Duolingo (DUOL)
Market Price (8/22/2026): $145.9 | Market Cap: $6.8 BilSector: Consumer Discretionary | Industry: Education Services
Duolingo (DUOL)
Market Price (8/22/2026): $145.9Market Cap: $6.8 BilSector: Consumer DiscretionaryIndustry: Education Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, FCF Yield is 5.8% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35% Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, and Digital Content & Streaming. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -66%, 3Y Excs Rtn is -62% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Expensive valuation multiplesP/SPrice/Sales ratio is 6.0x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 43x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Key risksDUOL key risks include [1] slowing user growth and rising acquisition costs, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, FCF Yield is 5.8% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, and Digital Content & Streaming. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -66%, 3Y Excs Rtn is -62% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 6.0x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 43x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Key risksDUOL key risks include [1] slowing user growth and rising acquisition costs, Show more. |
Qualitative Assessment
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Duolingo (DUOL) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Financial Performance and Upgraded Guidance. Duolingo reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026), with earnings per share (EPS) of $0.66, exceeding analyst consensus estimates of $0.60 by $0.06. Quarterly revenue also topped expectations, reaching $298.45 million against estimates of $295.58 million. A significant driver was the 23% year-over-year surge in daily active users (DAU), surpassing the Street's estimate of 20.6%. The company further bolstered investor confidence by raising its full-year adjusted EBITDA margin guidance to 26.5% from 25%, attributing this to improved operating efficiency and lower AI costs.
2. Positive Analyst Sentiment and Upgrades. Following Duolingo's strong performance, several Wall Street analysts issued positive ratings and increased price targets. Notably, DA Davidson upgraded the stock from "Neutral" to "Buy" on August 18, 2026, and raised its price target from $130 to $160. The firm cited underappreciated improvements in Duolingo's core product, strategic marketing shifts, and steady progress in monetization, suggesting the company is nearing a "turning point" with potential for reaccelerated DAU growth and bookings. Other analysts, including UBS and Citigroup, also increased their price targets.
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Duolingo (DUOL) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Financial Performance and Upgraded Guidance. Duolingo reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026), with earnings per share (EPS) of $0.66, exceeding analyst consensus estimates of $0.60 by $0.06. Quarterly revenue also topped expectations, reaching $298.45 million against estimates of $295.58 million. A significant driver was the 23% year-over-year surge in daily active users (DAU), surpassing the Street's estimate of 20.6%. The company further bolstered investor confidence by raising its full-year adjusted EBITDA margin guidance to 26.5% from 25%, attributing this to improved operating efficiency and lower AI costs.
2. Positive Analyst Sentiment and Upgrades. Following Duolingo's strong performance, several Wall Street analysts issued positive ratings and increased price targets. Notably, DA Davidson upgraded the stock from "Neutral" to "Buy" on August 18, 2026, and raised its price target from $130 to $160. The firm cited underappreciated improvements in Duolingo's core product, strategic marketing shifts, and steady progress in monetization, suggesting the company is nearing a "turning point" with potential for reaccelerated DAU growth and bookings. Other analysts, including UBS and Citigroup, also increased their price targets.
3. Strong User Engagement Signals. Beyond the officially reported Q2 2026 figures, an inadvertent disclosure on August 18, 2026, revealed internal data indicating an estimated daily active user (DAU) growth rate of 27.4% on August 17, 2026, compared to the prior year. Although this data was preliminary and unvalidated, this higher growth indication likely fueled investor optimism regarding the company's sustained user acquisition and retention capabilities, contributing to the stock's positive trend.
4. Favorable Macroeconomic Environment for Tech and Growth Stocks. The broader market conditions during the specified period provided a supportive backdrop for Duolingo's stock appreciation. The second quarter of 2026 saw significant gains in global equity markets, with the US information technology sector experiencing a strong rebound and leading with a 31.8% rise. This sector-wide momentum was driven by unexpectedly strong corporate earnings and increased AI-driven capital expenditures, creating a tailwind for growth-oriented technology companies like Duolingo.
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Stock Movement Drivers
Fundamental Drivers
The 32.7% change in DUOL stock from 4/30/2026 to 8/21/2026 was primarily driven by a 34.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 110.10 | 146.13 | 32.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,038 | 1,145 | 10.4% |
| Net Income Margin (%) | 39.9% | 35.9% | -10.1% |
| P/E Multiple | 12.3 | 16.6 | 34.7% |
| Shares Outstanding (Mil) | 46 | 47 | -0.7% |
| Cumulative Contribution | 32.7% |
Market Drivers
4/30/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| DUOL | 32.7% | |
| Market (SPY) | 6.5% | -10.6% |
| Sector (XLY) | -0.3% | 7.5% |
Fundamental Drivers
The 9.0% change in DUOL stock from 1/31/2026 to 8/21/2026 was primarily driven by a 18.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.06 | 146.13 | 9.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 964 | 1,145 | 18.7% |
| Net Income Margin (%) | 40.0% | 35.9% | -10.4% |
| P/E Multiple | 16.0 | 16.6 | 4.1% |
| Shares Outstanding (Mil) | 46 | 47 | -1.6% |
| Cumulative Contribution | 9.0% |
Market Drivers
1/31/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| DUOL | 9.0% | |
| Market (SPY) | 11.0% | 7.5% |
| Sector (XLY) | -2.4% | 16.0% |
Fundamental Drivers
The -57.8% change in DUOL stock from 7/31/2025 to 8/21/2026 was primarily driven by a -89.7% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 346.55 | 146.13 | -57.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 811 | 1,145 | 41.1% |
| Net Income Margin (%) | 11.9% | 35.9% | 200.8% |
| P/E Multiple | 161.7 | 16.6 | -89.7% |
| Shares Outstanding (Mil) | 45 | 47 | -3.3% |
| Cumulative Contribution | -57.8% |
Market Drivers
7/31/2025 to 8/21/2026| Return | Correlation | |
|---|---|---|
| DUOL | -57.8% | |
| Market (SPY) | 22.2% | 14.4% |
| Sector (XLY) | 7.2% | 18.5% |
Fundamental Drivers
The -5.8% change in DUOL stock from 7/31/2023 to 8/21/2026 was primarily driven by a -61.8% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 155.19 | 146.13 | -5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 404 | 1,145 | 183.5% |
| P/S Multiple | 15.6 | 6.0 | -61.8% |
| Shares Outstanding (Mil) | 41 | 47 | -13.0% |
| Cumulative Contribution | -5.8% |
Market Drivers
7/31/2023 to 8/21/2026| Return | Correlation | |
|---|---|---|
| DUOL | -5.8% | |
| Market (SPY) | 73.2% | 35.4% |
| Sector (XLY) | 38.9% | 35.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DUOL Return | -24% | -33% | 219% | 43% | -46% | -16% | 6% |
| Peers Return | -20% | -2% | 29% | -8% | -21% | -4% | -29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| DUOL Win Rate | 50% | 50% | 58% | 58% | 33% | 62% | |
| Peers Win Rate | 41% | 52% | 60% | 40% | 52% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DUOL Max Drawdown | - | -41% | -26% | -36% | -69% | -51% | |
| Peers Max Drawdown | -46% | -38% | -36% | -45% | -48% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COUR, CHGG, LRN, LOPE, STRA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | DUOL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.0% | -18.8% |
| % Gain to Breakeven | 58.7% | 23.1% |
| Time to Breakeven | 50 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.6% | -7.8% |
| % Gain to Breakeven | 18.4% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.6% | -9.5% |
| % Gain to Breakeven | 19.9% | 10.5% |
| Time to Breakeven | 14 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.0% | -24.5% |
| % Gain to Breakeven | 66.8% | 32.4% |
| Time to Breakeven | 57 days | 427 days |
In The Past
Duolingo's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.7% gain to breakeven.
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Asset Allocation
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| Event | DUOL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.0% | -18.8% |
| % Gain to Breakeven | 58.7% | 23.1% |
| Time to Breakeven | 50 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.0% | -24.5% |
| % Gain to Breakeven | 66.8% | 32.4% |
| Time to Breakeven | 57 days | 427 days |
In The Past
Duolingo's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Duolingo (DUOL)
Duolingo, Inc. (DUOL) is a technology company specializing in language education, primarily through its widely recognized language-learning website and mobile application. Its core offering allows users to learn any of 40 different languages, including popular options like Spanish, English, French, Japanese, German, Italian, Chinese, and Portuguese, through gamified and interactive lessons.
Beyond its comprehensive language courses, Duolingo also provides a digital language proficiency assessment exam, catering to individuals needing certified proof of language skills. The company's primary customers are individuals seeking to learn new languages, and it operates its services globally, with a significant presence and focus on markets in the United States and China.
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Here are a few analogies for Duolingo:
- Spotify for language learning
- The Khan Academy for languages
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- Language Learning Platform: A website and mobile app offering interactive courses in over 40 different languages.
- Duolingo English Test (DET): A digital language proficiency assessment exam used for academic and professional certification.
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Duolingo (DUOL) primarily serves individual customers rather than other businesses.
Major Categories of Individual Customers:
-
Casual and Dedicated Language Learners: This is the largest customer segment, encompassing individuals who use the Duolingo mobile app and website to learn new languages. These learners are motivated by a variety of personal reasons, such as travel, cultural immersion, hobbies, or general self-improvement. This category includes both users of the free, ad-supported platform and subscribers to Duolingo Super (formerly Duolingo Plus) for an ad-free experience and additional features.
-
Students and Academics seeking Language Learning Support: This category includes students of all ages (from K-12 to higher education) who utilize Duolingo to supplement their formal language education. Their usage may be self-initiated or part of a structured curriculum where educators use tools like "Duolingo for Schools" to track progress. Educators themselves also fall into this category as users who leverage the platform to enhance their teaching methods.
-
Individuals Needing Language Proficiency Certification: These customers are individuals who purchase and take the Duolingo English Test (DET) to certify their English language proficiency. This certification is often required for academic admissions to universities, for employment opportunities, or for immigration purposes. While they may also be language learners, their primary interaction with Duolingo in this context is as a test-taker seeking official proof of their language skills.
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- Apple Inc. (AAPL)
- Alphabet Inc. (GOOGL)
- Amazon.com, Inc. (AMZN)
- Meta Platforms, Inc. (META)
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Luis von Ahn - Co-founder, Chief Executive Officer & Board Chairman
Luis von Ahn co-founded Duolingo and currently serves as its Chief Executive Officer and Board Chairman. He is also recognized as the founder of reCAPTCHA, a company he sold to Google in 2009. Prior to his work with Duolingo, von Ahn was a professor in the Computer Science Department at Carnegie Mellon University.
Gillian Munson - Chief Financial Officer
Gillian Munson was appointed as Duolingo's Chief Financial Officer, effective February 23, 2026. She has been a member of Duolingo's Board of Directors since 2019. Ms. Munson previously held CFO positions at Vimeo, Iora Health, Inc., and XO Group Inc.
Severin Hacker - Co-founder, Chief Technology Officer & Board Director
Severin Hacker is a co-founder and the Chief Technology Officer of Duolingo. He plays a key role in leading the company's technological innovation and product development, including the integration of advanced machine learning, data analytics, and gamification. Hacker holds a Ph.D. in Computer Science from Carnegie Mellon University.
Natalie Glance - Chief Engineering Officer
Natalie Glance serves as Duolingo's Chief Engineering Officer, overseeing technology scaling, product direction, and AI innovation. She is credited with fostering a culture of rapid experimentation and building scalable engineering processes within the company. Before joining Duolingo in 2015, Glance worked as an Engineering Manager at Google. She was also a co-founder of BlogPulse.
Cem Kansu - Chief Product Officer
Cem Kansu is the Chief Product Officer at Duolingo, where he is responsible for product management and innovation. His contributions include building the company's freemium model, scaling annual revenues, and pioneering new AI-driven subscription offerings. Prior to Duolingo, Kansu held product management roles at Google and Jawbone.
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The key risks to Duolingo's business (DUOL) include intense competition and challenges in user engagement and retention, the potential for disruption from artificial intelligence (AI), and its reliance on third-party app distribution platforms.
1. Intense Competition and User Engagement/Retention
The online language learning industry is highly competitive, characterized by low switching costs for users and a constant influx of new products and market entrants. Duolingo faces a significant risk if it fails to attract new users, retain existing ones, or if current users reduce their engagement with its products. A decline in user engagement or a failure to convert free users into paying subscribers could materially harm Duolingo's revenue, financial results, and overall business. Recent reports have indicated a deceleration in the growth rate of daily active users, underscoring the ongoing challenge in sustaining high levels of user growth and engagement.
2. Potential for Disruption from Artificial Intelligence (AI)
The increasing effectiveness of artificial intelligence poses a significant threat to Duolingo's business model. Concerns are growing that readily available AI tools for translation and language learning could diminish the perceived need for dedicated language learning applications like Duolingo. This risk of "AI-driven disruption" is considered a primary challenge to the company's long-term growth and its investment thesis. Although Duolingo has integrated AI into premium offerings such as Duolingo Max, the broader impact of AI on the necessity of its core offerings remains a key risk.
3. Reliance on Third-Party Platforms
Duolingo's business heavily relies on third-party platforms, specifically the Apple App Store and Google Play Store, for the distribution of its products and the collection of payments. Any changes in the terms, conditions, or pricing policies of these major platforms, or disruptions to their services, could negatively affect Duolingo's operations and financial performance. This dependence limits Duolingo's control over its user experience and financial stability, making it vulnerable to decisions made by these platform providers.
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The rapid advancements in Artificial Intelligence (AI), particularly generative AI and Large Language Models (LLMs), represent a clear emerging threat. This technology can provide highly personalized, adaptive, and dynamic language tutoring experiences that may offer a fundamentally different and potentially superior approach to language acquisition compared to Duolingo's current structured methodology. Additionally, increasingly sophisticated real-time translation and interpretation capabilities powered by AI could diminish the perceived necessity or value of human language proficiency for practical communication, potentially impacting the overall market for language learning applications.
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Duolingo operates in significant global addressable markets for its main products and services.
Language-Learning Website and Mobile App (Online Language Learning Market)
- The global online language learning market was valued at approximately USD 22.12 billion in 2024 and is projected to reach USD 54.83 billion by 2030, with a compound annual growth rate (CAGR) of 16.6% from 2025 to 2030.
- Another estimate places the global online language learning market at USD 25.78 billion in 2025, with a projection to reach USD 98.65 billion by 2034, growing at a CAGR of 16.08% during 2026-2034.
- The total addressable market (TAM) for direct-to-consumer language learning is estimated at USD 115 billion.
- The U.S. online language learning market was estimated at USD 7.35 billion in 2025.
Digital Language Proficiency Assessment Exam (English Proficiency Test Market)
- The global English proficiency test market was valued at USD 3.65 billion in 2024 and is projected to reach USD 7.46 billion by 2032, expanding at a CAGR of 9.44%.
- Another report states the global English Proficiency Test market size as USD 2.97 billion in 2024, expected to grow at a CAGR of 9.70% from 2024 to 2031.
- The North American English Proficiency Test market was valued at USD 1.19 billion in 2024 and is anticipated to reach USD 2.39 billion by 2032, at a CAGR of 9.2%.
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Duolingo (NASDAQ: DUOL) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
- Accelerated User Growth: Duolingo is prioritizing aggressive growth in its daily active users (DAUs), aiming to nearly double its DAUs from 52.7 million in Q4 2025 to 100 million by 2028. This "user-growth first" strategy involves enhancing the free user experience to drive word-of-mouth acquisition and engagement, even if it means moderating near-term financial growth.
- Expansion into New Subjects: The company is diversifying its educational offerings beyond languages by investing in and expanding subjects such as Math, Music, and Chess. These new learning verticals are considered "next growth engines" and are already being monetized, broadening Duolingo's total addressable market and attracting new user segments.
- AI-Driven Product Innovation and Personalization: Duolingo is heavily leveraging artificial intelligence (AI) to enhance its platform. AI is integral to creating new content more rapidly, enabling the launch of numerous language courses in a shorter timeframe, and providing advanced personalization features. This includes AI-powered conversational tools, like the Video Call feature for Duolingo Max subscribers, which aim to improve user engagement, retention, and the value proposition of premium subscriptions.
- Growth in Paid Subscribers and Premium Tiers: While the immediate focus is on expanding the overall user base, a key long-term revenue driver remains the conversion of free users into paid subscribers and the increased adoption of higher-priced tiers, such as Duolingo Max and the Family Plan. The introduction of exclusive AI-powered features for premium subscribers is designed to encourage these upgrades.
- Improved Free User Experience: Duolingo's commitment to significantly improving the free user experience is a foundational driver for future revenue. By making the free product more engaging and effective, the company expects to boost organic user acquisition and retention, creating a larger funnel of active users who may eventually convert to paid subscriptions.
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Share Repurchases
- Duolingo's Board of Directors authorized a share repurchase program of up to $400 million on February 26, 2026.
- The program reflects a commitment to capital allocation, including returning capital to stockholders and managing dilution.
- Historically, the company has focused on reinvesting in growth opportunities rather than equity repurchases.
Share Issuance
- Duolingo has primarily financed its operations through revenues and equity issuance.
- Net total equity issued/repurchased for the twelve months ending December 31, 2025, was $0.039 billion.
- A shelf registration for 2,331,377 shares related to employee plans was noted in March 2026.
Capital Expenditures
- Capital expenditures in the most recent quarter (Q4 2025) totaled approximately $10.73 million USD.
- Quarterly purchases of property, plant & equipment have been modest, indicating continued platform improvements without heavy capital outlays.
- The company executed an amendment to its Pittsburgh headquarters lease, increasing its leased space and extending the term through 2036 to support long-term operational needs.
Peer Outperformance in Education Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services ← | 14 | -15.9% | 107.5% | 71.8% | LINC 323% · CVSA 268% · UTI 245% |
| Homebuilding | 18 | 1.5% | 35.5% | 53.8% | GRBK 186% · TOL 161% · PHM 157% |
| Hotels, Resorts & Cruise Lines | 22 | 20.5% | 55.3% | 18.7% | RCL 284% · MAR 183% · HLT 172% |
| Automotive Retail | 18 | -11.6% | 3.7% | 16.1% | MUSA 273% · PAG 187% · ORLY 120% |
| Specialty Stores | 7 | 0.2% | 33.6% | 11.2% | DKS 95% · ASO 29% · SIG 23% |
| Home Improvement Retail | 5 | -13.7% | 1.6% | 9.1% | HD 15% · LOW 14% · HVT 9% |
| Casinos & Gaming | 20 | -5.2% | -23.6% | 5.1% | BRAG 1014% · MCRI 118% · RSI 114% |
| Specialized Consumer Services | 10 | -8.8% | 16.9% | -3.3% | HRB 149% · FTDR 99% · SCI 41% |
| Restaurants | 34 | -4.3% | -4.7% | -6.2% | EAT 389% · CAKE 201% · RAVE 168% |
| Distributors | 4 | -5.1% | -23.8% | -8.4% | ARMK 164% · GPC 25% · LKQ -42% |
| Home Furnishings | 4 | 2.6% | 31.0% | -12.4% | SGI 60% · LZB 7% · MHK -32% |
| Footwear | 9 | 69.5% | 45.3% | -14.0% | WEYS 151% · SHOO 28% · DECK 27% |
| Automotive Parts & Equipment | 38 | -10.0% | -6.5% | -31.5% | MOD 1447% · GTX 296% · STRT 106% |
| Leisure Products | 13 | -0.7% | -19.6% | -31.7% | GOLF 86% · HAS 19% · MCFT 4% |
| Apparel, Accessories & Luxury Goods | 27 | 6.3% | -1.6% | -35.1% | TPR 265% · RL 254% · ELA 236% |
| Apparel Retail | 25 | 0.9% | 6.0% | -38.8% | ANF 187% · DXLG 187% · ROST 105% |
| Leisure Facilities | 12 | -11.6% | -7.7% | -39.4% | OSW 190% · JAKK 118% · ESCA 12% |
| Household Appliances | 18 | 8.3% | 38.2% | -39.9% | KEQU 177% · FLXS 151% · HBB 121% |
| Broadline Retail | 15 | 9.4% | 12.2% | -50.1% | DDS 299% · AMZN 62% · EBAY 55% |
| Computer & Electronics Retail | 3 | -14.5% | 5.5% | -54.3% | BBY -4% · GME -54% · UPBD -60% |
| Automobile Manufacturers | 8 | -68.2% | -67.3% | -68.6% | GM 88% · TSLA 60% · F 56% |
| Consumer Electronics | 11 | -15.7% | -22.1% | -74.9% | AXIL 2091% · GRMN 92% · TBCH -53% |
| Other Specialty Retail | 18 | -26.7% | -42.8% | -77.2% | BBW 218% · TLF 105% · WINA 92% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.89 |
| Mkt Cap | 2.7 |
| Rev LTM | 1,144 |
| Op Inc LTM | 180 |
| FCF LTM | 206 |
| FCF 3Y Avg | 193 |
| CFO LTM | 247 |
| CFO 3Y Avg | 235 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.8% |
| Rev Chg 3Y Avg | 9.2% |
| Rev Chg Q | 5.8% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 14.9% |
| Op Inc Chg 3Y Avg | 31.1% |
| Op Mgn LTM | 14.7% |
| Op Mgn 3Y Avg | 12.0% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 17.0% |
| CFO/Rev 3Y Avg | 15.7% |
| FCF/Rev LTM | 13.6% |
| FCF/Rev 3Y Avg | 12.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.7 |
| P/S | 1.5 |
| P/Op Inc | 8.4 |
| P/EBIT | 8.3 |
| P/E | 11.9 |
| P/CFO | 11.5 |
| Total Yield | 5.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.5% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Price Behavior
| Market Price | $146.13 | |
| Market Cap ($ Bil) | 6.8 | |
| First Trading Date | 07/28/2021 | |
| Distance from 52W High | -57.9% | |
| 50 Days | 200 Days | |
| DMA Price | $135.16 | $135.20 |
| DMA Trend | down | up |
| Distance from DMA | 8.1% | 8.1% |
| 3M | 1YR | |
| Volatility | 65.0% | 63.8% |
| Downside Capture | -33.48 | 183.64 |
| Upside Capture | 116.70 | 44.54 |
| Correlation (SPY) | -3.4% | 14.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.43 | -0.53 | -0.84 | 0.26 | 0.70 | 1.41 |
| Up Beta | -5.45 | -1.39 | -1.46 | -0.22 | -0.18 | 1.31 |
| Down Beta | -0.64 | -0.28 | -0.07 | 0.18 | 1.15 | 1.64 |
| Up Capture | 67% | 21% | -34% | 33% | 13% | 169% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 25 | 37 | 67 | 119 | 380 |
| Down Capture | -195% | -115% | -198% | 59% | 133% | 108% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 18 | 26 | 59 | 133 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DUOL | |
|---|---|---|---|---|
| DUOL | -57.0% | 63.7% | -1.05 | - |
| Sector ETF (XLY) | 4.3% | 19.6% | 0.10 | 19.2% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 14.9% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | -7.5% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -6.7% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 11.1% |
| Bitcoin (BTCUSD) | -35.4% | 43.5% | -0.88 | 21.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DUOL | |
|---|---|---|---|---|
| DUOL | 1.4% | 66.4% | 0.29 | - |
| Sector ETF (XLY) | 6.2% | 24.1% | 0.22 | 41.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 38.0% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 1.1% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 8.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 25.7% |
| Bitcoin (BTCUSD) | 9.1% | 52.7% | 0.36 | 21.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DUOL | |
|---|---|---|---|---|
| DUOL | 0.5% | 66.3% | 0.29 | - |
| Sector ETF (XLY) | 12.3% | 22.2% | 0.51 | 40.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 37.8% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 1.2% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 8.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 25.6% |
| Bitcoin (BTCUSD) | 62.2% | 66.1% | 1.02 | 21.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/19/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -9.4% | -0.5% | |
| 5/4/2026 | -5.6% | -4.6% | -2.6% |
| 1/12/2026 | -8.4% | -15.0% | -31.7% |
| 11/5/2025 | -25.5% | -28.2% | -20.0% |
| 8/6/2025 | 13.7% | -4.6% | -21.1% |
| 5/1/2025 | 21.6% | 25.9% | 31.7% |
| 2/27/2025 | -17.0% | -27.4% | -16.2% |
| 11/6/2024 | -1.0% | 1.4% | 15.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 11 |
| # Negative | 9 | 11 | 9 |
| Median Positive | 12.3% | 16.0% | 27.5% |
| Median Negative | -9.4% | -4.6% | -20.0% |
| Max Positive | 34.0% | 36.3% | 50.9% |
| Max Negative | -25.5% | -28.2% | -35.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -9.4% | -0.5% | |
| 5/4/2026 | -5.6% | -4.6% | -2.6% |
| 1/12/2026 | -8.4% | -15.0% | -31.7% |
| 11/5/2025 | -25.5% | -28.2% | -20.0% |
| 8/6/2025 | 13.7% | -4.6% | -21.1% |
| 5/1/2025 | 21.6% | 25.9% | 31.7% |
| 2/27/2025 | -17.0% | -27.4% | -16.2% |
| 11/6/2024 | -1.0% | 1.4% | 15.6% |
| 8/7/2024 | 10.9% | 22.1% | 29.0% |
| 5/8/2024 | -18.0% | -27.5% | -22.8% |
| 2/28/2024 | 22.2% | 8.6% | 12.8% |
| 11/8/2023 | 21.4% | 22.6% | 28.4% |
| 8/8/2023 | 6.6% | -4.0% | 14.9% |
| 5/9/2023 | 10.0% | 6.9% | 17.2% |
| 2/28/2023 | 22.2% | 36.3% | 50.9% |
| 11/10/2022 | -13.4% | -18.3% | -16.1% |
| 8/4/2022 | 4.4% | 5.4% | -5.9% |
| 5/12/2022 | 34.0% | 19.3% | 25.8% |
| 3/3/2022 | 4.6% | 12.8% | 34.0% |
| 11/10/2021 | 2.3% | -4.6% | -35.4% |
| 8/11/2021 | -1.6% | -3.3% | 27.5% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 11 |
| # Negative | 9 | 11 | 9 |
| Median Positive | 12.3% | 16.0% | 27.5% |
| Median Negative | -9.4% | -4.6% | -20.0% |
| Max Positive | 34.0% | 36.3% | 50.9% |
| Max Negative | -25.5% | -28.2% | -35.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/04/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 07/28/2021 | 424B4 |
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 8192026 | 137.80 | 1,539 | 212,079 | 23,303,983 | Form |
| 2 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 8192026 | 129.13 | 2,751 | 355,237 | 22,036,034 | Form |
| 3 | Meese, Robert | Chief Business Officer | Direct | Sell | 8192026 | 129.13 | 1,354 | 174,842 | 21,873,460 | Form |
| 4 | Chen, Stephen C | General Counsel | Direct | Sell | 8192026 | 129.13 | 1,024 | 132,229 | 6,694,228 | Form |
| 5 | Chen, Stephen C | General Counsel | Direct | Sell | 5192026 | 113.61 | 1,977 | 224,603 | 5,999,289 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 8192026 | 137.80 | 1,539 | 212,079 | 23,303,983 | Form |
| 2 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 8192026 | 129.13 | 2,751 | 355,237 | 22,036,034 | Form |
| 3 | Meese, Robert | Chief Business Officer | Direct | Sell | 8192026 | 129.13 | 1,354 | 174,842 | 21,873,460 | Form |
| 4 | Chen, Stephen C | General Counsel | Direct | Sell | 8192026 | 129.13 | 1,024 | 132,229 | 6,694,228 | Form |
| 5 | Chen, Stephen C | General Counsel | Direct | Sell | 5192026 | 113.61 | 1,977 | 224,603 | 5,999,289 | Form |
| 6 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 5192026 | 113.59 | 3,360 | 381,656 | 19,696,295 | Form |
| 7 | Chen, Stephen C | General Counsel | Direct | Sell | 5192026 | 112.16 | 820 | 91,971 | 6,144,573 | Form |
| 8 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 5192026 | 112.16 | 1,929 | 216,357 | 19,825,514 | Form |
| 9 | Meese, Robert | Chief Business Officer | Direct | Sell | 5192026 | 112.16 | 1,420 | 159,267 | 19,150,759 | Form |
| 10 | Shelton, James H | Direct | Buy | 3042026 | 99.76 | 5,000 | 498,792 | 960,873 | Form | |
| 11 | Skaruppa, Matthew | Chief Financial Officer | Direct | Sell | 2192026 | 113.52 | 3,986 | 452,492 | 3,590,760 | Form |
| 12 | Chen, Stephen C | General Counsel | Direct | Sell | 2192026 | 113.26 | 1,901 | 215,313 | 3,459,622 | Form |
| 13 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 2192026 | 113.51 | 3,545 | 402,403 | 13,097,109 | Form |
| 14 | Meese, Robert | Chief Business Officer | Direct | Sell | 2192026 | 110.06 | 1,000 | 110,060 | 13,497,318 | Form |
| 15 | Skaruppa, Matthew | Chief Financial Officer | Direct | Sell | 2192026 | 110.06 | 1,870 | 205,812 | 3,920,007 | Form |
| 16 | Chen, Stephen C | General Counsel | Direct | Sell | 2192026 | 110.06 | 896 | 98,614 | 3,571,007 | Form |
| 17 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 2192026 | 110.06 | 1,741 | 191,614 | 13,088,886 | Form |
| 18 | Hacker, Severin | Chief Tech Officer, Co-Founder | Direct | Sell | 11202025 | 172.74 | 10,000 | 1,727,441 | 12,438 | Form |
| 19 | Chen, Stephen C | General Counsel | Direct | Sell | 11192025 | 175.87 | 1,514 | 266,265 | 5,547,246 | Form |
| 20 | Skaruppa, Matthew | Chief Financial Officer | Direct | Sell | 11192025 | 175.76 | 3,059 | 537,643 | 6,588,628 | Form |
| 21 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 11192025 | 175.79 | 2,471 | 434,366 | 19,541,363 | Form |
| 22 | Chen, Stephen C | General Counsel | Direct | Sell | 11192025 | 177.95 | 1,282 | 228,132 | 5,882,315 | Form |
| 23 | Skaruppa, Matthew | Chief Financial Officer | Direct | Sell | 11192025 | 177.95 | 2,799 | 498,082 | 7,215,161 | Form |
| 24 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 11192025 | 177.95 | 2,534 | 450,925 | 20,221,704 | Form |
| 25 | Meese, Robert | Chief Business Officer | Direct | Sell | 11182025 | 177.95 | 1,444 | 256,960 | 22,001,026 | Form |
| 26 | Hacker, Severin | Chief Tech Officer, Co-Founder | Direct | Sell | 11062025 | 263.13 | 10,000 | 2,631,299 | 18,945 | Form |
| 27 | Hacker, Severin | Chief Tech Officer, Co-Founder | Direct | Sell | 10222025 | 314.72 | 10,000 | 3,147,198 | 22,660 | Form |
| 28 | Hacker, Severin | Chief Tech Officer, Co-Founder | Direct | Sell | 10072025 | 321.63 | 10,000 | 3,216,303 | 23,157 | Form |
| 29 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 10032025 | 312.30 | 3,283 | 1,025,265 | 36,279,645 | Form |
| 30 | Hacker, Severin | Chief Tech Officer, Co-Founder | Direct | Sell | 9222025 | 288.94 | 10,000 | 2,889,373 | 20,803 | Form |
| 31 | Hacker, Severin | Chief Tech Officer, Co-Founder | Direct | Sell | 9092025 | 268.55 | 10,000 | 2,685,462 | 19,335 | Form |
| 32 | Chen, Stephen C | General Counsel | Direct | Sell | 8282025 | 321.36 | 1,515 | 486,860 | 10,488,548 | Form |
| 33 | Skaruppa, Matthew | Chief Financial Officer | Direct | Sell | 8282025 | 317.39 | 10,937 | 3,471,322 | 13,757,377 | Form |
| 34 | Hacker, Severin | Chief Tech Officer, Co-Founder | Direct | Sell | 8212025 | 344.56 | 10,000 | 3,445,587 | 24,808 | Form |
| 35 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 8192025 | 367.09 | 2,471 | 907,091 | 43,919,585 | Form |
| 36 | Chen, Stephen C | General Counsel | Direct | Sell | 8182025 | 329.03 | 1,282 | 421,816 | 11,237,362 | Form |
| 37 | Skaruppa, Matthew | Chief Financial Officer | Direct | Sell | 8182025 | 329.03 | 2,797 | 920,297 | 17,407,003 | Form |
| 38 | Glance, Natalie | Chief Engineering Officer | Direct | Sell | 8182025 | 329.03 | 2,533 | 833,433 | 40,178,511 | Form |
| 39 | Meese, Robert | Chief Business Officer | Direct | Sell | 8182025 | 329.03 | 1,444 | 475,119 | 39,509,922 | Form |
| 40 | Hacker, Severin | Chief Tech Officer, Co-Founder | Direct | Sell | 8072025 | 344.41 | 10,000 | 3,444,076 | 24,797 | Form |
Investor Activity (13F)
Updated Aug 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Dragoneer Investment Group, LLC | $203.6 Mil | 4.4% | 27 | Exited | Dec 31, 2025 | 13F |
| Foxhaven Asset Management, LP | $100.4 Mil | 2.5% | 16 | Exited | Dec 31, 2025 | 13F |
| Spyglass Capital Management LLC | $50.3 Mil | 2.5% | 25 | Exited | Dec 31, 2025 | 13F |
| ThornTree Capital Partners LP | $32.4 Mil | 5.4% | 15 | Exited | Dec 31, 2025 | 13F |
| Durable Capital Partners LP | $20.9 Mil | 0.2% | 40 | Exited | Dec 31, 2025 | 13F |
| Dream Peak Capital Ltd | $18.3 Mil | 2.9% | 6 | Exited | Dec 31, 2025 | 13F |
| Whale Rock Capital Management LLC | $46.5 Mil | 0.6% | 35 | TRIM -46.2% | Mar 31, 2026 | 13F |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Education Services Resources |
| EdSurge |
| Education Week |
| Inside Higher Ed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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