Udemy, Inc.

Real Estate
Other Consumer Services
www.udemy.com

Moat Score

Market Cap $1.11B
PE -12
Debt -
Cash $205.78M
EV -
FCF $34.88M

Earnings

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Sales & Net Margins

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Earnings	-$95.67M
EBIT	-$92.25M
ROE	-49%
ROA	-15%
FCF	$34.88M
Equity	$196.26M
Growth Stability	1
PE	-11.56
PB	5.64
P/FCF	31.71
P/S	1.43
Price/Cash	0.19
Net Margins	-13%
Gross Margins	61%
Op. Margins	-12%
Sales Growth YoY	6%
Sales Growth QoQ	1%
Sales CAGR	19%
FCF CAGR	10%
Equity CAGR	-14%
Earnings Growth YoY	51%

Earnings Growth QoQ	-21%
Sales CAGR 5Y	19%
FCF CAGR 5Y	10%
Equity CAGR 5Y	-14%
Earnings CAGR 3Y	16%
Sales CAGR 3Y	16%
Equity CAGR 3Y	-16%
Market Cap	$1.11B
Revenue	$776.17M
Assets	$608.91M
Cash	$205.78M
Shares Outstanding	146.69M
Moat Score	4%
Working Capital	105.16M
Current Ratio	1.26
Gross Profit	$474.59M
Shares Growth 3y	4%
Equity Growth QoQ	-22%
Equity Growth YoY	-43%

Assets & ROA

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Stockholders Equity & ROE

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Udemy Inc operates a marketplace platform at the center of a vibrant knowledge network. The platform provides over 44 million learners with access to over 183,000 courses in 75 languages and over 180 countries.

SEC Filings

Direct access to Udemy, Inc. (UDMY) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Udemy, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Udemy, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Udemy, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Udemy, Inc..

Years

Calculation mode

= $688M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$35M	$38M	$42M	$46M	$51M	$56M	$61M	$67M	$74M	$81M	$89M	$889M
DCF		$35M	$35M	$35M	$35M	$35M	$35M	$34M	$34M	$34M	$34M	$343M
Value	$688M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-25%	-18%	-16%	-24%	-15%	-13%
ROA	-	-	-11%	-20%	-14%	-15%
ROE	-	-	-21%	-45%	-30%	-49%

Bad Net Margins (-12.86%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-
Growth Stability	-	-	-	-	-	1

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	56%	20%	22%	16%	19%
Earnings YoY growth	-	11%	3%	92%	-30%	-
Equity YoY growth	-	16%	-249%	-13%	5%	-14%
FCF YoY growth	-	-122%	-380%	403%	-96%	10%