7 years of historical data (2019–2025) · Technology · Software - Application
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Duolingo, Inc. trades at 13.3x earnings, 95% below its 5-year average of 281.3x, sitting at the 0th percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a discount of 47%. On a free-cash-flow basis, the stock trades at 12.1x P/FCF, 97% below the 5-year average of 391.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.7B | — | $15.3B | $10.6B | $2.8B | $4.1B | — | — |
| Enterprise Value | $3.8B | — | $14.5B | $9.8B | $2.2B | $3.5B | — | — |
| P/E Ratio → | 13.32 | 23.15 | 172.46 | 648.14 | — | — | — | — |
| P/S Ratio | 4.54 | — | 20.42 | 19.87 | 7.60 | 16.19 | — | — |
| P/B Ratio | 3.50 | 6.08 | 18.52 | 16.10 | 5.18 | 7.92 | — | — |
| P/FCF | 12.14 | — | 55.86 | 75.42 | 64.49 | 1370.12 | — | — |
| P/OCF | 12.14 | — | 53.49 | 68.70 | 52.32 | 442.86 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Duolingo, Inc.'s enterprise value stands at 27.8x EBITDA, 86% below its 5-year average of 198.0x. The Technology sector median is 15.7x, placing the stock at a 77% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 19.44 | 18.51 | 6.03 | 14.11 | — | — |
| EV / EBITDA | 27.79 | — | 197.97 | — | — | — | — | — |
| EV / EBIT | 27.79 | — | 232.29 | — | — | — | — | — |
| EV / FCF | — | — | 53.18 | 70.26 | 51.17 | 1194.19 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Duolingo, Inc. earns an operating margin of 13.1%. Operating margins have expanded from -2.5% to 13.1% over the past 3 years, signaling improving operational efficiency. Return on equity of 38.1% is exceptionally high. ROIC of 40.8% represents excellent returns on invested capital.
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 | 72.2% | 72.2% | 72.8% | 73.2% | 73.1% | 72.4% | 71.6% | 70.7% |
| Operating Margin | 13.1% | 13.1% | 8.4% | -2.5% | -17.6% | -23.9% | -9.9% | -20.0% |
| Net Profit Margin | 39.9% | 39.9% | 11.8% | 3.0% | -16.1% | -24.0% | -9.8% | -19.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 38.1% | 38.1% | 12.0% | 2.7% | -11.3% | -27.8% | — | — |
| ROA | 18.8% | 18.8% | 4.2% | 1.0% | -4.4% | -8.3% | -11.7% | -14.3% |
| ROIC | 40.8% | 40.8% | 356.4% | — | — | — | — | — |
| ROCE | 8.0% | 8.0% | 3.5% | -0.9% | -5.4% | -9.4% | -18.5% | -22.4% |
Solvency and debt-coverage ratios — lower is generally safer
Duolingo, Inc. carries a Debt/EBITDA ratio of 0.7x, which is very conservative (77% below the sector average of 3.0x). The company holds a net cash position — cash of $1.0B exceeds total debt of $94M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.07 | 0.04 | 0.05 | 0.06 | — | — |
| Debt / EBITDA | 0.69 | 0.69 | 0.74 | — | — | — | — | — |
| Net Debt / Equity | — | -0.70 | -0.89 | -1.10 | -1.07 | -1.02 | — | — |
| Net Debt / EBITDA | -6.95 | -6.95 | -9.95 | — | — | — | — | — |
| Debt / FCF | — | -2.43 | -2.67 | -5.16 | -13.32 | -175.93 | -8.12 | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($1.0B) exceeds total debt ($94M)
Short-term solvency ratios and asset-utilisation metrics
Duolingo, Inc.'s current ratio of 2.18x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 3.24x to 2.18x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.18 | 2.18 | 2.61 | 3.24 | 3.84 | 5.20 | 2.41 | 2.46 |
| Quick Ratio | 2.18 | 2.18 | 2.61 | 3.24 | 3.84 | 5.20 | 2.41 | 2.46 |
| Cash Ratio | 1.91 | 1.91 | 2.08 | 2.70 | 3.35 | 4.65 | 1.83 | 1.86 |
| Asset Turnover | — | 0.52 | 0.31 | 0.29 | 0.26 | 0.20 | 0.92 | 0.74 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 57.28 | 62.91 | 61.15 | 46.16 | 48.27 | 46.16 | 51.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Duolingo, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 7.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 7.5% | 4.3% | 0.6% | 0.2% | — | — | — | — |
| FCF Yield | 8.2% | — | 1.8% | 1.3% | 1.6% | 0.1% | — | — |
| Buyback Yield | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $0 | $47M | $47M | $39M | $38M | $36M | $36M |
Compare DUOL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| DUOLYou | $5B | 13.3 | 27.8 | 12.1 | 72.2% | 13.1% | 38.1% | 40.8% | 0.7 |
| SOGP | $10B | -6.8 | — | — | 27.4% | -4.4% | -27.6% | — | — |
| MTCH | $7B | 13.3 | 10.6 | 7.3 | 72.8% | 25.0% | — | 23.7% | 4.1 |
| LYFT | $6B | 2.0 | — | 5.0 | 41.5% | -3.0% | 140.8% | -7.1% | — |
| LIF | $4B | -833.1 | 1860.9 | 150.2 | 75.1% | -2.1% | -1.5% | -3.1% | 0.3 |
| GRND | $2B | -15.4 | 22.0 | 22.3 | 74.6% | 26.9% | — | 34.6% | 2.8 |
| WBTN | $1B | -9.3 | — | 310.7 | 25.1% | -7.5% | -9.9% | -7.0% | — |
| RUM | $572M | -3.3 | — | — | -45.0% | -137.0% | -359.0% | — | — |
| YALA | $175M | 9.6 | -2.5 | 1.0 | 64.5% | 35.7% | 21.5% | 39.3% | 0.0 |
| MRT | $160M | -1.6 | — | — | -15.5% | -350.0% | — | -435.9% | — |
| IPM | $15M | -1.9 | — | — | 76.1% | -466.3% | -52.6% | -95.7% | — |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 7 years · Updated daily
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Start ComparisonDuolingo, Inc.'s current P/E ratio is 13.3x. The historical average is 97.8x.
Duolingo, Inc.'s current EV/EBITDA is 27.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Duolingo, Inc.'s return on equity (ROE) is 38.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 2.7%.
Based on historical data, Duolingo, Inc. is trading at a P/E of 13.3x. Compare with industry peers and growth rates for a complete picture.
Duolingo, Inc. has 72.2% gross margin and 13.1% operating margin. Operating margin between 10-20% is typical for established companies.
Duolingo, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.