Agora Inc API

Information TechnologySoftware & IT ServicesUnited States of America

Last close 4.46 USD on Nov 1, 2026, +7.9% year to date

Quant rating

Quant rating D Rank 293 of 389 in Information Technology

Growth D 345 of 389
Valuation C 214 of 389
Quality C 270 of 389
Revisions D 338 of 389
Momentum B 108 of 389

Wall Street consensus Buy (2.00)Average target 5.90 USD +32.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 284M
Enterprise value: 41M
52-week range: 3.15 – 5.50
3-year range: 1.83 – 6.65
Dividend yield: –
Beta (5 years): 0.89
Shares outstanding: 259M
Next earnings: Nov 17, 2026

About the company

Agora Inc. is a holding company of two independent divisions, under the Agora brand and Shengwang brand, whose businesses are conducted through separate entities. Agora provides Real-Time Engagement Platform-as-a-Service (PaaS) that operates in the United States, as well as other international markets outside the United States and China. Shengwang provides Real-Time Engagement PaaS in the China market. The Company provides developers with customizable and compatible application programming interfaces (APIs), to embed real-time voice, video, interactive live-streaming, chat, whiteboard, and artificial intelligence capabilities into their applications without the need to develop the technology or build the underlying infrastructure themselves. The real-time data transmission is handled by the Company’s Software-Defined Real-Time Network (SD-RTN), which is a virtual network overlay on top of the public Internet.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	141	133	142	161	168	–
Revenue growth	5.9%	−5.9%	−11.9%	−4.4%	25.8%	1.1%
EPS (basic, normalized)	0.10	−0.21	−0.31	−0.98	−0.66	–
EPS growth	–	–	–	–	–	–
Gross margin	66.4%	64.1%	63.2%	61.9%	61.9%	63.5%
Net margin	6.8%	−32.1%	−61.6%	−74.9%	−43.1%	−41.0%
ROE	1.7%	−7.3%	−13.1%	−15.1%	−9.5%	−8.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	344
Current ratio	5.11x
Long-term debt (mil)	99.0
Net debt (mil)	−244
Total equity (mil)	557
Net debt / equity	−0.44x
Net debt / EBITDA	35.36x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	141	+5.9%	0.3x	−6.9	+85.6%	−5.9x	0.10	+147.6%	44.6x
2026	161	+14.4%	0.3x	0.8	+111.2%	52.8x	0.09	−11.0%	50.1x
2027	187	+15.8%	0.2x	13.2	+1,618.2%	3.1x	0.27	+203.4%	16.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	161	0.0%	+1.0%	+1.8%	0.09	0.0%	−5.3%	−5.3%
2027	187	0.0%	+2.7%	+4.5%	0.27	0.0%	−3.6%	+8.0%
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	38.2	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	−0.10	−0.10	–	–	–	–	–	0.05	–	–
EPS mean	−0.09	−0.07	–	–	–	–	–	–	–	–
Surprise	−11.1%	−42.9%	–	–	–	–	–	–	–	–

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
API Agora Inc	284M	35.36x	6.8%	0.66x	50.1x	16.5x	52.8x	3.1x
688111 Beijing Kingsoft Office Software, Inc.	14.6B	−0.97x	31.0%	6.41x	33.1x	36.3x	49.2x	36.5x
3888 Kingsoft Corporation Limited	4.0B	−9.35x	20.7%	0.99x	13.6x	17.2x	4.3x	3.2x
600588 Yonyou Network Technology Co Ltd	4.5B	18.10x	−15.1%	4.50x	−53.7x	207.2x	53.5x	24.6x
0268 Kingdee International Software Group Co Ltd	3.8B	–	1.3%	3.21x	57.0x	31.9x	25.9x	19.2x
300496 Thunder Software Technology Co Ltd	3.7B	−1.13x	5.8%	2.33x	38.9x	30.4x	19.2x	15.5x
Mean		8.40x	8.4%	3.02x	23.2x	56.6x	34.2x	17.0x
Median		−0.97x	6.3%	2.77x	36.0x	31.1x	37.5x	17.4x

Technical analysis

1M+5.8%
3M+11.4%
1Y+25.1%
3Y+48.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Agora Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	141	133	142	161	168	134
Cost of revenue	47.4	47.8	52.1	61.2	64.0	47.2
Gross profit	93.7	85.4	89.5	99.4	104	86.4
Selling, general & administrative expenses	49.0	60.0	68.9	92.4	76.6	43.7
Research & development	55.5	80.3	77.7	115	111	49.5
Depreciation/amortization	–	–	–	–	–	0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	33.2	11.9	–	–
Other operating expenses	−1.4	−1.6	−1.7	−3.7	−2.6	−1.7
Operating income	−9.4	−53.3	−88.6	−116	−80.7	−5.2
Net interest income (expense)	18.1	13.5	0.1	−4.2	7.3	2.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.2	0.8	1.6	0	1.6	0
Net income before taxes	9.9	−39.0	−86.8	−120	−71.8	−2.6
Provision for taxes	0.3	0.3	0.4	0.7	0.8	0.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	0	−3.5	0	0.2	0.3	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	9.5	−42.7	−87.2	−120	−72.4	−3.1
Extraordinary items	–	–	–	–	–	–
Net income	9.5	−42.7	−87.2	−120	−72.4	−3.1
EBIT, normalized	−9.4	−53.3	−62.3	−111	−75.5	−5.2
EBITDA, normalized	−6.9	−49.1	−53.8	−99.4	−65.3	−0.7
Basic EPS, normalized	0.10	−0.21	−0.31	−0.98	−0.66	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Agora Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	219	270	217	428	755	635
Receivables	36.4	50.4	40.6	38.5	39.3	33.4
Total inventory	–	–	–	–	–	–
Prepaid expenses	2.3	3.0	3.0	2.0	2.8	1.2
Other current assets	1.9	5.0	1.2	17.2	0.3	0.6
Total current assets	260	328	261	485	798	671
Property, plant & equipment	90.4	53.1	26.7	15.4	26.6	16.8
Goodwill	–	–	0	31.9	56.1	3.1
Intangibles	0.1	0.6	1.3	2.7	6.7	0.2
Long-term investments	189	138	207	94.2	53.9	–
Note receivable	5.5	2.7	0.9	–	–	–
Other long-term assets	176	178	177	171	3.9	2.1
Total assets	721	700	675	801	945	693
Liabilities
Accounts payable	9.6	13.0	13.0	10.1	5.3	7.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	19.2	18.1	34.3	40.8	41.2	23.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	27.9	27.3	9.6	20.7	27.3	5.3
Total current liabilities	56.8	58.3	56.9	71.7	73.8	36.3
Long-term debt	80.4	46.5	11.0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	21.0	22.2	1.9	0.8	4.9	0.1
Total liabilities	158	127	69.8	72.5	78.7	36.4
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,145	1,144	1,138	1,135	1,099	818
Retained earnings (accumulated deficit)	−477	−487	−444	−357	−236	−164
Treasury stock	−95.2	−72.7	−79.7	−41.8	–	–
Other equity	−10.0	−12.3	−10.0	−8.0	3.1	1.9
Total equity	563	573	605	728	866	656
Total liabilities & shareholders' equity	721	700	675	801	945	693

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Agora Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	9.5	−42.7	−87.2	−120	−72.4	−3.1
Depreciation, depletion & amortization	2.5	4.1	8.5	11.8	10.2	4.5
Deferred taxes	−0.1	−0.1	−0.2	−0.3	0.2	0.4
Non-cash items	13.7	44.3	89.4	61.7	41.4	12.0
Changes in working capital	1.6	−19.7	−24.1	−6.7	0.5	−7.1
Cash from operations	27.2	−14.1	−13.6	−53.9	−20.0	6.6
Investing activities
Capital expenditures	−33.6	−37.8	−11.7	−210	−12.5	−12.9
Other investing cash flows	46.9	−0.3	68.4	65.8	−45.2	−522
Cash from investing	13.3	−38.0	56.6	−144	−57.7	−535
Financing activities
Financing cash flow items	−0.3	20.4	−1.0	−1.1	−0.1	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	5.3	25.6	−51.4	−40.0	252	534
Cash from financing	5.0	46.0	−52.4	−41.1	252	534
Foreign exchange effects	−0.7	−0.2	−0.8	−0.9	0.3	0.5
Net change in cash	44.8	−6.3	−10.1	−240	175	5.6
Free cash flow	−6.4	−51.9	−25.3	−264	−32.5	−6.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.