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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $282.9M, roughly 1.5× Duolingo, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 14.8%, a 20.9% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 1.7%). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 12.1%).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
DUOL vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $425.9M |
| Net Profit | $42.0M | $152.0M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | 81.5% |
| Net Margin | 14.8% | 35.7% |
| Revenue YoY | 35.0% | 1.7% |
| Net Profit YoY | 201.7% | — |
| EPS (diluted) | $0.99 | $1.59 |
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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $282.9M | $637.9M | ||
| Q3 25 | $271.7M | $443.1M | ||
| Q2 25 | $252.3M | $527.4M | ||
| Q1 25 | $230.7M | $734.8M | ||
| Q4 24 | $209.6M | $513.8M | ||
| Q3 24 | $192.6M | $310.0M | ||
| Q2 24 | $178.3M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $42.0M | $181.6M | ||
| Q3 25 | $292.2M | $107.3M | ||
| Q2 25 | $44.8M | $149.8M | ||
| Q1 25 | $35.1M | $216.4M | ||
| Q4 24 | $13.9M | $45.0M | ||
| Q3 24 | $23.4M | $-167.6M | ||
| Q2 24 | $24.4M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 72.8% | 86.6% | ||
| Q3 25 | 72.5% | — | ||
| Q2 25 | 72.4% | 94.7% | ||
| Q1 25 | 71.1% | 81.6% | ||
| Q4 24 | 71.9% | 87.3% | ||
| Q3 24 | 72.9% | — | ||
| Q2 24 | 73.4% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 15.4% | 43.3% | ||
| Q3 25 | 12.9% | 40.6% | ||
| Q2 25 | 13.2% | 43.7% | ||
| Q1 25 | 10.2% | 43.2% | ||
| Q4 24 | 6.6% | 16.8% | ||
| Q3 24 | 7.0% | -63.4% | ||
| Q2 24 | 10.5% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 14.8% | 28.5% | ||
| Q3 25 | 107.5% | 24.2% | ||
| Q2 25 | 17.8% | 28.4% | ||
| Q1 25 | 15.2% | 29.4% | ||
| Q4 24 | 6.6% | 8.8% | ||
| Q3 24 | 12.1% | -54.1% | ||
| Q2 24 | 13.7% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.99 | $1.98 | ||
| Q3 25 | $5.95 | $1.18 | ||
| Q2 25 | $0.91 | $1.64 | ||
| Q1 25 | $0.72 | $2.37 | ||
| Q4 24 | $0.31 | $0.49 | ||
| Q3 24 | $0.49 | $-1.81 | ||
| Q2 24 | $0.51 | $-0.59 |
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 | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $1.3B | — |
| Total Assets | $2.0B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $271.4M | ||
| Q3 25 | $1.0B | $43.2M | ||
| Q2 25 | $976.2M | $39.3M | ||
| Q1 25 | $884.0M | $40.0M | ||
| Q4 24 | $785.8M | $48.7M | ||
| Q3 24 | $854.4M | $38.2M | ||
| Q2 24 | $888.2M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $3.6B | ||
| Q3 25 | $1.3B | $3.1B | ||
| Q2 25 | $977.0M | $3.0B | ||
| Q1 25 | $893.8M | $2.8B | ||
| Q4 24 | $824.5M | $-76.2M | ||
| Q3 24 | $822.5M | $-15.5M | ||
| Q2 24 | $766.9M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.0B | $9.2B | ||
| Q3 25 | $1.9B | $8.7B | ||
| Q2 25 | $1.5B | $8.4B | ||
| Q1 25 | $1.4B | $8.5B | ||
| Q4 24 | $1.3B | $8.3B | ||
| Q3 24 | $1.2B | $8.3B | ||
| Q2 24 | $1.1B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $96.6M | — |
| FCF MarginFCF / Revenue | 34.1% | — |
| Capex IntensityCapex / Revenue | 3.8% | 117.0% |
| Cash ConversionOCF / Net Profit | 2.56× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $107.3M | $274.9M | ||
| Q3 25 | $84.2M | $237.8M | ||
| Q2 25 | $90.7M | $388.4M | ||
| Q1 25 | $105.6M | $253.8M | ||
| Q4 24 | $83.3M | $220.1M | ||
| Q3 24 | $56.3M | $197.9M | ||
| Q2 24 | $62.4M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $96.6M | $-2.7M | ||
| Q3 25 | $79.4M | $-47.8M | ||
| Q2 25 | $89.5M | $195.3M | ||
| Q1 25 | $104.3M | $59.9M | ||
| Q4 24 | $81.4M | $-20.3M | ||
| Q3 24 | $53.1M | $-49.1M | ||
| Q2 24 | $56.8M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 34.1% | -0.4% | ||
| Q3 25 | 29.2% | -10.8% | ||
| Q2 25 | 35.5% | 37.0% | ||
| Q1 25 | 45.2% | 8.2% | ||
| Q4 24 | 38.8% | -4.0% | ||
| Q3 24 | 27.6% | -15.8% | ||
| Q2 24 | 31.9% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 3.8% | 43.5% | ||
| Q3 25 | 1.8% | 64.4% | ||
| Q2 25 | 0.5% | 36.6% | ||
| Q1 25 | 0.6% | 26.4% | ||
| Q4 24 | 0.9% | 46.8% | ||
| Q3 24 | 1.7% | 79.7% | ||
| Q2 24 | 3.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 2.56× | 1.51× | ||
| Q3 25 | 0.29× | 2.21× | ||
| Q2 25 | 2.02× | 2.59× | ||
| Q1 25 | 3.01× | 1.17× | ||
| Q4 24 | 5.99× | 4.89× | ||
| Q3 24 | 2.41× | — | ||
| Q2 24 | 2.56× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
