Opera Limited

OPRA

Internet Content & Information · Communication Services

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Opera Limited makes web browsers and internet apps used by hundreds of millions of people, mostly in Africa, Europe, and Asia. Its most well-known products are the Opera browser, Opera Mini (a lightweight browser popular in places with slow internet), and Opera GX, a browser built specifically for gamers. The company also runs an AI-powered browser called Opera One and offers fintech services, mainly lending apps, in African markets.

Opera earns money through advertising, search partnerships (Google pays Opera when users search through its browsers), and interest income from its African lending business. The company is headquartered in Norway but listed on the Nasdaq, and most of its users are in emerging markets where data is expensive and lightweight browsing tools are valuable. Its biggest growth opportunity is expanding its AI browser features and fintech services in Africa, but its main risk is heavy dependence on a single search revenue deal with Google, which could be renegotiated or lost.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+28.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

68.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$443M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Opera Limited is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

63.2%

Premium pricing power — 63.2% gross margin

Profit after running costs

Operating Margin

17.3%

Healthy — 17.3% operating margin

Return on the money invested

ROCE

10.1%

Below par — 10.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+24.2%

Fast-growing sales (+24.2% YoY)

Profit growth

EPS YoY

+34.7%

Earnings growing fast (+34.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

126%

Turns 126% of profit into real cash

Spare cash per sale

FCF Margin

19.9%

Converts sales into free cash efficiently (19.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

165.41x

Comfortably covers interest (165.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.0x

no trend

Attractive valuation — P/E 13.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

4.10%

no trend

Healthy income — 4.10% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+1.9%

no trend

Dividend flat

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