Duolingo - Public Comps and 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 Platforms
Education & Training
Consumer Apps
Vertical AI Applications
EduTech
Consumer SaaS

Financials

LTM Revenue $971M

LTM EBITDA $276M

EV

$12.5B

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Duolingo Financials

As of September 2025, Duolingo reported last 12-month revenue of $971M and EBITDA of $276M.

In the same period, Duolingo generated $700M in LTM gross profit and $148M in net income.

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Duolingo P&L

In the most recent fiscal year, Duolingo reported revenue of $748M and EBITDA of $73.4M.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$971M	XXX	$748M	XXX	XXX	XXX
Gross Profit	$700M	XXX	$544M	XXX	XXX	XXX
Gross Margin	72%	XXX	73%	XXX	XXX	XXX
EBITDA	$276M	XXX	$73.4M	XXX	XXX	XXX
EBITDA Margin	28%	XXX	10%	XXX	XXX	XXX
EBIT	$113M	XXX	$62.6M	XXX	XXX	XXX
EBIT Margin	12%	XXX	8%	XXX	XXX	XXX
Net Profit	$148M	XXX	$88.6M	XXX	XXX	XXX
Net Margin	15%	XXX	12%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Duolingo including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $971M. EBITDA for the last twelve months was $276M. In the most recent fiscal year, Duolingo achieved $748M in revenue and $73.4M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$971M	Analyst estimates available to subscribers	$748M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$700M	Analyst estimates available to subscribers	$544M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	72.1% gross margin	Analyst estimates available to subscribers	72.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$276M	Analyst estimates available to subscribers	$73.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	28.5% EBITDA margin	Analyst estimates available to subscribers	9.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$113M	Analyst estimates available to subscribers	$62.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	11.6% EBIT margin	Analyst estimates available to subscribers	8.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$148M	Analyst estimates available to subscribers	$88.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	15.2% net profit margin	Analyst estimates available to subscribers	11.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Duolingo

This financial data table provides comprehensive performance metrics for Duolingo, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Duolingo generated $971M in revenue over the last twelve months.
The company achieved $276M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $700M.
Net income over the last twelve months reached $148M.

Fiscal Year Performance

In the most recent fiscal year, Duolingo reported $748M in total revenue.
Fiscal year EBITDA was $73.4M.
The company maintained a gross profit margin of 72.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 9.8%.
Net profit margin reached 11.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Duolingo. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Duolingo Stock Performance

Duolingo has current market cap of $13.5B, and EV of $12.5B.

Market Cap Evolution

Duolingo Stock Data

As of October 29, 2025, Duolingo's stock price is $294.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$12.5B	$13.5B	XXX	XXX	XXX	XXX	$3.04

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Duolingo Valuation Multiples

Duolingo's trades at 16.7x EV/Revenue multiple, and 169.7x EV/EBITDA.

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Duolingo Financial Valuation Multiples

As of October 29, 2025, Duolingo has market cap of $13.5B and EV of $12.5B.

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 91.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$13.5B	XXX	$13.5B	XXX	XXX	XXX
EV (current)	$12.5B	XXX	$12.5B	XXX	XXX	XXX
EV/Revenue	12.8x	XXX	16.7x	XXX	XXX	XXX
EV/EBITDA	45.1x	XXX	169.7x	XXX	XXX	XXX
EV/EBIT	110.3x	XXX	199.1x	XXX	XXX	XXX
EV/Gross Profit	17.8x	XXX	n/a	XXX	XXX	XXX
P/E	91.1x	XXX	152.0x	XXX	XXX	XXX
EV/FCF	33.3x	XXX	47.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Duolingo Margins & Growth Rates

Duolingo's last 12 month revenue growth is 27%

Duolingo's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.6M for the same period.

Duolingo's rule of 40 is 26% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Duolingo's rule of X is 96% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Duolingo Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	27%	XXX	31%	XXX	XXX	XXX
EBITDA Margin	28%	XXX	10%	XXX	XXX	XXX
EBITDA Growth	41%	XXX	n/a	XXX	XXX	XXX
Rule of 40	26%	XXX	37%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	96%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	12%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	31%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	64%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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