require constant streaming of raw telemetry to remote data centers for analysis, SentinelOne embeds static and behavioral machine-learning models directly within its local endpoint agent.
Questions about Okta vs SentinelOne
Which company has higher revenue — Okta, Inc. or SentinelOne?
Okta, Inc. had $2.9B (FY2026), while SentinelOne had $621.1M (FY2024). By latest annual revenue, Okta, Inc. is the larger business, with SentinelOne showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Okta, Inc. vs SentinelOne?
Okta, Inc.'s market capitalisation stands at $33.0B, while SentinelOne's is $7.5B. Okta, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to SentinelOne.
How does revenue per employee compare for Okta, Inc. and SentinelOne?
Okta, Inc. has $459k / employee in revenue per employee, while SentinelOne has $259k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Okta, Inc. and SentinelOne make money?
Okta, Inc. and SentinelOne generate revenue in fundamentally different ways. Okta, Inc.: Okta makes money by selling term subscriptions to its cloud identity services. SentinelOne: SentinelOne operates a pure-play cloud Software-as-a-Service (SaaS) subscription business model with high gross margins and predictable annual recurring revenue: (1) Singularity Core, Control, and Complete Subscriptions (~85% of revenue), billed annually on a per-endpoint or per-workload basis, providing multi-tiered endpoint protection, automated EDR investigation, and autonomous ransomware rollback; (2) Cloud Security and Identity Threat Defense (~10% of revenue), securing containerized Kubernetes workloads, public cloud infrastructure (AWS, Azure, GCP), and enterprise Active Directory credentials via Attivo technology; and (3) Singularity Data Lake and Purple AI (~5% of revenue), which monetizes high-throughput security log ingestion, extended data retention, and generative AI copilot natural language querying for Security Operations Center (SOC) analysts.
Which company is valued higher relative to revenue — Okta, Inc. or SentinelOne?
On a price-to-sales (P/S) basis, Okta, Inc. trades at 11.3x P/S and SentinelOne at 12.1x P/S. SentinelOne commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Okta, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Okta, Inc. bigger than SentinelOne?
By last reported revenue, Okta, Inc. ($2.9B (FY2026)) is the larger company compared to SentinelOne ($621.1M (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Okta vs SentinelOne overview