Duolingo, Inc.DUOL
NasdaqGS•Technology•Software - Application
Duolingo, Inc. operates as a mobile learning platform in the United States, the United Kingdom, and internationally. The company offers 250 language courses, including Spanish, English, French, German, Italian, Portuguese, Japanese, and Chinese through its Duolingo app. It also provides a digital English language proficiency assessment exam. The company was incorporated in 2011 and is headquartered in Pittsburgh, Pennsylvania.
Duolingo, Inc. (DUOL) reported trailing twelve months revenue of $1.10B as of March 2026, a 35.5% increase year-over-year. Quarterly revenue reached $291.97M, reflecting continued top-line momentum.
Duolingo, Inc. generated $422.39M in TTM net income, with quarterly EBITDA of $48.72M. The operating margin expanded from 10.2% to 15.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (15.3%) and net margin (14.9%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 15.2% a year ago, reflecting increased costs or interest expense.
DUOL trades at a P/E of 14.1x (below the broader market average) and a P/S of 5.4x. The price-to-book ratio of 4.3x reflects a moderate premium to book value.
The company generated $150.64M in free cash flow over the trailing twelve months, a 44.4% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.06B in total assets with no in long-term debt against $1.39B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 20 quarters of fundamental data
Operating margins are expanding at ~11.4%, suggesting durable pricing power and cost discipline.
ROE averages 17.9% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~73.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 20 quarters
Margins are stable or improving at ~14.2% — no sign of cost or pricing stress.
FCF covers net income by 2.7x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 8.2% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation