Duolingo: Buy as 42.6% Growth and Max Tier Pricing Drive a +31-Point GAAP Margin Swing
Duolingo scaled TTM revenue 42.6% to $1.18B while swinging GAAP operating margin from -17.6% in FY2022 to +13.7% TTM ($407.0M GAAP FCF), leaving shares at $185.15 at a 64.9% discount to our $528.01 base DCF.
