Opera Ltd (OPRA)
NASDAQ:OPRA
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Opera
(NASDAQ:OPRA)
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Rating:84Outperform
Price Target:
$20.50
▲(19.74% Upside)
Action:ReiteratedDate:04/30/26
Score is driven primarily by strong financial quality (high margins, strong free cash flow, and very low leverage) and a constructive earnings update with raised guidance. Valuation is supportive with a moderate P/E and high dividend yield, while technicals are favorable but not exceptionally strong.
Positive Factors
Very low leverage
Opera’s extremely conservative balance sheet (minimal debt vs large equity base) provides durable financial flexibility. Low leverage reduces refinancing and interest-rate risk, enables sustained dividends and buybacks, and funds strategic investments without stressing cash flow during ad-cycle troughs.
Negative Factors
Revenue growth deceleration
Trailing revenue growth has meaningfully slowed from prior high-growth years, signaling potential saturation in existing monetization or slower user monetization cadence. Persistent deceleration would pressure long-term top-line potential unless new products or regions scale materially.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Opera’s extremely conservative balance sheet (minimal debt vs large equity base) provides durable financial flexibility. Low leverage reduces refinancing and interest-rate risk, enables sustained dividends and buybacks, and funds strategic investments without stressing cash flow during ad-cycle troughs.
Read all positive factors
Opera (OPRA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.68B
Dividend Yield5.47%
Average Volume (3M)457.64K
Price to Earnings (P/E)13.0
Beta (1Y)1.53
Revenue Growth24.83%
EPS Growth73.88%
CountryUS
Employees599
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)1.28
Shares Outstanding89,880,516
10 Day Avg. Volume558,207
30 Day Avg. Volume457,640
Financial Highlights & Ratios
PEG Ratio0.35
Price to Book (P/B)1.25
Price to Sales (P/S)2.06
P/FCF Ratio11.01
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue2.39
Enterprise Value/Gross Profit4.08
Enterprise Value/Ebitda10.00
Forecast
1Y Price Target
$26.50Price Target Upside54.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.17
Revenue Forecast (FY)$736.65M
Opera Business Overview & Revenue Model
Company Description
Opera Limited, together with its subsidiaries, provides mobile and PC web browsers. It operates in two segments, Browser and News, and Other. The company offers mobile browser products, such as Opera Mini, Opera for Android and iOS, Opera GX Mobil...
How the Company Makes Money
Opera primarily monetizes its products through advertising and search-related arrangements tied to usage of its browsers and consumer apps. A significant portion of revenue is generated from digital advertising sold within Opera’s ecosystem (for e...
Opera Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
Overall the call was positive: the company reported strong top-line outperformance (Q1 revenue +23% to $176M), healthy adjusted EBITDA and cash conversion, raised full-year revenue guidance, and highlighted meaningful product and AI-driven engagement gains (ARPU +25%, Browser Connector launch, MiniPay scale). Offsetting items include rising hosting and other OpEx due to AI usage, a mix-driven cost-of-revenue profile for Opera Ads, and remaining uncertainty around how early-stage initiatives (e.g., MiniPay) scale. On balance, the positive operational momentum and capital returns outweigh the manageable cost pressures.Positive Updates
Revenue Outperformance and Growth
Q1 revenue of $176 million, up 23% year-over-year, exceeded the high end of guidance by $4 million; full-year revenue guidance raised to $727 million–$740 million (18%–20% growth), with the low end up $7M and high end up $5M versus prior guidance.
Negative Updates
Rising Other OpEx and Hosting Costs
Full-year other OpEx (pre-adjusted EBITDA) guidance increased to just over 20% growth year-over-year, driven by hosting costs, increased AI usage and pricing impacts from constrained supply — signaling higher operating cost pressure.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Outperformance and Growth
Q1 revenue of $176 million, up 23% year-over-year, exceeded the high end of guidance by $4 million; full-year revenue guidance raised to $727 million–$740 million (18%–20% growth), with the low end up $7M and high end up $5M versus prior guidance.
Read all positive updates
Company Guidance
Management raised full‑year revenue guidance to $727–$740 million (18%–20% growth, up $7M/$5M on the low/high ends versus prior range) and lifted adjusted EBITDA guidance to $170–$174 million (≈23.4% margin at the midpoint), noting they let just over 40% of incremental revenue flow to EBITDA; Q2 guidance is $176–$178 million revenue (23%–25% YoY) and $40–$42 million adjusted EBITDA (23.2% margin; ~28% adj. EBITDA growth at the midpoint). They expect full‑year OpEx (pre‑adj. EBITDA) of about $562 million at the midpoint (Q2 = $136M), cost of revenue around 38% of revenue for the year, cash‑based compensation to grow just above 10%, marketing to grow ~10% (Q2 similar to Q1’s $38.5M), other OpEx (pre‑adj. EBITDA) to rise just over 20% YoY, and a modest uplift to adjusted EBITDA margin (~+15 bps at the midpoint versus prior guidance) while reiterating 2025‑like EBITDA‑to‑cash conversion as a reasonable expectation.Opera Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 647.66M | 616.73M | 480.65M | 396.83M | 331.04M | 250.99M |
| Gross Profit | 378.92M | 266.01M | 348.09M | 303.58M | 276.45M | 237.30M |
| EBITDA | 154.47M | 111.60M | 114.52M | 173.53M | 38.09M | -23.19M |
| Net Income | 114.72M | 108.62M | 80.77M | 153.30M | 15.04M | -43.96M |
Balance Sheet | ||||||
| Total Assets | 1.14B | 1.14B | 1.06B | 1.01B | 964.69M | 1.09B |
| Cash, Cash Equivalents and Short-Term Investments | 141.90M | 155.47M | 126.80M | 93.86M | 118.66M | 181.01M |
| Total Debt | 8.87M | 12.95M | 9.59M | 10.55M | 7.83M | 13.51M |
| Total Liabilities | 151.97M | 132.54M | 115.48M | 91.09M | 76.47M | 79.42M |
| Stockholders Equity | 988.98M | 1.01B | 940.10M | 919.85M | 888.21M | 1.01B |
Cash Flow | ||||||
| Free Cash Flow | 129.17M | 115.22M | 74.37M | 76.36M | 46.69M | 20.67M |
| Operating Cash Flow | 144.69M | 120.79M | 104.98M | 82.76M | 56.66M | 26.56M |
| Investing Cash Flow | -17.74M | -17.80M | -27.11M | 20.00M | 44.45M | -49.70M |
| Financing Cash Flow | -89.80M | -76.18M | -42.15M | -59.84M | -150.58M | -6.68M |
Opera Technical Analysis
Positive
17.12
Price Trends
14.28
Positive
13.95
Positive
15.20
Positive
Market Momentum
0.60
Negative
71.00
Negative
91.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OPRA, the sentiment is Positive. The current price of 17.12 is above the 20-day moving average (MA) of 14.90, above the 50-day MA of 14.28, and above the 200-day MA of 15.20, indicating a bullish trend. The MACD of 0.60 indicates Negative momentum. The RSI at 71.00 is Negative, neither overbought nor oversold. The STOCH value of 91.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OPRA.
Opera Risk Analysis
Opera disclosed 61 risk factors in its most recent earnings report. Opera reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
Your ability to achieve a return on your investment will depend on the combination of future dividend payments and the price appreciation of the ADSs. Q4, 2023
2.
Potential issues raised by the use of AI technologies in our products and services may result in reputational harm or liability, adversely affecting our business, financial condition, and operating results. Q4, 2023
Opera Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $1.68B | 13.01 | 11.76% | 5.47% | 24.83% | 73.88% | |
79 Outperform | $1.43B | 3.70 | 11.91% | ― | 9.62% | 880.15% | |
74 Outperform | $1.51B | 20.51 | 19.70% | ― | 2.09% | 4.03% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $568.01M | 11.32 | -568.82% | ― | 15.66% | 138.39% | |
55 Neutral | $434.99M | 12.05 | -1.15% | ― | -11.71% | -162.11% | |
50 Neutral | $298.28M | -21.63 | -137.41% | ― | 13.08% | -175.92% |
* Communication Services Sector Average
OPRA
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Opera Corporate Events
Opera Lifts 2026 Outlook After Strong Q1 Beat on Revenue and EBITDA
Apr 28, 2026
On April 28, 2026, Opera reported first-quarter 2026 results showing revenue up 23% year over year to $175.8 million and adjusted EBITDA up 30% to $42.0 million, with both metrics beating the high end of guidance. Advertising and query revenues gr...
Opera Tops 2025 Targets and Launches $300 Million Buyback as AI Browsers, MiniPay Fuel Growth
Feb 26, 2026
On February 26, 2026, Opera reported that its fourth-quarter 2025 revenue rose 22% year-over-year to $177.2 million, with adjusted EBITDA of $41.9 million and a 24% margin, both ahead of guidance. For full-year 2025, revenue climbed 28% to $614.8 ...
Opera Expects Q4 2025 Results to Top Guidance as Full-Year Revenue Jumps Over 26%
Feb 2, 2026
On February 2, 2026, Oslo-based Opera Limited reported that its preliminary fourth-quarter 2025 results are expected to exceed earlier guidance, with revenue projected to surpass $170 million and full-year 2025 revenue set to top $608 million, rep...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.