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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and H2O AMERICA (HTO). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $199.4M, roughly 1.4× H2O AMERICA). Duolingo, Inc. runs the higher net margin — 14.8% vs 8.1%, a 6.7% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 1.5%). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 15.3%).
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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
DUOL vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $199.4M |
| Net Profit | $42.0M | $16.2M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | 16.6% |
| Net Margin | 14.8% | 8.1% |
| Revenue YoY | 35.0% | 1.5% |
| Net Profit YoY | 201.7% | -29.2% |
| EPS (diluted) | $0.99 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $271.7M | $243.5M | ||
| Q2 25 | $252.3M | $197.8M | ||
| Q1 25 | $230.7M | $164.9M | ||
| Q4 24 | $209.6M | $196.5M | ||
| Q3 24 | $192.6M | $216.7M | ||
| Q2 24 | $178.3M | $173.1M | ||
| Q1 24 | $167.6M | $150.0M |
| Q4 25 | $42.0M | $16.2M | ||
| Q3 25 | $292.2M | $45.1M | ||
| Q2 25 | $44.8M | $24.7M | ||
| Q1 25 | $35.1M | $16.6M | ||
| Q4 24 | $13.9M | $22.9M | ||
| Q3 24 | $23.4M | $38.7M | ||
| Q2 24 | $24.4M | $20.7M | ||
| Q1 24 | $27.0M | $11.7M |
| 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% | 16.6% | ||
| Q3 25 | 12.9% | 26.5% | ||
| Q2 25 | 13.2% | 22.2% | ||
| Q1 25 | 10.2% | 21.8% | ||
| Q4 24 | 6.6% | 22.2% | ||
| Q3 24 | 7.0% | 26.9% | ||
| Q2 24 | 10.5% | 23.4% | ||
| Q1 24 | 9.8% | 18.6% |
| Q4 25 | 14.8% | 8.1% | ||
| Q3 25 | 107.5% | 18.5% | ||
| Q2 25 | 17.8% | 12.5% | ||
| Q1 25 | 15.2% | 10.0% | ||
| Q4 24 | 6.6% | 11.7% | ||
| Q3 24 | 12.1% | 17.8% | ||
| Q2 24 | 13.7% | 12.0% | ||
| Q1 24 | 16.1% | 7.8% |
| Q4 25 | $0.99 | $0.45 | ||
| Q3 25 | $5.95 | $1.27 | ||
| Q2 25 | $0.91 | $0.71 | ||
| Q1 25 | $0.72 | $0.49 | ||
| Q4 24 | $0.31 | $0.70 | ||
| Q3 24 | $0.49 | $1.17 | ||
| Q2 24 | $0.51 | $0.64 | ||
| Q1 24 | $0.57 | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $1.3B | $1.5B |
| Total Assets | $2.0B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $20.7M | ||
| Q3 25 | $1.0B | $11.3M | ||
| Q2 25 | $976.2M | $19.8M | ||
| Q1 25 | $884.0M | $23.7M | ||
| Q4 24 | $785.8M | $11.1M | ||
| Q3 24 | $854.4M | $4.0M | ||
| Q2 24 | $888.2M | $22.8M | ||
| Q1 24 | $829.7M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $977.0M | $1.5B | ||
| Q1 25 | $893.8M | $1.4B | ||
| Q4 24 | $824.5M | $1.4B | ||
| Q3 24 | $822.5M | $1.3B | ||
| Q2 24 | $766.9M | $1.3B | ||
| Q1 24 | $711.1M | $1.2B |
| Q4 25 | $2.0B | $5.1B | ||
| Q3 25 | $1.9B | $5.0B | ||
| Q2 25 | $1.5B | $4.8B | ||
| Q1 25 | $1.4B | $4.7B | ||
| Q4 24 | $1.3B | $4.7B | ||
| Q3 24 | $1.2B | $4.6B | ||
| Q2 24 | $1.1B | $4.4B | ||
| Q1 24 | $1.1B | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| 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 | $107.3M | $63.5M |
| Free Cash FlowOCF − Capex | $96.6M | — |
| FCF MarginFCF / Revenue | 34.1% | — |
| Capex IntensityCapex / Revenue | 3.8% | — |
| Cash ConversionOCF / Net Profit | 2.56× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | $63.5M | ||
| Q3 25 | $84.2M | $77.3M | ||
| Q2 25 | $90.7M | $60.8M | ||
| Q1 25 | $105.6M | $43.2M | ||
| Q4 24 | $83.3M | $41.5M | ||
| Q3 24 | $56.3M | $53.5M | ||
| Q2 24 | $62.4M | $49.3M | ||
| Q1 24 | $83.5M | $51.2M |
| Q4 25 | $96.6M | — | ||
| Q3 25 | $79.4M | — | ||
| Q2 25 | $89.5M | — | ||
| Q1 25 | $104.3M | — | ||
| Q4 24 | $81.4M | — | ||
| Q3 24 | $53.1M | — | ||
| Q2 24 | $56.8M | — | ||
| Q1 24 | $82.1M | — |
| Q4 25 | 34.1% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 35.5% | — | ||
| Q1 25 | 45.2% | — | ||
| Q4 24 | 38.8% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 31.9% | — | ||
| Q1 24 | 49.0% | — |
| Q4 25 | 3.8% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 0.8% | — |
| Q4 25 | 2.56× | 3.92× | ||
| Q3 25 | 0.29× | 1.71× | ||
| Q2 25 | 2.02× | 2.47× | ||
| Q1 25 | 3.01× | 2.61× | ||
| Q4 24 | 5.99× | 1.81× | ||
| Q3 24 | 2.41× | 1.39× | ||
| Q2 24 | 2.56× | 2.38× | ||
| Q1 24 | 3.10× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
