Coursera vs Duolingo
Add, change or remove companies; up to four.
The short version
- 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 −10.2%).
- Duolingo turned more of its sales into free cash flow (35.6% FCF margin, against 14.2%).
| 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 | −$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 | −10.2% | 13.1% |
| Net margin | −6.7% | 39.9% |
| FCF margin | 14.2% | 35.6% |
| Return on capital | — | 77.6% |
| Return on equity | −8.3% | 38.1% |
| Balance sheet | ||
| Net debt | −$793M | −$1.0B |
| Net debt / EBITDA | — | −6.9x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | — | 16.9x |
| Piotroski F-score | 5 | 4 |
Revenue
FY19
COUR $184M
DUOL —
FY20
COUR $294M
DUOL $162M
FY21
COUR $415M
DUOL $251M
FY22
COUR $524M
DUOL $370M
FY23
COUR $636M
DUOL $531M
FY24
COUR $695M
DUOL $748M
FY25
COUR $758M
DUOL $1.0B
COUR
DUOL
Operating margin
FY19
COUR −26.2%
DUOL —
FY20
COUR −22.7%
DUOL −9.9%
FY21
COUR −34.5%
DUOL −23.9%
FY22
COUR −33.9%
DUOL −17.6%
FY23
COUR −22.9%
DUOL −2.5%
FY24
COUR −16.3%
DUOL 8.4%
FY25
COUR −10.2%
DUOL 13.1%
COUR
DUOL
Free cash flow
FY19
COUR −$25.7M
DUOL —
FY20
COUR −$18.1M
DUOL $14.3M
FY21
COUR $0.2M
DUOL $5.6M
FY22
COUR −$39.6M
DUOL $48.1M
FY23
COUR $28.6M
DUOL $150M
FY24
COUR $93.8M
DUOL $273M
FY25
COUR $107M
DUOL $370M
COUR
DUOL
Return on capital
FY19
COUR —
DUOL —
FY20
COUR —
DUOL —
FY21
COUR —
DUOL —
FY22
COUR —
DUOL —
FY23
COUR —
DUOL —
FY24
COUR —
DUOL —
FY25
COUR —
DUOL 77.6%
COUR
DUOL
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.