Agora, Inc. (API) valuation at a glance
- Price
- $4.00
- Market cap
- $262M
- P/S (TTM)
- 1.7×
CompaniesAPI
API
Agora, Inc.
TechnologyCPaaSreal-time video APIChina-operating ADSnet cash
Overview
$4.00+1.0%
Market Cap
$262M
SEC filings
P/E (TTM)
23.9×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
64.5%
SEC filings
FCF Yield
-7.3%
Calculated from SEC filings
Fair Value
Not established
yfinance
Conviction
3/5ADS-basis cap near $335M against $361.7M of cash and deposits, but FY2025 GAAP operating income was negative $9.4M.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 38/100
Value1/4
Futuren/a
Past2/4
Health3/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Agora sells usage-billed real-time voice, video and chat engagement APIs plus conversational-AI agent infrastructure through two brands, Agora (Santa Clara) and Shengwang (Shanghai), to roughly 3,961 active customers combined at 2025-12-31 per the FY2025 20-F. It screens as deep value mainly because many data feeds treat the 335.1 million ordinary shares outstanding at 2026-06-30 as if they were ADSs; at the filed ratio of one ADS to four Class A ordinary shares that is 83.775 million ADSs, roughly $335M at the 2026-09-16 close of $4.00, against $361.7M of cash, bank deposits and bank financial products and $100.3M of borrowings, implying an enterprise value near $74M on TTM revenue of $151.7M. The strongest counter-evidence is that the operating business is unprofitable at the GAAP line, FY2025 operating income was negative $9.4M, reported net income comes from interest on those deposits, and H1 2026 operating cash flow fell 79% to $3.6M with Q2 2026 negative $2.1M. Confirmation would require positive GAAP operating income over consecutive quarters with operating cash flow recovering while the deposit balance is preserved.
Bull Case
Balance sheetAt 2026-06-30 the 6-K filed 2026-08-14 shows $361.7M of cash, bank deposits and bank financial products against $100.3M of borrowings, a net cash figure larger than the ADS-basis market capitalization at the 2026-09-16 close.
GrowthH1 2026 revenue of $78.165M rose 15.8% from $67.528M in H1 2025, with Q2 2026 up 18.0% year over year, per the 6-K filed 2026-08-14.
Capital returnsThe board authorized a share repurchase program of up to US$200 million in February 2022 and extended it in February 2023, 2024, 2025 and 2026, per the FY2025 20-F, and weighted-average basic ADS-equivalents fell about 8.1% from H1 2025 to H1 2026.
Bear Case
Operating economicsFY2025 GAAP operating income was negative $9.4M, so reported net income of $9.5M for FY2025 rests on interest income earned on the deposit balance rather than on the platform.
Cash conversionOperating cash flow fell to $3.551M in H1 2026 from $17.224M in H1 2025, and Q2 2026 operating cash flow was negative $2.140M, per the 6-K filed 2026-08-14.
JurisdictionA substantial share of revenue is denominated in RMB and the FY2025 20-F discloses that PRC subsidiaries face restricted net assets rules limiting dividend payments, alongside continuing HFCAA and PCAOB inspection uncertainty.
Key Metrics
Market Cap
$262M
SEC filings
Enterprise Value
$291M
Calculated from SEC filings
Revenue (TTM)
$152M
SEC filings
P/E (TTM)
23.9×
SEC filings
Forward P/E
–
yfinance
P/S (TTM)
1.7×
SEC filings
P/B
0.6×
SEC filings
EV/EBITDA
15.7×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
64.5%
SEC filings
Operating Margin
-3.4%
SEC filings
Net Margin
7.2%
SEC filings
Free Cash Flow
$-19M
SEC filings
FCF Yield
-7.3%
Calculated from SEC filings
Debt / Equity
0.2×
SEC filings
Current Ratio
5.1×
SEC filings
Short Interest
0.9%
SEC filings
Institutional Own.
38.6%
SEC filings
Insider Own.
3.0%
SEC filings
Shares Out.
65.5M
SEC filings
Float
55.6M
SEC filings
Valuation
Price vs Fair Value
Now $4.00
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| API | $338M | 40.0× | 2.2× | 343.2× | +18.0% | 64.0% | 7.0% |
| TWLO | $36.91B | 33.2× | 6.6× | 70.2× | +22.0% | 49.0% | 21.0% |
| BAND | $1.61B | – | 1.9× | 48.3× | +22.0% | 37.0% | 0.0% |
| EGHT | $261M | 60.3× | 0.4× | 12.1× | +5.0% | 63.0% | 1.0% |
| RNG | $6.03B | 56.9× | 2.3× | 17.8× | +6.0% | 72.0% | 4.0% |
| TUYA | $1.08B | 16.0× | 3.2× | 3.6× | +16.0% | 47.0% | 20.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 160.7 | 141.5 | 133.3 | 141.1 |
| Cost of Revenue | 61.2 | 52.1 | 47.8 | 47.4 |
| Gross Profit | 99.4 | 89.5 | 85.4 | 93.7 |
| Operating Income | (103.8) | (55.4) | (53.3) | (9.4) |
| EBITDA | (104.1) | (72.2) | (28.6) | 17.9 |
| Net Income | (120.4) | (87.2) | (42.7) | 9.5 |
| Diluted EPS | -1.08 | -3.52 | -1.84 | 0.40 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 45.7 | 36.9 | 27.1 | 75.4 |
| Total Assets | 800.7 | 674.6 | 699.7 | 721.1 |
| Total Debt | 2.3 | 15.2 | 50.1 | 82.3 |
| Total Liabilities | 72.5 | 69.8 | 127.0 | 158.3 |
| Shareholders' Equity | 728.3 | 604.7 | 572.7 | 562.8 |
| Shares Out. (M) | 429.9 | 368.8 | 373.3 | 349.3 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | (52.4) | (13.6) | (14.1) | 27.2 |
| Capital Expenditure | (205.8) | (15.9) | (35.2) | (31.9) |
| Free Cash Flow | (258.1) | (29.5) | (49.4) | (4.7) |
| Investing Cash Flow | (144.1) | 56.6 | (38.0) | 13.3 |
| Financing Cash Flow | (41.1) | (52.4) | 46.0 | 5.0 |
Figures normalized from Agora, Inc.'s SEC 20-F filed 2026-04-15. USD millions; EPS and share count per their units. Annual periods. Source: 20-F filed 2026-04-15 ↗
Catalysts
mid to late November 2026
Earningshigh relevance
Q3 2026 results
Date is an estimate from the prior-year cadence: the Q3 2025 results 6-K was filed 2025-11-20. The company has publicly guided Q3 2026 revenue of $41M to $42M, which would be 15.8% to 18.6% year-over-year growth.
February 2027
Corporate
Share repurchase program expiry or further extension
The US$200 million program authorized in February 2022 has been extended in each February since, per the FY2025 20-F; the next board decision falls due in February 2027.
through mid-2027
Governance
Chairman and CEO personal purchase plan
A 6-K filed 2026-06-01 announced an intent to purchase up to US$20M of ADSs or Class A shares with personal funds over 12 months. Execution would be evidenced by Forms 4; the three Forms 4 filed 2026-07-02, 2026-08-03 and 2026-09-08 relate to a director and are coded as equity-award transactions, not open-market purchases.
April 2027
Earnings
FY2026 annual report on Form 20-F
FY2025 20-F was filed 2026-04-15 and FY2024 on 2025-04-15, so a mid-April 2027 filing is the base case. This is the filing that would confirm full-year operating income, the cash split between offshore and PRC entities, and auditor inspection status.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| GAAP profitability depends on interest income rather than operations | Financial | High | High | FY2025 operating income was negative $9.4M. If deposit yields fall or the deposit balance is spent, reported net income can turn negative even with revenue growing. |
| Operating cash flow deterioration | Financial | High | Medium | H1 2026 operating cash flow of $3.551M was 79% below H1 2025, and Q2 2026 was negative $2.140M. A further weak quarter would undercut the premise that the cash balance is self-sustaining. |
| China regulatory, HFCAA and PCAOB inspection uncertainty | Regulatory | Medium | Medium | The FY2025 20-F states the PCAOB vacated its 2021 determinations on 2022-12-15, but warns that continued complete inspection access is uncertain; a future adverse determination would carry trading-prohibition consequences for the ADSs. |
| Cash mobility out of PRC subsidiaries | Regulatory | Medium | Medium | The FY2025 20-F discloses restricted net assets for PRC subsidiaries under PRC dividend rules, so not all of the reported liquid balance is freely distributable to the Cayman parent. |
| Dual-class voting control | Governance | Medium | High | Class B shares carry twenty votes each, giving the founder-chairman a large majority of voting power per the FY2025 20-F beneficial ownership table, so minority holders have limited ability to influence capital allocation. |
Technical Snapshot
52-Week Range
–$4.00–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Per the FY2025 20-F beneficial ownership table dated 2026-03-31, chairman and CEO Bin (Tony) Zhao held about 27.0% beneficial ownership and about 86.2% of voting power through Class B shares carrying twenty votes each; directors and officers as a group held about 38.5% economically and about 88.4% of votes. Institutional Schedule 13G/A filings appear on the EDGAR index at 2026-05-15. As a foreign private issuer Agora is not subject to Section 16, but Forms 3 and 4 appear on the index from March 2026 onward; the three Forms 4 in the trailing 90 days (2026-07-02, 2026-08-03, 2026-09-08) are director equity-award transactions rather than open-market purchases, and no Form 144 appears since 2025-05-30. A 6-K filed 2026-06-01 announced a chairman intent to purchase up to US$20M of ADSs or Class A shares with personal funds over twelve months; no Form 4 evidencing execution appears on the index as of 2026-09-17.
Detailed insider transactions unavailable
This research record does not include a transaction-level table.
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| API | $338M | 40.0× | 2.2× | 343.2× | +18.0% | 64.0% | 7.0% |
| TWLO | $36.91B | 33.2× | 6.6× | 70.2× | +22.0% | 49.0% | 21.0% |
| BAND | $1.61B | – | 1.9× | 48.3× | +22.0% | 37.0% | 0.0% |
| EGHT | $261M | 60.3× | 0.4× | 12.1× | +5.0% | 63.0% | 1.0% |
| RNG | $6.03B | 56.9× | 2.3× | 17.8× | +6.0% | 72.0% | 4.0% |
| TUYA | $1.08B | 16.0× | 3.2× | 3.6× | +16.0% | 47.0% | 20.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 6-K
Share-count arithmetic drives the screen discrepancy
The 6-K filed 2026-08-14 reports 335.1 million ordinary shares outstanding at 2026-06-30. At the filed ratio of one ADS to four Class A ordinary shares that equals 83.775 million ADSs, so screens that multiply the ordinary-share count by the ADS price overstate market capitalization roughly fourfold. An independent re-derivation in the research files also corrected an earlier 92.4 million figure, which is a weighted-average diluted ADS count from the income statement rather than shares outstanding.
2026-09-17SEC 20-F
VIE structure terminated in January 2025
The FY2025 20-F states that contractual arrangements with Shanghai Zhaoyan Network Technology Co., Ltd., the sole former VIE, were terminated in January 2025 and that the company no longer maintains any VIE structure. China operations are therefore held through equity-owned subsidiaries, though RMB revenue exposure, restricted net assets rules and HFCAA considerations remain disclosed risks.
2026-09-17Research
Operating results versus interest income
A re-derivation from the FY2025 20-F and the 2026-08-14 6-K puts TTM revenue to 2026-06-30 at $151.7M and TTM net income near $10.9M, while FY2025 operating income was negative $9.4M. The gap is interest earned on the deposit balance, so an enterprise value computed by netting that cash while retaining its interest income in earnings double-counts the same asset.
Sources
Agora, Inc. valuation questions
What is Agora, Inc.'s market cap?
Agora, Inc. (API) has a market capitalization (its market value, often searched as "net worth") of $262M, and an enterprise value of $291M.