Opera Ltd. Financials

OPRA

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Opera Ltd. (OPRA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI OPRA FY2025 2026-04-22

Opera's growth engine is also a cash engine, with light reinvestment needs and almost no debt.

Across FY2023-FY2025, free cash flow still climbed from $80.9M to $112.2M even as revenue expanded, showing that growth did not demand meaningfully heavier reinvestment. Meanwhile net margin normalized from 38.6% to 17.6%, so the FY2023 earnings spike looks less like a new baseline than a noisy profit year layered on top of a steadier cash-conversion engine.

The balance sheet is equity-funded: total liabilities were only $132.5M against $1.14B of assets, which limits dependence on creditors. One nuance is that goodwill represents about 37.6% of assets, so part of book value reflects past deals rather than cash or other readily redeployable assets.

This is a low-capital-intensity model: FY2025 capital spending was just $5.5M versus operating cash flow of $117.7M, leaving most cash generation intact after maintenance needs. That helps explain how shareholder payouts reached $71.2M while cash still rose to $155.5M.

Financial Health Signals

Financial Profile 54/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Opera Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Opera Ltd.'s revenue surged 27.9% year-over-year to $614.8M, reflecting rapid business expansion. This strong growth earns a score of 74/100.

Leverage

100

Opera Ltd. carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Opera Ltd.'s current ratio of 2.35 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Opera Ltd. converts 18.3% of revenue into free cash flow ($112.2M). This strong cash generation earns a score of 71/100.

Returns

Opera Ltd.'s ROE of 10.7% shows moderate profitability relative to equity, earning a score of 36/100. This is up from 8.6% the prior year.

Piotroski F-Score Strong

7/9

Opera Ltd. passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.09x

For every $1 of reported earnings, Opera Ltd. generates $1.09 in operating cash flow ($117.7M OCF vs $108.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$614.8M

YoY+27.9%

5Y CAGR+30.1%

Opera Ltd. generated $614.8M in revenue in fiscal year 2025. This represents an increase of 27.9% from the prior year.

EBITDA

N/A

Net Income

$108.3M

YoY+34.1%

5Y CAGR-9.6%

Opera Ltd. reported $108.3M in net income in fiscal year 2025. This represents an increase of 34.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$112.2M

YoY+37.4%

5Y CAGR+4.3%

Opera Ltd. generated $112.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 37.4% from the prior year.

Cash & Debt

$155.5M

YoY+22.6%

5Y CAGR+3.0%

Opera Ltd. held $155.5M in cash against $4.5M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

90M

YoY+1.3%

5Y CAGR-17.1%

Opera Ltd. had 90M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

17.6%

YoY+0.8pp

5Y CAGR-90.9pp

Opera Ltd.'s net profit margin was 17.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.8 percentage points from the prior year.

Return on Equity

10.7%

YoY+2.1pp

5Y CAGR-6.4pp

Opera Ltd.'s ROE was 10.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$5.5M

YoY-76.2%

5Y CAGR+17.4%

Opera Ltd. invested $5.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 76.2% from the prior year.

OPRA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$614.8M+27.9%	$480.6M+21.1%	$396.8M+19.9%	$331.0M+31.9%	$251.0M+52.1%	$165.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$461K-11.0%	$518K+45.5%	$356K+47.1%	$242K-9.0%	$266K-33.0%	$397K
Income Tax	$16.9M-4.0%	$17.6M+163.4%	$6.7M-24.2%	$8.8M+20446.5%	$43K-42.7%	$75K
Net Income	$108.3M+34.1%	$80.8M-47.3%	$153.3M+919.6%	$15.0M+134.2%	-$44.0M-124.5%	$179.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	$-0.37-215.6%	$0.32

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OPRA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.1B+8.3%	$1.1B+4.4%	$1.0B+4.8%	$964.7M-11.7%	$1.1B-1.5%	$1.1B
Current Assets	$279.5M+20.5%	$231.9M+11.2%	$208.5M-38.7%	$340.2M-37.1%	$541.0M+194.5%	$183.7M
Cash & Equivalents	$155.5M+22.6%	$126.8M+35.1%	$93.9M+79.1%	$52.4M-49.1%	$102.9M-23.3%	$134.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$430.3M+0.1%	$429.7M0.0%	$429.9M+0.1%	$429.4M-0.2%	$430.4M+1.3%	$425.0M
Total Liabilities	$132.5M+14.8%	$115.5M+26.8%	$91.1M+19.1%	$76.5M-3.7%	$79.4M+30.8%	$60.7M
Current Liabilities	$118.8M+17.5%	$101.1M+24.2%	$81.4M+26.6%	$64.3M-9.1%	$70.8M+56.2%	$45.3M
Long-Term Debt	$4.5M-19.3%	$5.6M-16.9%	$6.8M+43.5%	$4.7M+145.4%	$1.9M-37.8%	$3.1M
Total Equity	$1.0B+7.5%	$940.1M+2.2%	$919.9M+3.6%	$888.2M-12.3%	$1.0B-3.4%	$1.0B
Retained Earnings	$674.7M+25.7%	$536.6M+20.5%	$445.2M+62.9%	$273.3M+9.7%	$249.2M-12.1%	$283.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$1.1B+8.3%	$1.1B+4.4%	$1.0B+4.8%	$964.7M-11.7%	$1.1B-1.5%	$1.1B+4.6%	$1.1B+28.5%	$825.3M
Current Assets	$279.5M+20.5%	$231.9M+11.2%	$208.5M-38.7%	$340.2M-37.1%	$541.0M+194.5%	$183.7M-56.1%	$418.3M+75.7%	$238.1M
Cash & Equivalents	$155.5M+22.6%	$126.8M+35.1%	$93.9M+79.1%	$52.4M-49.1%	$102.9M-23.3%	$134.2M-3.8%	$139.5M-21.6%	$177.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$7.8M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$430.3M+0.1%	$429.7M0.0%	$429.9M+0.1%	$429.4M-0.2%	$430.4M+1.3%	$425.0M+0.8%	$421.6M0.0%	$421.6M
Total Liabilities	$132.5M+14.8%	$115.5M+26.8%	$91.1M+19.1%	$76.5M-3.7%	$79.4M+30.8%	$60.7M-59.1%	$148.4M+197.8%	$49.8M
Current Liabilities	$118.8M+17.5%	$101.1M+24.2%	$81.4M+26.6%	$64.3M-9.1%	$70.8M+56.2%	$45.3M-64.8%	$128.6M+278.1%	$34.0M
Long-Term Debt	$4.5M-19.3%	$5.6M-16.9%	$6.8M+43.5%	$4.7M+145.4%	$1.9M-37.8%	$3.1M-58.1%	$7.4M	$0
Total Equity	$1.0B+7.5%	$940.1M+2.2%	$919.9M+3.6%	$888.2M-12.3%	$1.0B-3.4%	$1.0B+15.0%	$912.2M+17.6%	$775.5M
Retained Earnings	$674.7M+25.7%	$536.6M+20.5%	$445.2M+62.9%	$273.3M+9.7%	$249.2M-12.1%	$283.3M+184.7%	$99.5M+173.1%	$36.4M

OPRA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$117.7M+12.1%	$105.0M+26.8%	$82.8M+46.1%	$56.7M+113.3%	$26.6M-71.5%	$93.3M
Capital Expenditures	$5.5M-76.2%	$23.3M+1146.3%	$1.9M-41.2%	$3.2M+200.7%	$1.1M-57.3%	$2.5M
Free Cash Flow	$112.2M+37.4%	$81.6M+0.9%	$80.9M+51.3%	$53.5M+109.7%	$25.5M-71.9%	$90.8M
Investing Cash Flow	-$14.5M+46.7%	-$27.1M-235.6%	$20.0M-55.0%	$44.5M+189.4%	-$49.7M-1781.4%	$3.0M
Financing Cash Flow	-$76.6M-81.6%	-$42.1M+29.6%	-$59.8M+60.3%	-$150.6M-2153.1%	-$6.7M+93.4%	-$101.0M
Dividends Paid	$71.2M+90.1%	$37.4M+62.0%	$23.1M	$0	$0	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OPRA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	17.6%+0.8pp	16.8%-21.8pp	38.6%+34.1pp	4.5%+22.1pp	-17.5%-126.1pp	108.5%
Return on Equity	10.7%+2.1pp	8.6%-8.1pp	16.7%+15.0pp	1.7%+6.0pp	-4.3%-21.4pp	17.1%
Return on Assets	9.5%+1.8pp	7.6%-7.5pp	15.2%+13.6pp	1.6%+5.6pp	-4.0%-20.2pp	16.2%
Current Ratio	2.35+0.1	2.29-0.3	2.56-2.7	5.29-2.4	7.64+3.6	4.05
Debt-to-Equity	0.000.0	0.010.0	0.010.0	0.010.0	0.000.0	0.00
FCF Margin	18.3%+1.3pp	17.0%-3.4pp	20.4%+4.2pp	16.2%+6.0pp	10.2%-44.9pp	55.0%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.35+0.1	2.29-0.3	2.56-2.7	5.29-2.4	7.64+3.6	4.05+0.8	3.25-3.7	7.00
Debt-to-Equity	0.000.0	0.010.0	0.010.0	0.010.0	0.000.0	0.000.0	0.010.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Opera Ltd.'s annual revenue?

Opera Ltd. (OPRA) reported $614.8M in total revenue for fiscal year 2025. This represents a 27.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Opera Ltd.'s revenue growing?

Opera Ltd. (OPRA) revenue grew by 27.9% year-over-year, from $480.6M to $614.8M in fiscal year 2025.

Is Opera Ltd. profitable?

Yes, Opera Ltd. (OPRA) reported a net income of $108.3M in fiscal year 2025, with a net profit margin of 17.6%.

How much debt does Opera Ltd. have?

As of fiscal year 2025, Opera Ltd. (OPRA) had $155.5M in cash and equivalents against $4.5M in long-term debt.

What is Opera Ltd.'s net profit margin?

Opera Ltd. (OPRA) had a net profit margin of 17.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Opera Ltd.'s return on equity (ROE)?

Opera Ltd. (OPRA) has a return on equity of 10.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Opera Ltd.'s free cash flow?

Opera Ltd. (OPRA) generated $112.2M in free cash flow during fiscal year 2025. This represents a 37.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Opera Ltd.'s operating cash flow?

Opera Ltd. (OPRA) generated $117.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Opera Ltd.'s total assets?

Opera Ltd. (OPRA) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Opera Ltd.'s capital expenditures?

Opera Ltd. (OPRA) invested $5.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Opera Ltd. have outstanding?

Opera Ltd. (OPRA) had 90M shares outstanding as of fiscal year 2025.

What is Opera Ltd.'s current ratio?

Opera Ltd. (OPRA) had a current ratio of 2.35 as of fiscal year 2025, which is generally considered healthy.

What is Opera Ltd.'s debt-to-equity ratio?

Opera Ltd. (OPRA) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Opera Ltd.'s return on assets (ROA)?

Opera Ltd. (OPRA) had a return on assets of 9.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Opera Ltd.'s Piotroski F-Score?

Opera Ltd. (OPRA) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Opera Ltd.'s earnings high quality?

Opera Ltd. (OPRA) has an earnings quality ratio of 1.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Opera Ltd.?

Opera Ltd. (OPRA) scores 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.