PerpEquities

Equity

Duolingo, Inc. (DUOL) perpetual futures

Duolingo, Inc. runs an online language-learning platform and app offering courses in 40 languages, plus a digital proficiency exam.

-0.3%NASDAQ closed
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Trading data

Perpetual market activity

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Venues
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24h volume
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Open interest
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Best liquidity
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Tightest spread
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Highest volume
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Settlement mix
USDT · 1/1
Perp/spot vol.
-
OI / float
-
Spot performance
1D-0.33%
5D+3.58%
1M+3.30%
6M+66.07%
YTD-13.83%
1Y-56.45%

Venue matrix

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Company data

Company fundamentals

Updated 2h ago
Market cap
$7B
Updated 2h ago
Revenue
$1.1B
Trailing 12 months
Revenue growth
+16%
Next fiscal year
Profit margin
+35.9%
P/E
17.0
Peer P/E 14.4
Free cash flow
$405.2M
Trailing 12 months
More metrics
Net income
$410.8M
Trailing 12 months
P/S
6.2
Peer P/E
14.4
Similar listed perps
Revenue estimate
$1.2B
Next fiscal year
Earnings
2026-11-04
Revenue est. $302.9M · Updated 2h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$1B
Net margin+39.9%
Free cash flow$369.7M
Net debt-$942.6M
2020$161.7M
2021$250.8M
2022$369.5M
2023$531.1M
2024$748M
2025$1B
PeriodRevenueGrowthNet incomeFCF
2020$161.7M+129%-$15.8M$14.3M
2021$250.8M+55%-$60.1M$5.6M
2022$369.5M+47%-$59.6M$48.1M
2023$531.1M+44%$16.1M$150.4M
2024$748M+41%$88.6M$273.4M
2025$1B+39%$414.1M$369.7M
PeriodGross marginOperating marginNet marginROEROA
2020+71.2%-9.7%-9.8%-15.5%-9.0%
2021+72.1%-22.4%-24.0%-11.7%-9.1%
2022+72.0%-17.5%-16.1%-11.0%-8.0%
2023+72.3%-2.4%+3.0%+2.5%+1.7%
2024+72.0%+8.5%+11.8%+10.7%+6.8%
2025+71.7%+13.6%+39.9%+30.7%+20.8%
PeriodCashDebtNet debtCurrent ratio
2020$120.5M$9.2M-$111.2M2.41
2021$553.9M$32.5M-$521.5M5.20
2022$608.2M$28.4M-$579.8M3.84
2023$747.6M$25M-$722.6M3.24
2024$785.8M$57.2M-$728.6M2.61
2025$1B$93.8M-$942.6M2.61
PeriodMarket capEnterprise valueP/SP/E
2020$5B$4.9B30.9-315.9
2021$4.1B$3.5B16.2-67.6
2022$2.8B$2.2B7.6-47.1
2023$10.6B$9.8B19.9648.1
2024$14.1B$13.4B18.9158.9
2025$8B$7.1B7.719.4
Q3 2024$192.6M
Q4 2024$209.6M
Q1 2025$230.7M
Q2 2025$252.3M
Q3 2025$271.7M
Q4 2025$282.9M
Q1 2026$292M
Q2 2026$298.5M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$192.6M+40%$23.4M$53.1M
Q4 2024$209.6M+39%$13.9M$81.4M
Q1 2025$230.7M+38%$35.1M$104.3M
Q2 2025$252.3M+41%$44.8M$89.5M
Q3 2025$271.7M+41%$292.2M$79.4M
Q4 2025$282.9M+35%$42M$96.6M
Q1 2026$292M+27%$43.5M$150.6M
Q2 2026$298.5M+18%$33.2M$78.6M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+72.1%+7.3%+12.1%+2.8%+1.9%
Q4 2024+71.1%+6.7%+6.6%+1.7%+1.1%
Q1 2025+70.5%+10.3%+15.2%+3.9%+2.5%
Q2 2025+71.8%+13.5%+17.8%+4.6%+2.9%
Q3 2025+71.9%+14.6%+107.5%+22.3%+15.5%
Q4 2025+72.3%+15.5%+14.8%+3.1%+2.1%
Q1 2026+72.5%+15.4%+14.9%+3.1%+2.1%
Q2 2026+72.6%+11.4%+11.1%+2.4%+1.6%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$854.4M$57.3M-$797.1M3.09
Q4 2024$785.8M$57.2M-$728.6M2.61
Q1 2025$884M$54.5M-$829.5M2.68
Q2 2025$976.2M$96.8M-$879.4M2.81
Q3 2025$1B$97.3M-$914.2M2.82
Q4 2025$1B$93.8M-$942.6M2.61
Q1 2026$1.1B$91.9M-$1B2.62
Q2 2026$1.2B$86.1M-$1.1B2.72
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$12.3B$11.5B64.0133.0
Q4 2024$14.6B$13.8B69.5261.5
Q1 2025$14B$13.2B60.899.5
Q2 2025$18.7B$17.8B74.1104.6
Q3 2025$14.8B$13.9B54.412.7
Q4 2025$8.2B$7.2B28.948.8
Q1 2026$4.6B$3.6B15.826.5
Q2 2026$5.4B$4.3B18.040.5

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$298.5MQ2 2026
$74.6M$149.2M$223.8M$298.5MQ3 2023: $137.6MQ4 2023: $151MQ1 2024: $167.6MQ2 2024: $178.3MQ3 2024: $192.6MQ4 2024: $209.6MQ1 2025: $230.7MQ2 2025: $252.3MQ3 2025: $271.7MQ4 2025: $282.9MQ1 2026: $292MQ2 2026: $298.5MQ3 2023Q2 2026
Net income$33.2MQ2 2026
$73M$146.1M$219.1M$292.2MQ3 2023: $2.8MQ4 2023: $12.1MQ1 2024: $27MQ2 2024: $24.4MQ3 2024: $23.4MQ4 2024: $13.9MQ1 2025: $35.1MQ2 2025: $44.8MQ3 2025: $292.2MQ4 2025: $42MQ1 2026: $43.5MQ2 2026: $33.2MQ3 2023Q2 2026
EBITDA$38.6MQ2 2026
$14.9M$29.9M$44.8M$59.7MQ3 2023: $4.6MQ4 2023: $17.2MQ1 2024: $27.9MQ2 2024: $31MQ3 2024: $28.3MQ4 2024: $26MQ1 2025: $38.6MQ2 2025: $49.9MQ3 2025: $50MQ4 2025: $58.3MQ1 2026: $59.7MQ2 2026: $38.6MQ3 2023Q2 2026
Free cash flow$78.6MQ2 2026
$37.7M$75.3M$113M$150.6MQ3 2023: $36.9MQ4 2023: $48.3MQ1 2024: $82.1MQ2 2024: $56.8MQ3 2024: $53.1MQ4 2024: $81.4MQ1 2025: $104.3MQ2 2025: $89.5MQ3 2025: $79.4MQ4 2025: $96.6MQ1 2026: $150.6MQ2 2026: $78.6MQ3 2023Q2 2026
EPS$0.66Q2 2026
$1.49$2.98$4.46$5.95Q3 2023: $0.06Q4 2023: $0.25Q1 2024: $0.57Q2 2024: $0.51Q3 2024: $0.49Q4 2024: $0.28Q1 2025: $0.72Q2 2025: $0.91Q3 2025: $5.95Q4 2025: $0.84Q1 2026: $0.89Q2 2026: $0.66Q3 2023Q2 2026
Cash / Debt$1.2BQ2 2026
$295.2M$590.4M$885.7M$1.2BQ3 2023 · Cash: $701.7MQ3 2023 · Debt: $26.1MQ4 2023 · Cash: $747.6MQ4 2023 · Debt: $25MQ1 2024 · Cash: $829.7MQ1 2024 · Debt: $56.6MQ2 2024 · Cash: $888.2MQ2 2024 · Debt: $57.2MQ3 2024 · Cash: $854.4MQ3 2024 · Debt: $57.3MQ4 2024 · Cash: $785.8MQ4 2024 · Debt: $57.2MQ1 2025 · Cash: $884MQ1 2025 · Debt: $54.5MQ2 2025 · Cash: $976.2MQ2 2025 · Debt: $96.8MQ3 2025 · Cash: $1BQ3 2025 · Debt: $97.3MQ4 2025 · Cash: $1BQ4 2025 · Debt: $93.8MQ1 2026 · Cash: $1.1BQ1 2026 · Debt: $91.9MQ2 2026 · Cash: $1.2BQ2 2026 · Debt: $86.1MQ3 2023Q2 2026
CashDebt
Profitability+72.6%Q2 2026
+24.4%+52.1%+79.8%+107.5%Q3 2023 · Gross margin: +72.7%Q4 2023 · Gross margin: +72.3%Q1 2024 · Gross margin: +72.3%Q2 2024 · Gross margin: +72.7%Q3 2024 · Gross margin: +72.1%Q4 2024 · Gross margin: +71.1%Q1 2025 · Gross margin: +70.5%Q2 2025 · Gross margin: +71.8%Q3 2025 · Gross margin: +71.9%Q4 2025 · Gross margin: +72.3%Q1 2026 · Gross margin: +72.5%Q2 2026 · Gross margin: +72.6%Q3 2023 · Operating margin: -3.3%Q4 2023 · Operating margin: +3.2%Q1 2024 · Operating margin: +9.8%Q2 2024 · Operating margin: +10.7%Q3 2024 · Operating margin: +7.3%Q4 2024 · Operating margin: +6.7%Q1 2025 · Operating margin: +10.3%Q2 2025 · Operating margin: +13.5%Q3 2025 · Operating margin: +14.6%Q4 2025 · Operating margin: +15.5%Q1 2026 · Operating margin: +15.4%Q2 2026 · Operating margin: +11.4%Q3 2023 · Net margin: +2.0%Q4 2023 · Net margin: +8.0%Q1 2024 · Net margin: +16.1%Q2 2024 · Net margin: +13.7%Q3 2024 · Net margin: +12.1%Q4 2024 · Net margin: +6.6%Q1 2025 · Net margin: +15.2%Q2 2025 · Net margin: +17.8%Q3 2025 · Net margin: +107.5%Q4 2025 · Net margin: +14.8%Q1 2026 · Net margin: +14.9%Q2 2026 · Net margin: +11.1%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+18.3%Q2 2026
+10.4%+20.7%+31.1%+41.5%Q3 2024: +39.9%Q4 2024: +38.8%Q1 2025: +37.7%Q2 2025: +41.5%Q3 2025: +41.1%Q4 2025: +35.0%Q1 2026: +26.5%Q2 2026: +18.3%Q3 2023Q2 2026
Shares outstanding50MQ2 2026
12.5M25M37.5M50MQ3 2023: 46.9MQ4 2023: 49MQ1 2024: 47.4MQ2 2024: 47.8MQ3 2024: 48MQ4 2024: 49.5MQ1 2025: 48.5MQ2 2025: 49MQ3 2025: 49.1MQ4 2025: 49.8MQ1 2026: 49MQ2 2026: 50MQ3 2023Q2 2026
Valuation40.5Q2 2026
154.0308.1462.1616.2Q3 2023 · P/E: 616.2Q4 2023 · P/E: 202.5Q1 2024 · P/E: 86.6Q2 2024 · P/E: 87.2Q3 2024 · P/E: 133.0Q4 2024 · P/E: 261.5Q1 2025 · P/E: 99.5Q2 2025 · P/E: 104.6Q3 2025 · P/E: 12.7Q4 2025 · P/E: 48.8Q1 2026 · P/E: 26.5Q2 2026 · P/E: 40.5Q3 2023 · P/S: 50.3Q4 2023 · P/S: 63.9Q1 2024 · P/S: 55.7Q2 2024 · P/S: 47.4Q3 2024 · P/S: 64.0Q4 2024 · P/S: 69.5Q1 2025 · P/S: 60.8Q2 2025 · P/S: 74.1Q3 2025 · P/S: 54.4Q4 2025 · P/S: 28.9Q1 2026 · P/S: 15.8Q2 2026 · P/S: 18.0Q3 2023Q2 2026
P/EP/S
Revenue$1B2025
$259.4M$518.8M$778.2M$1B2019: $70.8M2020: $161.7M2021: $250.8M2022: $369.5M2023: $531.1M2024: $748M2025: $1B20192025
Net income$414.1M2025
$58.4M$177M$295.5M$414.1M2019: -$13.6M2020: -$15.8M2021: -$60.1M2022: -$59.6M2023: $16.1M2024: $88.6M2025: $414.1M20192025
EBITDA$196.8M2025
$6.3M$69.8M$133.3M$196.8M2019: -$11.6M2020: -$13.5M2021: -$57.2M2022: -$53.8M2023: $24.9M2024: $113.2M2025: $196.8M20192025
Free cash flow$369.7M2025
$91.2M$184.1M$276.9M$369.7M2019: -$1.6M2020: $14.3M2021: $5.6M2022: $48.1M2023: $150.4M2024: $273.4M2025: $369.7M20192025
EPS$8.572025
$0.97$3.5$6.04$8.572019: -$0.382020: -$0.442021: -$1.572022: -$1.512023: $0.352024: $1.882025: $8.5720192025
Cash / Debt$1B2025
$259.1M$518.2M$777.3M$1B2019 · Cash: $59.8M2019 · Debt: $10.2M2020 · Cash: $120.5M2020 · Debt: $9.2M2021 · Cash: $553.9M2021 · Debt: $32.5M2022 · Cash: $608.2M2022 · Debt: $28.4M2023 · Cash: $747.6M2023 · Debt: $25M2024 · Cash: $785.8M2024 · Debt: $57.2M2025 · Cash: $1B2025 · Debt: $93.8M20192025
CashDebt
Profitability+71.7%2025
+0.1%+24.2%+48.2%+72.3%2019 · Gross margin: +69.8%2020 · Gross margin: +71.2%2021 · Gross margin: +72.1%2022 · Gross margin: +72.0%2023 · Gross margin: +72.3%2024 · Gross margin: +72.0%2025 · Gross margin: +71.7%2019 · Operating margin: -18.2%2020 · Operating margin: -9.7%2021 · Operating margin: -22.4%2022 · Operating margin: -17.5%2023 · Operating margin: -2.4%2024 · Operating margin: +8.5%2025 · Operating margin: +13.6%2019 · Net margin: -19.2%2020 · Net margin: -9.8%2021 · Net margin: -24.0%2022 · Net margin: -16.1%2023 · Net margin: +3.0%2024 · Net margin: +11.8%2025 · Net margin: +39.9%20192025
Gross marginOperating marginNet margin
Revenue growth+38.7%2025
+32.1%+64.3%+96.4%+128.5%2020: +128.5%2021: +55.1%2022: +47.3%2023: +43.7%2024: +40.8%2025: +38.7%20192025
Shares outstanding48.3M2025
12.1M24.2M36.2M48.3M2019: 35.9M2020: 35.9M2021: 38.3M2022: 39.5M2023: 46.5M2024: 47.1M2025: 48.3M20192025
Valuation19.42025
-112.3141.2394.7648.12019 · P/E: -365.82020 · P/E: -315.92021 · P/E: -67.62022 · P/E: -47.12023 · P/E: 648.12024 · P/E: 158.92025 · P/E: 19.42019 · P/S: 70.52020 · P/S: 30.92021 · P/S: 16.22022 · P/S: 7.62023 · P/S: 19.92024 · P/S: 18.92025 · P/S: 7.720192025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-04
Revenue est. $302.9M · Updated 2h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20262.75$1.2B+16%10
FY 20273.37$1.4B+32%10
FY 20284.19$1.6B+50%12
Q1 20270.75$324.9M+11%1
Q2 20270.78$337M+13%1
Q3 20270.82$348.1M+28%1

Company events

6
2026-11-04EarningsActual - / Estimate 0.55-
2026-08-05EarningsActual 0.66 / Estimate 0.6Beat
2026-05-04EarningsActual 0.89 / Estimate 0.79Beat
2026-02-26EarningsActual 0.94 / Estimate 0.79Beat
2025-11-05EarningsActual 5.95 / Estimate 0.76Beat
2025-08-06EarningsActual 0.91 / Estimate 0.55Beat

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
NCLH$7.1B0.79.2+7.5%1CELH$7B2.3130.5+3.6%2PATH$7B4.119.6+21.0%14AVAV$7B3.5-23.6-14.5%3APLD$6.9B8.0-14.5-54.2%16YONGDING$7.3B7.7115.0+6.6%1WULF$6.8B40.9-3.1-1,179.9%1PUYA$7.4B9.252.2+18.5%1

Analyst track record

How the analysts covering DUOL have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings124319
Analysts2330
Buy / hold / sell43 / 71 / 10168 / 137 / 14
Upgrades / downgrades / initiations5 / 11 / 110 / 17 / 13
Price targets hit / missed55 / 47 (54%)56 / 195 (22%)
Avg. return after a rating (TipRanks)+0.8%-32.5%
Best / worst call+83.2% / -75.6%+83.2% / -75.6%

After buy calls on this stock: median 21-day move +3.1% vs S&P 500 +0.6% (n = 166)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Arvind RamnaniTruist Financial100% hit rate on this stock · 10 targets measuredHoldno targetSep 16, 2026
  2. Ryan MacDonaldNeedham83% hit rate on this stock · 12 targets measuredBuytarget $145Aug 6, 2026
  3. Chris KuntarichUBS78% hit rate on this stock · 9 targets measuredBuytarget $285Nov 7, 2025

Latest ratings

DateAnalystCallTarget
Oct 6, 2026Justin PattersonKeyBancHoldMaintained–
Oct 2, 2026Bryan SmilekJ.P. MorganHoldMaintained$135article ↗
Sep 29, 2026Wyatt SwansonD.A. DavidsonBuyReiterated$175article ↗
Sep 16, 2026Arvind RamnaniTruist FinancialHoldMaintained–article ↗
Sep 16, 2026Arvind RamnaniTruist FinancialHoldMaintained–
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$100$150$200$250$300Nov 25 · Buy 9 · Hold 12 · Sell 1Nov 25Dec 25 · Buy 9 · Hold 12 · Sell 1Jan 26 · Buy 11 · Hold 10 · Sell 1Jan 26Feb 26 · Buy 7 · Hold 13 · Sell 1Mar 26 · Buy 7 · Hold 13 · Sell 1Mar 26Apr 26 · Buy 7 · Hold 14 · Sell 1May 26 · Buy 6 · Hold 13 · Sell 1May 26Jun 26 · Buy 6 · Hold 12 · Sell 1Jul 26 · Buy 4 · Hold 14 · Sell 1Jul 26Aug 26 · Buy 5 · Hold 12 · Sell 2Sep 26 · Buy 5 · Hold 12 · Sell 2Sep 26Oct 26 · Buy 5 · Hold 12 · Sell 2Nov 25 · avg. target $303Dec 25 · avg. target $296Jan 26 · avg. target $254Feb 26 · avg. target $176Mar 26 · avg. target $145Apr 26 · avg. target $142May 26 · avg. target $133Jun 26 · avg. target $126Jul 26 · avg. target $115Aug 26 · avg. target $131Sep 26 · avg. target $133Oct 26 · avg. target $133Nov 25 · month-end close $191Dec 25 · month-end close $176Jan 26 · month-end close $134Feb 26 · month-end close $101Mar 26 · month-end close $98.57Apr 26 · month-end close $110May 26 · month-end close $111Jun 26 · month-end close $115Jul 26 · month-end close $135Aug 26 · month-end close $148Sep 26 · month-end close $142Oct 26 · month-end close $144

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 6, 2026 · 124 ratings

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