13FPulse
DU

DUOL DUOLINGO

2026Q2 · CUSIP 26603R106 · Sector: Technology

Piling in

Net holder growth ranks near the top of the market

Funds that own it
423
Institutions that reported holding it to the SEC
Net increase in holders
+56
Last quarter 367 → now 423
How unusual is that
Top 5%
Stronger buying than 96% of US stocks
What the filings say, in one paragraph

423 funds held DUOL at the end of 2026Q2, up 56 from the quarter before. That is stronger buying than 95.5% of US stocks — among the most piled-into names this quarter. On the business itself, revenue over the last 12 months was $1.1B(YoY +29.4%), the P/E is 18.6x, return on equity is 29.1%. DUOL has had 11 buying rushes in its history, and the price moved +30.8% on average over the six months after (that is the raw price move, not how much it beat the market by). It sits in the Technology sector.

How many funds owned it, quarter by quarter

Bars = net change in institutional holders, positive (green) or negative (red). Line = total institutional holders.

2021Q4: holders=100 2022Q1: holders=106 2022Q2: holders=146 2022Q3: holders=168 2022Q4: holders=155 2023Q1: holders=194 2023Q2: holders=235 2023Q3: holders=241 2023Q4: holders=319 2024Q1: holders=333 2024Q2: holders=357 2024Q3: holders=388 2024Q4: holders=457 2025Q1: holders=469 2025Q2: holders=586 2025Q3: holders=546 2025Q4: holders=473 2026Q1: holders=367 2026Q2: holders=423 -117 -58.5 +0 +58.5 +117 90353616 21Q422Q222Q423Q223Q424Q224Q425Q225Q426Q2 Net change in holders (bars) Total funds holding (line)

What happened after each past buying rush 11 times in its history

Quarter of the rush How unusual then Price, next 3 months Price, next 6 months
2026Q2 Top 5%
2025Q2 Top 1% in the market -49.9% -69.5%
2024Q4 Top 10% +22.3% -14.7%
2024Q3 Top 10% +25.6% +68.7%
2024Q2 Top 20% +58.8% +112.9%
2023Q4 Top 10% -3.1% +12.0%
2023Q2 Top 5% +68.4% +44.7%
2023Q1 Top 5% -11.0% +44.1%

These are the raw price moves, not how much it beat the market by. Compare them against the market over the same months — in a strong bull market almost everything is up.

Show all the numbers (large funds, value held, options…) ▾
Of them, large funds
185
Change in large funds
+20
Total value they hold
$4.7B
Funds buying for the first time
126
Funds that sold out entirely
70
Price change that quarter
+39.4%
Funds holding puts (bearish)
18
Funds holding calls (bullish)
19

These are for people who want to dig. Skip them if they do not mean anything to you — the three numbers above are enough.

8,697 institutions have filed for this quarter. 13F permits late filing and a small number arrive in the weeks after the deadline, so the holder counts and changes below may tick up.

Fundamentals

PE (TTM)
18.6
EPS (TTM)
$8.49
EPS YoY
+249.4%
Revenue (TTM)
$1.1B
Revenue YoY
+29.4%
Net margin
35.9%
ROE
29.1%
Debt ratio
32.0%
FCF (TTM)
$408M
Dividend (TTM)
No dividend
Quarterly Revenue & EPS
2021-09-30: EPS -0.98 2021-12-31: EPS -0.54 2022-03-31: EPS -0.31 2022-06-30: EPS -0.38 2022-09-30: EPS -0.46 2022-12-31: EPS -0.36 2023-03-31: EPS -0.06 2023-06-30: EPS 0.08 2023-09-30: EPS 0.06 2023-12-31: EPS 0.27 2024-03-31: EPS 0.57 2024-06-30: EPS 0.51 2024-09-30: EPS 0.49 2024-12-31: EPS 0.31 2025-03-31: EPS 0.72 2025-06-30: EPS 0.91 2025-09-30: EPS 5.95 2025-12-31: EPS 0.99 2026-03-31: EPS 0.89 2026-06-30: EPS 0.66 0M 149M 298M $M -1.08 2.73 6.55 202020212022202320242025202606/26 Revenue EPS

Quarterly figures, revenue up to 10 years back; EPS split-adjusted, early quarters hidden when not calibrable

P/E (TTM) over time
4Y median 144 12 283 555 2023202420252026

P/E = close around day 47 after quarter-end ÷ TTM EPS then; this is a consistent valuation date, not the company’s actual filing date; loss quarters hidden

Quarterly free cash flow
-2M74M151M 2020202120222023202420252026
Latest quarter $151M (2026-03-31)

FCF = operating cash flow − capex, computed from SEC XBRL; banks/insurers have no standard cash-flow structure and are hidden

As of 2026-06-30 · SEC filings (XBRL)

Email me the next update

2026 Q3 holdings are due 2026-11-16. We will email you when the refreshed lists are live.