Duolingo vs Grand Canyon Education
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The short version
- Grand Canyon Education is the larger business, with $1.1B of revenue in fiscal 2025 against $1.0B for Duolingo.
- Duolingo grew revenue faster (38.7%, against 7.1%).
- Grand Canyon Education kept more of each dollar of sales as operating profit (24.0% operating margin, against 13.1%).
- Duolingo turned more of its sales into free cash flow (35.6% FCF margin, against 21.6%).
- Duolingo earned a higher return on the capital invested in it (77.6%, against 45.3%).
- Investors pay more for each dollar of Grand Canyon Education’s earnings: a P/E of 19.8x against 16.9x for Duolingo.
| Latest fiscal year | DUOL · FY25 | LOPE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.2B | $4.3B |
| Revenue | $1.0B | $1.1B |
| Free cash flow | $370M | $239M |
| Net income | $414M | $216M |
| Growth | ||
| Revenue growth | 38.7% | 7.1% |
| 5-year growth | 45.0% | 5.6% |
| Share count change | 2.6% | −4.3% |
| Profitability | ||
| Gross margin | 72.2% | — |
| Operating margin | 13.1% | 24.0% |
| Net margin | 39.9% | 19.5% |
| FCF margin | 35.6% | 21.6% |
| Return on capital | 77.6% | 45.3% |
| Return on equity | 38.1% | 28.2% |
| Balance sheet | ||
| Net debt | −$1.0B | −$300M |
| Net debt / EBITDA | −6.9x | −1.0x |
| Dividends and buybacks | $0.0M | $265M |
| Valuation & quality | ||
| P/E | 16.9x | 19.8x |
| Piotroski F-score | 4 | 4 |
Revenue
FY16
DUOL —
LOPE $873M
FY17
DUOL —
LOPE $974M
FY18
DUOL —
LOPE $846M
FY19
DUOL —
LOPE $779M
FY20
DUOL $162M
LOPE $844M
FY21
DUOL $251M
LOPE $897M
FY22
DUOL $370M
LOPE $911M
FY23
DUOL $531M
LOPE $961M
FY24
DUOL $748M
LOPE $1.0B
FY25
DUOL $1.0B
LOPE $1.1B
DUOL
LOPE
Operating margin
FY16
DUOL —
LOPE 27.2%
FY17
DUOL —
LOPE 29.0%
FY18
DUOL —
LOPE 30.5%
FY19
DUOL —
LOPE 34.1%
FY20
DUOL −9.9%
LOPE 32.9%
FY21
DUOL −23.9%
LOPE 31.5%
FY22
DUOL −17.6%
LOPE 26.1%
FY23
DUOL −2.5%
LOPE 25.9%
FY24
DUOL 8.4%
LOPE 26.7%
FY25
DUOL 13.1%
LOPE 24.0%
DUOL
LOPE
Free cash flow
FY16
DUOL —
LOPE $59.5M
FY17
DUOL —
LOPE $191M
FY18
DUOL —
LOPE $105M
FY19
DUOL —
LOPE $284M
FY20
DUOL $14.3M
LOPE $279M
FY21
DUOL $5.6M
LOPE $284M
FY22
DUOL $48.1M
LOPE $186M
FY23
DUOL $150M
LOPE $199M
FY24
DUOL $273M
LOPE $253M
FY25
DUOL $370M
LOPE $239M
DUOL
LOPE
Return on capital
FY16
DUOL —
LOPE 24.5%
FY17
DUOL —
LOPE 27.1%
FY18
DUOL —
LOPE —
FY19
DUOL —
LOPE —
FY20
DUOL —
LOPE 14.8%
FY21
DUOL —
LOPE 23.6%
FY22
DUOL —
LOPE 40.6%
FY23
DUOL —
LOPE 42.3%
FY24
DUOL —
LOPE 45.9%
FY25
DUOL 77.6%
LOPE 45.3%
DUOL
LOPE
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.