Duolingo, Inc.
DUOLUSDuolingo, Inc. builds and operates an online platform and a mobile application dedicated to language learning, catering to audiences in both the United States and China. The company's comprehensive curriculum spans 40 diverse languages, featuring prominent options such as Spanish, English, French, Japanese, German, Italian, Chinese, and Portuguese, among others. Furthermore, it offers a digital examination for assessing language proficiency. This enterprise was founded in 2011 and its main offices are located in Pittsburgh, Pennsylvania.
Founded2011IPO year2021As of2026-08-04
Market Cap
$6.20B
Enterprise Value
$5.04B
EV / LTM Revenue
4.9x
EV / NTM Revenue
3.9x
Trading multiples
Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.
LTM
trailing
NTM
forward
Revenue
3.9x
Gross Profit
5.3x
EBITDA
7.1x
Classification
- Sector
- Consumer Internet, Media & Gaming
- Sub-sector
- Consumer Subscription Applications
- Listing
- DUOL
- Country
- US
Historical valuation & fundamentals
EV / LTM Revenue
Annual financials & analyst forecasts
| $M | CY2021 | CY2022 | CY2023 | CY2024 | CY2025 | CY2026E | CY2027E |
|---|---|---|---|---|---|---|---|
| Revenue YoY | — | 47% | 44% | 41% | 39% | 16% | 14% |
| Revenue | $251M | $369M | $531M | $748M | $1.04B | $1.21B | $1.38B |
| Gross Profit | $181M | $268M | $384M | $539M | $744M | — | — |
| Gross Profit Margin | 72.1% | 72.5% | 72.3% | 72.0% | 71.7% | — | — |
| EBITDA | ($57M) | ($54M) | $25M | $113M | $197M | $652M | $743M |
| EBITDA Margin | -22.6% | -14.6% | 4.7% | 15.1% | 19.0% | 54.0% | 54.0% |
| EBIT | ($56M) | ($65M) | ($13M) | $64M | $141M | $636M | $725M |
| Net Income | ($60M) | ($60M) | $16M | $89M | $414M | $142M | $167M |
| Free Cash Flow | $6M | $48M | $150M | $273M | $370M | — | — |
| FCF Margin | 2.2% | 13.0% | 28.3% | 36.5% | 35.6% | — | — |
| Short-Term Debt | $3M | $5M | $4M | $3M | $0M | — | — |
| Long-Term Debt | $0M | $0M | $0M | $0M | $0M | — | — |
| Cash & Cash Equivalents | $554M | $608M | $748M | $786M | $1.04B | — | — |
| Net Debt | ($551M) | ($603M) | ($744M) | ($783M) | ($1.04B) | — | — |
| Net Debt / EBITDA | — | — | -29.9x | -6.9x | -5.3x | — | — |
| Rule of 40 | — | 60.4% | 72.1% | 77.4% | 74.3% | — | — |
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.