Latest Ratios: P/E Ratio -16.2x · EV/EBITDA N/A · ROE -8.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $922M | $1.2B | $1.3B | $2.9B | $1.7B | $2.8B | — | — |
| Enterprise Value | $134M | $418M | $613M | $2.3B | $1.4B | $2.2B | — | — |
| P/E Ratio → | -16.19 | — | — | — | — | — | — | — |
| P/S Ratio | 1.22 | 1.59 | 1.93 | 4.60 | 3.28 | 6.68 | — | — |
| P/B Ratio | 1.29 | 1.90 | 2.24 | 4.75 | 2.47 | 3.74 | — | — |
| P/FCF | 8.60 | 11.25 | 14.26 | 220.88 | — | — | — | — |
| P/OCF | 8.48 | 11.09 | 14.03 | 98.66 | — | 1589.97 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.55 | 0.88 | 3.58 | 2.70 | 5.33 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 3.90 | 6.54 | 171.80 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.6% | 54.6% | 53.5% | 51.9% | 63.3% | 60.1% | 52.7% | 51.4% |
| Operating Margin | -10.3% | -10.3% | -16.3% | -22.9% | -33.9% | -34.4% | -22.7% | -26.2% |
| Net Profit Margin | -6.7% | -6.7% | -11.4% | -18.3% | -33.5% | -35.0% | -22.8% | -25.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -8.3% | -8.3% | -13.1% | -17.8% | -24.4% | -29.6% | -249.9% | — |
| ROA | -5.3% | -5.3% | -8.6% | -12.5% | -18.4% | -21.1% | -20.4% | -19.8% |
| ROIC | — | — | — | -61.7% | -46.8% | -58.4% | -26.7% | — |
| ROCE | -12.6% | -12.6% | -18.5% | -21.9% | -24.2% | -28.0% | -31.9% | -31.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.11 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.24 | -1.21 | -1.05 | -0.44 | -0.76 | -0.22 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -7.35 | -7.73 | -49.08 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -5440.67 | -72.60 |
Net cash position: cash ($793M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.51 | 2.51 | 2.46 | 2.70 | 3.51 | 4.34 | 2.22 | 2.40 |
| Quick Ratio | 2.51 | 2.51 | 2.46 | 2.70 | 3.51 | 4.34 | 2.22 | 2.40 |
| Cash Ratio | 2.21 | 2.21 | 2.22 | 2.42 | 3.22 | 4.09 | 1.86 | 2.09 |
| Asset Turnover | — | 0.76 | 0.75 | 0.69 | 0.55 | 0.43 | 0.70 | 0.78 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 31.51 | 31.36 | 38.71 | 37.45 | 30.23 | 50.64 | 32.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 11.6% | 8.9% | 7.0% | 0.5% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 2.7% | 2.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 2.7% | 2.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $164M | $157M | $151M | $145M | $114M | $133M | $41M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying COUR stock.
Coursera, Inc.'s current P/E ratio is -16.2x. This places it at the 50th percentile of its historical range.
Coursera, Inc.'s return on equity (ROE) is -8.3%. The historical average is -57.2%.
Based on historical data, Coursera, Inc. is trading at a P/E of -16.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Coursera, Inc. has 54.6% gross margin and -10.3% operating margin.
Key Metrics
Top Statement Risk
Integration and synergy execution risk
Metrics are mathematically derived from official filings.
Udemy Deal Reshapes Valuation Metrics
Post-acquisition, COUR trades at a forward P/E of 9.5 and P/S of 1.42, per reported figures, implying the market prices in significant margin recovery from Udemy synergies.
The forward EV/EBITDA of 0.89 appears anomalous, likely reflecting the market's expectation of EBITDA turning positive post-synergies. The P/S of 1.42 is below the peer median of ~2.2, suggesting the market discounts COUR's growth durability. Investors should monitor whether the 9% organic growth justifies the multiple expansion implied by the forward P/E.
Margin Expansion Hinges on Synergies
Gross margin improved to 58.1% in Q2 2026, up from 54.9% a year earlier, but operating margin deteriorated to -28.4%, per financial statements, reflecting integration costs.
The gross margin uptick suggests the Udemy acquisition brings scale benefits, yet the operating margin plunge indicates that SG&A and R&D are scaling faster than gross profit. The reported net margin of -26.9% is distorted by acquisition-related charges; excluding these, the underlying loss appears narrower. Achieving the $85 million synergy target is critical to moving toward breakeven.
ROIC Plunges on Acquisition Drag
ROIC fell to -83.7% in Q2 2026, a stark contrast to the -1.3% in Q2 2025, as reported, reflecting the Udemy acquisition's impact on invested capital.
The negative ROIC is driven by the acquisition's goodwill and integration costs, which have temporarily depressed returns. Pre-acquisition, ROIC was near breakeven, indicating the core business was approaching capital efficiency. The market will likely focus on whether the combined entity can generate returns above its cost of capital by 2027.
Working Capital Efficiency Holds Steady
DSO rose to 33 days in Q2 2026 from 31 a year earlier, while DPO fell to 111 days from 131, per reported figures, indicating a slight strain in cash conversion.
The increase in DSO and decrease in DPO suggest the acquisition has disrupted normal collection and payment cycles, though the impact is modest. The asset turnover of 0.20 remains stable, reflecting the asset-light model. Investors should monitor whether the combined entity can restore DPO to pre-acquisition levels, which would improve cash flow.
Fortress Balance Sheet Preserved
Debt-to-equity remains at 0.01 with total debt of $9.7M against $1.2B equity, as reported in Q2 2026, indicating the Udemy acquisition was largely cash-funded.
The minimal leverage provides ample financial flexibility, especially compared to peers like 2U. Interest coverage is not meaningful given negligible debt, but the company's cash position of $871.7M covers near-term obligations. The risk lies not in debt service but in potential goodwill impairment if synergies fail.
Liquidity Cushion Thins Slightly
Current ratio fell to 1.59 in Q2 2026 from 2.47 in Q1, per balance sheet data, as acquisition-related liabilities increased, but cash remains ample at $871.7M.
The decline in the current ratio reflects the assumption of Udemy's short-term obligations, yet the quick ratio of 1.59 indicates the company can cover immediate liabilities without relying on inventory. The fortress cash position provides a buffer against integration hiccups. Investors should monitor whether the current ratio stabilizes above 1.5 as integration progresses.
Misapplied P/E on Negative Earnings
The most misapplied ratio is P/E, which is meaningless for COUR given negative TTM earnings; instead, EV/Sales or P/FCF better capture value, per reported figures.
Analysts often use P/E for ed-tech firms, but COUR's negative earnings make it uninformative. The forward P/E of 9.5 assumes a sharp earnings recovery, which may be overly optimistic. A more appropriate metric is EV/Sales, which at 1.42 is below peers, or P/FCF at 10.02, which reflects the company's cash generation. Investors should focus on FCF yield and margin trajectory rather than P/E.