Coursera, Inc. (COUR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+333.3%

$16.81

vs $3.88 price

Levered DCF

$22.03

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.42

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-23.74×	-16.67×	-25.16×	-9.78×	-19.09×	-90×	-39.82×
P/B	1.9×	2.24×	4.75×	2.47×	3.74×	24.82×	-9.92×
P/S	1.59×	1.93×	4.6×	3.28×	6.68×	20.33×	10.06×
EV / EBITDA	-24.44×	-7.74×	-17.61×	-9.49×	-17.26×	-106.18×	-44.85×
Gross margin	54.6%	53.5%	51.9%	63.3%	60.1%	52.7%	51.4%
Operating margin	-10.3%	-16.3%	-22.9%	-33.9%	-34.4%	-22.7%	-26.2%
Net margin	-6.7%	-11.4%	-18.3%	-33.5%	-35.0%	-22.8%	-25.3%
Current ratio	2.51×	2.46×	2.7×	3.51×	4.34×	2.22×	2.4×
Debt / equity	0.01×	0.01×	0.01×	0.02×	0.03×	0.11×	0×
Interest coverage	0×	0×	0×	0×	0×	-5,548.58×	-77.43×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-8.0%	-13.3%	-18.9%	-25.2%	-19.6%	-27.8%	25.0%
Return on invested capital	-12.2%	-18.8%	-23.2%	-24.8%	-18.7%	-24.5%	-31.6%
Return on assets	-5.1%	-8.5%	-12.7%	-18.5%	-15.1%	-16.0%	-19.8%
Free cash flow yield	8.9%	7.0%	0.5%	-3.0%	-0.4%	-0.5%	-1.7%
Earnings yield	-4.2%	-5.9%	-4.0%	-10.2%	-5.2%	-1.1%	-2.5%
Enterprise value	$418M	$613M	$2.3B	$1.4B	$2.2B	$5.9B	$1.8B
Net debt / EBITDA	46.06×	9.15×	5.03×	2.06×	4.37×	0.96×	1.42×
Cash conversion cycle (days)	-106	-108	-110	-133	-129	-86	-75