Okta, Inc. vs Wiz, Inc.: Strategic Comparison

This in-depth comparison examines Okta, Inc. and Wiz, Inc. across revenue, market value, business model, competitive positioning, and long-term growth strategy. Whether you are researching Okta, Inc. on its own, evaluating Wiz, Inc., or weighing the two companies side by side, the breakdown below highlights where each company leads and where the gap between Okta, Inc. and Wiz, Inc. is widest.

On the headline numbers, annual revenue is $2.9B (FY2026) for Okta, Inc. and N/A for Wiz, Inc., while their respective market capitalizations stand at $33.0B and N/A. Both Okta, Inc. and Wiz, Inc. are headquartered in United States. Their local markets and applicable rules may still differ.

Okta, Inc.: Okta runs the login and access layer for thousands of organizations. Its workforce products let employees and contractors sign in once and reach the apps they are allowed to use, with MFA, automated account provisioning and access reviews. Its Auth0 customer identity platform gives developers ready-made login, registration and authorization for consumer and business apps. More than 20,000 organizations used Okta as of January 31, 2026, including 5,255 customers paying over $100,000 a year as of July 31, 2026. About 79% of Q2 FY2027 revenue came from the United States. The company is headquartered in San Francisco, California. Okta was founded in 2009 in San Francisco, California, by former Salesforce executives Todd McKinnon and Frederic Kerrest to pioneer cloud identity and access management (IAM), enabling enterprises to connect employees and customers securely to any application.

Wiz, Inc.: Wiz, Inc. builds an agentless cloud security platform that maps an organization's cloud resources, identities, vulnerabilities, and network paths into a graph and highlights the combinations most likely to lead to a breach. The four founders had worked together in the Israel Defense Forces' Unit 8200 and at Adallom, which Microsoft acquired in 2015. Wiz launched publicly in December 2020 with a $100 million Series A and grew quickly in large enterprises. In July 2024 it declined a $23 billion offer from Google, but talks resumed in early 2025 and Alphabet agreed to pay $32 billion in cash. The deal cleared U.S. antitrust review in November 2025 and EU review in February 2026, and closed on March 11, 2026. Wiz now sits within Google Cloud under CEO Assaf Rappaport. The company is headquartered in New York City, New York.

Okta, Inc. and Wiz, Inc. pursue distinct approaches to generating revenue, and understanding how each company operates is the foundation of any fair comparison between Okta, Inc. and Wiz, Inc..

Okta, Inc. business model: 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. Customer identity, sold under the Auth0 brand, is priced mainly by monthly active users and feature tier, from a free developer plan up to custom enterprise contracts. In fiscal 2026, subscription revenue was $2.855 billion of $2.919 billion total; the remainder was professional services, which Okta is deliberately shifting to partners. Growth comes from landing new customers and upselling additional products, with a dollar-based net retention rate of 107% reported for the quarter ended July 31, 2026.

Wiz, Inc. business model: Wiz sells its platform as annual software subscriptions to enterprises and public-sector organizations. Pricing is tied to the size of the cloud estate being protected, such as the number of workloads, and customers can add modules for code scanning (Wiz Code), cloud detection and response (Wiz Defend), and runtime protection. Contracts are sold directly and through the cloud marketplaces of AWS, Microsoft Azure, and Google Cloud. Since March 2026 Wiz's results are reported within Alphabet's Google Cloud segment rather than separately.

The durability of a company's moat often decides long-term winners. Here is how the competitive advantages of Okta, Inc. stack up against those of Wiz, Inc..

Okta, Inc. 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. Auth0 adds a developer-led channel into customer-facing apps that most workforce IAM rivals lack.

Wiz, Inc. competitive advantage: Wiz's advantages are fast deployment through read-only cloud API connections instead of agents, a security graph that ranks risks by how they combine into a real attack path, broad coverage across AWS, Azure, Google Cloud, and Oracle Cloud, and a research team known for publicly disclosing cloud vulnerabilities such as ChaosDB in Azure Cosmos DB. It also had an early lead in large enterprises, claiming 45% of the Fortune 100 as customers in early 2024.

Future prospects matter as much as current results. The growth strategies below explain how Okta, Inc. and Wiz, Inc. each plan to expand from here.

Okta, Inc. 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; and extend identity controls to AI agents and non-human identities through product launches and acquisitions such as Axiom Security (2025) and Permiso Security (announced July 2026). It is also handing more implementation work to partners to focus on software revenue.

Wiz, Inc. growth strategy: Wiz has grown by expanding from cloud posture management into adjacent products: code and pipeline scanning, runtime sensors, cloud detection and response, and AI security posture management. It bought companies to speed this up, including Raftt (2023), Gem Security (2024), and Dazz (2024). Since the acquisition, its growth plan centers on selling through Google Cloud's enterprise channels while keeping its own brand and multi-cloud coverage.

A closer look at the financial trajectory of Okta, Inc. and Wiz, Inc. rounds out the comparison.

Okta, Inc.: 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.

Wiz, Inc.: As a private company Wiz never published audited financial statements, so its scale is known mainly from ARR figures it or people close to it disclosed. Wiz said it reached $100 million in ARR in about 18 months, announcing the milestone in August 2022. It reported about $350 million in ARR by early 2024, and co-founder Roy Reznik said in October 2024 that ARR had reached $500 million. TechCrunch reported, citing a person familiar with the matter, that Wiz crossed $1 billion in ARR in 2025. Wiz raised about $1.9 billion in venture funding, ending with a $1 billion round at a $12 billion valuation in May 2024, before Alphabet bought it for $32 billion in cash.