Opera Ltd (OPRA)

Price$18.78Cached quoteAs of 2026-09-05 01:10 UTC

AI: Undervalued

Price checkThe shares look undervalued if current cash growth survives the key partner renewal.

Using 88.9 million shares, the equity is worth about $1.63 billion. Trailing adjusted earnings—profit excluding investment swings and certain non-cash costs—were roughly $1.26 per share, putting the shares near 14.5 times that profit. Using June cash and year-end debt gives roughly $137 million of net cash. The remaining business value is around 8.6 times management’s 2026 midpoint for adjusted operating cash profit. Those multiples look undervalued beside guided 19%–21% sales growth, provided partner terms and margins hold.

Big pictureOpera’s growth is real, but advertising cycles make each quarter uneven.

Revenue climbed from $165.1 million in 2020 to $614.8 million in 2025, while operating income improved from a $2.4 million loss to $90.1 million. Yet 2025 operating income slipped from $92.3 million even as sales rose 28%, showing how lower-margin advertising inventory and higher pay costs can blunt growth. Free cash flow—cash left after running and investing in the business—reached $97.7 million in 2025 and $52.4 million in first-half 2026, up 28%; however, second-quarter cash fell 42%. Advertising supplied 65% of quarterly sales and is seasonally strongest around year-end.

Business strengthA cash-rich balance sheet supports payouts, though employee awards still dilute owners.

June cash of $145.2 million compared with only $8.4 million of year-end debt, while 2025 current assets were 2.4 times current liabilities. That cushions downturns, although $430.3 million of goodwill—an accounting asset from acquisitions—offers little cash protection. The $71.2 million 2025 dividend used 73% of free cash flow; the current twice-yearly rate implies about a 4.4% yield. By June, buybacks had retired 1.78 million shares, but 1.05 million award shares were issued. Share-based pay rose to $31.3 million in 2025, so repurchases partly offset dilution.

What could change the storyA strong partner renewal could unlock value; weaker search economics could erase the discount.

The bull case strengthens if Opera reaches its $734 million–$742 million sales forecast while holding its adjusted operating cash-profit margin near 24%. Second-quarter revenue per user rose 25%, supporting that possibility. The decisive bear case is partner concentration: query revenue represented 35% of quarterly sales, Google remains the largest partner, and the outside-United-States search agreement expires December 31, 2026. Worse renewal terms would directly reduce profit and cash. Stable terms plus continued near-20% growth would support the valuation; a third-quarter miss against $181 million–$183 million of guided sales would weaken it.

AI: News

Forecast raised againOpera beat its targets and raised its full-year forecast, yet shares fell sharply afterward.

On August 19, second-quarter revenue rose 25% to $178.1 million and adjusted operating cash profit rose 32% to $42.4 million. Management lifted full-year targets to $734 million–$742 million of sales and $172 million–$175 million of adjusted operating cash profit. Shares closed 7.1% lower that day. That timing confirms a negative reaction but not its cause; one plausible reading is that investors wanted more than the 19%–20% third-quarter growth outlook after the stronger quarter.

Western mobile momentumFast mobile growth strengthened evidence that Opera is gaining users in valuable Western markets.

On July 14, Opera said combined monthly mobile users grew 66% in the United Kingdom and 40% in the United States during the second quarter. Opera One users on Apple phones grew 42% across Europe, including 103% in France. These are growth rates rather than disclosed user totals or revenue, so their financial value remains uncertain. Sustained engagement could attract higher-paying advertisers and improve revenue per user; short-lived downloads would provide much less value.

Buyback starts shrinking sharesThe buyback and recurring dividend return cash, while employee share awards reduce the shrinkage.

Opera authorized a buyback of up to $300 million over two years on February 26. By June 30, it had repurchased 1.78 million shares for $28.1 million but issued 1.05 million shares for employee awards; outstanding shares therefore fell only about 0.8% from year-end. A July dividend returned another $35.6 million. These actions can raise value per remaining share, but only completed purchases count. Proportional sales by the majority shareholder preserve its roughly 68% control.

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Revenue

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Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$614.8M	$480.6M	$396.8M	$331.0M	$251.0M	$165.1M	$177.1M	$161.3M	$128.9M	$88.5M
Gross profit	$394.3M	$348.1M	$311.0M	$284.4M	$245.5M	$164.4M	$176.9M	$141.3M	$124.9M	$87.9M
Gross margin	64.14%	72.42%	78.38%	85.91%	97.81%	99.58%	99.88%	87.60%	96.92%	99.28%
Research & development	$59.5M	$54.4M	$46.1M	$43.7M	$44.1M	$38.7M	$34.1M	$26.4M	$23.4M	$17.7M
Operating expenses	$524.4M	$390.8M	$334.6M	$289.7M	$257.7M	$179.0M	$177.6M	$117.0M	$124.1M	$92.1M
Operating income	$90.1M	$92.3M	$62.9M	$41.8M	−$6.2M	−$2.4M	−$536,000	$44.4M	$10.2M	−$3.6M
Operating margin	14.65%	19.20%	15.85%	12.63%	−2.47%	−1.48%	−0.30%	27.51%	7.94%	−4.06%
EBITDA	$108.9M	$107.8M	$76.1M	$55.7M	$13.4M	$17.8M	$18.3M	$57.1M	$26.8M	$6.0M
EBITDA margin	17.72%	22.44%	19.17%	16.84%	5.33%	10.78%	10.34%	35.38%	20.83%	6.77%
Net income	$108.3M	$80.8M	$153.3M	$15.0M	−$44.0M	$179.2M	$57.9M	$35.2M	$6.1M	−$8.1M
Net profit margin	17.61%	16.80%	38.63%	4.54%	−17.52%	108.55%	32.70%	21.79%	4.70%	−9.16%
Basic EPSper basic share	$1.21	$0.91	$1.72	$0.14	—	$0.76	$0.26	$0.17	$0.03	-$0.04
Diluted EPSper diluted share	$1.19	$0.90	$1.69	$0.14	-$0.38	$1.51	$0.51	$0.17	$0.03	-$0.04

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of OPRA
Holder	Shares held
Tidal Investments LLC	2.34M
AMERICAN CENTURY COMPANIES INC	1.95M
Schonfeld Strategic Advisors LLC	1.57M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	985.23K
ExodusPoint Capital Management, LP	836.41K
Penn Capital Management Company, LLC	765.77K
NEW YORK STATE COMMON RETIREMENT FUND	503.47K
SUSQUEHANNA INTERNATIONAL GROUP, LLP	494.18K
MARSHALL WACE, LLP	292.08K
CREDIT AGRICOLE S A	280.44K
Trexquant Investment LP	270.43K
SEIZERT CAPITAL PARTNERS, LLC	257.54K
Rockefeller Capital Management L.P.	252.04K
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	251.49K
G2 Investment Partners Management LLC	225K
CITADEL ADVISORS LLC	192.93K
Squarepoint Ops LLC	190.5K
RENAISSANCE TECHNOLOGIES LLC	187.93K
Quinn Opportunity Partners LLC	177.11K
UBS Group AG	163.57K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)4$2.61M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4	Jacobsen FrodeChief Financial Officer	SellAmerican Depositary Shares	44.4K	$18.52	$822.3K	43.3K
Jun 18, 2026Form 4	Song LinChief Executive Officer	SellAmerican Depositary Shares	44.4K	$18.52	$822.3K	120.8K
Jun 17, 2026Form 4	Jacobsen FrodeChief Financial Officer	SellAmerican Depositary Shares	25.6K	$18.88	$483.3K	87.7K
Jun 17, 2026Form 4	Song LinChief Executive Officer	SellAmerican Depositary Shares	25.6K	$18.88	$483.3K	165.2K

Review ownership filings at SEC.gov ↗

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Opera Ltd (OPRA)

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