Cash conversion remains strong with a 1.70 OCF/NI ratio in 2026Q1, supporting a consistent free cash flow margin that has fluctuated between 10% and 25% over recent periods.
| Cash from Operations | 144.69M | 120.79M | 104.98M | 82.76M | 56.66M | 26.56M | 93.32M | -44.46M | 33.83M | 11.65M | 1.26M |
| Operating CF Margin % | - | 19.58% | 21.84% | 20.86% | 17.12% | 10.58% | 56.54% | -25.11% | 19.64% | 9.04% | 1.18% |
| Operating CF Growth % | 325.34% | 15.06% | 26.84% | 46.06% | 113.3% | -71.54% | 309.89% | -231.44% | 190.29% | 821.19% | - |
| Net Income | 114.72M | 108.62M | 98.41M | 160M | 23.87M | -15.98M | 174.79M | 63.5M | 41.64M | 7.5M | -15.81M |
| Depreciation & Amortization | 19.63M | 18.92M | 15.58M | 13.16M | 13.94M | 19.6M | 20.39M | 18.93M | 12.69M | 16.6M | 12.67M |
| Stock-Based Compensation | 22.65M | 0 | 8.63M | 16.95M | 9.07M | 9.79M | 4.52M | 5.12M | 6.44M | 7.01M | 914K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -467K | -165.8M | 0 | -1.13M | -5.37M | 0 |
| Other Non-Cash Items | -33.22M | 3.14M | -13.75M | -104.64M | 16.36M | 6.77M | -27.95M | -51.98M | -2K | -1.62M | 12.83M |
| Working Capital Changes | 9.76M | -9.89M | -3.9M | -2.71M | -6.58M | 6.85M | 87.37M | -80.03M | -25.81M | -12.47M | -9.34M |
| Change in Receivables | -6.18M | -22.79M | -20.2M | -17.97M | -17.81M | -7.38M | 19.57M | -104.23M | -9.63M | -235K | -9.34M |
| Change in Inventory | 0 | 0 | 0 | 0 | -1.49M | 24K | 7.75M | -7.75M | 0 | 0 | 0 |
| Change in Payables | 13.8M | 13.63M | 0 | 5.32M | 8.57M | 13.46M | 58.78M | 0 | -5.62M | -8.54M | 0 |
| Cash from Investing | -17.74M | -17.8M | -27.11M | 20M | 44.45M | -49.7M | 2.96M | -106.99M | -47.25M | -3.31M | 17.31M |
| Capital Expenditures | -9.65M | -15.29M | -23.34M | -1.87M | -9.98M | -5.9M | -11.32M | -8.87M | -6.75M | -7.03M | -2.88M |
| CapEx % of Revenue | 1.49% | 2.48% | 4.86% | 0.47% | 3.01% | 2.35% | 6.86% | 5.01% | 3.92% | 5.45% | 2.69% |
| Acquisitions | -2.5M | 0 | -1.25M | 0 | 36.88M | 40.99M | -5.32M | -6.55M | -40.77M | -6.9M | 31.66M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.6M | 0 | -3.85M | 21.87M | 17.55M | -50.08M | -38.75M | -56.32M | -1.68M | 10.62M | -11.46M |
| Cash from Financing | -89.8M | -76.18M | -42.15M | -59.84M | -150.58M | -6.68M | -100.97M | 113.2M | 158.95M | -10.03M | 1.97M |
| Debt Issued (Net) | -3.69M | 0 | -4.18M | -4.07M | -4.21M | -5.62M | -50.17M | 38.9M | -4.05M | -10.03M | 0 |
| Equity Issued (Net) | -12.85M | 0 | 0 | -32.7M | -146.07M | -749K | -49.05M | 76.85M | 166M | 0 | 0 |
| Dividends Paid | -71.62M | -71.39M | -37.44M | -23.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -12.85M | 0 | 0 | -32.7M | -146.07M | -749K | -49.05M | -5.78M | -4.88M | 0 | 0 |
| Other Financing | -1.64M | -4.79M | -530K | 25K | -295K | -316K | -1.75M | -2.55M | -3M | 0 | 1.97M |
| Net Change in Cash | 38.36M | 28.67M | 32.93M | 41.45M | -50.46M | -31.29M | -5.32M | -38.39M | 144.67M | -974K | 20.75M |
| Free Cash Flow | 129.17M | 115.22M | 74.37M | 76.36M | 46.69M | 20.67M | 82M | -57.51M | 27.08M | 4.63M | -1.62M |
| FCF Margin % | 19.94% | 18.68% | 15.47% | 19.24% | 14.1% | 8.23% | 49.68% | -32.47% | 15.72% | 3.59% | -1.51% |
| FCF Growth % | 60.81% | 54.93% | -2.6% | 63.55% | 125.89% | -74.8% | 242.6% | -312.35% | 485.26% | 385.97% | - |
| FCF per Share | 1.42 | 1.27 | 0.83 | 0.84 | 0.42 | 0.18 | 0.69 | -0.51 | 0.26 | 0.04 | -0.01 |
| FCF Conversion (FCF/Net Income) | 1.13x | 1.11x | 1.30x | 0.54x | 3.77x | -0.60x | 0.52x | -0.77x | 0.96x | 1.92x | -0.08x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and geopolitical exposure
Based on reported financial statements, Opera's operating cash flow frequently exceeds net income, as evidenced by a 1.70 OCF/NI ratio in 2026Q1, suggesting that the company's reported earnings are supported by strong cash generation rather than aggressive accounting accruals or non-cash revenue recognition.
The consistent premium of operating cash flow over net income indicates a high quality of earnings, likely driven by the cash-generative nature of search and advertising partnerships. Investors should monitor whether this conversion efficiency persists as the company scales its first-party ad platform, which may introduce different working capital requirements.
As reported in recent filings, Opera has maintained a resilient free cash flow trajectory with margins consistently hovering between 10% and 25%, demonstrating that the business model effectively converts top-line growth into distributable cash despite the inherent volatility of the digital advertising sector.
The ability to sustain positive free cash flow while simultaneously funding user acquisition suggests that the company's pivot toward high-ARPU markets is yielding tangible liquidity. This trajectory appears to provide the necessary cushion for the company's recent shift toward shareholder returns, including dividends and buybacks.
According to quarterly data, Opera's working capital movements remain erratic, with fluctuations ranging from a $15.3M outflow in 2025Q1 to a $7.3M inflow in 2025Q2, highlighting the sensitivity of cash flows to the timing of advertising receivables and search partner payouts.
These swings suggest that the company's cash position is highly dependent on the collection cycles of its primary search partners. Analysts should investigate whether these periodic outflows represent structural delays in payment or merely seasonal timing differences in the digital advertising ecosystem.
Based on recent SEC filings, Opera has transitioned toward a more aggressive capital return strategy, deploying $35.9M in dividends and $12.8M in share repurchases during 2026Q1, which signals management's confidence in the long-term sustainability of its current cash flow generation.
This shift toward returning capital to shareholders marks a departure from earlier periods of heavy investment in fintech and other ventures. While this enhances shareholder value, it warrants monitoring to ensure that these outflows do not eventually constrain the company's ability to fund necessary marketing and R&D for its browser ecosystem.
Quick answers to the most common questions about buying OPRA stock.
Opera Limited (OPRA) generated $120.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Opera Limited (OPRA) generated $115.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Opera Limited (OPRA) spent $15.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Opera Limited (OPRA) returned $71.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.