Duolingo Valuation Multiples

Duolingo Overview

About Duolingo

Duolingo Inc is a technology company that develops a mobile learning platform to learn languages and is the top-grossing app in the Education category on both Google Play and the Apple App Store. Its products are powered by sophisticated data analytics and artificial intelligence and delivered with class art, animation, and design to make it easier for learners to stay motivated master new material, and achieve their learning goals. Its solutions include the Duolingo Language Learning App, Super Duolingo, Duolingo English Test: AI-Driven Language Assessment, Duolingo For Schools, Duolingo ABC, and Duolingo Math. It has four predominant sources of revenue; time-based subscriptions, in-app advertising placement by third parties, and the Duolingo English Test, and In-App Purchases.

Founded

2011

HQ

Employees

830

Website

duolingo.com

Sectors

Learning PlatformsEducation & TrainingConsumer AppsVertical AI ApplicationsEduTechConsumer SaaS

Financials (LTM)

Revenue: $1B

EBITDA: $305M

EV

$4B

Valuation Multiples

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Duolingo Financials

Duolingo reported last 12-month revenue of $1B and EBITDA of $305M.

In the same LTM period, Duolingo generated $771M in gross profit, $305M in EBITDA, and $351M in net income.

Duolingo P&L

In the most recent fiscal year, Duolingo reported revenue of $1B and EBITDA of $306M.

Duolingo expects next 12-month revenue of XXX and NTM EBITDA of XXX

Duolingo Stock Performance

Duolingo has current market cap of $5B, and enterprise value of $4B.

Duolingo's stock price is $100.82.

Duolingo Valuation Multiples

Duolingo trades at 3.4x EV/Revenue multiple, and 11.9x EV/EBITDA.

Duolingo Financial Valuation Multiples

As of March 29, 2026, Duolingo has market cap of $5B and EV of $4B.

Equity research analysts estimate Duolingo's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Duolingo has a P/E ratio of 13.3x.

Duolingo Margins & Growth Rates

Duolingo's revenue in the last 12 month grew by 16%.

Duolingo's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.7M for the same period.

Duolingo's rule of 40 is 42% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Duolingo's rule of X is 66% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Duolingo Public Comps

See public comps and valuation multiples for other Learning Platforms and Education & Training comps.

Duolingo M&A Activity

Duolingo acquired XXX companies to date.

Last acquisition by Duolingo was on XXXXXXXX, XXXXX. Duolingo acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Duolingo Investment Activity

Duolingo invested in XXX companies to date.

Duolingo made its latest investment on XXXXXXXX, XXXXX. Duolingo invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).