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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $252.6M, roughly 1.1× PicoCELA Inc.). Duolingo, Inc. runs the higher net margin — 14.8% vs -125.2%, a 140.0% gap on every dollar of revenue. Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $-256.6M).
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.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
DUOL vs PCLA — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $252.6M |
| Net Profit | $42.0M | $-316.2M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | -114.8% |
| Net Margin | 14.8% | -125.2% |
| Revenue YoY | 35.0% | — |
| Net Profit YoY | 201.7% | — |
| EPS (diluted) | $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 | $271.7M | — | ||
| Q2 25 | $252.3M | — | ||
| Q1 25 | $230.7M | $252.6M | ||
| Q4 24 | $209.6M | — | ||
| Q3 24 | $192.6M | — | ||
| Q2 24 | $178.3M | — | ||
| Q1 24 | $167.6M | — |
| Q4 25 | $42.0M | — | ||
| Q3 25 | $292.2M | — | ||
| Q2 25 | $44.8M | — | ||
| Q1 25 | $35.1M | $-316.2M | ||
| Q4 24 | $13.9M | — | ||
| Q3 24 | $23.4M | — | ||
| Q2 24 | $24.4M | — | ||
| Q1 24 | $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 | 12.9% | — | ||
| Q2 25 | 13.2% | — | ||
| Q1 25 | 10.2% | -114.8% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 7.0% | — | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 9.8% | — |
| Q4 25 | 14.8% | — | ||
| Q3 25 | 107.5% | — | ||
| Q2 25 | 17.8% | — | ||
| Q1 25 | 15.2% | -125.2% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 12.1% | — | ||
| Q2 24 | 13.7% | — | ||
| Q1 24 | 16.1% | — |
| Q4 25 | $0.99 | — | ||
| Q3 25 | $5.95 | — | ||
| Q2 25 | $0.91 | — | ||
| Q1 25 | $0.72 | — | ||
| Q4 24 | $0.31 | — | ||
| Q3 24 | $0.49 | — | ||
| Q2 24 | $0.51 | — | ||
| Q1 24 | $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 | $1.0B | $456.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $354.8M |
| Total Assets | $2.0B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $976.2M | — | ||
| Q1 25 | $884.0M | $456.8M | ||
| Q4 24 | $785.8M | — | ||
| Q3 24 | $854.4M | — | ||
| Q2 24 | $888.2M | — | ||
| Q1 24 | $829.7M | — |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $977.0M | — | ||
| Q1 25 | $893.8M | $354.8M | ||
| Q4 24 | $824.5M | — | ||
| Q3 24 | $822.5M | — | ||
| Q2 24 | $766.9M | — | ||
| Q1 24 | $711.1M | — |
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
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 | $-245.6M |
| Free Cash FlowOCF − Capex | $96.6M | $-256.6M |
| FCF MarginFCF / Revenue | 34.1% | -101.6% |
| Capex IntensityCapex / Revenue | 3.8% | 4.3% |
| Cash ConversionOCF / Net Profit | 2.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | — | ||
| Q3 25 | $84.2M | — | ||
| Q2 25 | $90.7M | — | ||
| Q1 25 | $105.6M | $-245.6M | ||
| Q4 24 | $83.3M | — | ||
| Q3 24 | $56.3M | — | ||
| Q2 24 | $62.4M | — | ||
| Q1 24 | $83.5M | — |
| Q4 25 | $96.6M | — | ||
| Q3 25 | $79.4M | — | ||
| Q2 25 | $89.5M | — | ||
| Q1 25 | $104.3M | $-256.6M | ||
| 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% | -101.6% | ||
| 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% | 4.3% | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 0.8% | — |
| Q4 25 | 2.56× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 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
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
