Duolingo, Inc. (DUOL) Key Metrics
DUOL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.61B
- Enterprise value
- $5.60B
- P/E (TTM)
- 16.8 10-yr median 172.4
- Forward P/E
- 19.0
- PEG ratio
- —
- Price / sales
- 5.8 10-yr median 16.2
- Price / book
- 4.8 10-yr median 7.9
- EV / EBITDA
- 32.4 10-yr median 127.7
- Dividend yield
- —
- Beta
- 1.05
DUOL key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDUOL valuation Price multiples at each fiscal year-end price.
DUOL returns How much profit the business earns on the capital it uses.
DUOL per-share figures Results divided by the shares outstanding at year-end.
DUOL financial health Debt, liquidity and how easily interest is covered.
DUOL efficiency & capital use Working capital cycle and where the cash goes.
DUOL valuation history
DUOL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DUOL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DUOL cash returned to shareholders
DUOL price vs earnings per share
DUOL key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Market capitalization | $8.48B | $15.27B | $10.55B | $2.81B | $4.06B | — | — |
| Enterprise value | $7.43B | $14.45B | $9.83B | $2.23B | $3.54B | — | — |
| P/E ratio | 20.5 | 172.4 | 656.8 | — | — | — | — |
| Price / sales | 8.2 | 20.4 | 19.9 | 7.6 | 16.2 | — | — |
| Price / book | 6.3 | 18.5 | 16.1 | 5.2 | 7.9 | — | — |
| Price / free cash flow | 22.9 | 55.9 | 70.2 | 58.4 | 727.3 | — | — |
| Price / operating cash flow | 21.9 | 53.5 | 68.7 | 52.3 | 442.9 | — | — |
| EV / sales | 7.2 | 19.3 | 18.5 | 6.0 | 14.1 | — | — |
| EV / EBITDA | 37.8 | 127.7 | 395.3 | — | — | — | — |
| EV / free cash flow | 20.1 | 52.9 | 65.4 | 46.3 | 633.9 | — | — |
| Earnings yield | 4.9% | 0.6% | 0.2% | −2.1% | −1.5% | — | — |
| Free cash flow yield | 4.4% | 1.8% | 1.4% | 1.7% | 0.1% | — | — |
| Shareholder yield (dividends + buybacks) | — | — | 0.1% | 0.0% | 0.2% | — | — |
| Share price at fiscal year-end | $175.50 | $324.23 | $226.85 | $71.13 | $106.11 | — | — |
| Per share | |||||||
| Revenue per share | $21.48 | $15.88 | $11.42 | $9.36 | $6.55 | $4.51 | $1.97 |
| Earnings per share | $8.57 | $1.88 | $0.35 | −$1.51 | −$1.57 | −$0.44 | −$0.38 |
| Operating cash flow per share | $8.03 | $6.06 | $3.30 | $1.36 | $0.24 | $0.49 | $0.06 |
| Free cash flow per share | $7.65 | $5.80 | $3.23 | $1.22 | $0.15 | $0.40 | −$0.05 |
| Cash per share | $23.61 | $18.63 | $16.07 | $15.41 | $14.47 | $3.36 | $1.67 |
| Book value per share | $27.88 | $17.51 | $14.09 | $13.73 | $13.41 | $2.84 | $1.50 |
| Tangible book value per share | $26.57 | $16.86 | $13.66 | $13.42 | $13.29 | $2.78 | $1.45 |
| Capex per share | $0.37 | $0.26 | $0.07 | $0.14 | $0.09 | $0.09 | $0.11 |
| Debt per share | $1.94 | $1.22 | $0.54 | $0.72 | $0.85 | $0.26 | $0.28 |
| Shares outstanding | 48.3M | 47.1M | 46.5M | 39.5M | 38.3M | 35.9M | 35.9M |
| Change in shares outstanding | +2.6% | +1.2% | +17.9% | +3.1% | +6.6% | 0.0% | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | 38.1% | 12.0% | 2.7% | −11.3% | −19.6% | −20.3% | −25.2% |
| Return on invested capital (ROIC) | 92.8% | — | — | — | — | — | −249.5% |
| Return on assets (ROA) | 25.1% | 7.9% | 1.9% | −8.5% | −14.4% | −11.7% | −14.3% |
| Return on tangible assets | 21.5% | 7.0% | 1.7% | −8.1% | −9.2% | −9.1% | −14.5% |
| Free cash flow margin | 35.6% | 36.5% | 28.3% | 13.0% | 2.2% | 8.9% | −2.3% |
| Income quality (OCF / net income) | 0.94 | 3.22 | 9.56 | — | — | — | — |
| Financial health | |||||||
| Total debt | $93.8M | $57.2M | $25.0M | $28.4M | $32.5M | $9.2M | $10.2M |
| Cash & short-term investments | $1.14B | $877.6M | $747.6M | $608.2M | $553.9M | $120.5M | $59.8M |
| Net debt | −$1.05B | −$820.4M | −$722.6M | −$579.8M | −$521.5M | −$111.2M | −$49.6M |
| Debt / equity | 0.07 | 0.07 | 0.04 | 0.05 | 0.06 | 0.09 | 0.19 |
| Debt / assets | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.11 |
| Net debt / EBITDA | −5.32 | −7.25 | −29.05 | — | −187.78 | — | — |
| Current ratio | 2.61 | 2.61 | 3.24 | 3.84 | 5.20 | 2.41 | 2.46 |
| Quick ratio | 2.61 | 2.61 | 3.24 | 3.64 | 5.20 | 2.20 | 2.46 |
| Interest coverage | — | — | — | -8.9 | — | -51.9 | — |
| Working capital | $885.5M | $679.4M | $620.4M | $515.4M | $500.1M | $92.7M | $46.8M |
| Invested capital | $300.3M | $4.1M | −$67.1M | −$37.7M | −$8.4M | −$9.3M | $4.1M |
| Tangible asset value | $1.28B | $794.1M | $635.5M | $529.5M | $508.5M | $99.6M | $51.9M |
| Net current asset value | $791.4M | $624.4M | $599.3M | $491.9M | $471.0M | $84.6M | $37.6M |
| Graham number | $73.33 | $27.22 | $10.46 | — | — | — | — |
| Graham net-net per share | $13.00 | $10.56 | $11.96 | $12.21 | $11.72 | $2.20 | $0.87 |
| Capital allocation | |||||||
| Share buybacks (net) | — | — | $11.5M | $0 | $8.2M | $868,000 | $168,000 |
| Dividends + buybacks / free cash flow | — | — | 7.6% | 0.0% | 146.9% | 6.1% | — |
| Capex / revenue | 1.7% | 1.6% | 0.6% | 1.5% | 1.4% | 2.1% | 5.3% |
| Capex / operating cash flow | 4.7% | 4.2% | 2.1% | 10.4% | 39.1% | 19.1% | 175.2% |
| Capex / depreciation | 1.26 | 1.12 | 0.45 | 1.14 | 1.32 | 1.50 | 3.01 |
| Stock-based compensation / revenue | 13.2% | 14.8% | 17.9% | 20.0% | 16.3% | 10.5% | 5.3% |
| R&D / revenue | 29.2% | 31.1% | 36.3% | 40.3% | 41.4% | 32.8% | 44.6% |
| SG&A / revenue | 29.6% | 33.0% | 39.1% | 50.0% | 54.9% | 48.7% | 44.3% |
| Efficiency | |||||||
| Days sales outstanding | 53.8 | 66.3 | 77.2 | 68.7 | 66.5 | 57.5 | 87.4 |
| Days of inventory on hand | — | — | 43.5 | 61.8 | 35.8 | 53.3 | 0.0 |
| Days payables outstanding | 8.9 | 7.7 | 4.5 | 15.9 | 26.4 | 23.6 | 65.1 |
| Cash conversion cycle (days) | 44.9 | 58.6 | 116.2 | 114.7 | 75.9 | 87.3 | 22.2 |
| Receivables turnover | 6.79 | 5.50 | 4.73 | 5.31 | 5.49 | 6.34 | 4.18 |
| Payables turnover | 40.87 | 47.39 | 81.23 | 23.00 | 13.82 | 15.49 | 5.60 |
| Inventory turnover | — | — | 8.40 | 5.90 | 10.19 | 6.85 | 21,358,000.00 |
| Asset turnover | 0.63 | 0.66 | 0.62 | 0.52 | 0.60 | 1.19 | 0.74 |
| Average receivables | $152.9M | $135.9M | $112.3M | $69.6M | $45.7M | $25.5M | $16.9M |
| Average payables | $7.2M | $4.4M | $1.8M | $4.5M | $5.0M | $3.0M | $3.8M |
| Average inventory | — | — | $17.5M | $17.5M | $6.8M | $6.8M | $1 |
| Intangibles / total assets | 3.2% | 2.3% | 2.1% | 1.7% | 0.7% | 1.3% | 1.9% |
Computed from DUOL's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DUOL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Duolingo traded at 20.5 times earnings, against a 7-year median of 172.4. Based on the latest twelve months, the trailing P/E is 16.8 and the forward P/E is 19.0. Duolingo earned a return on equity of 38.1% and a return on invested capital of 92.8% in fiscal 2025. It ended the year with $93.8 million of debt and $1.1 billion in cash and short-term investments, a net cash position of $1.0 billion. The share count rose 34.6% from 35.9M to 48.3M over 6 years.
See the DUOL income statement, the DUOL chart for price history, or the DUOL stock overview for the latest quote and news.
DUOL key metrics FAQ
What is Duolingo's P/E ratio?
Duolingo's trailing P/E ratio is 16.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 19.0. At the end of fiscal 2025 it was 20.5, compared with a 7-year median of 172.4.
What is Duolingo's EV/EBITDA?
Duolingo's enterprise value was 37.8 times EBITDA at the end of fiscal 2025 (enterprise value $7.4 billion, EBITDA $196.8 million); the current EV/EBITDA is 32.4.
What is Duolingo's return on equity?
Duolingo's return on equity (ROE) was 38.1% in fiscal 2025: net income of $414.1 million on average shareholders' equity of $1.1 billion.
What is Duolingo's ROIC?
Duolingo's return on invested capital was 92.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Duolingo have?
Duolingo had total debt of $93.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.07 and more cash than debt.
What is Duolingo's free cash flow yield?
Duolingo generated $369.7 million of free cash flow in fiscal 2025, a free cash flow yield of 4.4% on its market value at year-end ($8.5 billion).
What is Duolingo's current ratio?
Duolingo's current ratio was 2.61 at the end of fiscal 2025: current assets were 2.61 times current liabilities.