Duolingo, Inc. (DUOL) 10-Year Financial Performance & Capital Metrics

DUOL •

TechnologyApplication SoftwareConsumer social and creator platforms

AboutDuolingo, Inc. develops a language-learning website and mobile app in the United States and China. The company offers courses in 40 different languages, including Spanish, English, French, Japanese, German, Italian, Chinese, Portuguese, and others. It also provides a digital language proficiency assessment exam. The company was incorporated in 2011 and is headquartered in Pittsburgh, Pennsylvania.Show more

Revenue $1.04B +38.7%
EBITDA $136M +84.6%
Net Income $414M +367.5%
EPS (Diluted) 7.58 +303.2%
Gross Margin 72.23% -0.7%
EBITDA Margin 13.07% +33.1%
Operating Margin 13.07% +56.1%
Net Margin 39.91% +237.0%
ROE 38.14% +218.6%
ROIC 40.85% -88.5%
Debt/Equity 0.07 +5.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 37.4% free cash flow margin
✓Strong 5Y sales CAGR of 45.0%
✓Good 3Y average ROE of 17.6%
✓Share count reduced 100.0% through buybacks

✗Weaknesses

✗Weak momentum: RS Rating 4 (bottom 4%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y45.03%

3Y41.08%

TTM38.71%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM367.48%

EPS CAGR

10Y-

5Y-

3Y-

TTM307.53%

ROCE

10Y Avg-6.45%

5Y Avg-0.84%

3Y Avg3.54%

Latest8.03%

Peer Comparison

Consumer social and creator platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DUOLDuolingo, Inc.	4.71B	101.00	13.32	38.71%	39.91%	30.74%	8.24%	0.07
MTCHMatch Group, Inc.	7.46B	31.60	13.28	0.22%	17.59%		13.72%
YALAYalla Group Limited	175.12M	7.08	9.57	6.52%	42.29%	18.98%	98.2%	0.00
LYFTLyft, Inc.	5.55B	13.84	2.03	9.16%	45.03%	86.88%	20.11%	0.41
AUUDAuddia Inc.	1.83M	0.84	-0.01			-189.89%		0.02
PSQHPSQ Holdings, Inc.	2.13M	0.66	-0.37	308.01%	-178.95%	-305.78%		1.21
BMBLBumble Inc.	61	3.04	-0.66	1.88%	-19.82%	-19.17%	100%	0.47
GITSGlobal Interactive Technologies, Inc.	8.78M	2.39	-1.02			-100.31%		0.06

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	70.76M	161.7M	250.77M	369.5M	531.11M	748.02M	1.04B
Revenue Growth %	-	128.51%	55.09%	47.34%	43.74%	40.84%	38.71%
Cost of Goods Sold+	20.74M	45.99M	69.19M	99.43M	142.1M	203.65M	288.13M
COGS % of Revenue	29.31%	28.44%	27.59%	26.91%	26.76%	27.22%	27.77%
Gross Profit+	50.02M	115.71M	181.59M	270.06M	389M	544.38M	749.46M
Gross Margin %	70.69%	71.56%	72.41%	73.09%	73.24%	72.78%	72.23%
Gross Profit Growth %	-	131.31%	56.93%	48.73%	44.04%	39.94%	37.67%
Operating Expenses+	64.15M	131.72M	241.59M	335.26M	402.26M	481.78M	613.89M
OpEx % of Revenue	90.66%	81.46%	96.34%	90.73%	75.74%	64.41%	59.16%
Selling, General & Admin	31.36M	78.7M	137.76M	184.81M	207.91M	246.49M	307.56M
SG&A % of Revenue	44.32%	48.67%	54.93%	50.02%	39.15%	32.95%	29.64%
Research & Development	31.56M	53.02M	103.83M	150.44M	194.35M	235.3M	306.32M
R&D % of Revenue	44.6%	32.79%	41.41%	40.72%	36.59%	31.46%	29.52%
Other Operating Expenses	1.23M	0	0	0	0	0	0
Operating Income+	-14.13M	-16.01M	-60.01M	-65.19M	-13.26M	62.59M	135.57M
Operating Margin %	-19.96%	-9.9%	-23.93%	-17.64%	-2.5%	8.37%	13.07%
Operating Income Growth %	-	-13.35%	-274.79%	-8.65%	79.66%	572.09%	116.58%
EBITDA+	-12.87M	-13.76M	-57.28M	-60.33M	-6.16M	73.45M	135.57M
EBITDA Margin %	-18.19%	-8.51%	-22.84%	-16.33%	-1.16%	9.82%	13.07%
EBITDA Growth %	-	-6.84%	-316.44%	-5.31%	89.78%	1291.58%	84.58%
D&A (Non-Cash Add-back)	1.25M	2.26M	2.73M	4.87M	7.09M	10.85M	0
EBIT	-12.9M	-16.01M	-60.01M	-65.19M	-13.26M	62.59M	0
Net Interest Income+	0	231K	19K	7.24M	31.09M	42.7M	0
Interest Income	0	231K	19K	7.24M	31.09M	42.7M	45.23M
Interest Expense	0	0	0	0	0	0	0
Other Income/Expense	571K	303K	49K	6.56M	31.04M	39.71M	46.84M
Pretax Income+	-13.55M	-15.71M	-59.96M	-58.64M	17.78M	102.31M	182.41M
Pretax Margin %	-19.15%	-9.71%	-23.91%	-15.87%	3.35%	13.68%	17.58%
Income Tax+	0	68K	177K	938K	1.71M	13.73M	-231.66M
Effective Tax Rate %	100%	100.43%	100.3%	101.6%	90.38%	86.58%	227%
Net Income+	-13.55M	-15.78M	-60.13M	-59.57M	16.07M	88.57M	414.06M
Net Margin %	-19.15%	-9.76%	-23.98%	-16.12%	3.03%	11.84%	39.91%
Net Income Growth %	-	-16.39%	-281.18%	0.93%	126.97%	451.28%	367.48%
Net Income (Continuing)	-13.55M	-15.78M	-60.13M	-59.57M	16.07M	88.57M	414.06M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0
EPS (Diluted)+	-0.41	-0.44	-1.57	-1.51	0.35	1.88	7.58
EPS Growth %	-	-7.32%	-256.82%	3.82%	123.18%	437.14%	303.19%
EPS (Basic)	-0.41	-0.44	-1.57	-1.51	0.35	2.04	8.12
Diluted Shares Outstanding	35.89M	35.89M	38.27M	39.47M	46.52M	47.1M	0
Basic Shares Outstanding	35.89M	35.89M	38.27M	39.47M	46.52M	43.5M	0
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	78.92M	158.38M	619.27M	697.18M	897.8M	1.1B	1.3B
Cash & Short-Term Investments	59.84M	120.49M	553.92M	608.18M	747.61M	877.64M	1.14B
Cash Only	59.84M	120.49M	553.92M	608.18M	747.61M	785.79M	1.04B
Short-Term Investments	0	0	0	0	0	91.85M	104.08M
Accounts Receivable	10.01M	20.45M	33.16M	46.73M	88.97M	128.92M	162.83M
Days Sales Outstanding	51.61	46.16	48.27	46.16	61.15	62.91	57.28
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	6.93M	13.59M	24.22M	42.27M	61.21M	95.02M	0
Total Non-Current Assets+	16.14M	17.36M	661.31M	747.35M	953.96M	1.3B	688.89M
Property, Plant & Equipment	13.82M	14.5M	36.58M	35.48M	30.89M	66.44M	0
Fixed Asset Turnover	5.12x	11.15x	6.86x	10.42x	17.19x	11.26x	-
Goodwill	0	0	0	4.05M	4.05M	10.54M	35.34M
Intangible Assets	1.79M	2.3M	4.57M	8.5M	15.99M	19.9M	28.31M
Long-Term Investments	0	0	0	0	0	98.29M	0
Other Non-Current Assets	524K	562K	620.16M	698.69M	902.25M	1.11B	625.24M
Total Assets+	95.06M	175.74M	1.28B	1.44B	1.85B	2.4B	1.99B
Asset Turnover	0.74x	0.92x	0.20x	0.26x	0.29x	0.31x	0.52x
Asset Growth %	-	84.87%	628.68%	12.8%	28.19%	29.79%	-17.11%
Total Current Liabilities+	32.11M	65.69M	119.13M	181.77M	277.36M	422.23M	597.98M
Accounts Payable	3.81M	2.2M	7.82M	1.18M	2.45M	6.38M	8M
Days Payables Outstanding	67.08	17.43	41.24	4.32	6.29	11.44	10.13
Short-Term Debt	0	0	0	0	0	0	93.78M
Deferred Revenue (Current)	26.31M	54.79M	98.27M	157.55M	249.19M	372.88M	496.2M
Other Current Liabilities	992K	3.71M	6.2M	9.11M	-3.94M	0	8M
Current Ratio	2.46x	2.41x	5.20x	3.84x	3.24x	2.61x	2.18x
Quick Ratio	2.46x	2.41x	5.20x	3.84x	3.24x	2.61x	2.18x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	146.93M	190.74M	648.39M	720.69M	918.89M	1.16B	47.19M
Long-Term Debt	0	0	0	0	0	0	0
Capital Lease Obligations	9.24M	8.13M	29.12M	23.5M	21.09M	54.66M	0
Deferred Tax Liabilities	0	0	0	0	0	291K	249K
Other Non-Current Liabilities	137.69M	182.61M	619.27M	697.18M	897.8M	1.1B	46.95M
Total Liabilities	179.03M	256.43M	767.53M	902.45M	1.2B	1.58B	645.18M
Total Debt+	10.22M	9.24M	32.46M	28.41M	25.04M	54.66M	93.78M
Net Debt	-49.63M	-111.25M	-521.46M	-579.77M	-722.57M	-731.13M	-942.61M
Debt / Equity	-	-	0.06x	0.05x	0.04x	0.07x	0.07x
Debt / EBITDA	-	-	-	-	-	0.74x	0.69x
Net Debt / EBITDA	-	-	-	-	-	-9.95x	-6.95x
Interest Coverage	-	-	-	-	-	-	-
Total Equity+	-83.98M	-80.69M	513.06M	542.08M	655.5M	824.55M	1.35B
Equity Growth %	-	3.91%	735.83%	5.66%	20.92%	25.79%	63.36%
Book Value per Share	-2.34	-2.25	13.41	13.73	14.09	17.51	28.89
Total Shareholders' Equity	-83.98M	-80.69M	513.06M	542.08M	655.5M	824.55M	1.35B
Common Stock	1K	1K	4K	4K	4K	4K	5K
Retained Earnings	-95M	-110.78M	-170.91M	-230.49M	-214.42M	-125.85M	288.22M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	2.15M	17.71M	9.17M	53.66M	153.61M	285.51M	387.82M
Operating CF Margin %	3.04%	10.95%	3.66%	14.52%	28.92%	38.17%	37.38%
Operating CF Growth %	-	722.86%	-48.22%	485.13%	186.29%	85.86%	35.83%
Net Income	-13.55M	-15.78M	-60.13M	-59.57M	16.07M	88.57M	414.06M
Depreciation & Amortization	1.25M	2.26M	2.73M	4.87M	7.09M	10.85M	14.39M
Stock-Based Compensation	3.73M	17.03M	40.8M	73.82M	95.22M	110.48M	137.44M
Deferred Taxes	0	0	0	0	0	0	-225.19M
Other Non-Cash Items	1.23M	0	0	0	333K	-313K	47.12M
Working Capital Changes	9.5M	14.2M	25.77M	34.54M	34.9M	75.92M	0
Change in Receivables	-5.3M	-10.45M	-12.71M	-13.56M	49.4M	-39.92M	0
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	2.43M	-1.61M	5.62M	-6.66M	1.26M	3.93M	0
Cash from Investing+	2.43M	-4.01M	-6.21M	-14.17M	-13.58M	-217.33M	-107.68M
Capital Expenditures	-3.77M	-3.38M	-3.59M	-5.56M	-3.19M	-12.12M	0
CapEx % of Revenue	5.33%	2.09%	1.43%	1.51%	0.6%	1.62%	-
Acquisitions	0	0	0	-4.05M	0	-6.59M	0
Investments	-	-	-	-	-	-	-
Other Investing	-1.48M	-638K	-2.62M	-4.56M	-10.39M	-9.02M	-107.68M
Cash from Financing+	30.97M	46.95M	430.47M	14.78M	2.13M	-30M	-29.55M
Debt Issued (Net)	0	0	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	0	0	1000K	0
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-168K	0	-868K	0	0	0	0
Other Financing	1.29M	2.03M	5.14M	14.78M	2.13M	-49.36M	-29.55M
Net Change in Cash	35.55M	60.65M	433.43M	54.26M	142.16M	38.18M	250.6M
Free Cash Flow+	-3.09M	13.69M	2.96M	43.53M	139.93M	273.4M	387.82M
FCF Margin %	-4.37%	8.47%	1.18%	11.78%	26.35%	36.55%	37.38%
FCF Growth %	-	542.6%	-78.36%	1368.69%	221.44%	95.38%	41.85%
FCF per Share	-0.09	0.38	0.08	1.10	3.01	5.80	8.32
FCF Conversion (FCF/Net Income)	-0.16x	-1.12x	-0.15x	-0.90x	9.56x	3.22x	0.94x
Interest Paid	0	0	0	0	0	0	0
Taxes Paid	0	0	132K	615K	2.32M	7.62M	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-27.82%	-11.29%	2.68%	11.97%	38.14%
Return on Invested Capital (ROIC)	-	-	-	-	-	356.41%	40.85%
Gross Margin	70.69%	71.56%	72.41%	73.09%	73.24%	72.78%	72.23%
Net Margin	-19.15%	-9.76%	-23.98%	-16.12%	3.03%	11.84%	39.91%
Debt / Equity	-	-	0.06x	0.05x	0.04x	0.07x	0.07x
FCF Conversion	-0.16x	-1.12x	-0.15x	-0.90x	9.56x	3.22x	0.94x
Revenue Growth	-	128.51%	55.09%	47.34%	43.74%	40.84%	38.71%

US Stock Screener

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Duolingo, Inc. (DUOL) 10-Year Financial Performance & Capital Metrics

DUOL •

TechnologyApplication SoftwareConsumer social and creator platforms

Revenue $1.04B +38.7%
EBITDA $136M +84.6%
Net Income $414M +367.5%
EPS (Diluted) 7.58 +303.2%
Gross Margin 72.23% -0.7%
EBITDA Margin 13.07% +33.1%
Operating Margin 13.07% +56.1%
Net Margin 39.91% +237.0%
ROE 38.14% +218.6%
ROIC 40.85% -88.5%
Debt/Equity 0.07 +5.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 37.4% free cash flow margin
✓Strong 5Y sales CAGR of 45.0%
✓Good 3Y average ROE of 17.6%
✓Share count reduced 100.0% through buybacks

✗Weaknesses

✗Weak momentum: RS Rating 4 (bottom 4%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y45.03%

3Y41.08%

TTM38.71%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM367.48%

EPS CAGR

10Y-

5Y-

3Y-

TTM307.53%

ROCE

10Y Avg-6.45%

5Y Avg-0.84%

3Y Avg3.54%

Latest8.03%

Peer Comparison

Consumer social and creator platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DUOLDuolingo, Inc.	4.71B	101.00	13.32	38.71%	39.91%	30.74%	8.24%	0.07
MTCHMatch Group, Inc.	7.46B	31.60	13.28	0.22%	17.59%		13.72%
YALAYalla Group Limited	175.12M	7.08	9.57	6.52%	42.29%	18.98%	98.2%	0.00
LYFTLyft, Inc.	5.55B	13.84	2.03	9.16%	45.03%	86.88%	20.11%	0.41
AUUDAuddia Inc.	1.83M	0.84	-0.01			-189.89%		0.02
PSQHPSQ Holdings, Inc.	2.13M	0.66	-0.37	308.01%	-178.95%	-305.78%		1.21
BMBLBumble Inc.	61	3.04	-0.66	1.88%	-19.82%	-19.17%	100%	0.47
GITSGlobal Interactive Technologies, Inc.	8.78M	2.39	-1.02			-100.31%		0.06

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	70.76M	161.7M	250.77M	369.5M	531.11M	748.02M	1.04B
Revenue Growth %	-	128.51%	55.09%	47.34%	43.74%	40.84%	38.71%
Cost of Goods Sold+	20.74M	45.99M	69.19M	99.43M	142.1M	203.65M	288.13M
COGS % of Revenue	29.31%	28.44%	27.59%	26.91%	26.76%	27.22%	27.77%
Gross Profit+	50.02M	115.71M	181.59M	270.06M	389M	544.38M	749.46M
Gross Margin %	70.69%	71.56%	72.41%	73.09%	73.24%	72.78%	72.23%
Gross Profit Growth %	-	131.31%	56.93%	48.73%	44.04%	39.94%	37.67%
Operating Expenses+	64.15M	131.72M	241.59M	335.26M	402.26M	481.78M	613.89M
OpEx % of Revenue	90.66%	81.46%	96.34%	90.73%	75.74%	64.41%	59.16%
Selling, General & Admin	31.36M	78.7M	137.76M	184.81M	207.91M	246.49M	307.56M
SG&A % of Revenue	44.32%	48.67%	54.93%	50.02%	39.15%	32.95%	29.64%
Research & Development	31.56M	53.02M	103.83M	150.44M	194.35M	235.3M	306.32M
R&D % of Revenue	44.6%	32.79%	41.41%	40.72%	36.59%	31.46%	29.52%
Other Operating Expenses	1.23M	0	0	0	0	0	0
Operating Income+	-14.13M	-16.01M	-60.01M	-65.19M	-13.26M	62.59M	135.57M
Operating Margin %	-19.96%	-9.9%	-23.93%	-17.64%	-2.5%	8.37%	13.07%
Operating Income Growth %	-	-13.35%	-274.79%	-8.65%	79.66%	572.09%	116.58%
EBITDA+	-12.87M	-13.76M	-57.28M	-60.33M	-6.16M	73.45M	135.57M
EBITDA Margin %	-18.19%	-8.51%	-22.84%	-16.33%	-1.16%	9.82%	13.07%
EBITDA Growth %	-	-6.84%	-316.44%	-5.31%	89.78%	1291.58%	84.58%
D&A (Non-Cash Add-back)	1.25M	2.26M	2.73M	4.87M	7.09M	10.85M	0
EBIT	-12.9M	-16.01M	-60.01M	-65.19M	-13.26M	62.59M	0
Net Interest Income+	0	231K	19K	7.24M	31.09M	42.7M	0
Interest Income	0	231K	19K	7.24M	31.09M	42.7M	45.23M
Interest Expense	0	0	0	0	0	0	0
Other Income/Expense	571K	303K	49K	6.56M	31.04M	39.71M	46.84M
Pretax Income+	-13.55M	-15.71M	-59.96M	-58.64M	17.78M	102.31M	182.41M
Pretax Margin %	-19.15%	-9.71%	-23.91%	-15.87%	3.35%	13.68%	17.58%
Income Tax+	0	68K	177K	938K	1.71M	13.73M	-231.66M
Effective Tax Rate %	100%	100.43%	100.3%	101.6%	90.38%	86.58%	227%
Net Income+	-13.55M	-15.78M	-60.13M	-59.57M	16.07M	88.57M	414.06M
Net Margin %	-19.15%	-9.76%	-23.98%	-16.12%	3.03%	11.84%	39.91%
Net Income Growth %	-	-16.39%	-281.18%	0.93%	126.97%	451.28%	367.48%
Net Income (Continuing)	-13.55M	-15.78M	-60.13M	-59.57M	16.07M	88.57M	414.06M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0
EPS (Diluted)+	-0.41	-0.44	-1.57	-1.51	0.35	1.88	7.58
EPS Growth %	-	-7.32%	-256.82%	3.82%	123.18%	437.14%	303.19%
EPS (Basic)	-0.41	-0.44	-1.57	-1.51	0.35	2.04	8.12
Diluted Shares Outstanding	35.89M	35.89M	38.27M	39.47M	46.52M	47.1M	0
Basic Shares Outstanding	35.89M	35.89M	38.27M	39.47M	46.52M	43.5M	0
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	78.92M	158.38M	619.27M	697.18M	897.8M	1.1B	1.3B
Cash & Short-Term Investments	59.84M	120.49M	553.92M	608.18M	747.61M	877.64M	1.14B
Cash Only	59.84M	120.49M	553.92M	608.18M	747.61M	785.79M	1.04B
Short-Term Investments	0	0	0	0	0	91.85M	104.08M
Accounts Receivable	10.01M	20.45M	33.16M	46.73M	88.97M	128.92M	162.83M
Days Sales Outstanding	51.61	46.16	48.27	46.16	61.15	62.91	57.28
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	6.93M	13.59M	24.22M	42.27M	61.21M	95.02M	0
Total Non-Current Assets+	16.14M	17.36M	661.31M	747.35M	953.96M	1.3B	688.89M
Property, Plant & Equipment	13.82M	14.5M	36.58M	35.48M	30.89M	66.44M	0
Fixed Asset Turnover	5.12x	11.15x	6.86x	10.42x	17.19x	11.26x	-
Goodwill	0	0	0	4.05M	4.05M	10.54M	35.34M
Intangible Assets	1.79M	2.3M	4.57M	8.5M	15.99M	19.9M	28.31M
Long-Term Investments	0	0	0	0	0	98.29M	0
Other Non-Current Assets	524K	562K	620.16M	698.69M	902.25M	1.11B	625.24M
Total Assets+	95.06M	175.74M	1.28B	1.44B	1.85B	2.4B	1.99B
Asset Turnover	0.74x	0.92x	0.20x	0.26x	0.29x	0.31x	0.52x
Asset Growth %	-	84.87%	628.68%	12.8%	28.19%	29.79%	-17.11%
Total Current Liabilities+	32.11M	65.69M	119.13M	181.77M	277.36M	422.23M	597.98M
Accounts Payable	3.81M	2.2M	7.82M	1.18M	2.45M	6.38M	8M
Days Payables Outstanding	67.08	17.43	41.24	4.32	6.29	11.44	10.13
Short-Term Debt	0	0	0	0	0	0	93.78M
Deferred Revenue (Current)	26.31M	54.79M	98.27M	157.55M	249.19M	372.88M	496.2M
Other Current Liabilities	992K	3.71M	6.2M	9.11M	-3.94M	0	8M
Current Ratio	2.46x	2.41x	5.20x	3.84x	3.24x	2.61x	2.18x
Quick Ratio	2.46x	2.41x	5.20x	3.84x	3.24x	2.61x	2.18x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	146.93M	190.74M	648.39M	720.69M	918.89M	1.16B	47.19M
Long-Term Debt	0	0	0	0	0	0	0
Capital Lease Obligations	9.24M	8.13M	29.12M	23.5M	21.09M	54.66M	0
Deferred Tax Liabilities	0	0	0	0	0	291K	249K
Other Non-Current Liabilities	137.69M	182.61M	619.27M	697.18M	897.8M	1.1B	46.95M
Total Liabilities	179.03M	256.43M	767.53M	902.45M	1.2B	1.58B	645.18M
Total Debt+	10.22M	9.24M	32.46M	28.41M	25.04M	54.66M	93.78M
Net Debt	-49.63M	-111.25M	-521.46M	-579.77M	-722.57M	-731.13M	-942.61M
Debt / Equity	-	-	0.06x	0.05x	0.04x	0.07x	0.07x
Debt / EBITDA	-	-	-	-	-	0.74x	0.69x
Net Debt / EBITDA	-	-	-	-	-	-9.95x	-6.95x
Interest Coverage	-	-	-	-	-	-	-
Total Equity+	-83.98M	-80.69M	513.06M	542.08M	655.5M	824.55M	1.35B
Equity Growth %	-	3.91%	735.83%	5.66%	20.92%	25.79%	63.36%
Book Value per Share	-2.34	-2.25	13.41	13.73	14.09	17.51	28.89
Total Shareholders' Equity	-83.98M	-80.69M	513.06M	542.08M	655.5M	824.55M	1.35B
Common Stock	1K	1K	4K	4K	4K	4K	5K
Retained Earnings	-95M	-110.78M	-170.91M	-230.49M	-214.42M	-125.85M	288.22M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	2.15M	17.71M	9.17M	53.66M	153.61M	285.51M	387.82M
Operating CF Margin %	3.04%	10.95%	3.66%	14.52%	28.92%	38.17%	37.38%
Operating CF Growth %	-	722.86%	-48.22%	485.13%	186.29%	85.86%	35.83%
Net Income	-13.55M	-15.78M	-60.13M	-59.57M	16.07M	88.57M	414.06M
Depreciation & Amortization	1.25M	2.26M	2.73M	4.87M	7.09M	10.85M	14.39M
Stock-Based Compensation	3.73M	17.03M	40.8M	73.82M	95.22M	110.48M	137.44M
Deferred Taxes	0	0	0	0	0	0	-225.19M
Other Non-Cash Items	1.23M	0	0	0	333K	-313K	47.12M
Working Capital Changes	9.5M	14.2M	25.77M	34.54M	34.9M	75.92M	0
Change in Receivables	-5.3M	-10.45M	-12.71M	-13.56M	49.4M	-39.92M	0
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	2.43M	-1.61M	5.62M	-6.66M	1.26M	3.93M	0
Cash from Investing+	2.43M	-4.01M	-6.21M	-14.17M	-13.58M	-217.33M	-107.68M
Capital Expenditures	-3.77M	-3.38M	-3.59M	-5.56M	-3.19M	-12.12M	0
CapEx % of Revenue	5.33%	2.09%	1.43%	1.51%	0.6%	1.62%	-
Acquisitions	0	0	0	-4.05M	0	-6.59M	0
Investments	-	-	-	-	-	-	-
Other Investing	-1.48M	-638K	-2.62M	-4.56M	-10.39M	-9.02M	-107.68M
Cash from Financing+	30.97M	46.95M	430.47M	14.78M	2.13M	-30M	-29.55M
Debt Issued (Net)	0	0	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	0	0	1000K	0
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-168K	0	-868K	0	0	0	0
Other Financing	1.29M	2.03M	5.14M	14.78M	2.13M	-49.36M	-29.55M
Net Change in Cash	35.55M	60.65M	433.43M	54.26M	142.16M	38.18M	250.6M
Free Cash Flow+	-3.09M	13.69M	2.96M	43.53M	139.93M	273.4M	387.82M
FCF Margin %	-4.37%	8.47%	1.18%	11.78%	26.35%	36.55%	37.38%
FCF Growth %	-	542.6%	-78.36%	1368.69%	221.44%	95.38%	41.85%
FCF per Share	-0.09	0.38	0.08	1.10	3.01	5.80	8.32
FCF Conversion (FCF/Net Income)	-0.16x	-1.12x	-0.15x	-0.90x	9.56x	3.22x	0.94x
Interest Paid	0	0	0	0	0	0	0
Taxes Paid	0	0	132K	615K	2.32M	7.62M	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-27.82%	-11.29%	2.68%	11.97%	38.14%
Return on Invested Capital (ROIC)	-	-	-	-	-	356.41%	40.85%
Gross Margin	70.69%	71.56%	72.41%	73.09%	73.24%	72.78%	72.23%
Net Margin	-19.15%	-9.76%	-23.98%	-16.12%	3.03%	11.84%	39.91%
Debt / Equity	-	-	0.06x	0.05x	0.04x	0.07x	0.07x
FCF Conversion	-0.16x	-1.12x	-0.15x	-0.90x	9.56x	3.22x	0.94x
Revenue Growth	-	128.51%	55.09%	47.34%	43.74%	40.84%	38.71%

Duolingo, Inc. (DUOL) 10-Year Financial Performance & Capital Metrics

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Duolingo, Inc. (DUOL) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare DUOL vs Peers

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