Latest Ratios: P/E Ratio 16.6x · EV/EBITDA 14.6x · ROE 11.1%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.3B | $1.7B | $1.2B | $694M | $813M | $1.1B | $1.0B | $580M | — | — |
| Enterprise Value | $1.6B | $1.1B | $1.6B | $1.1B | $649M | $724M | $958M | $904M | $407M | — | — |
| P/E Ratio → | 16.65 | 11.90 | 21.04 | 7.83 | 44.93 | — | 6.17 | 18.50 | 16.35 | — | — |
| P/S Ratio | 2.88 | 2.09 | 3.53 | 3.03 | 2.10 | 3.24 | 6.57 | 5.87 | 3.37 | — | — |
| P/B Ratio | 1.78 | 1.27 | 1.81 | 1.31 | 0.78 | 0.80 | 1.03 | 1.14 | 0.75 | — | — |
| P/FCF | 15.40 | 11.18 | 22.84 | 15.75 | 14.87 | 39.33 | 13.22 | — | 21.43 | — | — |
| P/OCF | 14.69 | 10.66 | 16.18 | 14.53 | 12.25 | 30.60 | 11.61 | — | 17.15 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.86 | 3.29 | 2.82 | 1.96 | 2.88 | 5.81 | 5.11 | 2.36 | — | — |
| EV / EBITDA | 14.62 | 10.26 | 14.66 | 14.72 | 11.65 | 54.04 | 53.42 | 49.16 | 7.03 | — | — |
| EV / EBIT | 17.60 | 12.36 | 15.98 | 6.98 | 26.89 | — | 25.25 | 20.58 | 9.96 | — | — |
| EV / FCF | — | 9.94 | 21.26 | 14.66 | 13.91 | 35.01 | 11.69 | — | 15.04 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.1% | 43.1% | 72.4% | 76.5% | 83.5% | 94.5% | 95.0% | 98.6% | 92.3% | 67.0% | 60.3% |
| Operating Margin | 15.0% | 15.0% | 19.2% | 15.8% | 12.6% | -2.5% | -1.5% | -0.3% | 26.3% | 7.9% | -3.1% |
| Net Profit Margin | 17.6% | 17.6% | 16.8% | 38.6% | 4.5% | -17.5% | 108.6% | 32.7% | 20.4% | 4.7% | -14.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 8.7% | 17.0% | 1.6% | -4.3% | 18.3% | 6.9% | 5.2% | 1.1% | -2.8% |
| ROA | 9.9% | 9.9% | 7.8% | 15.5% | 1.5% | -4.0% | 16.5% | 6.1% | 4.8% | 0.9% | -2.5% |
| ROIC | 8.2% | 8.2% | 8.3% | 5.6% | 3.5% | -0.5% | -0.2% | -0.1% | 5.9% | 1.4% | -0.5% |
| ROCE | 9.4% | 9.4% | 9.8% | 6.9% | 4.4% | -0.6% | -0.2% | -0.1% | 6.5% | 1.7% | -0.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | 0.01 | 0.01 | 0.02 |
| Debt / EBITDA | 0.12 | 0.12 | 0.09 | 0.14 | 0.14 | 1.01 | 0.50 | 3.10 | 0.08 | 0.23 | 1.30 |
| Net Debt / Equity | — | -0.14 | -0.12 | -0.09 | -0.05 | -0.09 | -0.12 | -0.15 | -0.22 | -0.05 | -0.04 |
| Net Debt / EBITDA | -1.28 | -1.28 | -1.09 | -1.10 | -0.80 | -6.67 | -6.98 | -7.36 | -2.99 | -1.00 | -2.19 |
| Debt / FCF | — | -1.24 | -1.58 | -1.09 | -0.95 | -4.32 | -1.53 | — | -6.39 | -5.81 | — |
| Interest Coverage | 151.47 | 151.47 | 186.68 | 248.38 | 13.35 | -6.21 | 73.24 | 67.07 | 24.12 | 39.55 | — |
Net cash position: cash ($155M) exceeds total debt ($13M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.35 | 2.35 | 2.29 | 2.56 | 5.29 | 7.64 | 4.05 | 3.25 | 7.00 | 2.02 | 1.48 |
| Quick Ratio | 2.35 | 2.35 | 2.29 | 2.56 | 5.29 | 7.64 | 4.05 | 3.19 | 6.57 | 1.95 | 1.41 |
| Cash Ratio | 1.31 | 1.31 | 1.25 | 1.15 | 1.84 | 2.56 | 2.98 | 1.84 | 5.27 | 0.89 | 0.61 |
| Asset Turnover | — | 0.54 | 0.46 | 0.39 | 0.34 | 0.23 | 0.15 | 0.17 | 0.21 | 0.20 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | 0.33 | 0.91 | 17.68 | 11.15 |
| Days Sales Outstanding | — | 70.80 | 73.95 | 101.12 | 145.01 | 90.75 | 87.63 | 306.55 | 94.47 | 110.27 | 145.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 5.5% | 2.2% | 1.9% | — | — | — | — | — | — | — |
| Payout Ratio | 65.7% | 65.7% | 46.3% | 15.1% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 8.4% | 4.8% | 12.8% | 2.2% | — | 16.2% | 5.4% | 6.1% | — | — |
| FCF Yield | 6.5% | 8.9% | 4.4% | 6.3% | 6.7% | 2.5% | 7.6% | — | 4.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 2.7% | 21.0% | 0.1% | 4.5% | 0.6% | 0.8% | — | — |
| Total Shareholder Yield | 4.0% | 5.5% | 2.2% | 4.6% | 21.0% | 0.1% | 4.5% | 0.6% | 0.8% | — | — |
| Shares Outstanding | — | $91M | $90M | $91M | $110M | $115M | $119M | $112M | $104M | $110M | $110M |
Regulatory and geopolitical exposure
Based on current market data, Opera trades at a forward P/E of 16.14, which appears to discount the company's specialized browser growth relative to broader ad-tech peers, suggesting that investors remain skeptical of the sustainability of its high-ARPU pivot in a competitive, OS-dominated digital landscape.
The current valuation multiple suggests the market is pricing Opera as a legacy utility rather than a high-growth content ecosystem. This valuation gap warrants further investigation into whether the market is correctly accounting for the margin-accretive potential of the Opera GX gaming platform versus the volatility of search-based revenue streams.
As reported in financial statements, Opera's ROIC has remained in a narrow 1.6% to 2.6% range over the last ten quarters, indicating that while the company is compounding its equity base, it struggles to generate high returns on its significant investment in intangible assets and goodwill.
The persistent gap between ROIC and the company's growth trajectory suggests that capital is being deployed into assets that are not yet yielding high incremental returns. Investors should monitor whether future product integrations, such as the Aria AI engine, can drive a meaningful inflection in capital productivity.
According to quarterly data, Opera's asset turnover has stagnated near 0.15, reflecting a business model that requires substantial marketing spend to maintain its user base, which effectively limits the efficiency of its capital deployment compared to more asset-light software-as-a-service peers in the communication sector.
The variability in DSO and the lack of clear inventory turnover metrics highlight the complexity of managing receivables from diverse global search partners. This suggests that the company's cash conversion cycle is highly sensitive to the timing of advertising payouts, which may introduce periodic liquidity friction.
Based on the latest quarterly filings, Opera maintains a current ratio of 1.88 and a negligible debt-to-equity ratio of 0.01%, providing a substantial liquidity cushion that effectively insulates the firm from interest rate volatility and potential regulatory shocks within the European digital advertising market.
This liquidity position is a structural strength that allows the company to fund its own growth and return capital to shareholders without reliance on external credit markets. Such financial flexibility is critical given the inherent unpredictability of the company's geopolitical and regulatory risk profile.
The P/E ratio is frequently misapplied to Opera because it fails to account for the significant non-operating fluctuations stemming from equity-method investments, which can distort the company's true earnings power and lead to an inaccurate assessment of its core browser-based profitability and cash generation capabilities.
Analysts should instead focus on EV/EBITDA or P/FCF to strip away the noise created by non-core investment activities and accounting adjustments. Relying solely on P/E risks misinterpreting the company's valuation by conflating its operational performance with the volatile performance of its minority stakes in other technology ventures.
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Quick answers to the most common questions about buying OPRA stock.
Opera Limited's current P/E ratio is 16.6x. The historical average is 18.1x. This places it at the 57th percentile of its historical range.
Opera Limited's current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.9x.
Opera Limited's return on equity (ROE) is 11.1%. The historical average is 6.3%.
Based on historical data, Opera Limited is trading at a P/E of 16.6x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Opera Limited's current dividend yield is 3.96% with a payout ratio of 65.7%.
Opera Limited has 43.1% gross margin and 15.0% operating margin. Operating margin between 10-20% is typical for established companies.
Opera Limited's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.