Oura Inc. operates at the intersection of consumer electronics and digital health, offering a continuous health monitoring platform anchored by its flagship hardware, the Oura Ring. The smart ring utilizes photoplethysmography (PPG) and other sensors to track a wide range of physiological signals, including heart rate, heart rate variability, sleep stages, body temperature, and blood oxygen levels. The company's business model relies on a combination of upfront hardware sales and recurring subscription revenue. For the nine months ended June 30, 2026, Oura generated $1.21 billion in total revenue, with hardware sales accounting for approximately 80% ($974 million) and its Oura Membership subscription contributing 20% ($241 million). The subscription service, which boasts over 5 million paid members and an 85% retention rate, unlocks advanced analytics, personalized insights, and AI-driven guidance through the Oura App. While originally founded in Finland, Oura is now headquartered in San Francisco and incorporated in Delaware, generating the vast majority of its revenue in the United States. The company competes in the highly competitive wearables market against tech giants like Apple, Google (Fitbit), and Garmin, differentiating itself through its screenless ring form factor, focus on sleep and recovery, and clinical partnerships.
Market capitalization, or "market cap", is the aggregate market value of a company represented in a dollar amount. Since it represents the “market” value of a company, it is computed based on the current market price (CMP) of its shares and the total number of outstanding shares.
Enterprise value (EV) measures a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt and any cash or cash equivalents on the company's balance sheet.
The enterprise value-to-revenue multiple (EV/R) is a measure of the value of a stock that compares a company's enterprise value to its revenue. EV/R is one of several fundamental indicators that investors use to determine whether a stock is priced fairly. The EV/R multiple is also often used to determine a company's valuation in the case of a potential acquisition. It's also called the enterprise value-to-sales multiple.
The enterprise value to earnings before interest, taxes, depreciation, and amortization ratio (EV/EBITDA) compares the value of a company—debt included—to the company's cash earnings less non-cash expenses. It's best to use the EV/EBITDA metric when comparing companies within the same industry or sector. Typically, when evaluating a company, an EV/EBITDA value below 10 is seen as healthy.
It follows the same logic as the EV/EBITDA indicator, but instead of EBITDA, EBIT is used, which considers non-cash D&A expenses in the company's operating result.
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