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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Duolingo, Inc. (DUOL). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $164.3M, roughly 1.7× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 14.8%, a 2.7% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 14.8%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $-36.0M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 10.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
Duolingo, Inc. is a leading global edtech firm operating a gamified language learning platform. It offers free and premium self-paced courses for over 40 languages, plus language certification, math learning tools, and literacy programs, serving individual learners, schools and corporate clients worldwide.
AWR vs DUOL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $282.9M |
| Net Profit | $28.7M | $42.0M |
| Gross Margin | 88.9% | 72.8% |
| Operating Margin | 27.4% | 15.4% |
| Net Margin | 17.5% | 14.8% |
| Revenue YoY | 14.8% | 35.0% |
| Net Profit YoY | 1.1% | 201.7% |
| EPS (diluted) | $0.74 | $0.99 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $164.3M | $282.9M | ||
| Q3 25 | $182.7M | $271.7M | ||
| Q2 25 | $163.1M | $252.3M | ||
| Q1 25 | $148.0M | $230.7M | ||
| Q4 24 | $143.1M | $209.6M | ||
| Q3 24 | $161.8M | $192.6M | ||
| Q2 24 | $155.3M | $178.3M | ||
| Q1 24 | $135.3M | $167.6M |
| Q4 25 | $28.7M | $42.0M | ||
| Q3 25 | $41.2M | $292.2M | ||
| Q2 25 | $33.7M | $44.8M | ||
| Q1 25 | $26.8M | $35.1M | ||
| Q4 24 | $28.4M | $13.9M | ||
| Q3 24 | $35.8M | $23.4M | ||
| Q2 24 | $31.9M | $24.4M | ||
| Q1 24 | $23.1M | $27.0M |
| Q4 25 | 88.9% | 72.8% | ||
| Q3 25 | 91.0% | 72.5% | ||
| Q2 25 | 92.1% | 72.4% | ||
| Q1 25 | 91.3% | 71.1% | ||
| Q4 24 | 92.4% | 71.9% | ||
| Q3 24 | 92.7% | 72.9% | ||
| Q2 24 | 89.6% | 73.4% | ||
| Q1 24 | 88.4% | 73.0% |
| Q4 25 | 27.4% | 15.4% | ||
| Q3 25 | 33.8% | 12.9% | ||
| Q2 25 | 31.3% | 13.2% | ||
| Q1 25 | 30.8% | 10.2% | ||
| Q4 24 | 27.0% | 6.6% | ||
| Q3 24 | 34.0% | 7.0% | ||
| Q2 24 | 33.3% | 10.5% | ||
| Q1 24 | 28.8% | 9.8% |
| Q4 25 | 17.5% | 14.8% | ||
| Q3 25 | 22.5% | 107.5% | ||
| Q2 25 | 20.7% | 17.8% | ||
| Q1 25 | 18.1% | 15.2% | ||
| Q4 24 | 19.9% | 6.6% | ||
| Q3 24 | 22.1% | 12.1% | ||
| Q2 24 | 20.5% | 13.7% | ||
| Q1 24 | 17.1% | 16.1% |
| Q4 25 | $0.74 | $0.99 | ||
| Q3 25 | $1.06 | $5.95 | ||
| Q2 25 | $0.87 | $0.91 | ||
| Q1 25 | $0.70 | $0.72 | ||
| Q4 24 | $0.75 | $0.31 | ||
| Q3 24 | $0.95 | $0.49 | ||
| Q2 24 | $0.85 | $0.51 | ||
| Q1 24 | $0.62 | $0.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.8M | $1.0B |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $1.3B |
| Total Assets | $2.7B | $2.0B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $1.0B | ||
| Q3 25 | $26.1M | $1.0B | ||
| Q2 25 | $20.2M | $976.2M | ||
| Q1 25 | $21.2M | $884.0M | ||
| Q4 24 | $26.7M | $785.8M | ||
| Q3 24 | $16.5M | $854.4M | ||
| Q2 24 | $3.6M | $888.2M | ||
| Q1 24 | $17.0M | $829.7M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q2 25 | $972.5M | $977.0M | ||
| Q1 25 | $956.4M | $893.8M | ||
| Q4 24 | $920.1M | $824.5M | ||
| Q3 24 | $879.5M | $822.5M | ||
| Q2 24 | $833.5M | $766.9M | ||
| Q1 24 | $800.5M | $711.1M |
| Q4 25 | $2.7B | $2.0B | ||
| Q3 25 | $2.7B | $1.9B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.3B | $1.1B |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $27.7M | $107.3M |
| Free Cash FlowOCF − Capex | $-36.0M | $96.6M |
| FCF MarginFCF / Revenue | -21.9% | 34.1% |
| Capex IntensityCapex / Revenue | 38.8% | 3.8% |
| Cash ConversionOCF / Net Profit | 0.96× | 2.56× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $369.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $107.3M | ||
| Q3 25 | $92.4M | $84.2M | ||
| Q2 25 | $64.6M | $90.7M | ||
| Q1 25 | $45.1M | $105.6M | ||
| Q4 24 | $64.5M | $83.3M | ||
| Q3 24 | $63.7M | $56.3M | ||
| Q2 24 | $24.7M | $62.4M | ||
| Q1 24 | $45.8M | $83.5M |
| Q4 25 | $-36.0M | $96.6M | ||
| Q3 25 | $37.7M | $79.4M | ||
| Q2 25 | $13.7M | $89.5M | ||
| Q1 25 | $-22.5M | $104.3M | ||
| Q4 24 | $6.0M | $81.4M | ||
| Q3 24 | $-478.0K | $53.1M | ||
| Q2 24 | $-37.0M | $56.8M | ||
| Q1 24 | $-1.7M | $82.1M |
| Q4 25 | -21.9% | 34.1% | ||
| Q3 25 | 20.7% | 29.2% | ||
| Q2 25 | 8.4% | 35.5% | ||
| Q1 25 | -15.2% | 45.2% | ||
| Q4 24 | 4.2% | 38.8% | ||
| Q3 24 | -0.3% | 27.6% | ||
| Q2 24 | -23.8% | 31.9% | ||
| Q1 24 | -1.3% | 49.0% |
| Q4 25 | 38.8% | 3.8% | ||
| Q3 25 | 29.9% | 1.8% | ||
| Q2 25 | 31.2% | 0.5% | ||
| Q1 25 | 45.6% | 0.6% | ||
| Q4 24 | 40.9% | 0.9% | ||
| Q3 24 | 39.7% | 1.7% | ||
| Q2 24 | 39.8% | 3.1% | ||
| Q1 24 | 35.2% | 0.8% |
| Q4 25 | 0.96× | 2.56× | ||
| Q3 25 | 2.24× | 0.29× | ||
| Q2 25 | 1.92× | 2.02× | ||
| Q1 25 | 1.68× | 3.01× | ||
| Q4 24 | 2.27× | 5.99× | ||
| Q3 24 | 1.78× | 2.41× | ||
| Q2 24 | 0.78× | 2.56× | ||
| Q1 24 | 1.98× | 3.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
