Latest Ratios: P/E Ratio 180.2x · EV/EBITDA 20.0x · ROE 1.9%. (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 | $677M | $878M | $1.2B | $2.2B | $1.5B | $2.7B | — | — |
| Enterprise Value | $456M | $656M | $1.1B | $1.9B | $1.2B | $2.2B | — | — |
| P/E Ratio → | 180.16 | 227.63 | — | — | — | — | — | — |
| P/S Ratio | 0.86 | 1.11 | 1.58 | 3.03 | 2.36 | 5.27 | — | — |
| P/B Ratio | 3.30 | 4.17 | 6.31 | 6.20 | 4.38 | 6.98 | — | — |
| P/FCF | 8.42 | 10.91 | 32.54 | — | — | — | — | — |
| P/OCF | 7.86 | 10.18 | 23.48 | — | — | — | — | — |
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 | — | 0.83 | 1.35 | 2.62 | 1.89 | 4.24 | — | — |
| EV / EBITDA | 20.02 | 28.81 | — | — | — | — | — | — |
| EV / EBIT | — | 78.72 | — | — | — | — | — | — |
| EV / FCF | — | 8.16 | 27.85 | — | — | — | — | — |
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 | 65.6% | 65.6% | 62.5% | 57.5% | 56.2% | 54.2% | 51.3% | 48.1% |
| Operating Margin | -0.3% | -0.3% | -11.4% | -16.7% | -24.0% | -15.1% | -17.1% | -24.6% |
| Net Profit Margin | 0.5% | 0.5% | -10.8% | -14.7% | -24.5% | -15.5% | -18.1% | -25.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 1.9% | 1.9% | -30.8% | -30.8% | -42.2% | -39.7% | -578.4% | — |
| ROA | 0.6% | 0.6% | -12.7% | -14.5% | -20.8% | -15.7% | -38.9% | -59.4% |
| ROIC | -56.7% | -56.7% | -176.5% | -187.6% | -289.5% | — | — | — |
| ROCE | -1.2% | -1.2% | -31.4% | -34.3% | -40.4% | -37.4% | -401.4% | — |
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 | 0.05 | 0.05 | 0.05 | 0.02 | 0.04 | — | — | — |
| Debt / EBITDA | 0.45 | 0.45 | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.05 | -0.91 | -0.84 | -0.88 | -1.37 | -13.04 | — |
| Net Debt / EBITDA | -9.71 | -9.71 | — | — | — | — | — | — |
| Debt / FCF | — | -2.75 | -4.70 | — | — | — | — | — |
| Interest Coverage | — | — | -235.51 | -199.08 | -120.17 | -2456.97 | -64.03 | — |
Net cash position: cash ($231M) exceeds total debt ($10M)
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 | 1.31 | 1.31 | 1.27 | 1.66 | 1.59 | 1.88 | 0.86 | 0.43 |
| Quick Ratio | 1.31 | 1.31 | 1.27 | 1.66 | 1.59 | 1.88 | 0.86 | 0.43 |
| Cash Ratio | 0.90 | 0.90 | 0.89 | 1.25 | 1.20 | 1.57 | 0.66 | 0.27 |
| Asset Turnover | — | 1.28 | 1.30 | 0.98 | 0.85 | 0.70 | 1.52 | 2.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 44.31 | 40.94 | 46.34 | 60.65 | 51.80 | 39.27 | 35.41 |
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 | 0.6% | 0.4% | — | — | — | — | — | — |
| FCF Yield | 11.9% | 9.2% | 3.1% | — | — | — | — | — |
| Buyback Yield | 7.5% | 5.8% | 12.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 7.5% | 5.8% | 12.1% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $150M | $151M | $150M | $141M | $139M | $140M | $32M |
Revenue growth stagnation
As reported in recent financial filings, Udemy's forward P/E of 8.62 and P/S of 0.86 suggest that the market is pricing the company as a low-growth utility rather than a high-growth technology platform, reflecting significant investor skepticism regarding its ability to re-accelerate top-line expansion.
The valuation discount relative to pure-play SaaS peers appears to stem from the company's stagnant revenue growth and the hybrid nature of its marketplace model. Investors should monitor whether the current forward earnings multiple can be sustained if the enterprise segment fails to offset the ongoing contraction in consumer-facing demand.
Based on the provided quarterly data, Udemy's ROIC has fluctuated wildly from a peak of 14.1% in 2025Q2 to a low of -103.1% in 2024Q2, indicating that the company has yet to establish a consistent track record of compounding returns on its invested capital.
The extreme variance in returns suggests that the business model is highly sensitive to operational scaling and the timing of marketing expenditures. The inability to maintain positive ROIC suggests that the company is currently struggling to generate economic value above its cost of capital, warranting further investigation into its long-term capital allocation strategy.
According to recent financial statements, Udemy's asset turnover has remained stagnant at approximately 0.31 over the last several quarters, suggesting that the company is not effectively leveraging its existing asset base to drive incremental revenue growth in the current competitive environment.
The stability in asset turnover, coupled with a DSO hovering around 40 days, indicates that while the company maintains a predictable collection cycle, it lacks the operational velocity required to improve capital efficiency. This suggests that the platform may be reaching a saturation point in its current market segments.
As reported in quarterly filings, Udemy maintains a current ratio of 1.28, which provides an adequate liquidity cushion to manage short-term obligations despite the ongoing pressure on operating cash flows and the company's reliance on stock-based compensation to preserve its cash position.
The company's liquidity position appears healthy relative to its minimal debt load, which mitigates immediate refinancing risks. However, investors should monitor the quick ratio closely, as any significant decline in deferred revenue could rapidly impair the company's ability to fund its ongoing enterprise sales initiatives.
Based on the company's financial structure, the P/E ratio is the most commonly misapplied metric, as it fails to account for the significant distortion caused by heavy stock-based compensation and the company's ongoing transition toward GAAP profitability.
Using P/E to evaluate Udemy obscures the underlying economic reality of the business, as the metric is heavily influenced by non-cash expenses that do not reflect true operational earning power. Analysts should instead focus on EV/Revenue or free cash flow yield to better assess the company's valuation relative to its peers.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying UDMY stock.
Udemy, Inc.'s current P/E ratio is 180.2x. This places it at the 50th percentile of its historical range.
Udemy, Inc.'s current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 28.8x.
Udemy, Inc.'s return on equity (ROE) is 1.9%. The historical average is -28.3%.
Based on historical data, Udemy, Inc. is trading at a P/E of 180.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Udemy, Inc. has 65.6% gross margin and -0.3% operating margin.
Udemy, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.