OnlyFans valuation 2026: what the filings and the $3.15 billion deal show
A business that earns $715 million a year before tax just sold equity at about 4 times that profit. The audited numbers explain why, and what it means for anyone building a fan or AI companion brand.
OnlyFans is valued at about $3.15 billion, the price implied when Architect Capital agreed in May 2026 to buy a roughly 16% stake for $535 million. Against parent company Fenix International's audited fiscal 2025 results, $1.55 billion of revenue and $715 million of pre-tax profit, that works out to about 2 times revenue and 4.4 times pre-tax profit.
This guide is for operators, affiliates, agencies and creators who want to understand what the biggest fan subscription business is actually worth, why the market priced it the way it did, and what that tells you about building your own fan or AI companion site. Every financial figure below comes from Fenix International's group accounts at UK Companies House or from named press reports, linked where they appear. The valuation multiples are our own arithmetic on those figures. Checked November 10, 2026. This is general information, not investment advice.
How much is OnlyFans worth in 2026?
The only completed transaction with a public price is the Architect Capital deal. According to Net Influencer's report of May 11, 2026, Fenix International sold a 16% minority stake to San Francisco-based Architect Capital for $535 million, valuing the platform at $3.15 billion. The deal came seven weeks after owner Leonid Radvinsky died on March 20, 2026, a date confirmed in Fenix's own accounts. The same report says OnlyFans had earlier discussed a sale with a consortium led by Forest Road Company and, in January 2026, a majority stake of about 60% with Architect itself.
Those earlier talks carried a very different number. In May 2025, Reuters reported that Fenix was in talks to sell to a Forest Road-led investor group at about $8 billion (Bloomberg Law, May 23, 2025). No sale at that price was ever announced.
| Date | Event | Valuation | Status |
|---|---|---|---|
| May 2025 | Talks to sell to an investor group led by Forest Road Company | About $8 billion (reported) | Not completed |
| January 2026 | Talks to sell a majority stake of about 60% to Architect Capital | Not confirmed in the reports we checked | Replaced by a minority deal |
| May 2026 | Architect Capital buys a 16% stake for $535 million | $3.15 billion | Announced |
So when someone asks for the OnlyFans valuation, the defensible answer is $3.15 billion as of May 2026. The $8 billion figure is a price that was discussed and never agreed, and the two are not like-for-like: one was talks for the whole company, the other is the agreed price of a minority stake.
What do OnlyFans' financial filings show?
OnlyFans is run by Fenix International Limited, a private UK company (number 10354575), which files audited group accounts at Companies House every year. The most recent accounts cover the year to November 30, 2025 and were signed on April 21, 2026. All figures are in US dollars.
| Line item | FY2025 (to Nov 30, 2025) | FY2024 | Change |
|---|---|---|---|
| Gross site volume (fan payments) | $7.84 billion | $7.22 billion | +8.7% |
| Paid out to creators | $6.2 billion | $5.7 billion | +8.8% |
| Revenue | $1.553 billion | $1.413 billion | +9.9% |
| Cost of sales | $599 million | $549 million | +9.0% |
| Administrative expenses | $245 million | $197 million | +24.4% |
| Operating profit | $709 million | $666 million | +6.4% |
| Profit before tax | $715 million | $684 million | +4.6% |
| Profit after tax | $521 million | $520 million | +0.2% |
| Ordinary dividends paid | $535 million | $497 million | +7.6% |
| Creator accounts | 5.06 million | 4.63 million | +9% |
| Fan accounts | 437 million | 377 million | +16% |
| Cash at year end | $848 million | $808 million | +5.0% |
A few things stand out. The company describes a "consistent 80/20 revenue distribution," meaning creators get $4 for every $1 the group keeps, and revenue really is about 19.8% of gross site volume. The accounts also state the group has "no external financing and no debt." Account numbers count every account not deleted or deactivated, so they measure reach, not active paying users.
For a longer view, fiscal 2024 net revenue of $1.4 billion was up from $1.3 billion the year before, while the platform paid $701 million in dividends across fiscal 2024 and the months after it (Euronews; Net Influencer). After the fiscal 2025 year end, the accounts list four more dividends declared between January 16 and March 26, 2026 totaling $174 million, which is how press reports reached a combined payout of about $709 million to the owner in the months before his death (Forbes Peru, August 25, 2026).
How does the $3.15 billion valuation compare with revenue and profit?
Dividing the $3.15 billion valuation by the fiscal 2025 figures gives the multiples below. We also show the reported $8 billion talks price against fiscal 2024, the most recent full year available at the time of those talks.
| Multiple | $3.15B vs FY2025 | $8B (talks) vs FY2024 |
|---|---|---|
| Value / gross site volume | 0.40x | 1.11x |
| Value / revenue | 2.0x | 5.7x |
| Value / operating profit | 4.4x | 12.0x |
| Value / profit before tax | 4.4x | 11.7x |
| Value / profit after tax | 6.0x | 15.4x |
Another way to read it: fiscal 2025 dividends of $535 million equal about 17% of a $3.15 billion valuation. A buyer of a 16% stake at that price would have collected roughly $86 million a year if the same dividends continued, before tax. That is the profile of a cash machine priced like a risky one, not a growth company priced on potential.
OnlyFans earns a 45.6% operating margin on its revenue (709 divided by 1,553) and still sold equity at 6 times after-tax profit. The gap between those two facts is the most useful lesson in this whole story.
Why is OnlyFans valued at only about 2 times revenue?
Nobody involved has published a valuation rationale, so the points below are our reading of the risks the company itself lists in its accounts, plus the numbers in the table above. They are the factors any buyer would weigh.
Growth is slowing while costs rise faster
Gross site volume grew 8.7% and revenue 9.9% in fiscal 2025, but administrative expenses jumped 24.4%, so profit before tax rose only 4.6% and after-tax profit was flat. A business growing profit in low single digits does not earn a growth multiple, however large it is.
Payment and tax exposure
The strategic report names "payment infrastructure risks," saying any disruption to the flow of funds from fans to creators "could significantly impact the business." The notes also disclose a challenge from an overseas tax authority over positions in prior filings. The company disagrees and is appealing, has recognized no provision, and says the potential financial impact "could be significant." Sales tax and VAT liabilities and provisions stood at about $161 million at year end. Risks a buyer cannot size get priced as a discount.
Ownership transition
The accounts confirm that Radvinsky, the majority shareholder, died on March 20, 2026, after which ultimate control passed to the sole trustee of the LR Fenix Trust. A founder-owned company changing hands through a trust, seven weeks before a stake sale, is not a normal auction process.
A minority stake with no control
Architect bought 16%, not the company. Minority stakes usually trade below what a buyer would pay for control, because the investor cannot set dividends, strategy or a sale. The $3.15 billion figure is the value of a slice, extrapolated to the whole.
Profits leave the business
Fenix paid out $535 million in dividends against $521 million of after-tax profit in fiscal 2025, so retained earnings fell from $159 million to $146 million and net assets were just $147 million. The value is almost entirely in future cash flow, which brings every risk above straight into the price.
What does the OnlyFans valuation mean for AI companion and fan site operators?
If you run traffic, manage creators or plan to launch a fan or AI companion brand, the filings answer three practical questions.
1. The platform, not the creator, owns the enterprise value
Creators received $6.2 billion in fiscal 2025, but the $3.15 billion of equity value belongs to Fenix's shareholders. A creator's OnlyFans account has no resale value, no transferable customer list and no say in fees. That is the main reason to consider a site on your own domain if you want an asset, not just income. We break down that choice in white-label OnlyFans alternatives.
2. OnlyFans does not allow AI-only creator profiles
The strategic report says the terms of service allow creators to use AI "in limited circumstances" but do "not allow wholly AI generated Creator profiles," because every profile must be tied to a verified human creator. If your plan is an AI persona or an AI girlfriend brand, the biggest fan platform is not where it can live. See best fan platforms for AI models for which platforms do allow it and on what terms.
3. Take rate economics work at any size
OnlyFans keeps about 20% of fan spending and turns it into a 45.6% operating margin. A branded AI companion site runs on similar mechanics: subscriptions, tokens, tips and unlocks, with the operator keeping a share of every dollar. The difference is who holds the brand and the member list.
Here is a simple worked example. Suppose a creator's fans spend $20,000 in a month.
| Setup | Monthly fan spending | What the creator or operator keeps | What you control |
|---|---|---|---|
| OnlyFans account (80/20 split) | $20,000 | $16,000 | Your content and prices; the platform owns checkout, discovery and fees |
| White-label AI companion site with a partner, at a share of up to 60% of total site revenue | $20,000 | Up to $12,000 | Your brand, niche and traffic; the partner builds, hosts and runs the site |
| Fully self-built site | $20,000 | Whatever is left after processing, AI, hosting, moderation and staff costs | Everything, with all the upfront cost and risk |
The point is not that one percentage beats another. A human creator with a big OnlyFans audience should probably stay there and add revenue elsewhere. An affiliate or agency with traffic but no on-camera talent cannot use OnlyFans for AI personas at all, so the real comparison is a white-label partnership versus building from scratch. Model your own numbers with the AI fan site revenue calculator.
WhiteLabelFans builds, hosts and runs a branded AI companion site, handles payments and compliance, and pays a revenue share of up to 60% of total site revenue. It exists for exactly the operator OnlyFans' AI rule leaves out.
How are fan and AI companion businesses valued by buyers?
The OnlyFans deal shows that even a highly profitable, debt-free subscription platform was priced at roughly 2 times revenue once growth slowed and payment, tax and ownership risks were on the table. The lesson for smaller businesses is to build what lowers those discounts: net revenue split by stream, monthly churn by cohort, a customer relationship on your own domain, and no dependence on a single processor or platform. For the operator view of how investors price AI companion brands, including the Character.AI comparison, read how investors value AI companion businesses.
What could change the OnlyFans valuation next?
- The fiscal 2026 accounts. The year closes on November 30, 2026, and the fiscal 2025 accounts were signed about five months after their year end. Watch whether gross site volume holds near 9% growth and whether administrative costs keep outrunning revenue.
- Dividend policy under new control. Fiscal 2025 dividends exceeded after-tax profit. A change in payout policy would change what minority holders actually receive.
- Further stake sales. Any sale of a larger or controlling stake would produce a fresh price, and control usually costs more than a minority slice.
- The tax challenge. The accounts say the outcome is uncertain and could be significant. A resolution either way removes a discount.
- AI policy. The company calls generative AI both a risk and an opportunity. If it ever allowed AI-only profiles, the competitive picture for AI companion sites would shift.
Frequently asked questions
How much is OnlyFans worth?
About $3.15 billion as of May 2026. That is the valuation implied by Architect Capital paying $535 million for a 16% stake in parent company Fenix International. Reported talks in 2025 at about $8 billion never produced a deal, so $3.15 billion is the most recent price actually agreed. It equals roughly 2 times fiscal 2025 revenue of $1.55 billion.
Who owns OnlyFans now?
OnlyFans is owned by Fenix International Limited, a private UK company. Its majority shareholder, Leonid Radvinsky, died on March 20, 2026, and the company's accounts say ultimate control then passed to the sole trustee of the LR Fenix Trust. In May 2026, Architect Capital agreed to buy a 16% minority stake.
How much money does OnlyFans make a year?
In the year to November 30, 2025, fans paid $7.84 billion through the platform. OnlyFans paid $6.2 billion to creators and kept $1.55 billion in revenue, earning $715 million before tax and $521 million after tax. It also paid $535 million in dividends that year, per its Companies House accounts.
Is OnlyFans a publicly traded company?
No. OnlyFans is operated by Fenix International Limited, a privately held UK company, so there is no OnlyFans stock to buy on a public exchange. Outside investors can only gain exposure through private deals such as the Architect Capital stake. Its audited accounts are public because UK companies must file them at Companies House.
Why did the OnlyFans valuation drop from $8 billion to $3.15 billion?
The two numbers are not like-for-like. The $8 billion figure came from reported 2025 talks for the whole company that never closed. The $3.15 billion figure is the agreed price of a 16% minority stake in 2026, after the owner's death, with profit growth slowing to under 5% and tax and payment risks disclosed in the accounts.
Does OnlyFans allow AI-generated creators?
Only partly. Fenix's fiscal 2025 strategic report says its terms allow creators to use AI in limited circumstances but do not allow wholly AI generated creator profiles, because every profile must be associated with a verified human creator. AI-only personas need a platform that permits them or their own branded site.
Sources
- Companies House: Fenix International Limited (10354575) filing history, group accounts made up to 30 November 2025
- Net Influencer: OnlyFans valued at $3.15B as parent company sells 16% stake to Architect Capital (May 11, 2026)
- Bloomberg Law: OnlyFans in talks for sale at $8 billion valuation, Reuters says (May 23, 2025)
- Net Influencer: OnlyFans reports 9 percent revenue growth to $7.2B in 2024 (August 25, 2025)
- Euronews: OnlyFans takes $7.2bn from subscribers in 2024 (August 25, 2025)
- Forbes Peru: OnlyFans owner received a US$700 million dividend months before his death (August 25, 2026)
WhiteLabelFansThe partner team behind the WhiteLabelFans platform, writing from what we see running AI companion sites for operators. About us · Updated
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