| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 75 | 13.3x | 17.8x | Top tier | |
Growth | 85 | 23.0% | 7.1% | Top tier | |
Quality | 62 | 8.7% | 4.5% | Around median | |
Safety | 96 | — | 2.6x | Top tier | |
Capital Return | 76 | 4.34% | 2.12% | Top tier | |
Momentum | 78 | 22.1% | 2.9% | Top tier | |
Sentiment | 34 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Opera Limited is an independent browser provider serving 288 million monthly active users, generating revenue primarily from advertising and search-related query revenue and user engagement within the browser. In the second quarter of fiscal year 2026, advertising revenue reached $115 million, growing 27%, while query revenue reached $62 million, growing 21%; representing approximately 65% and 35%, respectively, of quarterly revenue of $178.1 million. The company is expanding monetization across its direct advertising inventory and third-party inventory, as well as a commerce platform connecting users with more than 100 merchants and over 100 million products.
Second-quarter fiscal year 2026 revenue of $178.1 million exceeded the high end of Opera's guidance and rose 25% year over year following 23% growth in the first quarter of fiscal year 2026. Adjusted earnings before interest, taxes, depreciation, and amortization reached a quarterly record of $42.4 million, up 32% with a 24% margin, while adjusted net income reached $30 million and adjusted diluted earnings per share were $0.33. Cost of revenue represented 38% of revenue, operating cash flow reached $22 million, and free cash flow from operations reached $17 million.
These results support a broader financial trajectory; fiscal year 2025 revenue rose to $614.8 million from $480.6 million in fiscal year 2024, and net income increased to $108.3 million from $80.8 million. Opera is benefiting from an improved user mix toward higher-yielding Western markets, with average annual revenue per user rising 25% to $2.46 as Western users grew 4% to 61 million. Alongside browsers, advertising, and search, the company is developing MiniPay as a self-custodial stablecoin wallet, but it remains at an early stage compared with the core revenue drivers.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $21.25 and a narrow range between $21 and $21.5, while the stock's 52-week range is $11.71–$21.06; the average target is only approximately 0.9% above the high end of that range. In contrast, an analyst during the August 19, 2026 call pointed to a multiple of 6.5 times expected earnings before interest, taxes, depreciation, and amortization for the following year, a valuation that reflects skepticism about the sustainability of growth despite the increase in fiscal year 2026 guidance.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Second-quarter fiscal year 2026 revenue increased 25% to $178.1 million, exceeding the high end of the company's guidance. Advertising led growth, rising 27% to $115 million, while query revenue increased 21% to $62 million. The shift in the user mix toward higher-yielding Western markets helped raise average annual revenue per user by 25% to $2.46. As a result, adjusted earnings before interest, taxes, depreciation, and amortization rose 32% to $42.4 million at a 24% margin.
Opera says users of AI features within its browsers spend more time and conduct more searches, creating additional opportunities for query and advertising revenue. Query revenue in Western markets grew 29% during the second quarter of fiscal year 2026, compared with 21% globally. Browser Connector allows Claude and ChatGPT services to understand browsing context and interact with the browser, while activity remains within Opera's environment and commercial agreements. The commerce platform also supports AI-powered price comparisons across more than 100 merchants and over 100 million products.
Opera GX reached approximately 37 million monthly active users in the second quarter of fiscal year 2026 after adding nearly 2 million users during the quarter. Management attributed the growth to the integration of the latest AI services and GX's deeper connection with the gaming ecosystem. Examples include partnerships with games such as Forsaken and in-game Roblox rewards, including free items and gameplay boosts. However, management noted that July and August represent a seasonally weaker period for GX usage because of reduced computer time during the summer holidays.
MiniPay reached 18 million wallets and 518 million transactions in the second quarter of fiscal year 2026 after adding 3 million activations and 88 million transactions since the previous update. The service operates in more than 66 countries and includes more than 57 live mini apps. In June 2026, Opera launched a card in partnership with Visa in the European Union and began gradually rolling it out to supported markets in Africa, Latin America, and Asia. Management said MiniPay has been profitable since inception, but also emphasized that the product remains at an early stage of building scale and network size.
Opera expects revenue between $734 million and $742 million in fiscal year 2026, equivalent to approximately 20% growth at the midpoint. It expects adjusted earnings before interest, taxes, depreciation, and amortization between $172 million and $175 million, with a margin of approximately 24%. For the third quarter of fiscal year 2026, it expects revenue between $181 million and $183 million, growing 19%–20%, and adjusted earnings before interest, taxes, depreciation, and amortization between $41 million and $43 million at a margin of approximately 23%. The guidance assumes cost of revenue will rise to approximately 39% of fiscal year 2026 revenue with advertising seasonality, compared with 38% in the second quarter.
From 2020 through the July 2026 distributions, Opera returned approximately $577 million to shareholders. This included $320 million in distributions and $256 million to repurchase 37.2 million shares at an average cost of $6.88 per share. In the second quarter of fiscal year 2026, the company purchased 636 thousand shares for $11.1 million, reducing the number of shares outstanding to 88.9 million as of June 30, 2026. The July 2026 semiannual distribution was also $0.40 per share, totaling $35.6 million.
