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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) 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 $162.5M, roughly 1.7× Bitcoin Depot Inc.). Duolingo, Inc. runs the higher net margin — 14.8% vs 3.4%, a 11.4% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 20.1%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $2.5M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs -4.9%).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
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.
BTM vs DUOL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $282.9M |
| Net Profit | $5.5M | $42.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | 7.3% | 15.4% |
| Net Margin | 3.4% | 14.8% |
| Revenue YoY | 20.1% | 35.0% |
| Net Profit YoY | 690.4% | 201.7% |
| EPS (diluted) | $0.08 | $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 | — | $282.9M | ||
| Q3 25 | $162.5M | $271.7M | ||
| Q2 25 | $172.1M | $252.3M | ||
| Q1 25 | $164.2M | $230.7M | ||
| Q4 24 | — | $209.6M | ||
| Q3 24 | $135.3M | $192.6M | ||
| Q2 24 | $163.1M | $178.3M | ||
| Q1 24 | $138.5M | $167.6M |
| Q4 25 | — | $42.0M | ||
| Q3 25 | $5.5M | $292.2M | ||
| Q2 25 | $6.1M | $44.8M | ||
| Q1 25 | $4.2M | $35.1M | ||
| Q4 24 | — | $13.9M | ||
| Q3 24 | $-939.0K | $23.4M | ||
| Q2 24 | $-2.6M | $24.4M | ||
| Q1 24 | $-1.5M | $27.0M |
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.5% | ||
| Q2 25 | — | 72.4% | ||
| Q1 25 | — | 71.1% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 73.4% | ||
| Q1 24 | — | 73.0% |
| Q4 25 | — | 15.4% | ||
| Q3 25 | 7.3% | 12.9% | ||
| Q2 25 | 9.2% | 13.2% | ||
| Q1 25 | 10.8% | 10.2% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | 4.1% | 7.0% | ||
| Q2 24 | 4.7% | 10.5% | ||
| Q1 24 | 0.5% | 9.8% |
| Q4 25 | — | 14.8% | ||
| Q3 25 | 3.4% | 107.5% | ||
| Q2 25 | 3.5% | 17.8% | ||
| Q1 25 | 2.6% | 15.2% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | -0.7% | 12.1% | ||
| Q2 24 | -1.6% | 13.7% | ||
| Q1 24 | -1.1% | 16.1% |
| Q4 25 | — | $0.99 | ||
| Q3 25 | $0.08 | $5.95 | ||
| Q2 25 | $0.16 | $0.91 | ||
| Q1 25 | $0.20 | $0.72 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | $-0.05 | $0.49 | ||
| Q2 24 | $-0.13 | $0.51 | ||
| Q1 24 | $-0.25 | $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 | $59.3M | $1.0B |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $1.3B |
| Total Assets | $125.3M | $2.0B |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.0B | ||
| Q3 25 | $59.3M | $1.0B | ||
| Q2 25 | $48.0M | $976.2M | ||
| Q1 25 | $35.0M | $884.0M | ||
| Q4 24 | — | $785.8M | ||
| Q3 24 | $32.2M | $854.4M | ||
| Q2 24 | $43.9M | $888.2M | ||
| Q1 24 | $42.2M | $829.7M |
| Q4 25 | — | — | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $44.5M | — | ||
| Q2 24 | $41.2M | — | ||
| Q1 24 | $37.6M | — |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $21.0M | $1.3B | ||
| Q2 25 | $4.7M | $977.0M | ||
| Q1 25 | $-4.6M | $893.8M | ||
| Q4 24 | — | $824.5M | ||
| Q3 24 | $-7.9M | $822.5M | ||
| Q2 24 | $4.4M | $766.9M | ||
| Q1 24 | $5.0M | $711.1M |
| Q4 25 | — | $2.0B | ||
| Q3 25 | $125.3M | $1.9B | ||
| Q2 25 | $109.1M | $1.5B | ||
| Q1 25 | $89.7M | $1.4B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $87.4M | $1.2B | ||
| Q2 24 | $97.5M | $1.1B | ||
| Q1 24 | $90.1M | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | — |
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 | $6.6M | $107.3M |
| Free Cash FlowOCF − Capex | $2.5M | $96.6M |
| FCF MarginFCF / Revenue | 1.6% | 34.1% |
| Capex IntensityCapex / Revenue | 2.5% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.20× | 2.56× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $369.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $107.3M | ||
| Q3 25 | $6.6M | $84.2M | ||
| Q2 25 | $10.2M | $90.7M | ||
| Q1 25 | $16.3M | $105.6M | ||
| Q4 24 | — | $83.3M | ||
| Q3 24 | $5.8M | $56.3M | ||
| Q2 24 | $10.1M | $62.4M | ||
| Q1 24 | $1.3M | $83.5M |
| Q4 25 | — | $96.6M | ||
| Q3 25 | $2.5M | $79.4M | ||
| Q2 25 | $9.8M | $89.5M | ||
| Q1 25 | $15.9M | $104.3M | ||
| Q4 24 | — | $81.4M | ||
| Q3 24 | $-1.0M | $53.1M | ||
| Q2 24 | $7.6M | $56.8M | ||
| Q1 24 | $789.0K | $82.1M |
| Q4 25 | — | 34.1% | ||
| Q3 25 | 1.6% | 29.2% | ||
| Q2 25 | 5.7% | 35.5% | ||
| Q1 25 | 9.7% | 45.2% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | -0.8% | 27.6% | ||
| Q2 24 | 4.7% | 31.9% | ||
| Q1 24 | 0.6% | 49.0% |
| Q4 25 | — | 3.8% | ||
| Q3 25 | 2.5% | 1.8% | ||
| Q2 25 | 0.2% | 0.5% | ||
| Q1 25 | 0.2% | 0.6% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 5.0% | 1.7% | ||
| Q2 24 | 1.5% | 3.1% | ||
| Q1 24 | 0.4% | 0.8% |
| Q4 25 | — | 2.56× | ||
| Q3 25 | 1.20× | 0.29× | ||
| Q2 25 | 1.67× | 2.02× | ||
| Q1 25 | 3.88× | 3.01× | ||
| Q4 24 | — | 5.99× | ||
| Q3 24 | — | 2.41× | ||
| Q2 24 | — | 2.56× | ||
| Q1 24 | — | 3.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
