CoreWeave Inc. (CRWV) vs Okta, Inc. (OKTA)

CoreWeave Inc. and Okta, Inc. are both Software Infrastructure companies. CoreWeave Inc. is the larger, with a market value of $50.5B against $36.2B — 1.4× the size. CoreWeave Inc. has negative trailing earnings, so its P/E is not meaningful; Okta, Inc. trades at 116×. CoreWeave Inc. grew revenue faster over the last twelve months: 115.3% against 11.2%. Okta, Inc. has the higher net margin (9.63% vs −25.4%) and the higher return on invested capital (3.10% vs −0.43%). Across the 18 metrics below, Okta, Inc. leads on 14 and CoreWeave Inc. on 4.

Valuation

Metric CRWV OKTA Software Infrastructure median
P/E n/m 115.56 28.02
P/S 6.35 11.08 3.07
P/B 9.59 4.88 3.36
Price to free cash flow n/m 35.53 17.12
EV/EBITDA 19.82 65.67 14.91
EV/Sales 10.15 10.56 3.03
Earnings yield (4.17%) 0.87% 0.13%
Free cash flow yield (28.33%) 2.81% 1.15%

Profitability

Metric CRWV OKTA Software Infrastructure median
Gross margin 67.42% 78.13% 61.23%
Operating margin (3.04%) 7.55% 0.00%
Net margin (25.42%) 9.63% 0.00%
Free cash flow margin (179.91%) 31.17% 1.67%
Return on equity (50.22%) 4.31% 0.59%
Return on assets (3.73%) 3.17% 0.00%
Return on invested capital (0.43%) 3.10% 0.00%

Growth

Metric CRWV OKTA Software Infrastructure median
Revenue growth (TTM) 115.32% 11.22% 13.41%
EPS growth (last fiscal year) 29.02% 719.26% —
Revenue growth, 5-year CAGR — 28.44% 15.81%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric CRWV OKTA Software Infrastructure median
Debt to equity 7.02 0.00 0.06
Current ratio 0.46 1.53 1.55
Net debt to EBITDA 6.99 (5.43) 0.08

Dividend

Metric CRWV OKTA Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio — 0.00 0.00

Size

Metric CRWV OKTA Software Infrastructure median
Market cap 50.52b 36.24b 835.96m

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