Duolingo vs Perdoceo Education
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The short version
- Duolingo is the larger business, with $1.0B of revenue in fiscal 2025 against $846M for Perdoceo Education.
- Duolingo grew revenue faster (38.7%, against 24.2%).
- Perdoceo Education kept more of each dollar of sales as operating profit (23.2% operating margin, against 13.1%).
- Duolingo turned more of its sales into free cash flow (35.6% FCF margin, against 25.6%).
- Investors pay more for each dollar of Duolingo’s earnings: a P/E of 16.9x against 12.3x for Perdoceo Education.
| Latest fiscal year | DUOL · FY25 | PRDO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.2B | $2.2B |
| Revenue | $1.0B | $846M |
| Free cash flow | $370M | $217M |
| Net income | $414M | $160M |
| Growth | ||
| Revenue growth | 38.7% | 24.2% |
| 5-year growth | 45.0% | 4.2% |
| Share count change | 2.6% | −1.6% |
| Profitability | ||
| Gross margin | 72.2% | — |
| Operating margin | 13.1% | 23.2% |
| Net margin | 39.9% | 18.9% |
| FCF margin | 35.6% | 25.6% |
| Return on capital | 77.6% | — |
| Return on equity | 38.1% | 16.6% |
| Balance sheet | ||
| Net debt | −$1.0B | — |
| Net debt / EBITDA | −6.9x | — |
| Dividends and buybacks | $0.0M | $121M |
| Valuation & quality | ||
| P/E | 16.9x | 12.3x |
| Piotroski F-score | 4 | — |
Revenue
FY16
DUOL —
PRDO $704M
FY17
DUOL —
PRDO $596M
FY18
DUOL —
PRDO $581M
FY19
DUOL —
PRDO $628M
FY20
DUOL $162M
PRDO $687M
FY21
DUOL $251M
PRDO $693M
FY22
DUOL $370M
PRDO $695M
FY23
DUOL $531M
PRDO $710M
FY24
DUOL $748M
PRDO $681M
FY25
DUOL $1.0B
PRDO $846M
DUOL
PRDO
Operating margin
FY16
DUOL —
PRDO −4.6%
FY17
DUOL —
PRDO 5.7%
FY18
DUOL —
PRDO 12.3%
FY19
DUOL —
PRDO 13.8%
FY20
DUOL −9.9%
PRDO 20.8%
FY21
DUOL −23.9%
PRDO 21.5%
FY22
DUOL −17.6%
PRDO 18.7%
FY23
DUOL −2.5%
PRDO 21.2%
FY24
DUOL 8.4%
PRDO 25.6%
FY25
DUOL 13.1%
PRDO 23.2%
DUOL
PRDO
Free cash flow
FY16
DUOL —
PRDO $2.4M
FY17
DUOL —
PRDO −$28.1M
FY18
DUOL —
PRDO $50.3M
FY19
DUOL —
PRDO $67.9M
FY20
DUOL $14.3M
PRDO $170M
FY21
DUOL $5.6M
PRDO $181M
FY22
DUOL $48.1M
PRDO $136M
FY23
DUOL $150M
PRDO $106M
FY24
DUOL $273M
PRDO $157M
FY25
DUOL $370M
PRDO $217M
DUOL
PRDO
Return on capital
FY16
DUOL —
PRDO —
FY17
DUOL —
PRDO —
FY18
DUOL —
PRDO —
FY19
DUOL —
PRDO —
FY20
DUOL —
PRDO —
FY21
DUOL —
PRDO —
FY22
DUOL —
PRDO —
FY23
DUOL —
PRDO —
FY24
DUOL —
PRDO —
FY25
DUOL 77.6%
PRDO —
DUOL
PRDO
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.