Latest Ratios: P/E Ratio -19.1x · EV/EBITDA N/A · ROE -8.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $1.2B | $1.3B | $2.9B | $1.7B | $2.8B | — | — |
| Enterprise Value | $216M | $418M | $615M | $2.3B | $1.4B | $2.2B | — | — |
| P/E Ratio → | -19.13 | — | — | — | — | — | — | — |
| P/S Ratio | 1.33 | 1.59 | 1.93 | 4.60 | 3.28 | 6.68 | — | — |
| P/B Ratio | 1.53 | 1.90 | 2.24 | 4.75 | 2.47 | 3.74 | — | — |
| P/FCF | 9.37 | 11.25 | 14.26 | 220.88 | — | — | — | — |
| P/OCF | 9.24 | 11.09 | 14.03 | 98.66 | — | 1589.97 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.55 | 0.88 | 3.58 | 2.70 | 5.33 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 3.90 | 6.55 | 171.80 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.6% | 54.6% | 53.5% | 51.9% | 63.3% | 60.1% | 52.7% | 51.4% |
| Operating Margin | -10.3% | -10.3% | -16.3% | -22.9% | -33.9% | -34.4% | -22.7% | -26.2% |
| Net Profit Margin | -6.7% | -6.7% | -11.4% | -18.3% | -33.5% | -35.0% | -22.8% | -25.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -8.3% | -8.3% | -13.1% | -17.8% | -24.4% | -29.6% | -249.9% | — |
| ROA | -5.3% | -5.3% | -8.6% | -12.5% | -18.4% | -21.1% | -20.4% | -19.8% |
| ROIC | — | — | — | -61.7% | -46.8% | -58.4% | -26.7% | — |
| ROCE | -12.6% | -12.6% | -18.5% | -21.9% | -24.2% | -28.0% | -31.9% | -31.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.11 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.24 | -1.21 | -1.05 | -0.44 | -0.76 | -0.22 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -7.35 | -7.71 | -49.08 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -5440.67 | -72.60 |
Net cash position: cash ($793M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.51 | 2.51 | 2.46 | 2.70 | 3.51 | 4.34 | 2.22 | 2.40 |
| Quick Ratio | 2.51 | 2.51 | 2.46 | 2.70 | 3.51 | 4.34 | 2.22 | 2.40 |
| Cash Ratio | 2.21 | 2.21 | 2.22 | 2.42 | 3.22 | 4.09 | 1.86 | 2.09 |
| Asset Turnover | — | 0.76 | 0.75 | 0.69 | 0.55 | 0.43 | 0.70 | 0.78 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 31.51 | 31.36 | 38.71 | 37.45 | 30.23 | 50.64 | 32.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 10.7% | 8.9% | 7.0% | 0.5% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 2.7% | 2.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 2.7% | 2.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $164M | $157M | $151M | $145M | $114M | $133M | $41M |
Persistent Operating Margin Deficit
Based on current market data, Coursera trades at a price-to-sales multiple of 1.28, which appears to discount the company's growth potential relative to higher-margin SaaS peers, suggesting investors remain skeptical of the firm's ability to convert its massive user base into sustainable, GAAP-positive earnings in the near term.
The forward P/E of 10.80 implies that the market is pricing in a rapid transition to profitability, which may be overly optimistic given the historical persistence of negative operating margins. Investors should monitor whether the current valuation adequately accounts for the structural revenue-sharing costs that limit the company's operating leverage compared to traditional software-as-a-service providers.
As reported in financial statements, Coursera's return on invested capital has historically been negative, with a 2023Q4 figure of -52.8%, indicating that the company has yet to achieve the scale necessary to generate positive returns on the capital deployed to build its global institutional and learner network.
The persistent negative ROIC suggests that the company's growth strategy is currently value-destructive from a pure capital-allocation perspective. Future improvements in this metric will likely depend on the company's ability to reduce its reliance on high-cost customer acquisition and optimize the revenue-share agreements with its university partners.
According to recent quarterly data, Coursera's asset turnover remains low at 0.20, reflecting the capital-intensive nature of its platform development and the significant investment required to maintain its curated institutional supply side, which contrasts sharply with the leaner operational models of pure-play digital marketplaces.
The stability in days sales outstanding, hovering around 30 days, suggests that the company maintains a consistent collection cycle from its enterprise and degree-program clients. However, the lack of significant improvement in asset turnover warrants further investigation into whether the company can achieve greater operational efficiency as its enterprise segment matures.
Based on reported figures, Coursera maintains a current ratio of 2.47 as of 2026Q1, which provides a substantial liquidity buffer that effectively insulates the company from short-term operational volatility and allows for continued investment in growth despite the ongoing absence of consistent bottom-line net income.
This liquidity position is a critical differentiator, particularly when compared to the debt-heavy capital structures of some industry peers. The company's ability to sustain its operations without external financing suggests a high degree of financial resilience, provided that the current cash burn rate does not accelerate unexpectedly.
The price-to-earnings ratio is frequently misapplied to Coursera's business model, as it fails to account for the significant non-cash impact of stock-based compensation, which consistently masks the company's underlying cash-generating capability and distorts the perceived valuation of its core operational performance.
Analysts should instead focus on free cash flow margins and enterprise-value-to-revenue metrics to better assess the company's true economic health. Relying on P/E in a growth-stage, high-SBC environment like Coursera's may lead to an inaccurate assessment of the company's progress toward sustainable profitability.
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Quick answers to the most common questions about buying COUR stock.
Coursera, Inc.'s current P/E ratio is -19.1x. This places it at the 50th percentile of its historical range.
Coursera, Inc.'s return on equity (ROE) is -8.3%. The historical average is -57.2%.
Based on historical data, Coursera, Inc. is trading at a P/E of -19.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Coursera, Inc. has 54.6% gross margin and -10.3% operating margin.