Last 22 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.32 | — | 13.52 | 112.64 | 107.83 | 261.48 | 150.01 | 102.29 | 96.75 | 226.85 | 693.44 | 449.50 | — |
| — | — | -91.0% | +10.1% | +11.5% | +15.3% | -78.4% | -77.2% | — | — | — | — | — | |
| P/S Ratio | 4.54 | — | 14.75 | 20.24 | 16.65 | 17.38 | 18.16 | 13.97 | 15.58 | 18.41 | 14.15 | 13.21 | 12.52 |
| — | — | -18.8% | +44.8% | +6.9% | -5.6% | +28.4% | +5.8% | +24.5% | +166.2% | +43.6% | +35.8% | +10.8% | |
| P/B Ratio | 3.50 | 6.08 | 12.26 | 20.90 | 17.20 | 17.67 | 17.01 | 13.00 | 14.69 | 16.96 | 12.67 | 11.23 | 10.25 |
| — | -65.6% | -27.9% | +60.8% | +17.1% | +4.2% | +34.3% | +15.7% | +43.3% | +220.2% | +78.6% | +72.6% | +45.4% | |
| P/FCF | 12.14 | — | 50.48 | 57.05 | 36.84 | 45.02 | 68.24 | 46.38 | 33.27 | 61.69 | 59.18 | 49.56 | 51.36 |
| — | — | -26.0% | +23.0% | +10.7% | -27.0% | +15.3% | -6.4% | -35.2% | -7.9% | -67.2% | -45.8% | +1.8% | |
| EV / EBITDA | 27.79 | — | 97.60 | 132.71 | 133.74 | 197.21 | 200.43 | 109.04 | 130.57 | 380.03 | — | — | — |
| — | — | -51.3% | +21.7% | +2.4% | -48.1% | — | — | — | — | — | — | — | |
| EV / EBIT | 27.79 | — | 81.34 | 146.39 | 154.09 | 249.22 | 242.90 | 122.12 | 147.05 | 541.87 | — | — | — |
| — | — | -66.5% | +19.9% | +4.8% | -54.0% | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Duolingo, Inc.'s operating margin was 15.4% in Q4 2025, up 2.4 pp QoQ and up 8.7 pp YoY. The trailing four-quarter average of 12.9% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.2% | 72.8% | 72.5% | 72.4% | 71.1% | 71.9% | 72.9% | 73.4% | 73.0% | 73.1% | 73.7% | 73.4% | 72.8% |
| — | +1.3% | -0.6% | -1.5% | -2.6% | -1.7% | -1.0% | +0.1% | +0.4% | -0.2% | +1.4% | +0.5% | -1.0% | |
| Operating Margin | 13.1% | 15.4% | 12.9% | 13.2% | 10.2% | 6.6% | 7.0% | 10.5% | 9.8% | 3.2% | -3.4% | -3.8% | -7.4% |
| — | +131.9% | +83.6% | +26.1% | +4.2% | +108.6% | +307.7% | +373.4% | +233.2% | +118.2% | +83.8% | +77.5% | +49.5% | |
| Net Margin | 39.9% | 14.8% | 107.5% | 17.8% | 15.2% | 6.6% | 12.1% | 13.7% | 16.1% | 8.0% | 2.0% | 2.9% | -2.2% |
| — | +123.5% | +786.6% | +30.0% | -5.4% | -17.3% | +494.7% | +365.0% | +820.7% | +159.8% | +110.6% | +117.3% | +85.1% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 38.1% | 3.2% | 25.6% | 4.8% | 4.1% | 1.7% | 2.9% | 3.3% | 3.9% | 1.9% | 0.5% | 0.6% | -0.5% |
| — | +87.2% | +770.2% | +45.3% | +3.7% | -11.5% | +534.2% | +413.7% | +945.9% | +173.7% | +113.3% | +122.4% | +80.2% | |
| ROA | 18.8% | 2.2% | 17.0% | 2.2% | 1.4% | 0.6% | 1.0% | 1.5% | 2.7% | 1.3% | 0.3% | 0.5% | -0.3% |
| — | +264.2% | +1526.9% | +43.5% | -47.5% | -55.3% | +218.3% | +226.9% | +893.7% | +169.6% | +112.6% | +121.1% | +81.4% | |
| ROIC | 40.8% | 8.2% | 10.8% | 31.5% | 22.4% | 17.9% | 44.9% | — | — | — | — | — | — |
| — | -54.4% | -75.9% | — | — | — | — | — | — | — | — | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Duolingo, Inc.'s Debt/EBITDA ratio is 2.2x, down from 2.5x last quarter — at a moderate level that warrants monitoring. The current ratio has weakened 16.5% YoY to 2.18x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.07 | 0.10 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.04 | 0.04 | 0.05 | 0.05 |
| — | +5.0% | +12.0% | +34.5% | -19.5% | +73.5% | +56.8% | +55.8% | +53.5% | -27.1% | -21.7% | -19.4% | -19.6% | |
| Debt / EBITDA | 0.69 | 2.16 | 2.51 | 2.55 | 2.01 | 3.12 | 3.32 | 2.62 | 2.91 | 3.66 | — | — | — |
| — | -30.7% | -24.3% | -2.5% | -31.1% | -14.9% | — | — | — | — | — | — | — | |
| Current Ratio | 2.18 | 2.18 | 2.82 | 2.81 | 2.68 | 2.61 | 3.09 | 3.28 | 3.22 | 3.24 | 3.49 | 3.62 | 3.65 |
| — | -16.5% | -8.8% | -14.3% | -16.6% | -19.4% | -11.3% | -9.3% | -12.0% | -15.6% | -18.8% | -18.7% | -22.5% | |
| Quick Ratio | 2.18 | 2.18 | 2.82 | 2.81 | 2.68 | 2.61 | 3.09 | 3.28 | 3.22 | 3.24 | 3.49 | 3.62 | 3.65 |
| — | -16.5% | -8.8% | -14.3% | -16.6% | -19.4% | -11.3% | -9.3% | -12.0% | -15.6% | -18.8% | -18.7% | -22.5% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonDuolingo, Inc.'s current P/E is 13.3x. The average P/E over the last 3 quarters is 78.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Duolingo, Inc.'s current operating margin is 13.1%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Duolingo, Inc.'s business trajectory between earnings reports.