Agora, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
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~$3.2
Revenue-to-maturity cash-flow model
Base case. Range ~$2.6–$3.9 across our lower- and higher-growth cases (0.9000000000000004%–10.9% a year).
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Agora, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $141m, up 5.9% on a year earlier, against a decline of 5.9% a quarter earlier. Free-cash-flow margin rose to 18.1% from -19.2% a year earlier. Operating margin widened to -6.7% from -48.0%. The diluted share count is up 6.0% on a year earlier, which dilutes existing holders. It passes 4 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.81 a share, against a share price of $4.39.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Agora, Inc.'s trailing-twelve-month revenue grew 5.9% year on year, with a free-cash-flow margin of 18.1%. Where it stands out: change in growth rate of +11.7pp ranks 25 of 184 application software companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 5.9% (+11.7pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for API from the sources we follow. See filings →
We value Agora, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.44 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$3.2 ~$2.6–$3.9 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$0.3 ~$1.8–$4.2 | Left out: out of range vs price (0.06x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.1 ~$2.4–$9.8 | Left out: out of range vs price (0.02x) |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$3.2 ~$2.6–$3.9 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Agora, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Share price | $39.56 | $16.21 | $3.91 | $2.63 | $4.16 | $4.07 |
| Market value | $2.7bn | $1.8bn | $436m | $262m | $388m | $402m |
| + Net debt (− = net cash) | −$111m | −$286m | −$46m | −$26m | $19m | $5m |
| Enterprise value | $2.5bn | $1.5bn | $391m | $236m | $407m | $407m |
| Multiples | ||||||
| Price / sales | 19.9x | 10.6x | 2.7x | 1.9x | 2.9x | 2.9x |
| Price / earnings | — | — | — | — | — | 42.2x |
| Price / free cash flow | — | — | — | — | — | 15.8x |
| EV / EBITDA | — | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
Next results: November 18, 2026.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $164m | +16% |
| Next | — | — | $187m | +14% |
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| API | −59% | −76% | −33% | +58% | −2% | +6% |
| Industry peers (median) | −7% | −50% | +19% | +2% | −21% | −14% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| API | 25% | 33% | 42% | 42% | 67% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| API | −86% | −85% | −50% | −47% | −61% | −29% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since June 26, 2020: 98% from February 12, 2021 to September 4, 2024. Getting back needed a 5700% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY18 Q4 | $43.7M |
| FY19 Q4 | $64.4M |
| FY20 Q4 | $133.6M |
| FY21 Q4 | $168M |
| FY22 Q4 | $160.7M |
| FY23 Q4 | $141.5M |
| FY24 Q4 | $133.3M |
| FY25 Q4 | $141.1M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY19 Q4 | 47.6% |
| FY20 Q4 | 107.3% |
| FY21 Q4 | 25.8% |
| FY22 Q4 | -4.4% |
| FY23 Q4 | -11.9% |
| FY24 Q4 | -5.9% |
| FY25 Q4 | 5.9% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY18 Q4 | 0.6% |
| FY19 Q4 | -9.5% |
| FY20 Q4 | -3.9% |
| FY21 Q4 | -48.0% |
| FY22 Q4 | -72.1% |
| FY23 Q4 | -61.7% |
| FY24 Q4 | -40.0% |
| FY25 Q4 | -6.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY18 Q4 | -4.0% |
| FY19 Q4 | -6.4% |
| FY20 Q4 | -4.7% |
| FY21 Q4 | -19.2% |
| FY22 Q4 | -35.2% |
| FY23 Q4 | -10.3% |
| FY24 Q4 | -12.5% |
| FY25 Q4 | 18.1% |
| Fiscal year | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 44 | 64 | 134 | 168 | 161 | 142 | 133 | 141 |
| Gross profit | 31 | 44 | 86 | 104 | 99 | 89 | 85 | 94 |
| EBITDA | 1 | −4 | −1 | −72 | −106 | −80 | −50 | −7 |
| Operating income | 0 | −6 | −5 | −81 | −116 | −87 | −53 | −9 |
| Net income | 0 | −6 | −3 | −72 | −120 | −87 | −43 | 10 |
| Diluted EPS | — | — | — | −$0.64 | −$1.08 | −$0.88 | −$0.44 | — |
| Growth (year on year) | ||||||||
| Revenue | — | +47.6% | +107.3% | +25.8% | −4.4% | −11.9% | −5.9% | +5.9% |
| EBITDA | — | −456.2% | — | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | 71.1% | 68.3% | 64.7% | 61.9% | 61.9% | 63.2% | 64.1% | 66.4% |
| EBITDA margin | 2.7% | −6.6% | −0.5% | −43.1% | −66.1% | −56.7% | −37.4% | −5.2% |
| Operating margin | 0.6% | −9.5% | −3.9% | −48.0% | −72.1% | −61.7% | −40.0% | −6.7% |
| Net margin | 0.9% | −9.6% | −2.3% | −43.1% | −74.9% | −61.6% | −32.1% | 6.8% |
| Free-cash-flow margin | −4.0% | −6.4% | −4.7% | −19.2% | −35.2% | −10.3% | −12.5% | 18.1% |
| Cash flow | ||||||||
| Cash from operations | 1 | 1 | 7 | −20 | −52 | −14 | −14 | 27 |
| Capital spending | 2 | 5 | 13 | 12 | 4 | 1 | 3 | 2 |
| Free cash flow | −2 | −4 | −6 | −32 | −57 | −15 | −17 | 26 |
| Stock-based pay | 3 | 3 | 12 | 31 | 32 | 25 | 23 | 6 |
| Free cash flow after stock pay | −5 | −8 | −18 | −64 | −89 | −39 | −39 | 20 |
| Balance sheet | ||||||||
| Cash | 109 | 106 | 111 | 286 | 46 | 37 | 27 | 75 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 11 | 46 | 80 |
| Net debt (negative = net cash) | −109 | −106 | −111 | −286 | −46 | −26 | 19 | 5 |
| Diluted shares | 27m | 29m | 67m | 110m | 112m | 100m | 93m | 99m |
| Returned to shareholders | ||||||||
| Buybacks | 1 | 0 | 0 | — | — | — | — | — |
| Total returned | 1 | 0 | 0 | — | — | — | — | — |
| Last 12 months unless stated | API | BBAI | EXFY | LGCL | STEM | SMRT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $141m | $142m | $138m | $145m | $148m | $151m | $482m |
| Revenue growth, last 12 months | 5.9% | −1.5% | −4.3% | −1.9% | −5.1% | −2.8% | 12.0% |
| Revenue growth, 3-year average | — | −2.9% | −5.8% | — | −29.1% | −9.9% | 11.1% |
| Revenue growth, latest quarter | — | 31.5% | −5.3% | — | −12.3% | 4.0% | 11.9% |
| Gross margin | 66.4% | 30.2% | 48.7% | 33.8% | 41.5% | 36.4% | 69.2% |
| Operating margin | −6.7% | −164.2% | −8.0% | 1.9% | −29.1% | −14.9% | 1.1% |
| Operating margin, 3-year average | — | −116.2% | −10.6% | — | −127.3% | −26.7% | −0.8% |
| Net margin | 6.8% | −126.8% | −11.3% | 0.9% | −49.4% | −13.0% | 2.1% |
| Cash from operations / revenue | 19.3% | −50.4% | 9.1% | 3.4% | 7.9% | −0.5% | 18.2% |
| Free-cash-flow margin | 18.1% | −51.2% | 9.1% | −4.6% | 7.9% | −0.7% | 15.0% |
| Free-cash-flow margin, 3-year average | — | −30.3% | 10.8% | — | −7.1% | −9.8% | 16.2% |
| Stock pay / revenue | 3.9% | 13.4% | 18.0% | — | 5.4% | 6.7% | 9.3% |
| Change in share count | 6.0% | 45.2% | 3.6% | 21.6% | — | −1.4% | 2.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 5.9% | 12.0% | 126 of 184 |
| Change in growth rate Growth | +11.7pp | +0.2pp | 25 of 184 |
| Gross margin Profitability | 66.4% | 69.8% | 89 of 160 |
| Operating margin Profitability | -6.7% | 1.1% | 115 of 181 |
| Net margin Profitability | 6.8% | 2.1% | 74 of 185 |
| Free-cash-flow margin Cash generation | 18.1% | 15.2% | 79 of 180 |
| Stock pay as % of revenue Cash generation | 3.9% | 9.3% | 30 of 177 |
| Long-term debt as % of assets Balance sheet | 11.2% | 16.9% | 36 of 98 |
| Change in share count Balance sheet | 6.0% | 1.7% | 111 of 163 |
| Days sales outstanding Balance sheet | 64 days | 57 days | 96 of 162 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Susquehanna International Group, LLP | $29.9M | 7.5M | 30.1% | 0.0% |
| Tmt General Partner Ltd | $9.4M | 2.4M | 9.4% | 0.0% |
| Hhlr Advisors, Ltd. | $8.4M | 2.1M | 8.4% | 0.0% |
| Allspring Global Investments Holdings, LLC | $7.1M | 1.8M | 7.2% | 0.0% |
| Acadian Asset Management LLC | $5.8M | 1.5M | 5.9% | ▲ 134.7% |
| Arrowstreet Capital, Limited Partnership | $4.2M | 1.0M | 4.2% | ▲ 34.0% |
| Yunqi Capital Ltd | $3.8M | 964K | 3.9% | ▼ 51.9% |
| Morgan Stanley | $3.5M | 866K | 3.5% | ▼ 18.5% |
| Renaissance Technologies LLC | $3M | 740K | 3.0% | ▲ 49.1% |
| Yiheng Capital Management, L.P. | $2.9M | 726K | 2.9% | 0.0% |
| Clearline Capital LP | $2.5M | 637K | 2.6% | New |
| Neumann Advisory Hong Kong Ltd | $2.1M | 518K | 2.1% | ▼ 51.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Agora, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Zhao Bin Chief Executive Officer | October 30, 2026 | Buy pre-set plan | 9,095 | $4.38 | $39,791 |
| Zhao Bin Chief Executive Officer | October 29, 2026 | Buy pre-set plan | 9,429 | $4.45 | $41,932 |
| Zhao Bin Chief Executive Officer | October 28, 2026 | Buy pre-set plan | 9,549 | $4.47 | $42,660 |
| Zhao Bin Chief Executive Officer | October 27, 2026 | Buy pre-set plan | 3,000 | $4.47 | $13,420 |
| Zhao Bin Chief Executive Officer | October 26, 2026 | Buy pre-set plan | 7,692 | $4.47 | $34,346 |
| Zhao Bin Chief Executive Officer | October 23, 2026 | Buy pre-set plan | 9,906 | $4.42 | $43,738 |
| Zhao Bin Chief Executive Officer | October 22, 2026 | Buy pre-set plan | 8,989 | $4.40 | $39,542 |
| Zhao Bin Chief Executive Officer | October 21, 2026 | Buy pre-set plan | 9,513 | $4.46 | $42,381 |
| Zhao Bin Chief Executive Officer | October 20, 2026 | Buy pre-set plan | 9,794 | $4.36 | $42,654 |
| Zhao Bin Chief Executive Officer | October 19, 2026 | Buy pre-set plan | 9,971 | $4.39 | $43,728 |
| Zhao Bin Chief Executive Officer | October 16, 2026 | Buy pre-set plan | 8,800 | $4.43 | $38,948 |
| Zhao Bin Chief Executive Officer | October 15, 2026 | Buy pre-set plan | 8,545 | $4.45 | $37,983 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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