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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $282.9M, roughly 1.2× Duolingo, Inc.). Duolingo, Inc. runs the higher net margin — 14.8% vs 3.4%, a 11.5% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 1.6%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $11.6M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 4.4%).
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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
DUOL vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $335.6M |
| Net Profit | $42.0M | $11.3M |
| Gross Margin | 72.8% | 29.5% |
| Operating Margin | 15.4% | 4.4% |
| Net Margin | 14.8% | 3.4% |
| Revenue YoY | 35.0% | 1.6% |
| Net Profit YoY | 201.7% | 14.0% |
| EPS (diluted) | $0.99 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $271.7M | $336.1M | ||
| Q2 25 | $252.3M | $328.7M | ||
| Q1 25 | $230.7M | $335.8M | ||
| Q4 24 | $209.6M | $330.2M | ||
| Q3 24 | $192.6M | $322.7M | ||
| Q2 24 | $178.3M | $309.1M | ||
| Q1 24 | $167.6M | $308.1M |
| Q4 25 | $42.0M | $11.3M | ||
| Q3 25 | $292.2M | $11.8M | ||
| Q2 25 | $44.8M | $11.6M | ||
| Q1 25 | $35.1M | $13.1M | ||
| Q4 24 | $13.9M | $9.9M | ||
| Q3 24 | $23.4M | $9.0M | ||
| Q2 24 | $24.4M | $9.2M | ||
| Q1 24 | $27.0M | $8.0M |
| Q4 25 | 72.8% | 29.5% | ||
| Q3 25 | 72.5% | 29.5% | ||
| Q2 25 | 72.4% | 29.9% | ||
| Q1 25 | 71.1% | 30.3% | ||
| Q4 24 | 71.9% | 29.9% | ||
| Q3 24 | 72.9% | 29.6% | ||
| Q2 24 | 73.4% | 29.2% | ||
| Q1 24 | 73.0% | 29.3% |
| Q4 25 | 15.4% | 4.4% | ||
| Q3 25 | 12.9% | 4.6% | ||
| Q2 25 | 13.2% | 4.7% | ||
| Q1 25 | 10.2% | 5.2% | ||
| Q4 24 | 6.6% | 4.0% | ||
| Q3 24 | 7.0% | 3.7% | ||
| Q2 24 | 10.5% | 4.2% | ||
| Q1 24 | 9.8% | 3.7% |
| Q4 25 | 14.8% | 3.4% | ||
| Q3 25 | 107.5% | 3.5% | ||
| Q2 25 | 17.8% | 3.5% | ||
| Q1 25 | 15.2% | 3.9% | ||
| Q4 24 | 6.6% | 3.0% | ||
| Q3 24 | 12.1% | 2.8% | ||
| Q2 24 | 13.7% | 3.0% | ||
| Q1 24 | 16.1% | 2.6% |
| Q4 25 | $0.99 | $0.49 | ||
| Q3 25 | $5.95 | $0.51 | ||
| Q2 25 | $0.91 | $0.50 | ||
| Q1 25 | $0.72 | $0.56 | ||
| Q4 24 | $0.31 | $0.43 | ||
| Q3 24 | $0.49 | $0.38 | ||
| Q2 24 | $0.51 | $0.40 | ||
| Q1 24 | $0.57 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $220.0M |
| Total Assets | $2.0B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $23.2M | ||
| Q3 25 | $1.0B | $17.1M | ||
| Q2 25 | $976.2M | $13.2M | ||
| Q1 25 | $884.0M | $21.2M | ||
| Q4 24 | $785.8M | $6.3M | ||
| Q3 24 | $854.4M | $8.9M | ||
| Q2 24 | $888.2M | $13.9M | ||
| Q1 24 | $829.7M | $11.0M |
| Q4 25 | $1.3B | $220.0M | ||
| Q3 25 | $1.3B | $212.4M | ||
| Q2 25 | $977.0M | $202.5M | ||
| Q1 25 | $893.8M | $193.0M | ||
| Q4 24 | $824.5M | $181.9M | ||
| Q3 24 | $822.5M | $174.3M | ||
| Q2 24 | $766.9M | $167.8M | ||
| Q1 24 | $711.1M | $160.0M |
| Q4 25 | $2.0B | $668.6M | ||
| Q3 25 | $1.9B | $670.5M | ||
| Q2 25 | $1.5B | $659.0M | ||
| Q1 25 | $1.4B | $664.6M | ||
| Q4 24 | $1.3B | $648.9M | ||
| Q3 24 | $1.2B | $655.5M | ||
| Q2 24 | $1.1B | $654.4M | ||
| Q1 24 | $1.1B | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $96.6M | $11.6M |
| FCF MarginFCF / Revenue | 34.1% | 3.4% |
| Capex IntensityCapex / Revenue | 3.8% | 2.9% |
| Cash ConversionOCF / Net Profit | 2.56× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | $21.1M | ||
| Q3 25 | $84.2M | $15.6M | ||
| Q2 25 | $90.7M | $2.9M | ||
| Q1 25 | $105.6M | $34.1M | ||
| Q4 24 | $83.3M | $2.7M | ||
| Q3 24 | $56.3M | $24.5M | ||
| Q2 24 | $62.4M | $12.4M | ||
| Q1 24 | $83.5M | $20.2M |
| Q4 25 | $96.6M | $11.6M | ||
| Q3 25 | $79.4M | $7.5M | ||
| Q2 25 | $89.5M | $-4.2M | ||
| Q1 25 | $104.3M | $27.6M | ||
| Q4 24 | $81.4M | $-6.9M | ||
| Q3 24 | $53.1M | $18.0M | ||
| Q2 24 | $56.8M | $3.6M | ||
| Q1 24 | $82.1M | $9.8M |
| Q4 25 | 34.1% | 3.4% | ||
| Q3 25 | 29.2% | 2.2% | ||
| Q2 25 | 35.5% | -1.3% | ||
| Q1 25 | 45.2% | 8.2% | ||
| Q4 24 | 38.8% | -2.1% | ||
| Q3 24 | 27.6% | 5.6% | ||
| Q2 24 | 31.9% | 1.2% | ||
| Q1 24 | 49.0% | 3.2% |
| Q4 25 | 3.8% | 2.9% | ||
| Q3 25 | 1.8% | 2.4% | ||
| Q2 25 | 0.5% | 2.2% | ||
| Q1 25 | 0.6% | 1.9% | ||
| Q4 24 | 0.9% | 2.9% | ||
| Q3 24 | 1.7% | 2.0% | ||
| Q2 24 | 3.1% | 2.9% | ||
| Q1 24 | 0.8% | 3.4% |
| Q4 25 | 2.56× | 1.86× | ||
| Q3 25 | 0.29× | 1.32× | ||
| Q2 25 | 2.02× | 0.25× | ||
| Q1 25 | 3.01× | 2.60× | ||
| Q4 24 | 5.99× | 0.27× | ||
| Q3 24 | 2.41× | 2.72× | ||
| Q2 24 | 2.56× | 1.35× | ||
| Q1 24 | 3.10× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
