Oura filed its Form S-1 with the Securities and Exchange Commission on Sept. 3, 2026, announcing plans for a Nasdaq listing. The smart ring maker is seeking a valuation of up to $16 billion, according to reports, implying a trailing price-to-sales multiple of approximately 18x based on its 2025 sales of $908 million. Other reports suggest a valuation range of $12.8 billion to $14.1 billion, with shares priced at $40 to $44.
The company has not yet set an official IPO date.
Oura's devices track sleep quality, heart rate, daily activity and stress levels. Founded in Finland in 2013 and headquartered in San Francisco, the company sold 3.6 million smart rings in the 12 months ended June 30, 2026—capturing roughly 2 percent of a global wearable market that International Data Corporation estimates at 212 million units.
For the first nine months of 2026, Oura reported revenue of $1.21 billion, a 74 percent year-over-year increase. Hardware sales comprised approximately 80 percent of revenue, with recurring membership subscriptions accounting for the remaining 20 percent. Net income for the nine-month period reached $60.8 million, up sharply from $1.6 million in the prior year period.
The company claims roughly 30 percent of new members are switching from competing wearables to the Oura ring. Oura estimates its serviceable addressable market—encompassing fitness trackers, health coaching, digital care management, digital therapeutics and connected biosensors—exceeds $90 billion globally.
Investors should note the valuation math: at $16 billion, Oura trades at 18x trailing sales, a premium justified only if the company sustains its growth rate and subscription revenue accelerates materially. The S-1 filing lists material risks, including intensifying competition from Big Tech, subscription churn, hardware commoditization, supply chain dependence, intellectual property disputes and data privacy concerns. The company also disclosed a "history of operating losses" and stated there is no assurance it will maintain profitability.
