Opera Limited logo OPRA - Opera Limited

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BUY 7
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| PRICE TARGET: $21.25 DETAILS
HIGH: $21.50
LOW: $21.00
MEDIAN: $21.25
CONSENSUS: $21.25
UPSIDE: 11.26%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue
Revenue 616.7 480.6 396.8 331.0 251.0 165.1 177.1 172.3 128.9 107.3
Cost of Revenue 350.7 132.6 93.2 54.6 13.7 8.3 2.5 13.3 42.5 42.6
Gross Profit 266.0 348.1 303.6 276.4 237.3 156.7 174.5 159.0 86.4 64.7
Operating Expenses
R&D Expenses 0 46.5 0 0 0 0 0 21.8 20.0 19.2
SG&A Expenses 173.3 221.6 204.1 200.2 205.1 124.1 138.3 87.5 83.2 3.1
Other Expenses 0 (12.3) 36.6 34.5 38.4 35.0 36.8 28.2 32.2 0
Operating Expenses 173.3 255.8 240.7 234.6 243.5 159.2 175.1 113.7 115.4 82.0
Operating Income
Operating Income 92.7 92.3 62.9 41.8 (6.2) (2.4) (0.5) 45.3 10.2 (3.4)
Interest Expense 0.6 0.5 0.6 1.8 6.9 0.5 0.7 1.7 0.2 0
Interest Income 3.3 3.6 4.5 5.4 0.0 0.3 2.0 1.6 0.1 1.4
Profitability
EBITDA 145.1 114.5 173.5 38.1 (23.2) 58.3 62.9 56.4 26.1 9.3
EBIT 126.2 98.9 160.4 24.2 (42.8) 38.0 44.0 40.9 9.4 (3.4)
Income Before Tax 125.6 98.4 160.0 23.9 (43.1) 37.5 43.4 41.6 7.5 (18.6)
Income Tax Expense 17.0 17.6 6.7 8.8 0.0 0.1 2.7 6.5 1.4 (2.8)
Net Income 108.6 80.8 153.3 15.0 (44.0) 179.2 57.9 35.2 6.1 (15.8)
Per Share Data
EPS (Basic) 1.21 0.91 1.72 0.14 -0.38 1.50 0.52 0.35 0.06 -0.14
EPS (Diluted) 1.19 0.90 1.69 0.14 -0.38 1.48 0.50 0.34 0.06 -0.14
Shares Outstanding 89.6 88.5 89.3 109.5 115.1 117.3 112.3 101.3 109.7 109.7
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Current Assets
Cash & Cash Equivalents 155.5 126.8 93.9 52.4 102.9 134.2 192.4 177.9 33.0 32.4
Short-Term Investments 0 0 0 66.2 78.1 0.9 43.7 1.3 0 0
Net Receivables 119.6 97.4 109.9 131.5 62.4 39.6 148.7 44.6 38.9 42.8
Inventory 0 0 0 0 0 0 7.8 14.6 2.4 3.8
Other Current Assets 4.4 7.7 0 86.1 288.4 0 0 0 0.2 1.8
Total Current Assets 279.5 231.9 208.5 340.2 541.0 183.7 418.3 238.1 74.3 79.0
Non-Current Assets
Property, Plant & Equipment 32.7 34.1 16.1 14.6 12.3 18.2 26.1 12.2 13.5 11.8
Goodwill 430.3 429.7 429.9 429.4 430.4 425.0 421.6 421.6 421.6 421.6
Intangible Assets 98.9 100.6 99.1 100.0 103.6 112.0 110.8 115.4 118.6 124.5
Long-Term Investments 300.2 261.3 256.3 2.6 2.9 366.4 77.7 37.1 7.4 2.9
Other Non-Current Assets 0.0 (3.1) (0.0) 76.3 0.0 0 0 0 0 0
Total Non-Current Assets 863.8 823.7 802.5 624.5 551.5 925.9 642.3 587.2 562.0 561.5
Total Assets 1,143.3 1,055.6 1,010.9 964.7 1,092.5 1,109.7 1,060.6 825.3 636.3 640.5
Current Liabilities
Account Payables 89.5 72.7 49.3 40.0 32.5 22.4 48.7 14.3 16.5 24.4
Short-Term Debt 3.9 0 0.1 0.3 8.0 5.4 47.8 2.3 0 5.5
Deferred Revenue 4.5 5.4 10.3 1.0 1.1 0.3 0.7 1.9 1.5 3.6
Other Current Liabilities 14.3 0.2 0.4 0.6 7.3 4.1 13.1 2.8 2.0 1.8
Total Current Liabilities 118.8 101.1 81.4 64.3 70.8 45.3 128.6 34.0 36.9 53.3
Non-Current Liabilities
Long-Term Debt 4.5 0 0 0 0.2 0.5 1.8 2.2 3.8 0
Deferred Tax Liabilities 9.2 8.7 2.8 7.4 6.5 11.7 10.5 13.4 11.8 15.6
Other Non-Current Liabilities (4.5) 0.1 0.1 0.1 0.0 0.1 0.1 13.6 0.1 17.3
Total Non-Current Liabilities 13.8 14.4 9.7 12.1 8.6 15.4 19.8 15.8 15.9 19.0
Total Liabilities 132.5 115.5 91.1 76.5 79.4 60.7 148.4 49.8 52.8 72.3
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 738.7 576.5 576.5
Retained Earnings 674.7 536.6 445.2 273.3 249.2 283.3 99.5 36.4 5.4 (7.7)
Accumulated Other Comprehensive Income (1.3) (4.9) (4.1) (3.4) (0.5) 0.4 (1.5) 0.3 (9.4) (1.8)
Total Stockholders' Equity 1,010.7 940.1 919.9 888.2 1,013.0 1,048.9 912.2 775.5 583.5 568.2
Total Liabilities & Equity 1,143.3 1,055.6 1,010.9 964.7 1,092.5 1,109.7 1,060.6 825.3 636.3 640.5
Debt Metrics
Total Debt 13.0 9.6 10.5 7.8 13.5 9.0 57.0 4.8 6.1 12.0
Net Debt (142.5) (117.2) (83.3) (44.6) (89.4) (125.2) (135.4) (173.1) (26.9) (20.3)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Operating Activities
Net Income 108.6 98.4 160.0 23.9 (16.0) 174.8 63.5 41.6 7.5 (15.8)
Depreciation & Amortization 18.9 15.6 13.2 13.9 19.6 20.4 18.9 12.7 16.6 12.7
Stock-Based Compensation 0 8.6 16.9 9.1 9.8 4.5 5.1 6.4 7.0 0.9
Change in Working Capital (9.9) (3.9) (2.7) (6.6) 6.9 87.4 (80.0) (25.8) (12.5) (9.3)
Other Non-Cash Items 3.1 (13.8) (104.6) 16.4 6.8 (27.9) (52.0) (0.0) (1.6) 12.8
Operating Cash Flow 120.8 105.0 82.8 56.7 26.6 93.3 (44.5) 33.8 11.7 1.3
Investing Activities
Capital Expenditure (5.6) (30.6) (6.4) (10.0) (5.9) (11.3) (13.0) (6.7) (7.0) (2.9)
Acquisitions 0 (1.2) 0 36.9 41.0 (5.3) (6.5) (40.8) (6.9) 31.7
Purchases of Investments (2.5) 0 0 (53.1) (84.6) (0.4) (35.2) (2.2) (6.9) 0
Sales/Maturities of Investments 0 1.3 0 53.1 49.8 58.8 0 4.1 0 0
Other Investing Activities 0 (3.9) 21.9 17.5 (50.1) (38.7) (56.3) (1.7) 10.6 (11.5)
Investing Cash Flow (17.8) (27.1) 20.0 44.5 (49.7) 3.0 (107.0) (47.2) (3.3) 17.3
Financing Activities
Net Debt Issuance 0 (4.2) (4.1) (4.2) (5.6) (50.2) 38.9 (4.0) (10.0) 0
Stock Repurchased 0 0 (32.7) (146.1) (0.7) (49.0) (5.8) (4.9) 0 0
Dividends Paid (71.4) (37.4) (23.1) 0 0 0 0 0 0 0
Other Financing Activities (4.8) (0.5) 0.0 (0.3) (0.3) (1.8) (2.5) (3.0) 0 2.0
Financing Cash Flow (76.2) (42.1) (59.8) (150.6) (6.7) (101.0) 113.2 158.9 (10.0) 2.0
Cash Position
Net Change in Cash 28.7 32.9 41.4 (50.5) (31.3) (5.3) (38.4) 144.7 (1.0) 20.8
Cash at Beginning 126.8 93.9 52.4 102.9 134.2 139.5 177.9 33.2 34.2 30.6
Cash at End 155.5 126.8 93.9 52.4 102.9 134.2 139.5 177.9 33.2 51.4
Free Cash Flow 115.2 74.4 76.4 46.7 20.7 82.0 (57.5) 27.1 4.6 (1.6)
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Income Statement
Revenue 616.7 480.6 396.8 331.0 251.0 165.1 177.1 172.3 128.9 107.3
Gross Profit 266.0 348.1 303.6 276.4 237.3 156.7 174.5 159.0 86.4 64.7
Operating Income 92.7 92.3 62.9 41.8 (6.2) (2.4) (0.5) 45.3 10.2 (3.4)
Net Income 108.6 80.8 153.3 15.0 (44.0) 179.2 57.9 35.2 6.1 (15.8)
EPS (Diluted) 1.19 0.90 1.69 0.14 -0.38 1.48 0.50 0.34 0.06 -0.14
Balance Sheet
Cash & Equivalents 155.5 126.8 93.9 52.4 102.9 134.2 192.4 177.9 33.0 32.4
Total Assets 1,143.3 1,055.6 1,010.9 964.7 1,092.5 1,109.7 1,060.6 825.3 636.3 640.5
Total Debt 13.0 9.6 10.5 7.8 13.5 9.0 57.0 4.8 6.1 12.0
Stockholders' Equity 1,010.7 940.1 919.9 888.2 1,013.0 1,048.9 912.2 775.5 583.5 568.2
Cash Flow
Operating Cash Flow 120.8 105.0 82.8 56.7 26.6 93.3 (44.5) 33.8 11.7 1.3
Capital Expenditure (5.6) (30.6) (6.4) (10.0) (5.9) (11.3) (13.0) (6.7) (7.0) (2.9)
Free Cash Flow 115.2 74.4 76.4 46.7 20.7 82.0 (57.5) 27.1 4.6 (1.6)