Opera Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Opera Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	129	161	177	165	251	331	397	481	615
Cost of revenue	3.97	20	0.21	0.7	5.51	46.7	85.8
Gross profit	125	141	177	164	245	284	311
Research and development	23.4	26.4	34.1	38.7	44.1	43.7	46.1	54.4	59.5
Operating income	10.2	44.4	-0.54	-2.45	-6.21	41.8	62.9	92.3	90.1
Interest expense	0.24	1.69	0.66	0.52	6.91	39.7	0.64	0.59	0.61
Interest income	1.05	1.63	10.5	13.6	0.12	21.5	8.88	3.58	3.29
Pre-tax income	7.5	40.7	43.4	37.5	-43.1	23.9	160	98.4	125
Income tax	1.44	6.48	2.66	0.08	0.04	8.84	6.7	17.6	16.9
Income from continuing operations		34.2	40.7	37.4	-43.1	15	153
Net income	6.06	35.2	57.9	179	-44	15	153	80.8	108
EBITDA	26.8	57.1	18.3	17.8	13.4	55.7	76.1	108	109
EPS, basic	0.06	0.35	0.26	0.76		0.14	1.72	0.91	1.21
EPS, diluted	0.06	0.35	0.51	1.51	-0.38	0.14	1.69	0.90	1.19

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	33.2	178	139	134	103	52.4	93.9	127	155
Short-term investments						0	253
Inventory			7.75
Total current assets	74.3	238	418	184	541	340	208	232	279
Property, plant and equipment	13.5	12.2	26.1	18.2	12.3	14.6	16.1	34.1	32.7
Lease right-of-use assets		0	11.7	7.31	5.24	7.46	10.1	9.49	7.51
Goodwill	422	422	422	425	430	429	430	430	430
Intangible assets	119	115	111	112	104	100	99.1	97.5	98.9
Total assets	636	825	1,061	1,110	1,092	965	1,011	1,056	1,143
Accounts payable	21.4	18	57.1	25.5	38.4	46.9	52.2	75.3	89.5
Total current liabilities	36.9	34	129	45.3	70.8	64.3	81.4	101	119
Lease liabilities		0	7.38	3.09	1.93	4.72	6.78	5.63	4.54
Total liabilities	52.8	49.8	148	60.7	79.4	76.5	91.1	115	133
Total debt	0	4.27	55.9	8.97	13.5	7.84	10.5
Paid-in capital	558	739	814	765	825	825	718
Retained earnings	5.37	36.4	99.5	283	249	273	445	537	675
Shareholders' equity	584	775	912	1,049	1,013	888	920	940	1,011
Total equity	584	775	912	1,049	1,013	888	920	940	1,011
Total liabilities and equity	636	825	1,061	1,110	1,092	965	1,011	1,056	1,143

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.06	35.2	57.9	179	-44	15	153	80.8	108
Depreciation and amortization	16.6	12.7	18.8	20.2	19.6	13.9	13.2	15.6	18.9
Cash from operations	11.7	33.8	-44.5	93.3	26.6	56.7	82.8	105	118
Capital expenditures	-3.52	-2.62	-8.87	-2.48	-1.06	-3.19	-1.87	-23.3	-5.55
Cash from investing	-3.31	-47.3	-107	2.96	-49.7	44.5	20	-27.1	-14.5
Debt issued			43.2	6.91	0	0
Debt repaid	-4.37	-1.77	-1.51	-52.9	-0.5	-0.38	-0.16	0	0
Stock issued		171	82.6	0	0
Share buybacks		-4.88	-5.78	-49	-0.75	-146	-32.7	0	0
Dividends paid		0			0	0	-23.1	-37.4	-71.2
Cash from financing	-10	159	113	-101	-6.68	-151	-59.8	-42.1	-76.6
Exchange rate effect			-0.14	-0.63	-1.47	-1	-1.47	-2.79	1.94
Free cash flow	8.13	31.2	-53.3	90.8	25.5	53.5	80.9	81.6	112
Income taxes paid					5.45	3.11	5.94	7.65	12.9

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $17.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.7%	Operating income / revenue.
EBITDA margin	17.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.4%	Pre-tax income / revenue.
Net margin	17.6%	Net income / revenue.
FCF margin	18.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.1%	Cash from operations / revenue.
Effective tax rate	13.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.8%	Net income / average total assets.
Return on invested capital (ROIC)	9.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.7%	Research and development expense / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	30.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	29.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	1.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	25.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	43.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	34.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	93.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	32.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	104.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	37.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	28.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.35x	Current assets / current liabilities.
Quick ratio	1.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.31x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	11.6%	Total liabilities / total assets.
Interest coverage	148x	Operating income / interest expense.
Working capital	$160.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	46.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$481.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	18.4x	Revenue / average property, plant and equipment.
FCF conversion	103.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.21	Net income per basic share, as reported (split-adjusted).
Payout ratio	65.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	63.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.59B	Share price x shares outstanding.
Enterprise value	$1.43B	Market cap + total debt - cash - short-term investments.
P/E	14.7x	Market cap / net income. Only when net income is positive.
P/S	2.58x	Market cap / revenue.
P/B	1.57x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.29x	Market cap / tangible book value, when positive.
P/FCF	14.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.5x	Market cap / cash from operations, when positive.
EV/Sales	2.33x	Enterprise value / revenue.
EV/EBIT	15.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.1%	Free cash flow / market cap.
Earnings yield	6.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.5%	Dividends paid over the period / market cap.
Shareholder yield	4.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Opera Ltd's revenue in fiscal 2025?

Opera Ltd reported revenue of $614.8M for fiscal 2025, 27.9% higher than the year before.

Was Opera Ltd profitable in fiscal 2025?

Yes. Net income was $108.3M, a net margin of 17.6%.

How much free cash flow did Opera Ltd generate in fiscal 2025?

Cash from operations of $117.7M minus capital expenditures of $5.5M left free cash flow of $112.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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