1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
OURA
Event Date
2026-09-30
Sector
Information Technology
Subsector
Technology Hardware, Storage & Peripherals
Offer Range
$40.00-$44.00
Shares Offered
4.5B
Shares Outstanding Pre-IPO
146.46M
146.46M
$6.2B
Implied Upside vs Midpoint
Description
Our mission is to empower people to live healthier, longer. More than a decade ago in Finland, ŌURA began with a simple but ambitious idea: that we could help people understand their bodies well enough to improve and change the trajectory of their health, not just track it. We saw a need for technology that could accurately reveal how the body responds to the demands of everyday life. Not another screen competing for attention, but a seamless way to make what matters most more visible. That belief led us to pioneer the smart ring, bringing continuous health insights into daily life. From the beginning, our ambition extended beyond the ring. We set out to transform personal health by empowering people to recognize meaningful changes earlier, make more informed decisions, and improve long-term health outcomes. Today, many people lack visibility into how their daily choices shape their long-term health. Care is often reactive, stepping in after something goes wrong. As a result, health outcomes remain challenged and chronic conditions continue to rise. We believe improving outcomes requires a shift from treatment-based care to proactive care that is personal, continuous, and data-informed. Health happens between doctor’s visits—in the daily habits we build and the small deviations from baseline that become larger over time. Advances in wearable technology and artificial intelligence (“AI”) now make that future possible by translating long-term physiological data into predictive insights and actionable guidance so people can understand their bodies, respond earlier, and live better for longer. Oura is an always-on health intelligence platform designed to transform how people understand and manage their health in everyday life. Oura was built to give the body a voice—translating physiological signals across sleep, activity, readiness, stress, heart health, metabolic health, and women’s health into more than 50 metrics and predictive insights. In the third quarter of fiscal 2026, Paid Members wore Oura Ring for a median of approximately 23 hours per day, enabling continuous data capture that can help our members understand their bodies, recognize patterns early, and act with greater intention and precision. Health is personal, and members come to Oura at different stages of their journey—whether building habits to support sustainable weight loss, tracking response to treatment, optimizing training and recovery, or monitoring heart health for longevity. Many arrive with a specific need but expand their use over time as their priorities evolve. Oura is not a point solution for one season of life—it is a long-term health companion that links each health chapter into a unified, longitudinal experience, carrying forward what it has learned and building deeper trust over time. Our platform is anchored by Oura Ring, the world’s smallest smart ring. Our patented hardware is purpose-built to leverage the finger’s unique physiology and advanced sensors to deliver continuous, high-fidelity biometric data. Oura Ring lives at the intersection of wearability and capability and is engineered for comfort and everyday wear, integrating naturally into daily life. Backed by more than a decade of clinical research, Oura follows a science-first approach to product development, with Oura Ring achieving industry-leading accuracy of approximately 99% for heart rate, 98% for heart rate variability, 96% for ovulation tracking, and 96% for sleep accuracy. Our platform combines proprietary hardware, software, AI, and services across four mutually reinforcing layers—Data, Intelligence, Interaction, and Infrastructure—and is strengthened by our partner ecosystem. We designed this system to serve the needs of our members and to become more intelligent as it scales. As of June 30, 2026, our platform served 5.0 million Paid Members and 56 markets worldwide. Together, our integrated hardware and software platform creates a reinforcing flywheel that strengthens Oura’s competitive advantage over time. Every day of wear deepens Oura’s understanding of each member, enabling our models to deliver more precise and personalized insights. Improved model performance accelerates feature innovation and expands use cases, delivering greater value and reinforcing engagement and retention. As more members adopt Oura as an everyday health companion, the result is a compounding data asset that strengthens the moat around our intelligence platform and supports faster, more capital-efficient innovation that becomes increasingly difficult to replicate. Oura serves a highly engaged and differentiated member base across a wide range of life stages and health priorities. Unlike many wearables that focus on addressing one health need, such as fitness, Oura supports members through a single integrated experience that helps users address multiple dimensions of health. On average, members cite six different reasons for choosing Oura, including sleep, stress, activity, heart health, long-term health, and women’s health, reflecting the breadth of our platform. This broad relevance has enabled us to grow across demographic segments, with our female and male members each growing at a compound annual growth rate of more than 90% since fiscal 2024. Approximately 72% of our members are women, approximately 27% are over the age of 45, and approximately 37% have a household income below $100,000. We are also reaching populations that many wearables have historically struggled to engage, including individuals managing chronic health conditions, with more than half of members reporting at least one chronic condition. What begins as member education evolves into a daily utility and, over time, into a trusted companion throughout some of the most meaningful moments in a member’s life. As of June 30, 2026, our Weighted-Average 12-Month Paid Member Retention was approximately 85% and our DAU-to-MAU Ratio was approximately 65%. During the first three quarters of fiscal 2026, Paid Members opened the Oura App an average of more than 3.5 times per day. Members credit Oura as instrumental, with statements like “Oura helped me start a family” and “Oura empowered me to change my life.” The combination of accurate insights, daily utility, and behavior change that can lead to meaningful health outcomes creates a level of trust and emotional connection that drives long-term engagement, retention, and brand advocacy. Our privacy-first approach, including our commitment to never share members’ health data without consent, reinforces that relationship and helps us build enduring connections that deepen as members progress through different stages of their health journey. We build products using a science-led development framework designed to introduce meaningful health insights that we believe are accurate, trusted, and scalable over time. Scientific rigor is embedded throughout our process which combines longitudinal data, individual physiological baselines, clinical research, and iteration through member feedback to deliver personalized health insights at scale. These efforts are driven by our in-house multidisciplinary scientific organization—including more than 50 PhDs, five MDs, and our Medical Advisory Board—working in close collaboration with more than a dozen academic partners. Over more than a decade, these capabilities have enabled Oura to translate research into member-facing features with the trust and credibility required to expand into new health domains. Our highly engaged member base accelerates this work—yielding a participatory research asset that increases product velocity, lowers the cost of data collection, and allows us to make meaningful contributions to the broader evidence base for proactive, personalized health. We operate at the intersection of three structural shifts: the move from reactive care to proactive, continuous health management; increasing consumer ownership of health decisions and spend; and advances in AI and wearable technology that enable personalized, predictive insights in real time. We believe we are in the early innings of addressing a large and expanding market opportunity that begins with wearables and extends into preventative healthcare. Oura represented approximately 2% of annual global wearable shipments in the 12 months ended June 30, 2026. We believe our health intelligence platform positions us to address a broader preventative health opportunity representing over $90 billion of serviceable addressable spend, as healthcare investment shifts toward proactive, personalized care. Longer-term, we believe our platform can support meaningfully larger populations as we continue to expand access, build clinical evidence, and deepen integrations with health plans, employers, and care providers. Our go-to-market strategy is anchored in product-led growth and efficient, diversified distribution. During the nine months ended June 30, 2026, approximately 40% of members were acquired organically through word-of-mouth, driven by our passionate member base. We complement this organic demand with an omnichannel approach that combines direct-to-consumer (“DTC”) with our wholesale channel, which includes our retail and enterprise partners. We are present in approximately 8,400 retail doors globally, increasing product discovery and brand awareness. Internationally, we are in the earlier stages of our expansion efforts and plan to enter new markets using a disciplined, localized go-to-market approach. We also reach members through enterprise channels—including employers, government organizations, and healthcare partners—and strategic ecosystem partnerships. Our omnichannel strategy has significantly increased our brand awareness, with aided awareness among our target audience in the United States growing from approximately 15% in the first quarter of fiscal 2024 to approximately 38% in the third quarter of fiscal 2026, according to our Quarterly Brand Tracking Study conducted by YouGov. While our brand awareness has grown, we have significant room to further increase our awareness both in the United States and internationally. We operate an integrated hardware-plus-software subscription business model that combines hardware sales with a recurring membership to scale adoption while driving durable, long-term engagement. Hardware economics recover customer acquisition costs on day one, after which members enter a highly retentive subscription model. This model enables sustained investment in cutting-edge science and research and development that drives product innovation. Oura Membership becomes more valuable over time, with new features, partnerships, and services enhancing the tools available to help members understand and proactively manage their health. Together, this integrated model aligns incentives around sustained engagement and outcomes, reinforcing trust and supporting long-term member relationships as health needs evolve. --- We were originally incorporated on April 24, 2013 as JouZen Oy, a private limited company organized under the laws of the Republic of Finland, and changed our name to Oura Health Oy on March 27, 2017. On March 31, 2026, we completed our Reorganization, which resulted in (i) Oura Inc., a Delaware corporation formed on January 28, 2026, becoming the parent entity of our consolidated group, (ii) Oura Inc.Õs predecessor, Oura Health Oy, becoming a wholly owned subsidiary of Oura Inc., and (iii) all of the pre-existing securityholders of Oura Health Oy becoming securityholders of Oura Inc., with such securityholders retaining identical economic interests and shareholder rights as they had prior to the Reorganization. Our corporate headquarters are located at 415 Kearny Street, San Francisco, California 94108. Our telephone number is (415) 429-1773. Our principal website address is www.ouraring.com.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Common stock (listed) 1 vote per share | 9.69M | 6.6% | $407.1M |
Redeemable Convertible Preferred Stock | 136.77M | 93.4% | $5.7B |
| Total economic shares | 146.46M | 100% | $6.2B |