Published on: 2026-09-04
Updated on: 2026-09-04
Oura has filed to go public in the United States after revenue reached $1.21 billion in the nine months ended June 30, 2026, up 74% from a year earlier, while paid membership doubled to 5 million. The central question for investors is whether Oura should be valued mainly as a premium hardware company or increasingly as a recurring-revenue health platform.
Oura has applied to list on Nasdaq under the ticker OURA, although the price range, share count and final deal size remain undisclosed.
Revenue rose 74% to $1.21 billion in the first nine months of fiscal 2026, while net income increased to $60.8 million.
Hardware still generates about 80% of revenue, but membership revenue grew 121% and carries much higher gross margins.
Paid members doubled to 5 million, with weighted-average 12-month retention of about 85%.
The IPO valuation will depend heavily on how investors balance Oura’s hardware exposure against its subscription and health-platform potential.
Oura publicly filed its S-1 registration statement with the U.S. Securities and Exchange Commission on September 3, 2026, after filing confidentially in May. It has applied to list on the Nasdaq Global Select Market under the ticker OURA.
The filing does not yet specify the number of shares to be sold, the proposed price range or the final amount Oura expects to raise. Renaissance Capital estimates that the offering could exceed $2.5 billion, but that remains an outside estimate rather than an announced deal size. Existing stockholders are also expected to sell shares, with Oura receiving no proceeds from those secondary sales.
Oura’s previous funding round in 2025 raised more than $900 million and valued the company at roughly $11 billion. That private valuation provides context, but it is not the IPO valuation.
Oura is approaching the public markets with unusually strong top-line momentum.
Revenue reached $1.2145 billion in the first nine months of fiscal 2026, compared with $697.6 million a year earlier, representing 74% growth. Rings sold increased from 1.8 million to 3.1 million over the same period. Paid membership doubled from 2.5 million to 5 million, while the company expanded across 56 markets.
Membership revenue grew even faster. It increased 121% to $240.5 million, compared with hardware revenue growth of 65% to $974 million. Renaissance Capital estimates trailing-12-month revenue at roughly $1.4 billion through June 2026.
That scale makes profitability the next question.
Oura reported net income of $60.8 million for the first nine months of fiscal 2026, up from $1.6 million in the comparable period. Gross margin improved from 51% to 55%, another positive sign as manufacturing volumes increased and warranty rates improved.
However, investors should avoid treating the jump in net income as evidence that margins are expanding everywhere. Sales and marketing expense rose 84% to about $258 million as Oura invested in customer acquisition, retail expansion and brand growth. The increase in net income also benefited from lower financing-related costs and a smaller tax burden than in the prior-year period.
Oura is profitable, but it is still spending heavily to support expansion, making revenue composition increasingly important.
Oura currently generates about 80% of revenue from hardware and 20% from paid memberships. On that basis, it remains predominantly a consumer hardware company.
The direction of growth is more revealing. Membership revenue rose 121% in the first nine months of fiscal 2026, versus 65% for hardware. Membership gross margin reached 89%, and about 63% of new members chose annual plans rather than monthly billing.
The ring brings a user into the ecosystem, while the membership extends the relationship through recurring payments and software features. If subscriptions keep outgrowing hardware, recurring revenue could become a larger part of Oura’s overall mix.
The model is still tied closely to device sales. Most customers need an Oura Ring before they have a reason to subscribe, so weaker hardware demand would likely slow member additions. Oura is therefore not yet a subscription company that happens to sell hardware. It is a hardware-led business with an increasingly valuable recurring-revenue layer.
As of June 30, 2026, Oura had 5 million paid members and weighted-average 12-month retention of approximately 85%. Paid-member growth had exceeded 100% year over year for seven consecutive quarters.
Retention remains high, although it has eased from approximately 87% during the nine months ended June 2025. The change is modest, but retention will become more important as growth normalises.
For investors, ring sales alone will not tell the full story. Member growth, renewal rates, annual-plan adoption and membership revenue as a share of total sales will provide a better view of whether Oura is building a durable recurring customer base.
Oura describes itself as an “always-on health intelligence platform,” a phrase that captures how management wants the business to be understood. The ring tracks signals linked to sleep, activity, heart health, stress, temperature and women’s health, while the app converts those readings into personalised insights.
By June 2026, Oura said its platform had accumulated nearly 42 billion hours of longitudinal biometric data. The company also works with employers, healthcare organisations and other institutional partners, giving it potential routes beyond direct consumer sales.
Investors will still need evidence that the broader platform can produce additional revenue, stronger retention or greater pricing power. The dataset becomes more valuable if Oura can turn it into services customers and partners keep paying for.
That brings valuation back to the centre of the IPO debate.
Oura’s roughly $11 billion private valuation provides a useful reference point. Against approximately $1.4 billion of trailing-12-month revenue, that equates to roughly 7.5 to 8 times trailing sales.
That is not a forecast of where the IPO will price.
If investors view Oura primarily as a consumer hardware company, they are likely to focus on product cycles, manufacturing costs, competition and operating margins. If they assign greater weight to the subscription business, recurring revenue growth, retention and membership gross margins become more important.
Oura sits between those models. The official IPO range will offer the first clear indication of how the company and its underwriters intend to bridge them.
Oura’s growth does not remove the risks embedded in its model.
Hardware remains the largest revenue source, leaving the company exposed to manufacturing costs, tariffs, inventory, product cycles and warranty claims. Retail distribution has also become increasingly important, accounting for about 49% of hardware revenue in the first nine months of fiscal 2026.
Competition is another challenge. Oura operates against large technology and wearable brands, while alternative products may compete on price, features or by avoiding a recurring subscription fee. The company also handles sensitive biometric and health-related data, creating privacy, cybersecurity and regulatory exposure.
These factors will influence the valuation investors are willing to assign.
The next amendments to Oura’s filing should eventually reveal the proposed price range, number of shares offered, expected proceeds and post-IPO valuation. The split between newly issued shares and stock sold by existing holders will also show how much fresh capital the company actually raises.
Operating performance will matter just as much as the deal terms. Membership growth, retention, recurring-revenue mix and margins will indicate whether Oura is moving toward the health-platform economics implied by its IPO narrative.
The IPO will test whether public investors see Oura’s customers primarily as buyers of a premium wearable or as the foundation of a broader recurring health business.
Oura enters the IPO process with rapid revenue growth, positive net income and a subscription business expanding faster than hardware. Yet physical products still account for about 80% of revenue, keeping manufacturing and competition central to the investment case.
The most important long-term metric may therefore be the share of revenue that gradually shifts toward memberships and other recurring services. If Oura can deepen that relationship while maintaining strong retention, the business could increasingly resemble the health platform management wants investors to see.
Until the final IPO terms are published, that transition remains the central question behind Oura’s public-market story.
