Duolingo, Inc. (DUOL) Valuation — DCF, Graham & Comparables

Duolingo, Inc. (DUOL) — Price $128.00 (closing price, November 3, 2026) — Technology — Software - Application — NASDAQ

Latest reported results:

Valuation dashboard for Duolingo, Inc. (DUOL) with P/E 43.69, P/B 4.04, EV/EBITDA 26.6 and dividend yield 0.00%. DCF, Graham Number, EPS growth, peer multiples and dividend discount models plus sector comparison against other Technology companies.

Duolingo, 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.

Where would it trade at its usual multiples?

Versus its usual multiples: expensive · Current P/E 43.7× · Multiples range: $92.30 · $92.30.

At its sector median (31.5×) $92 (-28%). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

Analysis Summary

Duolingo, Inc. reported revenue of $1.04B in the most recent fiscal year, growing at a 5-year CAGR of 45.0%.

Trailing-twelve-month margins: gross margin 72.6%, operating margin 12.4%, net margin 12.3%.

At $128.00 (closing price, November 3, 2026), DUOL trades at a P/E of 43.69 and an ROE of 10.35%. Market capitalisation stands at $6.0B.

Balance sheet quality for DUOL: debt-to-equity ratio of 0.06, current ratio of 2.75 over the last 12 months. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.

Valuation Ratios

P/E Ratio43.69
Price / Book4.04
EV / EBITDA26.6
Dividend Yield0.00%

Peer Comparison

SymbolCompanyMarket CapP/EP/BROE
DUOLDuolingo, Inc.$6.0B43.694.0410.4%
PSOPearson plc$10.3B25.212.379.1%
SAPSAP SE$268.4B29.695.2717.8%
SHOP.TOShopify Inc.CAD 259.8B86.4114.3916.5%
0VHA.LShopify Inc.$219.9B113.2117.2215.1%
SHOPShopify Inc.$185.0B86.4114.3916.5%
CRMSalesforce, Inc.$182.9B20.274.8320.2%
0L5N.LServiceNow, Inc.$157.1B98.7313.1213.8%

Price

Price$128.00 (closing price, November 3, 2026)
Market Cap$6.0B
ExchangeNASDAQ
CountryUS

Profitability

Return on Equity10.35%
Return on Invested Capital7.16%
Return on Assets6.73%
Gross Margin72.57%
Operating Margin12.42%
Net Margin12.33%

Related companies: PSO · SAP · SHOP.TO · 0VHA.L · SHOP · CRM · 0L5N.L · UBER

Explore sector: Technology · Software - Application

More sections of DUOL: Overview · Financials · Estimates · Technical · Ownership

Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks