Duolingo vs Universal Technical Institute
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The short version
- Duolingo is the larger business, with $1.0B of revenue in fiscal 2025 against $836M for Universal Technical Institute.
- Duolingo grew revenue faster (38.7%, against 14.1%).
- Duolingo kept more of each dollar of sales as operating profit (13.1% operating margin, against 10.0%).
- Duolingo turned more of its sales into free cash flow (35.6% FCF margin, against 6.6%).
- Duolingo earned a higher return on the capital invested in it (77.6%, against 24.0%).
- Investors pay more for each dollar of Universal Technical Institute’s earnings: a P/E of 35.8x against 16.9x for Duolingo.
| Latest fiscal year | DUOL · FY25 | UTI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.2B | $1.2B |
| Revenue | $1.0B | $836M |
| Free cash flow | $370M | $55.4M |
| Net income | $414M | $63.0M |
| Growth | ||
| Revenue growth | 38.7% | 14.1% |
| 5-year growth | 45.0% | 22.7% |
| Share count change | 2.6% | 9.4% |
| Profitability | ||
| Gross margin | 72.2% | — |
| Operating margin | 13.1% | 10.0% |
| Net margin | 39.9% | 7.5% |
| FCF margin | 35.6% | 6.6% |
| Return on capital | 77.6% | 24.0% |
| Return on equity | 38.1% | 21.4% |
| Balance sheet | ||
| Net debt | −$1.0B | −$36.5M |
| Net debt / EBITDA | −6.9x | −0.3x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 16.9x | 35.8x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
DUOL —
UTI $347M
FY17
DUOL —
UTI $324M
FY18
DUOL —
UTI $317M
FY19
DUOL —
UTI $332M
FY20
DUOL $162M
UTI $301M
FY21
DUOL $251M
UTI $335M
FY22
DUOL $370M
UTI $419M
FY23
DUOL $531M
UTI $607M
FY24
DUOL $748M
UTI $733M
FY25
DUOL $1.0B
UTI $836M
DUOL
UTI
Operating margin
FY16
DUOL —
UTI −5.4%
FY17
DUOL —
UTI −0.6%
FY18
DUOL —
UTI −11.1%
FY19
DUOL —
UTI −2.4%
FY20
DUOL −9.9%
UTI −1.3%
FY21
DUOL −23.9%
UTI 4.5%
FY22
DUOL −17.6%
UTI 5.3%
FY23
DUOL −2.5%
UTI 3.5%
FY24
DUOL 8.4%
UTI 8.0%
FY25
DUOL 13.1%
UTI 10.0%
DUOL
UTI
Free cash flow
FY16
DUOL —
UTI −$0.1M
FY17
DUOL —
UTI −$7.0M
FY18
DUOL —
UTI −$34.0M
FY19
DUOL —
UTI $15.3M
FY20
DUOL $14.3M
UTI $1.8M
FY21
DUOL $5.6M
UTI −$6.1M
FY22
DUOL $48.1M
UTI −$33.4M
FY23
DUOL $150M
UTI −$7.5M
FY24
DUOL $273M
UTI $61.6M
FY25
DUOL $370M
UTI $55.4M
DUOL
UTI
Return on capital
FY16
DUOL —
UTI —
FY17
DUOL —
UTI —
FY18
DUOL —
UTI —
FY19
DUOL —
UTI —
FY20
DUOL —
UTI —
FY21
DUOL —
UTI 15.5%
FY22
DUOL —
UTI 14.8%
FY23
DUOL —
UTI 6.4%
FY24
DUOL —
UTI 18.7%
FY25
DUOL 77.6%
UTI 24.0%
DUOL
UTI
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.