Question 1

What is Duolingo's P/FCF ratio?

Accepted Answer

Duolingo (DUOL) P/FCF ratio is 14.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Duolingo?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Duolingo specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is Duolingo's P/FCF ratio high or low?

Accepted Answer

Duolingo's P/FCF ratio of 14.1× is below its own 5-year average of 134.4× and below the sector median of 21.8×. That places the current reading at the 5th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Duolingo's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Duolingo (DUOL) P/FCF ratio has ranged from a low of 12.1× in 2026 to a high of 704.5× in 2022. The 5-year average is 134.4× and the 5-year median is 60.3×.

Question 7

What was Duolingo's P/FCF ratio in 2025?

Accepted Answer

Duolingo (DUOL) P/FCF ratio at the end of 2025 was 22.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Duolingo's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$8.18B	$370M	22.1×	-31.1×	Dec 31, 2025
2024	$14.6B	$273M	53.3×	-10.9×	Dec 31, 2024
2023	$9.65B	$150M	64.1×	+4.4×	Dec 31, 2023
2022	$2.87B	$48.1M	59.7×	-667.6×	Dec 31, 2022
2021	$4.06B	$5.58M	727.3×	—	Dec 31, 2021
2020	$4.99B	—	—	—	Dec 31, 2020
2019	$4.99B	—	—	—	Dec 31, 2019


First Solar (FSLR)	12.7×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for Duolingo (DUOL) 2021-2026

P/FCF Ratio daily chart for Duolingo (DUOL)

Historical P/FCF Ratio for Duolingo (DUOL) from 2019 to 2025

About P/FCF Ratio at Duolingo (DUOL)

Duolingo P/FCF Ratio by Year

Duolingo P/FCF Ratio 2025: 22.1×

Duolingo P/FCF Ratio 2024: 53.3×

Duolingo P/FCF Ratio 2023: 64.1×

Duolingo P/FCF Ratio 2022: 59.7×

Duolingo P/FCF Ratio 2021: 727.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Duolingo (DUOL) Key Financials