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Duolingo DUOL Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Gross margin72.7%+0.7pp72.7%+0.4pp72.2%-0.5pp72%-1.1pp72%-1.3pp
Operating margin13.7%+4.2pp14.2%+5.6pp13.1%+4.7pp11%—9.5%—
Net margin35.9%+22.6pp38.4%+26.5pp39.9%+28.1pp40%+27.4pp13.2%+2.8pp
Returns
Return on equity34.4%+21.0pp37%+24.9pp38.1%+26.2pp36.2%+24.2pp13.4%+3.7pp
Return on invested capital14%—14.4%—12.9%+5.4pp10%———
Efficiency
Asset turnover0.6×0.0×0.6×0.0×0.6×0.0×0.6×0.0×0.7×0.0×
Liquidity
Current ratio2.7×-0.1×2.6×-0.1×2.6×0.0×2.8×-0.3×2.8×-0.5×
Leverage
Debt-to-equity0.1×0.0×0.1×0.0×0.1×0.0×0.1×0.0×0×0.0×
Net debt / EBITDA-0.6×0.0×-0.5×-0.1×-0.4×-0.1×-0.1×0.0×-0.5×+15.0×
Valuation
Market capitalization$6.86B-52.2%$4.63B-67.1%$8.11B-43.1%$14.75B+20.9%$19.22B+113%
Price / earnings16.7×-20.5×11×-134×19.6×-141×38.2×-102×164×+27.7×
Price / sales6×-8.9×4.2×-13.1×7.8×-11.2×15.3×-2.4×21.7×+7.5×
Price / book4.9×-6.1×3.3×-12.4×6×-11.3×11.3×-3.6×19.7×+7.9×
EV / EBITDA39.1×-80.1×26.5×-144×53.7×-140×122.5×-44.3×195.6×+42.8×

FAQ

What are Duolingo's profit margins?
Duolingo (DUOL) runs a 72.7% gross margin and a 13.7% operating margin, with a 35.9% net margin.
Where do Duolingo's ratios come from?
Every ratio is computed from Duolingo's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.