Investment Review №353. In Search of New Landmarks
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
IPO of Oura Inc. Wearable Health Technology and Digital Health Solutions
On September 3, 2026, Oura Inc. filed for an IPO. The company sells smart rings and subscription-based personalized health services. The offering is being underwritten by Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, Jefferies, BofA Securities, Barclays, Wells Fargo, Citizens Capital Markets, KeyBanc Capital Markets and Guggenheim Securities.
Investment Potential
Company Profile. Founded in 2013, Oura sells a sensor-equipped smart ring worn on the finger that tracks sleep, activity, stress, cardiovascular health and women’s health, paired with an app that translates the data into 50+ metrics and AI-generated insights and recommendations. Hardware accounted for 80% of revenue in the first nine months of FY26, with the remaining 20% generated by recurring subscription revenue that unlocks the full suite of health features. Oura sells directly to consumers and through ~8,400 retail locations, while also expanding its customer base through employers, government organizations and healthcare partners. As of June 30, 2026, the company had 5m paid subscribers (+100% YoY) across 56 markets globally, with a ~85% 12-month paid subscriber retention rate. According to Bloomberg, Oura is targeting up to $3bn in IPO proceeds at a valuation of >$16bn. The company last raised $875m at an $11bn valuation in September 2025.
Financial Performance. Revenue growth accelerated to 123% in 2025 and remained strong at 74% YoY in the first nine months of FY26. EBIT margin expanded from 3% in 2024 to 5% in 2025 and 6% in 9M26, indicating continued operating leverage as the business scales. Debt stood at 36% of total assets as of Q3 FY26.