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Duolingo, Inc (DUOL34) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Duolingo, Inc BRL 26.22, price BRL 23.56, upside +11.3%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Technology · BR · Home US

DI Some data Sep 24, 2026

Duolingo, Inc

DUOL34 · SA

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value R$26.22 · Undervalued (+11.3%)
✓Quality 67/100
✓Healthy Growth (revenue 3y +41.1 %/yr)
✓Highly profitable · 38.4% net margin (TTM)
✓generates free cash flow
✓Ranks above peers (11/11)
✓Wide moat 71/100
!Insider activity 40/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R$65.00 R$14.07 Fair Value R$26.22 Aug 2025 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.

How to read this chart

14‑month range R$14.07 – R$65.00 · fair‑value band R$17.95 – R$40.37 · the R$23.56 price screens below the R$26.22 fair value. As of Sep 24, 2026.

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Company profile

Duolingo, Inc. operates as a mobile learning platform in the United States, the United Kingdom, and internationally. The company offers 250 language courses, including Spanish, English, French, German, Italian, Portuguese, Japanese, and Chinese through its Duolingo app. It also provides a digital English language proficiency assessment exam.

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Duolingo, Inc. operates as a mobile learning platform in the United States, the United Kingdom, and internationally. The company offers 250 language courses, including Spanish, English, French, German, Italian, Portuguese, Japanese, and Chinese through its Duolingo app. It also provides a digital English language proficiency assessment exam. The company was incorporated in 2011 and is headquartered in Pittsburgh, Pennsylvania.

Stock analysis

Duolingo, Inc (DUOL34) currently trades at R$23.56, while our model-based Fair Value estimate is R$26.22, implying the stock looks roughly 10.2% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of R$78.12 per share, and 12 of the 24 models we run sit above the R$23.56 price.

Bear case: the Asset-Based group reads lowest at R$3.37, and 12 of the 24 models stay below the price. Evidence for this calculation is medium.

Scenario range: R$17.95 (bear) to R$40.37 (bull), the price of R$23.56 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 67/100 (solid quality), in the Technology sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Duolingo, Inc reported revenue of $1.0B in FY2025 versus $369M in FY2022, a compound +41.1%/yr. Reported net income was $414M in FY2025.

Key figures

Market cap R$1.1B (≈ $210M) · P/E ratio 0.5 · P/S ratio 0.18 · EPS (TTM) R$45.29 · Net margin 39.9% · Return on equity 37.0% · Return on assets (EBIT) 0.4% · Operating margin 15.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 60% below its 52-week high and 67% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −8% fair-value upside, at 11%, DUOL34 screens cheaper than that median.

Fair Value models

Bear R$17.95 Fair Value R$26.22 Bull R$40.37
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$34.25 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF R$19.82 R$26.22 R$44.92 72
Growth DCF R$18.80 R$27.99 R$42.33 70
EPV R$6.72 R$7.07 R$7.35 68
All 24 models by family
DCF Models
FCF DCF R$19.82 R$26.22 R$44.92 72
Owner Earnings R$20.52 R$36.59 R$64.62 66
5Y Revenue Exit R$12.72 R$16.94 R$25.60 65
5Y EBITDA Exit R$14.41 R$20.36 R$31.94 67
5Y P/E Exit R$30.51 R$65.34 R$113.11 60
10Y Revenue Exit R$15.18 R$23.47 R$27.26 61
10Y EBITDA Exit R$16.39 R$26.58 R$42.82 60
10Y P/E Exit R$26.44 R$56.11 R$105.35 54
Earnings-Based
Graham-Dodd R$10.51 R$73.30 R$102.87 59
Lynch FV R$37.87 R$54.10 R$70.33 57
PEG = 1.0 R$37.87 R$54.10 R$70.33 53
EPV R$6.72 R$7.07 R$7.35 68
Multiples
P/E Multiple R$32.46 R$43.28 R$54.10 63
P/S Multiple R$15.98 R$21.30 R$26.63 58
P/B Multiple R$19.71 R$26.28 R$32.85 55
EV/EBIT R$12.98 R$16.01 R$19.05 63
EV/EBITDA R$11.43 R$13.95 R$16.46 64
EV/Revenue R$8.47 R$10.45 R$12.42 52
Asset-Based
NCAV (Graham) R$2.51 R$3.37 R$5.03 51
Growth DCF
Growth DCF R$18.80 R$27.99 R$42.33 70
Rev-Margin DCF R$13.50 R$18.84 R$30.17 64
Economic Profit
Residual Income R$7.77 R$11.41 R$22.90 61
ROIC Compounder R$7.41 R$8.81 R$10.44 66
Growth Earnings
Growth-Adj P/E R$54.68 R$78.12 R$101.56 63

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Quality Score breakdown

Overall quality 67/100

Of which business quality 70 · Market factors (momentum, volatility) 38

Profitability 80
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 37
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+38.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−17.6% (2022) → 13.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: rate outside our plausibility band
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 684 stocks

Beats the industry median on 11/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 67 · Top 25%
Fair Value upside +30.4% · Top 25%
Profitability
Return on equity (TTM) 37.0% · Top 25%
Return on assets 5.9% · Above median
Net margin (TTM) 38.4% · Top 25%
Operating margin (TTM) 15.4% · Top 25%
Growth and dividend
Revenue growth 26.5% · Top 25%

Valuation Multiplesvs Software - Application median · lower = cheaper

P/E (TTM) 0.5× · Cheapest 25%
P/B 0.16× · Cheapest 25%
P/S (TTM) 0.19× · Cheapest 25%
P/FCF 0.6× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)77 · sector 27
FUTURE (revenue growth)100 · sector 42
PAST (return on equity)100 · sector 16
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 32

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
SAP SE SAP €186.74 €172.46 −8%
Salesforce, Inc CRM $229.57 $342.73 +49%
Shopify Inc SHOP $144.01 $64.36 −55%
ServiceNow, Inc NOW $134.01 $147.41 +10%
Uber Technologies, Inc UBER $69.36 $103.69 +49%
Snowflake Inc SNOW $330.31 $74.36 −77%
Automatic Data Processing, Inc ADP $261.80 $150.01 −43%
Adobe Inc ADBE $239.94 $454.04 +89%
Datadog, Inc DDOG $268.70 $32.52 −88%
Cadence Design Systems, Inc CDNS $326.70 $225.48 −31%

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Duolingo, Inc · Fair Value
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Cite: Fair Value Calculator (2026). "Duolingo, Inc Fair Value". https://www.fairvalue-calculator.com/stock/DUOL34

Frequently asked questions

Is Duolingo, Inc (DUOL34) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R$26.22 versus a price of R$23.56, about +11% upside (undervalued).
What is the fair value of DUOL34?
Our model-based fair value for Duolingo, Inc is R$26.22 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$23.56.
What is the quality score of DUOL34?
Duolingo, Inc has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Duolingo, Inc (DUOL34)?
Our model-based price target is the fair value of R$26.22 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario R$17.95, optimistic scenario R$40.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Duolingo, Inc stock forecast for 2026?
Our models put fair value at R$26.22, about +11% upside versus a price of R$23.56 (undervalued). Cautious scenario R$17.95, optimistic scenario R$40.37. The calculation is refreshed regularly with new filings.
What is the revenue of Duolingo, Inc (DUOL34)?
Duolingo, Inc reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Duolingo, Inc (DUOL34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Duolingo, Inc it is R$26.22 per share (as of Sep 24, 2026), against a price of R$23.56. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Duolingo, Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DUOL34 trades below its calculated fair value: price R$23.56, fair value R$26.22, a gap of about +11% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DUOL34?
No. The price is what the market pays today (R$23.56); the fair value is what the company's own numbers justify (R$26.22). For Duolingo, Inc the two are R$2.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is Duolingo, Inc worth?
The market values Duolingo, Inc at about R$1.1B (market capitalisation, as of Sep 24, 2026). Per share that is R$23.56; our models calculate a fair value of R$26.22 per share.
What do the bullish and bearish scenarios say about DUOL34?
Our models span a range for Duolingo, Inc: cautious scenario R$17.95, base R$26.22, optimistic R$40.37 per share (as of Sep 24, 2026, price R$23.56). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DUOL34?
Duolingo, Inc trades at a price-to-earnings ratio of 0.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$26.22 is built from several models across several years. Other multiples: P/B 0.2, P/S 0.2.
How solid is the balance sheet of Duolingo, Inc (DUOL34)?
Balance-sheet figures for Duolingo, Inc (as of Sep 24, 2026): return on equity 37.0%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is DUOL34 from its 52-week high?
Duolingo, Inc trades at R$23.56, about 60% below its 52-week high of R$58.32 and 67% above the low of R$14.07 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$26.22 is for.
Which stocks are comparable to Duolingo, Inc?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Duolingo, Inc stock attractive at the current price?
The data as of Sep 24, 2026: price R$23.56, calculated fair value R$26.22 (+11%), Quality Score 67/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DUOL34 calculated?
We run Duolingo, Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$26.22, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Duolingo, Inc currently trades 10 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Duolingo, Inc (DUOL34)?
The closing price on Oct 2, 2026 was R$23.56. Our model-based fair value is R$26.22, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Duolingo, Inc right now?
A fairly wide model range (R$17.95 to R$40.37) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Duolingo, Inc

How large is the market capitalisation of Duolingo, Inc (DUOL34)?
The market capitalisation of Duolingo, Inc is R$1.1B (≈ $210M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Duolingo, Inc (DUOL34)?
The price-to-sales ratio of Duolingo, Inc is 0.18 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Duolingo, Inc (DUOL34)?
Earnings per share at Duolingo, Inc are R$45.29 (price ÷ EPS = P/E 0.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Duolingo, Inc (DUOL34)?
The net margin of Duolingo, Inc is 39.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Duolingo, Inc (DUOL34)?
The return on equity (ROE) of Duolingo, Inc is 37.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Duolingo, Inc (DUOL34)?
On an EBIT basis the return on assets of Duolingo, Inc is 0.4% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Duolingo, Inc (DUOL34)?
The operating margin of Duolingo, Inc is 15.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Duolingo, Inc (DUOL34)?
Revenue at Duolingo, Inc is growing +26.5% versus a year earlier (3y avg +41.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Duolingo, Inc (DUOL34)?
Earnings per share at Duolingo, Inc are growing +23.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Duolingo, Inc (DUOL34) generate?
The free cash flow of Duolingo, Inc is $360M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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