Coursera, Inc.
COURdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'
Coursera, Inc. earns about -17% on equity, below its ~9% cost of capital, but has diluted owners by 44% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $15 and $15.86 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $415.3M1 | $523.8M2 | $635.8M3 | $694.7M3 | $757.5M3 |
| Net income | −$145.2M4 | −$175.4M5 | −$116.6M6 | −$79.5M6 | −$51M6 |
| Operating cash flow | $1.75M7 | −$38.1M8 | $29.7M9 | $95.4M9 | $108.7M9 |
| Capital expenditure | $1.55M10 | $1.58M11 | $1.1M12 | $1.6M12 | $1.5M12 |
| Free cash flow (derived) | $192,0007 | −$39.6M8 | $28.6M9 | $93.8M9 | $107.2M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $580.7M13 | $320.8M14 | $656.3M15 | $726.1M15 | $792.6M15 |
| Diluted shares | 113.6M | 145.3M | 151.0M | 157.4M | 163.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $38.81 of net worth that earned you −$3.11 and generated $6.54 of cash last year.
It earned about -17% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 44% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $15 and $15.86 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$93.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$93.8M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $13.02 |
| Base | 5.0% | $15 |
| Bull | 10.0% | $17.37 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001651562-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001651562-25-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001651562-26-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001651562-24-000012 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001651562-25-000013 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001651562-26-000015 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001651562-24-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001651562-25-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001651562-26-000015 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001651562-24-000012 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2022-12-31 · accession 0001651562-25-000013 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-12-31 · accession 0001651562-26-000015 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2021-12-31 · accession 0001651562-24-000012 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001651562-25-000013 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001651562-26-000015 (CashAndCashEquivalentsAtCarryingValue)