Opera Limited

Technology

OPRAStrong9 of 11 basics passed

$17.50

+3.92%

Market cap $1.56B

$17.50

+3.92%

Market cap $1.56B

Opera Ltd is a consumer internet software company providing a diversified portfolio of high-performance web browsers and adjacent digital services to engaged user base The company has transitioned from browser developer to multi-faceted platform offering a products and services that include PC and mobile browsers,…

It is a $1.56B technology company. Revenue grew 27.9% over the last year, it keeps 18¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 11.8× earnings.

Website: opera.com
Employees: 665
Sector: Technology

Share price · 3 years

$11.52 → $17.50+51.9%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $615M
Profit: keeps 18¢ of every $1 sold; $108M
Free cash flow: cash left after running the business; $125M
Net cash: more cash than debt; $137M
P/E: years of profit in the price; 11.8
EPS: earnings per share, FY2025; $1.22
Dividend: of the share price, paid yearly; 4.79%
Shares: shares outstanding; 88.9M
Volatility: beta vs the market — under 1 swings less; 1.25

Revenue, last 5 years

52-week range

Low $11.79$17.50High $20.54

Today's price is 65% of the way from the year's low to its high.

Valuation vs own history

P/E

14.4×

64%

P/S

2.5×

64%

EV/EBITDA

15.5×

66%

P/B

1.5×

26%

FCF yield

8.0%

55%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Technology

Size$1.56Btop 98%
Revenue growth+23%top 20%
Net margin19%top 36%
Return on equity13%top 58%
P/E11.8×top 5%
Dividend yield4.79%top 3%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, health and quality; Growth lags behind.

Valuation85

P/E vs own history36th pct · 20/25
FCF yield8.0% · 25/25
P/S2.2x · 20/25
EV/EBITDA10.7x · 20/25

Growth37

Revenue CAGR25.1% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth11.5% · 12/25

Profitability64

ROIC12.4% · 12/25
ROE12.8% · 12/25
Net margin17.6% · 20/25
Operating margin15.6% · 20/25

Health85

Altman Z8.11 · 25/25
Current ratio2.05 · 25/25
Interest coverage2.1x · 10/25
Net cash / debtNet cash · 25/25

Quality87

Piotroski F7/9 · 22/25
Beneish M-2.43 · 20/25
FCF conversion115% · 25/25
Margin stabilityσ 6.7% · 20/25

Moat50

ROIC >12% years0/5 yrs · 0/25
Median gross margin59.9% · 25/25
FCF-positive years5/5 yrs · 25/25
Worst-year net marginworst -17.5% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$153M net income
FY2022Financial
Turned profitable
$15.0M net income after a loss year
FY2021Financial
Positive free cash flow every year since
5-year streak
1935Milestone
Porgy and Bess (1935), influenced by jazz styles, and Candide (1956)
1873Product
Ukrainian opera was developed by Semen Hulak-Artemovsky (1813–1873) whose most famous work Zaporozhets za Dunayem (A…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$18 657 today — price return only

$614.8M revenue in FY2025

Revenue up 27.9% year over year

Profitable 4 years in a row

Positive free cash flow 5 years in a row

665 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (63.2%)
Revenue growing 27.9% year over year
Strong cash conversion — FCF is 20.3% of revenue
Net cash position after subtracting debt from cash
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+27.9% YoY
Profitable — makes more than it spends$108M FY2025
Profit growing — earnings are higher than last year+159.7% YoY
Generates cash — cash left after running and investing$125M FY2025
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$1.56B market cap
Not printing shares — share count not ballooning — you keep your slice-0.3% shares over ~5y
Proven track record — years of profitability behind it4/5 profitable years
Financially stable — balance sheet not near distressAltman Z 8.1 — safe
Pays a dividend — returns cash to shareholdersyield 4.79%
Valuation not extreme — price not wildly above earningsP/E 11.8

Peer comparisonOpera Limited vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
OPRA this company	$1.6B	11.8	+27.9%	17.6%	Strong
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: OPRA vs NVDA · OPRA vs AAPL · OPRA vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 9Hold 1

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $615M · net income $108M (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$615M

YoY 27.9%

Net income (FY2025)

$108M

Margin 17.6%

Gross margin

63.2%

Operating margin

15.6%

P/E ratio

11.8

Dividend yield

4.79%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	0.3	0.3	0.4	0.5	0.6
Gross profit	0.2	0.2	0.2	0.3	0.3
Operating income (EBIT)	-0.0	0.0	0.1	0.1	0.1
Net income	-0.0	0.0	0.2	0.1	0.1
EPS (diluted)	-0.49	0.17	1.73	0.90	1.22

Cash flowFree cash flow $125M · operating cash flow $133M (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$125M

Margin 20.3%

Operating cash flow (FY2025)

$133M

FY basis

FCF margin

20.3%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.1	0.1	0.1	0.1	0.1
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.1	0.1	0.1	0.1	0.1
FCF margin	21.3%	24.4%	20.6%	23.3%	20.3%

Balance sheetAssets $1.16B · net cash $137M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $1.16B of assets is financed

87%

Liabilities $149M — borrowed moneyEquity $1.01B — owners' stake

Cash vs debt

Total debt $8.00M − cash $145M = net cash $137M

Cash on hand covers all debt.

Altman Z-Score

8.11

Safe zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

2.1x

EBIT ÷ interest expense

ROE

12.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.1	0.2	0.1
Total assets	1.0	1.0	1.1	1.1	1.2
Total liabilities	0.1	0.1	0.1	0.1	0.1
Total debt	0.0	0.0	0.0	0.0	0.0
Equity	0.9	0.9	0.9	1.0	1.0
Net debt	-0.1	-0.1	-0.1	-0.1	-0.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of OPRA on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $17.50 · market cap $1.56B.