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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $187.0M, roughly 1.5× National Storage Affiliates Trust). Duolingo, Inc. runs the higher net margin — 14.8% vs 12.2%, a 2.6% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $96.6M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
DUOL vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $187.0M |
| Net Profit | $42.0M | $22.9M |
| Gross Margin | 72.8% | 72.5% |
| Operating Margin | 15.4% | 20.2% |
| Net Margin | 14.8% | 12.2% |
| Revenue YoY | 35.0% | -1.6% |
| Net Profit YoY | 201.7% | 36.8% |
| EPS (diluted) | $0.99 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $271.7M | $188.7M | ||
| Q2 25 | $252.3M | $188.8M | ||
| Q1 25 | $230.7M | $188.4M | ||
| Q4 24 | $209.6M | $190.1M | ||
| Q3 24 | $192.6M | $193.6M | ||
| Q2 24 | $178.3M | $190.4M | ||
| Q1 24 | $167.6M | $196.1M |
| Q4 25 | $42.0M | $22.9M | ||
| Q3 25 | $292.2M | $18.4M | ||
| Q2 25 | $44.8M | $19.5M | ||
| Q1 25 | $35.1M | $13.0M | ||
| Q4 24 | $13.9M | $16.7M | ||
| Q3 24 | $23.4M | $18.7M | ||
| Q2 24 | $24.4M | $17.1M | ||
| Q1 24 | $27.0M | $59.0M |
| Q4 25 | 72.8% | 72.5% | ||
| Q3 25 | 72.5% | 70.7% | ||
| Q2 25 | 72.4% | 70.5% | ||
| Q1 25 | 71.1% | 70.7% | ||
| Q4 24 | 71.9% | 72.5% | ||
| Q3 24 | 72.9% | 72.8% | ||
| Q2 24 | 73.4% | 72.6% | ||
| Q1 24 | 73.0% | 72.1% |
| Q4 25 | 15.4% | 20.2% | ||
| Q3 25 | 12.9% | 15.8% | ||
| Q2 25 | 13.2% | 16.5% | ||
| Q1 25 | 10.2% | 11.0% | ||
| Q4 24 | 6.6% | 14.5% | ||
| Q3 24 | 7.0% | 15.8% | ||
| Q2 24 | 10.5% | 17.2% | ||
| Q1 24 | 9.8% | 48.9% |
| Q4 25 | 14.8% | 12.2% | ||
| Q3 25 | 107.5% | 9.8% | ||
| Q2 25 | 17.8% | 10.3% | ||
| Q1 25 | 15.2% | 6.9% | ||
| Q4 24 | 6.6% | 8.8% | ||
| Q3 24 | 12.1% | 9.7% | ||
| Q2 24 | 13.7% | 9.0% | ||
| Q1 24 | 16.1% | 30.1% |
| Q4 25 | $0.99 | $0.23 | ||
| Q3 25 | $5.95 | $0.17 | ||
| Q2 25 | $0.91 | $0.19 | ||
| Q1 25 | $0.72 | $0.10 | ||
| Q4 24 | $0.31 | $0.19 | ||
| Q3 24 | $0.49 | $0.18 | ||
| Q2 24 | $0.51 | $0.16 | ||
| Q1 24 | $0.57 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $946.0M |
| Total Assets | $2.0B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $23.3M | ||
| Q3 25 | $1.0B | $26.3M | ||
| Q2 25 | $976.2M | $26.1M | ||
| Q1 25 | $884.0M | $19.3M | ||
| Q4 24 | $785.8M | $50.4M | ||
| Q3 24 | $854.4M | $69.9M | ||
| Q2 24 | $888.2M | $59.0M | ||
| Q1 24 | $829.7M | $64.2M |
| Q4 25 | $1.3B | $946.0M | ||
| Q3 25 | $1.3B | $973.1M | ||
| Q2 25 | $977.0M | $1.0B | ||
| Q1 25 | $893.8M | $1.0B | ||
| Q4 24 | $824.5M | $1.1B | ||
| Q3 24 | $822.5M | $986.9M | ||
| Q2 24 | $766.9M | $1.2B | ||
| Q1 24 | $711.1M | $1.3B |
| Q4 25 | $2.0B | $5.1B | ||
| Q3 25 | $1.9B | $5.1B | ||
| Q2 25 | $1.5B | $5.2B | ||
| Q1 25 | $1.4B | $5.3B | ||
| Q4 24 | $1.3B | $5.4B | ||
| Q3 24 | $1.2B | $5.4B | ||
| Q2 24 | $1.1B | $5.3B | ||
| Q1 24 | $1.1B | $5.4B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $96.6M | $299.8M |
| FCF MarginFCF / Revenue | 34.1% | 160.3% |
| Capex IntensityCapex / Revenue | 3.8% | 20.7% |
| Cash ConversionOCF / Net Profit | 2.56× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | $338.5M | ||
| Q3 25 | $84.2M | $100.2M | ||
| Q2 25 | $90.7M | $79.9M | ||
| Q1 25 | $105.6M | $85.6M | ||
| Q4 24 | $83.3M | $363.1M | ||
| Q3 24 | $56.3M | $105.7M | ||
| Q2 24 | $62.4M | $83.2M | ||
| Q1 24 | $83.5M | $94.0M |
| Q4 25 | $96.6M | $299.8M | ||
| Q3 25 | $79.4M | $88.0M | ||
| Q2 25 | $89.5M | $73.8M | ||
| Q1 25 | $104.3M | $79.9M | ||
| Q4 24 | $81.4M | $344.4M | ||
| Q3 24 | $53.1M | $101.8M | ||
| Q2 24 | $56.8M | $79.5M | ||
| Q1 24 | $82.1M | $88.6M |
| Q4 25 | 34.1% | 160.3% | ||
| Q3 25 | 29.2% | 46.6% | ||
| Q2 25 | 35.5% | 39.1% | ||
| Q1 25 | 45.2% | 42.4% | ||
| Q4 24 | 38.8% | 181.2% | ||
| Q3 24 | 27.6% | 52.6% | ||
| Q2 24 | 31.9% | 41.7% | ||
| Q1 24 | 49.0% | 45.2% |
| Q4 25 | 3.8% | 20.7% | ||
| Q3 25 | 1.8% | 6.5% | ||
| Q2 25 | 0.5% | 3.2% | ||
| Q1 25 | 0.6% | 3.0% | ||
| Q4 24 | 0.9% | 9.8% | ||
| Q3 24 | 1.7% | 2.0% | ||
| Q2 24 | 3.1% | 1.9% | ||
| Q1 24 | 0.8% | 2.7% |
| Q4 25 | 2.56× | 14.79× | ||
| Q3 25 | 0.29× | 5.44× | ||
| Q2 25 | 2.02× | 4.10× | ||
| Q1 25 | 3.01× | 6.59× | ||
| Q4 24 | 5.99× | 21.70× | ||
| Q3 24 | 2.41× | 5.65× | ||
| Q2 24 | 2.56× | 4.88× | ||
| Q1 24 | 3.10× | 1.59× |
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% |
NSA
Segment breakdown not available.
