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what it is
Coursera sells online classes, certificates, and degrees through 350+ university and company partners.
how it gets paid
Last year Coursera made $758M in revenue. Consumer subscriptions was the main engine at $459M, or 61% of sales.
why it's growing
Revenue grew 9.0% last year. Revenue was the story. $561M is the cleanest proof that demand is still rising.
what just happened
Revenue hit $561M, but GAAP earnings per share were -$0.15.
At a glance
B balance sheet — gets the job done, barely
18.6x trailing p/e — priced about right
15.0% return on capital — nothing to write home about
xvary composite: 44/100 — below average
$0.45 fy2026 eps est
What they do
Coursera sells online classes, certificates, and degrees through 350+ university and company partners.
Coursera has 168 million registered learners and 350+ partners. That gives you a giant pool to sell into, and a giant pile of people who already know the brand. Leaving is painful because your courses, certificates, and progress live inside the account. Consumer revenue rose 13% in the third quarter, while Enterprise rose 6%.
How they make money
$758M
annual revenue · their business grew +9.0% last year
Consumer subscriptions
$459M
+13.0%
Enterprise learning
$231M
+6.0%
Degrees and credentials
$68M
0.0%
The products that matter
individual learner subscriptions
Consumer
$0.5B · 62.5% of revenue
it's the biggest segment on the page at $0.5B, and it grew 12% from last year. that's where the brand lives — and where the ARPU pressure shows up first.
largest segment
business and government skilling
Enterprise
$0.2B · 25.0% of revenue
this $0.2B segment also grew 12% from last year. if coursera wants steadier revenue, this is the part you want getting bigger.
stability watch
full online degree programs
Degrees
$0.1B · 12.5% of revenue
degrees is only 12.5% of revenue in this snapshot, and the latest update doesn't give a clean growth figure. when the data gets thin, you should assume visibility is thin too.
low visibility
Key numbers
$10
18-month target
That is 34% above $7.44. The market is being told there is upside, but the stock still has to earn it.
168M
learners
That is the audience pool. More accounts mean more chances to sell courses, certificates, and degrees.
10.2%
op margin
Operating margin, or profit after normal costs, is still negative. Every $100M of sales leaves about $10.2M in operating loss.
$115M
deal savings
The planned cost savings equal about 15% of $758M revenue. That is big enough to move the math if the merger closes.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- net profit margin 13.4% — keeps 13 cents of every dollar in revenue
- return on equity 15% — $0.15 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for COUR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $561M, but GAAP earnings per share were -$0.15.
EDGAR shows 189% revenue growth and a 54.7% gross margin, or profit after direct costs. Yahoo shows adjusted earnings per share, meaning earnings with some costs removed, of $0.06 versus $0.06 expected, so the surprise was zero on that basis.
$561M
revenue
$0.15
eps
54.7%
gross margin
the number that mattered
Revenue was the story. $561M is the cleanest proof that demand is still rising, even with GAAP earnings per share at -$0.15.
-
upon closing of the all-stock transaction, which is valued at roughly $2.5 billion, existing cour shareholders will own approximately 59% of the combined company.management at coursera believes the merger will put the company in a stronger position to address the global talent transformation opportunity.
-
the deal should enhance global reach and expand market opportunities.
-
cost- are expected to be roughly $115 million within 24 months of closing.while the deal has been approved by the boards of directors of both companies, it still needs the ok from shareholders from both companies, along with other customary closing conditions.
-
the transaction is expected to close in the second half of 2026.
-
as per institutional data protocol, we will not update our estimates until the transaction is finalized.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the Udemy merger resetting what your COUR shares are actually worth.
high
Udemy merger and ownership dilution
The all-stock deal announced on Dec 17, 2025 leaves COUR shareholders with 59% of the combined company. That's still majority ownership, but it's a much smaller claim on the future than a standalone COUR thesis.
If integration stumbles, the stock can stay cheap even with revenue growth because investors will keep discounting the deal math.
med
falling average revenue per customer
Average revenue per customer fell 8.1% last quarter. In human terms: the platform is adding activity, but each customer is spending less.
That directly pressures operating leverage. If the decline keeps going, revenue growth stops translating into margin improvement.
med
consumer concentration
Consumer is 62.5% of revenue in this snapshot. That's the biggest engine, which also makes it the biggest point of failure if learner spending softens.
A slowdown in the consumer segment would hit the majority of revenue at the same time the company is trying to prove merger synergies.
med
thin visibility in Degrees
Degrees is 12.5% of revenue, and the latest snapshot does not give a clean growth rate for it. Missing detail in a smaller segment still matters when the whole company is only a $1B market cap story.
When visibility gets thin, investors usually assume caution. That can keep the multiple compressed.
Between the merger math and the 8.1% ARPU decline, the main risk is simple: you could own a company growing revenue while the stock goes nowhere because the quality of that growth keeps deteriorating.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
average revenue per customer
This is the cleanest tell on whether growth is getting healthier. Another drop after the current -8.1% would say the business is still buying volume rather than improving economics.
calendar
Udemy merger close
Watch for final approvals and the close of the all-stock deal announced Dec 17, 2025. The moment it closes, COUR stops being a clean standalone story.
trend
Consumer vs. Enterprise mix
Consumer is 62.5% of revenue and Enterprise is 25.0%. If Enterprise starts taking share, the revenue base should get less fragile.
risk
price stability
A 15/100 price stability score tells you this stock is still trading on uncertainty. If the business improves but volatility stays extreme, the market still isn't buying the story.
Analyst rankings
short-term outlook
average
momentum score 3. in human-speak, analysts do not see a strong short-term edge here.
risk profile
below average
stability score 4 means more volatility than most stocks. this is not where you hide when markets get messy.
chart momentum
average
technical score 3 says the chart is not leading either way. the fundamentals still have to do the talking.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 129 buyers vs. 95 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$4
$15
$7
current price
$10
target midpoint · +34% from current · 3-5yr high: $19 (+155% · 26% ann'l return)
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