Duolingo, Inc. (DUOL) intrinsic value & 10-year financials
Duolingo, Inc. (DUOL) has a Graham intrinsic value of $284.66 per share. At $141.76 on Oct 17, 2026, the stock trades 50% below that value. Over the last 7 fiscal years revenue grew 45.0% a year to $1.0B, with an average return on invested capital of 144.4%.
- Graham intrinsic value
- $284.66
- Share price (Oct 17, 2026)
- $141.76
- Price vs Graham value
- 50% below
- Market cap
- $6.8B
- Revenue (FY2025)
- $1.0B
- Revenue growth (7-yr CAGR)
- 45.0%
- ROIC (10-yr avg)
- 144.4%
- Free cash flow (FY2025)
- $369.7M
DUOL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.0B | $414.1M | $8.57 | $369.7M | 13.1% | 54.5% |
| FY2024 | $748.0M | $88.6M | $1.88 | $273.4M | 8.4% | 483.9% |
| FY2023 | $531.1M | $16.1M | $0.35 | $150.4M | -2.5% | 21.1% |
| FY2022 | $369.5M | -$59.6M | -$1.51 | $48.1M | -17.6% | 239.9% |
| FY2021 | $250.8M | -$60.1M | -$2.57 | $5.6M | -23.9% | 58.6% |
| FY2020 | $161.7M | -$15.8M | -$1.24 | $14.3M | -9.9% | 8.3% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Duolingo, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Duolingo, Inc. has earned high returns on invested capital, averaging 24.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Duolingo, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Duolingo, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $284.66 per share.