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Duolingo Valuation Multiples

Discover revenue and EBITDA valuation multiples for Duolingo and other public comps.

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Duolingo Overview

About Duolingo

Duolingo Inc is a technology company that develops 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 three predominant sources of revenue; time-based subscriptions, in-app advertising placement by third parties, and the Duolingo English Test.


Founded

2011

HQ

United States of America
Employees

720

Website

duolingo.com

Financials

LTM Revenue $769M

LTM EBITDA $199M

EV

$16.5B

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Duolingo Financials

Duolingo has a last 12-month revenue of $769M and a last 12-month EBITDA of $199M.

In the most recent fiscal year, Duolingo achieved revenue of $531M and an EBITDA of -$6.2M.

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

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Duolingo P&L

FY 2022 FY 2023 FY 2024 LTM NTM
Revenue $369M $531M $744M $769M XXX
Gross Profit $182M $270M $389M XXX XXX
Gross Margin 49% 51% 52% XXX XXX
EBITDA -$60.3M -$6.2M $190M $199M XXX
EBITDA Margin -16% -1% 26% 26% XXX
Net Profit -$60.1M -$59.6M $16.1M XXX XXX
Net Margin -16% -11% 2% XXX XXX
Net Debt n/a n/a n/a XXX XXX

Financial data powered by Morningstar, Inc.

Duolingo Stock Performance

As of February 10, 2025, Duolingo's stock price is $394.

Duolingo has current market cap of $17.3B, and EV of $16.5B.

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Duolingo Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$16.5B $17.3B XXX XXX XXX XXX $2.12

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Duolingo Valuation Multiples

As of February 10, 2025, Duolingo has market cap of $17.3B and EV of $16.5B.

Duolingo's trades at 21.5x LTM EV/Revenue multiple, and 82.8x LTM EBITDA.

Analysts estimate Duolingo's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Duolingo Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $16.5B XXX XXX XXX
EV/Revenue 22.2x XXX XXX XXX
EV/EBITDA 86.9x XXX XXX XXX
P/E 176.4x XXX XXX XXX
P/E/Growth 3.7x XXX XXX XXX
EV/FCF 60.7x XXX XXX XXX

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Duolingo Valuation Multiples

Duolingo's NTM/LTM revenue growth is 29%

Duolingo's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $0.6M for the same period.

Over next 12 months, Duolingo's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Duolingo's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Duolingo Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 40% XXX XXX XXX XXX
EBITDA Margin 26% XXX XXX XXX XXX
EBITDA Growth -3181% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 55% XXX XXX XXX XXX
Revenue per Employee $0.7M XXX XXX XXX XXX
Opex per Employee $0.6M XXX XXX XXX XXX
S&M Expenses to Revenue 14% XXX XXX XXX XXX
G&A Expenses to Revenue 25% XXX XXX XXX XXX
R&D Expenses to Revenue 37% XXX XXX XXX XXX
Opex to Revenue 76% XXX XXX XXX XXX

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Duolingo Public Comps

See valuation multiples for Duolingo public comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Alef Education XXX XXX XXX XXX XXX XXX
51 Talk XXX XXX XXX XXX XXX XXX
3P Learning XXX XXX XXX XXX XXX XXX
FLOWSPARKS XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Duolingo M&A and Investment Activity

Duolingo acquired  XXX companies to date.

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

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Latest Acquisitions by Duolingo

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Duolingo

When was Duolingo founded? Duolingo was founded in 2011.
Where is Duolingo headquartered? Duolingo is headquartered in United States of America.
How many employees does Duolingo have? As of today, Duolingo has 720 employees.
Who is the CEO of Duolingo? Duolingo's CEO is Dr. Luis von Ahn, PhD.
Is Duolingo publicy listed? Yes, Duolingo is a public company listed on NAS.
What is the stock symbol of Duolingo? Duolingo trades under DUOL ticker.
When did Duolingo go public? Duolingo went public in 2021.
Who are competitors of Duolingo? Similar companies to Duolingo include e.g. Alef Education, 51 Talk, 3P Learning, FLOWSPARKS.
What is the current market cap of Duolingo? Duolingo's current market cap is $17.3B
What is the current revenue of Duolingo? Duolingo's last 12-month revenue is $769M.
What is the current EBITDA of Duolingo? Duolingo's last 12-month EBITDA is $199M.
What is the current EV/Revenue multiple of Duolingo? Current revenue multiple of Duolingo is 21.5x.
What is the current EV/EBITDA multiple of Duolingo? Current EBITDA multiple of Duolingo is 82.8x.
What is the current revenue growth of Duolingo? Duolingo revenue growth between 2023 and 2024 was 40%.
Is Duolingo profitable? Yes, Duolingo is EBITDA-positive (as of the last 12 months).

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