COURCoursera, Inc.

Services-Prepackaged Software

Revenue: $758M; 9.0% YoY
Operating margin: -10.2%; 37% YoY
EBITDA: −$49M; 45% YoY
Market cap: $953M
Employees: 1,307; $580K revenue each
Net debt / EBITDA: —
AI in 10-K: 11.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$580K · 62nd pct
Bottom quartile of its SIC industry
Quiet on AINo
11.0 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$953M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$478K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$415M	$524M	$636M	$695M	$758M	9.0%
Operating income	−$143M	−$177M	−$146M	−$113M	−$77M	32%
Net income	−$145M	−$175M	−$117M	−$80M	−$51M	36%
Operating cash flow	$2M	−$38M	$30M	$95M	$109M	14%
Capex	$2M	$2M	$1M	$2M	$2M	6.3%
Stock-based comp	$91M	$111M	$110M	$108M	$95M	12%
Buybacks	$0	$0	$59M	$37M	$0	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $11M · 2
Open-market sells, 12 mo: $11M · 16
Net: $478K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	16	161
FY2024	$660K	−$22M	19	153
FY2023	$607K	$21M	43	122
FY2022	$29M	$20M	26	77
FY2021	$5M	$9M	54	120