Coursera

COUR · NYSE · Consumer Discretionary · Financials, fiscal 2019 to 2025

COUR · Last close · October 26, 2026

$4.97

Coursera's revenue rose 9.0% to $758 million in fiscal 2025. Its operating margin was −10.2%, up from −16.3% a year earlier. Free cash flow was $107 million, up 14.3%. The diluted share count rose 4.1%.

COURSERA, INC. Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001651562-26-000015 Updated October 11, 2026

Revenue

$758M

9.0%

Operating margin

−10.2%

6.1 pts

Net income

−$51M

Free cash flow

$107M

14.3%

Return on equity

−8.3%

4.8 pts

Market cap

$1.2B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Coursera has no borrowings, so debt is counted as zero.

What Coursera does

Coursera runs an online learning platform where people take courses, earn credentials and, through partner universities, work toward degrees. It says it served about 197 million learners from over 230 countries and territories at the end of 2025. Its content comes from more than 200 universities and 175 industry companies, and covers business, technology, AI and data science. AI translation and dubbing let it offer some content in up to 26 languages.

It reaches people in three ways: directly through its website, through employers, and through programs sponsored by colleges, universities and governments. Learners can also reach certain courses, Specializations and Professional Certificates through a Coursera Plus subscription. Its Enterprise offering is sold to businesses, schools and government bodies for their employees, students and citizens.

Coursera says its offerings keep changing and that it has a limited operating history. Its content creators are its partners, and the contract terms it sets with them matter to its results.

Its biggest risks, as it describes them

Revenue that may not keep growing as it has in the past.
Results that vary from period to period, which make them hard to predict.
Online learning and generative AI being new, so adoption may not go as it expects.
Failing to keep its content creators, or changing their contract terms in ways that hurt it.
Failing to attract and keep learners, and to keep up with fast-changing technology.

From Coursera's annual report on Form 10-K, filed February 23, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Coursera lost money in fiscal 2025: a net loss of $51 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Coursera yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Coursera's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Coursera's fiscal 2025 free cash flow of $107M, net cash of $793M at December 31, 2025 and 164 million diluted shares, from its filings. The scenarios are fitted to Coursera: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 13.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Education Services), plus 1 point as a smaller company, worth $1.2B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Coursera's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 12% discount rate. Base: growth of 13% then 8% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 19.5% then 11% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $4.97
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Coursera's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	822	780	722	726	793
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−822	−780	−722	−726	−793
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	4.4x	3.6x	2.8x	2.5x	2.5x
Quick ratio	4.4x	3.6x	2.8x	2.5x	2.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $11.4 million of Coursera shares on the open market, and 2 insiders sold $10.8 million, $226,111 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 29, 2026	Pale Fire Capital investicni spolecnost a.s.10% owner	Bought	1,000,000	$4.61	$4.6 million	Form 4
Sep 25, 2026	Pale Fire Capital investicni spolecnost a.s.10% owner	Bought	1,332,742	$5.06	$6.7 million	Form 4
Aug 17, 2026	Alan B CardenasSVP, General Counsel	Sold plan	9,139	$5.71	$52,184	Form 4
May 20, 2026	Insight Holdings Group LLC10% owner	Sold	1,466,372	$5.24	$7.7 million	Form 4
May 19, 2026	Insight Holdings Group LLC10% owner	Sold	455,000	$5.41	$2.5 million	Form 4
May 18, 2026	Insight Holdings Group LLC10% owner	Sold	78,628	$5.69	$447,393	Form 4
May 18, 2026	Alan B CardenasSVP, General Counsel	Sold plan	9,139	$5.52	$50,447	Form 4
Feb 17, 2026	Alan B CardenasSVP, General Counsel	Sold plan	9,710	$5.92	$57,483	Form 4
Dec 15, 2025	Alan B CardenasSVP, General Counsel	Sold plan	8,078	$8.17	$65,997	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 9	5 of 9	5 of 9
Accruals ratio	−15.7%	−18.9%	−16.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Coursera side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Coursera	FY25	9.0%	−10.2%	14.2%	—	—	5
Universal Technical Institute	FY25	14.1%	10.0%	6.6%	24.0%	−0.3x	6	Compare
Perdoceo Education	FY25	24.2%	23.2%	25.6%	—	—	—	Compare
Duolingo	FY25	38.7%	13.1%	35.6%	77.6%	−6.9x	4	Compare
Grand Canyon Education	FY25	7.1%	24.0%	21.6%	45.3%	−1.0x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	184	294	415	524	636	695	758
Revenue growth	—	59.2%	41.5%	26.1%	21.4%	9.3%	9.0%
Gross profit	95	155	250	332	330	371	413
Research and development	56	77	135	165	160	132	122
Operating income	−48	−67	−143	−177	−146	−113	−77
Net income	−47	−67	−145	−175	−117	−80	−51
Diluted EPS (US$)	−1.45	−1.80	−1.28	−1.21	−0.77	−0.51	−0.31
Diluted shares (millions)	32	37	114	145	151	157	164
Cash flow
Cash from operations	−21	−15	2	−38	30	95	109
Capital expenditure	4	3	2	2	1	2	2
Free cash flow	−26	−18	0	−40	29	94	107
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	58	37	0
Acquisitions	0	0	0	0	0	0	0
Stock-based compensation	16	17	91	111	110	108	95
Balance sheet at fiscal year end
Cash and short-term investments	56	285	822	780	722	726	793
Debt incl. finance leases	0	0	0	0	0	0	0
Total assets	—	418	959	948	920	930	1,000
Total liabilities	—	177	217	253	304	333	364
Shareholders' equity	−187	−222	742	695	616	597	636
Margins and ratios
Gross margin	51.4%	52.7%	60.1%	63.3%	51.9%	53.5%	54.6%
Operating margin	−26.2%	−22.7%	−34.5%	−33.9%	−22.9%	−16.3%	−10.2%
Net margin	−25.3%	−22.8%	−35.0%	−33.5%	−18.3%	−11.4%	−6.7%
Free cash flow margin	−14.0%	−6.2%	0.1%	−7.6%	4.5%	13.5%	14.2%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	−55.9%	−24.4%	−17.8%	−13.1%	−8.3%
Return on assets	—	—	−21.1%	−18.4%	−12.5%	−8.6%	−5.3%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Coursera's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Coursera.