Opera Ltd key statistics and ratios

In fiscal 2025, Opera Ltd had return on equity of 11.1%, an operating margin of 14.7%, debt equal to 0.0% of equity and a current ratio of 2.35. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Opera Ltd: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	96.9%	87.6%	99.9%	99.6%	97.8%	85.9%	78.4%	—	—
Operating margin	7.9%	27.5%	−0.3%	−1.5%	−2.5%	12.6%	15.8%	19.2%	14.7%
Net margin	4.7%	21.8%	32.7%	108.6%	−17.5%	4.5%	38.6%	16.8%	17.6%
Free-cash-flow margin	6.3%	19.3%	−30.1%	55.0%	10.2%	16.2%	20.4%	17.0%	18.2%
Return on equity	1.0%	5.2%	6.9%	18.3%	−4.3%	1.6%	17.0%	8.7%	11.1%
Return on assets	1.0%	4.8%	6.1%	16.5%	−4.0%	1.5%	15.5%	7.8%	9.8%
Asset turnover	0.20	0.22	0.19	0.15	0.23	0.32	0.40	0.47	0.56
Current ratio	2.02	7.00	3.25	4.05	7.64	5.29	2.56	2.29	2.35
Debt to equity	0.7%	0.6%	6.1%	0.9%	1.3%	0.9%	1.1%	—	0.0%
Interest cover (operating income ÷ interest)	43.0x	—	n/m	n/m	n/m	148.3x	176.7x	178.1x	195.4x
Effective tax rate	19.2%	15.9%	6.1%	0.2%	—	37.0%	4.2%	17.9%	13.5%
R&D as % of revenue	18.1%	16.4%	19.3%	23.5%	17.6%	13.2%	11.6%	11.3%	9.7%
Capital spending as % of revenue	2.7%	1.6%	5.0%	1.5%	0.4%	1.0%	0.5%	4.9%	0.9%
Free cash flow ÷ net income	134.1%	88.8%	−92.1%	50.7%	—	355.7%	52.8%	101.1%	103.6%
Dividends ÷ net income	—	—	—	—	—	0.0%	15.1%	46.3%	65.7%
Dividends and buybacks ÷ free cash flow	—	15.6%	—	54.0%	2.9%	273.2%	69.0%	45.9%	63.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · December 31, 2025

What it owns · $1.1bn

Short-term assets $279mLonger-term assets $864m

What it owes, and who funded it · $1.1bn

Short-term liabilities $119mLonger-term liabilities $14mShareholders' equity $1.0bn

Short-term assets cover short-term liabilities $279m of assets due within a year against $119m of liabilities due within a year.
Short-term assets cover long-term liabilities $279m short-term assets against $14m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $90m against $461,000 of interest.

From Opera Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Opera Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Opera Ltd.