Coursera vs Duolingo
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KIRAβs take AI analyst
I put Coursera and Duolingo side by side, using each oneβs latest annual report. Here is what stands out:
- Duolingo is the larger business, with $1.0B of revenue in fiscal 2025 against $758M for Coursera.
- Duolingo grew revenue faster (38.7%, against 9.0%).
- Duolingo kept more of each dollar of sales as operating profit (13.1% operating margin, against β10.2%).
- Duolingo turned more of its sales into free cash flow (35.6% FCF margin, against 14.2%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Coursera
COUR
1/9
Piotroski F-score
Duolingo
DUOL
8/9
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | COUR FY25 | DUOL FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.2B | $7.2B |
| Revenue | $758M | $1.0B |
| Free cash flow | $107M | $370M |
| Net income | β$51.0M | $414M |
| Growth | ||
| Revenue growth | 9.0% | 38.7% |
| 5-year growth | 20.9% | 45.0% |
| Share count change | 4.1% | 2.6% |
| Profitability | ||
| Gross margin | 54.6% | 72.2% |
| Operating margin | β10.2% | 13.1% |
| Net margin | β6.7% | 39.9% |
| FCF margin | 14.2% | 35.6% |
| Return on capital | β | 77.6% |
| Return on equity | β8.3% | 38.1% |
| Balance sheet | ||
| Net debt | β$793M | β$1.0B |
| Net debt / EBITDA | β | β6.9x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | 16.9x |
| Piotroski F-score | 5 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.