A Business at a Glance
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Table of Contents Summary of risk factors Our business is subject to numerous risks and uncertainties, including those highlighted in the section of this report titled “Risk Factors.” The following is a summary of the principal risks we face, any of which could adversely affect our business, operating results, financial condition, or prospects: •The pendency of our Merger (as defined below) with Coursera, Inc., or the failure to complete the Merger in a timely manner or at all, could adversely affect our business, financial condition, results of operations and stock price. •While the Merger is pending, we are subject to business uncertainties and contractual restrictions that could harm our business relationships, financial condition and results of operations. •Litigation relating to the Merger, if any, could result in an injunction preventing the completion of the Merger and/or substantial costs.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 790M | 790M | 787M | 729M | 629M | 516M |
| Net Income | 3.8M | 3.8M | -85M | -107M | -154M | -80M |
| EPS | $0.03 | $0.03 | $-0.56 | $-0.71 | $-1.09 | $-1.46 |
| Free Cash Flow | 82M | 82M | 51M | -2.6M | -63M | -12M |
| ROIC | -0.3% | 1.9% | -43.2% | -30.1% | -45.3% | -20.5% |
| Gross Margin | 65.6% | 65.6% | 62.5% | 57.5% | 56.2% | 54.2% |
| Debt/Equity | 0.05 | 0.05 | 0.05 | 0.02 | 0.04 | 0.90 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -4.2M | -4.2M | -89M | -122M | -151M | -78M |
| Operating Margin | -0.5% | -0.5% | -11.4% | -16.7% | -24.0% | -15.1% |
| ROE | 1.8% | 1.9% | -43.2% | -30.1% | -45.3% | -20.5% |
| Shares Outstanding | 127M | 127M | 152M | 151M | 141M | 145M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 430M | 516M | 629M | 729M | 787M | 790M | 790M |
| Gross Margin | 51.3% | 54.2% | 56.2% | 57.5% | 62.5% | 65.6% | 65.6% |
| R&D | 51M | 66M | 105M | 120M | 125M | 102M | 102M |
| SG&A | 51M | 64M | 99M | 94M | 96M | 93M | 93M |
| EBIT | -73M | -78M | -151M | -122M | -89M | -4.2M | -4.2M |
| Op. Margin | -17.1% | -15.1% | -24.0% | -16.7% | -11.4% | -0.5% | -0.5% |
| Net Income | -78M | -80M | -154M | -107M | -85M | 3.8M | 3.8M |
| Net Margin | -18.1% | -15.5% | -24.5% | -14.7% | -10.8% | 0.5% | 0.5% |
| Non-Recurring | 0 | 0 | 0 | 10M | 17M | 1.6M | 1.6M |
| Returns on Capital | |||||||
| ROIC | -26.0% | -20.5% | -45.3% | -30.1% | -43.2% | 1.9% | -0.3% |
| ROE | N/A | -20.5% | -45.3% | -30.1% | -43.2% | 1.9% | 1.8% |
| ROA | -27.5% | -10.8% | -20.9% | -14.5% | -14.1% | 0.6% | 0.6% |
| Cash Flow | |||||||
| Op. Cash Flow | 9.6M | -7.1M | -61M | -2.0M | 53M | 88M | 88M |
| Free Cash Flow | 4.4M | -12M | -63M | -2.6M | 51M | 82M | 82M |
| Owner Earnings | -33M | -57M | -163M | -123M | -62M | -6.5M | -6.5M |
| CapEx | 5.2M | 5.3M | 1.6M | 632K | 2.3M | 5.8M | 5.8M |
| Maint. CapEx | 11M | 15M | 21M | 25M | 25M | 25M | 25M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 11M | 15M | 21M | 25M | 25M | 25M | 25M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 4.3% | 6.6% | 6.6% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 150M | 51M | 51M |
| Buyback Yield | N/A | N/A | N/A | N/A | 12.2% | 6.7% | 8.5% |
| Stock-Based Comp | 32M | 35M | 81M | 96M | 90M | 69M | 69M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 1.4M | 1.4M |
| Balance Sheet | |||||||
| Net Debt | N/A | N/A | -452M | -470M | -344M | -349M | -221M |
| Cash & Equiv. | 175M | 534M | 314M | 306M | 191M | 231M | 231M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | 10M |
| Debt/Equity | -2.08 | 0.90 | 0.04 | 0.02 | 0.05 | 0.05 | 0.05 |
| Interest Coverage | -64.0 | -4869.2 | -120.9 | -235.3 | -235.7 | -5.7 | -5.7 |
| Equity | -261M | 390M | 339M | 357M | 197M | 210M | 210M |
| Total Assets | 282M | 740M | 738M | 741M | 606M | 618M | 618M |
| Total Liabilities | 543M | 350M | 398M | 384M | 408M | 407M | 407M |
| Intangibles | 0 | 14M | 9.3M | 5.2M | 2.4M | 2.4M | 2.4M |
| Retained Earnings | -379M | -459M | -612M | -720M | -805M | -801M | -801M |
| Working Capital | -27M | 301M | 228M | 252M | 109M | 124M | 124M |
| Current Assets | 237M | 642M | 615M | 632M | 506M | 524M | 524M |
| Current Liabilities | 264M | 341M | 387M | 380M | 397M | 400M | 400M |
| Per Share Data | |||||||
| EPS | -2.33 | -1.46 | -1.09 | -0.71 | -0.56 | 0.03 | 0.03 |
| Owner EPS | -0.24 | -0.39 | -1.16 | -0.81 | -0.41 | -0.05 | -0.05 |
| Book Value | -1.87 | 2.68 | 2.40 | 2.36 | 1.30 | 1.66 | 1.66 |
| Cash Flow/Share | 0.07 | -0.05 | -0.43 | -0.01 | 0.35 | 0.69 | 0.23 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 139.5M | 145.4M | 141.2M | 151.1M | 152.3M | 126.9M | 126.9M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 198.3 | 158.3 |
| P/FCF | N/A | N/A | N/A | N/A | 24.2 | 9.2 | 7.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 6.8 | 4.2 | 6.4 | 6.2 | 3.6 | 2.9 |
| Price/Sales | N/A | 6.9 | 3.0 | 2.2 | 1.8 | 1.1 | 0.8 |
| FCF Yield | N/A | -0.5% | -4.4% | -0.1% | 4.1% | 10.8% | 13.6% |
| Market Cap | N/A | 2.6B | 1.4B | 2.3B | 1.2B | 755M | 603M |
| Avg. Price | N/A | 24.31 | 13.30 | 10.73 | 9.51 | 7.06 | 4.75 |
| Year-End Price | N/A | 18.12 | 10.09 | 15.01 | 8.06 | 5.95 | 4.75 |
Udemy, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Udemy, Inc. trades at 158.3x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.4x vs a median of 16.7x. The company's 5-year average gross margin is 59.2%. Total shareholder yield (buybacks) is 8.5%. At current prices, the estimated annualized return to fair value is +42.0%.
Udemy, Inc. (UDMY) has a current P/E ratio of 158.3, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
Udemy, Inc. (UDMY) has a 5-year average return on invested capital (ROIC) of -27.5%. This is below average and may indicate limited pricing power.
Udemy, Inc. (UDMY) has a market capitalization of $603M. It is classified as a small-cap stock.
Udemy, Inc. (UDMY) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 8.46%.
Based on historical P/E analysis, Udemy, Inc. (UDMY) appears expensive. The current P/E of 158.3 is 956% above its historical median of 15.0.
Udemy, Inc. (UDMY) operates in the Services-Educational Services industry, within the Consumer Cyclical sector.
Udemy, Inc. (UDMY) reported annual revenue of $790 million in its most recent fiscal year, based on SEC EDGAR filings.
Udemy, Inc. (UDMY) has a net profit margin of 0.5%. This is a modest margin.
Udemy, Inc. (UDMY) generated $82 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Udemy, Inc. (UDMY) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
Udemy, Inc. (UDMY) reported earnings per share (EPS) of $0.03 in its most recent fiscal year.
Udemy, Inc. (UDMY) has a return on equity (ROE) of 1.9%. This indicates moderate shareholder returns.
Udemy, Inc. (UDMY) has a 5-year average gross margin of 59.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Udemy, Inc. (UDMY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Udemy, Inc. (UDMY) has a book value per share of $1.66, based on its most recent annual SEC filing.