What is Duolingo's price / book?

Duolingo (DUOL) reported price / book of 3.3× in Q1 2026.

How has Duolingo's price / book changed year-over-year?

Duolingo's price / book decreased by 78.8% year-over-year, from 15.7× to 3.3×.

What is the long-term trend for Duolingo's price / book?

Over 4 years (2021 to 2025), Duolingo's price / book has grown at a -6.8% compound annual growth rate (CAGR), from 8× to 6×.

What does price / book mean?

Market capitalization at the quarter end divided by shareholders' equity. The premium (or discount) the market assigns to the company's book equity.

Duolingo DUOL Price / book

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Other financials

Income statement

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Revenue$292.0M+26.5%

Gross profit$213.1M+29.9%

Operating income$44.5M+88.7%

Net income$43.5M+23.7%

EPS (diluted)$0.89+23.6%

Balance sheet

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Cash & equivalents$171.2M+113%

Total debt$91.9M+68.5%

Total equity$1.4B+55.7%

Total assets$2.1B+46.7%

Cash flow

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Operating cash flow$150.8M+42.7%

CapEx$132.0K-89.9%

Free cash flow$150.6M+44.4%

Valuation

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Market cap$5.85B-67.1%

Enterprise value$5.77B-67.6%

P/E13.9×-170×

P/S5.3×-16.6×

Profitability

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Gross margin72.7%+0.4pp

Operating margin14.2%+5.6pp

Net margin38.4%+26.5pp

FCF margin37.9%+1.4pp

Returns & leverage

See full

Return on equity37%+24.9pp

Debt / equity0.1×0.0×

Current ratio2.6×-0.1×

Where this comes from

Calculated from Duolingo’s reported figures.

market cap/total stockholders equity=3.3×

Based on the most recent quarter.

The official record: Duolingo’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Duolingo's price / book?: Duolingo (DUOL) reported price / book of 3.3× in Q1 2026.
How has Duolingo's price / book changed year-over-year?: Duolingo's price / book decreased by 78.8% year-over-year, from 15.7× to 3.3×.
What is the long-term trend for Duolingo's price / book?: Over 4 years (2021 to 2025), Duolingo's price / book has grown at a -6.8% compound annual growth rate (CAGR), from 8× to 6×.
What does price / book mean?: Market capitalization at the quarter end divided by shareholders' equity. The premium (or discount) the market assigns to the company's book equity.