Duolingo is already cash flow positive and if you back out some non-cash costs can say they are profitable. However some of these non-cash costs should be inclu

Duolingo is already cash flow positive and if you back out some non-cash costs can say they are profitable. However some of these non-cash costs should be included but that's another story. Their target model is for 35% adjusted earnings margins which is aggressive. I did publish a post with our "present future value" model that goes out to 2026 and discounts things back. I only see them getting to 22% operating margins at this point but there are some areas like testing fees that could push that higher. Using the model I get to a $145 stock price that I'd say puts a full value on the next several years of growth. It's just a preliminary model now. After they report a few quarters we can put a finer point on it. Details here: https://ipocandy.com/2021/07/making-sense-of-duolingo-duol/ https://ipocandy.com/2021/07/making-sense-of-duolingo-duol/