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Udemy Valuation Multiples
Discover revenue and EBITDA valuation multiples for Udemy and similar public comparables like American Public Education, Docebo, Gaotu Techedu, Fenbi and more.
Udemy Overview
About Udemy
Udemy Inc operates a marketplace platform at the center of a vibrant knowledge network. The company operates under two operating and reportable segments Enterprise segment and Consumer segment, out of which the Enterprise segment derives the maximum revenue. Geographically, the company derives maximum revenue from North America, and also has its presence in Europe, Middle East, Africa; Asia Pacific; and Latin America. The company leverages data, technology, and insights for effective learning experiences. It helps individuals and organizations to possess effective skill acquisition and development with flexibility.
Founded
2010
HQ
Employees
1.4K
Website
Financials (LTM)
EV
$381M
Udemy Financials
Udemy reported last 12-month revenue of $793M and EBITDA of $96M.
In the same LTM period, Udemy generated $527M in gross profit, $96M in EBITDA, and $6M in net income.
Revenue (LTM)
Udemy P&L
In the most recent fiscal year, Udemy reported revenue of $790M and EBITDA of $95M.
Udemy expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $793M | XXX | $790M | XXX | XXX | XXX |
| Gross Profit | $527M | XXX | $518M | XXX | XXX | XXX |
| Gross Margin | 66% | XXX | 66% | XXX | XXX | XXX |
| EBITDA | $96M | XXX | $95M | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | 12% | XXX | XXX | XXX |
| EBIT Margin | 9% | XXX | 9% | XXX | XXX | XXX |
| Net Profit | $6M | XXX | $4M | XXX | XXX | XXX |
| Net Margin | 1% | XXX | 1% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Udemy Stock Performance
Udemy has current market cap of $730M, and enterprise value of $381M.
Market Cap Evolution
Udemy's stock price is $5.02.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $381M | $730M | 0.0% | XXX | XXX | XXX | $0.03 |
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Start Free TrialUdemy Valuation Multiples
Udemy trades at 0.5x EV/Revenue multiple, and 4.0x EV/EBITDA.
EV / Revenue (LTM)
Udemy Financial Valuation Multiples
As of March 20, 2026, Udemy has market cap of $730M and EV of $381M.
Equity research analysts estimate Udemy's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Udemy has a P/E ratio of 124.9x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $730M | XXX | $730M | XXX | XXX | XXX |
| EV (current) | $381M | XXX | $381M | XXX | XXX | XXX |
| EV/Revenue | 0.5x | XXX | 0.5x | XXX | XXX | XXX |
| EV/EBITDA | 4.0x | XXX | 4.0x | XXX | XXX | XXX |
| EV/EBIT | 5.6x | XXX | 5.5x | XXX | XXX | XXX |
| EV/Gross Profit | 0.7x | XXX | 0.7x | XXX | XXX | XXX |
| P/E | 124.9x | XXX | 191.8x | XXX | XXX | XXX |
| EV/FCF | 5.2x | XXX | 5.4x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Udemy Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Udemy Margins & Growth Rates
Udemy's revenue in the last 12 month grew by 3%.
Udemy's revenue per employee in the last FY averaged $0.6M.
Udemy's rule of 40 is 15% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Udemy's rule of X is 19% (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).
Udemy Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 3% | XXX | 2% | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | 12% | XXX | XXX | XXX |
| EBITDA Growth | 5% | XXX | 3% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 15% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 19% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.6M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 40% | XXX | 41% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 10% | XXX | 12% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 12% | XXX | 13% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 66% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Udemy Public Comps
See public comps and valuation multiples for other Learning Platforms comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| American Public Education | XXX | XXX | XXX | XXX | XXX | XXX |
| Docebo | XXX | XXX | XXX | XXX | XXX | XXX |
| Gaotu Techedu | XXX | XXX | XXX | XXX | XXX | XXX |
| Fenbi | XXX | XXX | XXX | XXX | XXX | XXX |
| Vasta Platform | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Udemy M&A Activity
Udemy acquired XXX companies to date.
Last acquisition by Udemy was on XXXXXXXX, XXXXX. Udemy acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Udemy
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialUdemy Investment Activity
Udemy invested in XXX companies to date.
Udemy made its latest investment on XXXXXXXX, XXXXX. Udemy invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Udemy
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Udemy
| When was Udemy founded? | Udemy was founded in 2010. |
| Where is Udemy headquartered? | Udemy is headquartered in United States. |
| How many employees does Udemy have? | As of today, Udemy has over 1K employees. |
| Who is the CEO of Udemy? | Udemy's CEO is Hugo Sarrazin. |
| Is Udemy publicly listed? | Yes, Udemy is a public company listed on Nasdaq. |
| What is the stock symbol of Udemy? | Udemy trades under UDMY ticker. |
| When did Udemy go public? | Udemy went public in 2021. |
| Who are competitors of Udemy? | Udemy main competitors are American Public Education, Docebo, Gaotu Techedu, Fenbi. |
| What is the current market cap of Udemy? | Udemy's current market cap is $730M. |
| What is the current revenue of Udemy? | Udemy's last 12 months revenue is $793M. |
| What is the current revenue growth of Udemy? | Udemy revenue growth (NTM/LTM) is 3%. |
| What is the current EV/Revenue multiple of Udemy? | Current revenue multiple of Udemy is 0.5x. |
| Is Udemy profitable? | Yes, Udemy is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Udemy? | Udemy's last 12 months EBITDA is $96M. |
| What is Udemy's EBITDA margin? | Udemy's last 12 months EBITDA margin is 12%. |
| What is the current EV/EBITDA multiple of Udemy? | Current EBITDA multiple of Udemy is 4.0x. |
| What is the current FCF of Udemy? | Udemy's last 12 months FCF is $73M. |
| What is Udemy's FCF margin? | Udemy's last 12 months FCF margin is 9%. |
| What is the current EV/FCF multiple of Udemy? | Current FCF multiple of Udemy is 5.2x. |
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