# Coursera, Inc. (COUR)

> Source: Nexqual · https://nexqual.com/COUR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Coursera, Inc. (COUR), nexqual.com/COUR" · informational, not investment advice.

**Price:** USD 5.07 (+2.01% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.97 · day 4.96–5.15 · 52w 4.53–10.72 · market cap $1.45B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $885M, net income -$136M (-15.4% margin), free cash flow $33.4M (SEC filings).
- 1 of 80 tracked superinvestors hold COUR (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $10.8M; 2 not under a Rule 10b5-1 plan ($10.6M); 2 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $11.4M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.09 on a 1–5 scale) (11 analysts), mean target USD 7.94 (range 6–10).
- Total return with dividends: 1Y -52.0% vs S&P 500 +14.9%; 5Y -84.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.18, revenue estimate $369M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $415M | $524M | $636M | $695M | $758M | $885M |
| Gross profit | $249M | $331M | $330M | $371M | $413M | — |
| Operating income | -$143M | -$177M | -$146M | -$113M | -$77.4M | -$158M |
| Net income | -$145M | -$175M | -$117M | -$79.5M | -$51.0M | -$136M |
| EPS (diluted) | -$1.28 | -$1.21 | -$0.77 | -$0.51 | -$0.31 | — |
| Free cash flow | $192K | -$39.6M | $28.6M | $93.8M | $107M | $33.4M |
| Gross margin | 60.1% | 63.3% | 51.9% | 53.5% | 54.6% | — |
| Operating margin | -34.4% | -33.9% | -22.9% | -16.3% | -10.2% | -17.8% |
| Net margin | -35.0% | -33.5% | -18.3% | -11.4% | -6.7% | -15.4% |
| Revenue growth | +41.5% | +26.1% | +21.4% | +9.3% | +9.0% | — |
| Cash + short-term investments | $822M | $780M | $722M | $726M | $793M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.6x · P/FCF 43.5x · P/B 1.2x · FCF yield 2.30% · Earnings yield -9.39%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold COUR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $6.0M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Hart Gregory M. | President & CEO | 10,308 | $53K | 0.7% | Yes (adopted March 2, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Cardenas Alan B | SVP, General Counsel | 9,139 | $52K | 3.7% | Yes (adopted September 4, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-19…2026-05-20 | Insight Holdings Group, Llc |  | 1,921,372 | $10.2M | 72.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Insight Holdings Group, Llc |  | 78,628 | $447K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Cardenas Alan B | SVP, General Counsel | 9,139 | $50K | 3.4% | Yes (adopted September 4, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $11.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-25…2026-09-29 | Pale Fire Capital Se |  | 2,332,742 | $11.4M | 4.87 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.09 on a 1–5 scale), 11 analysts; mean target USD 7.94 (low 6, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | BMO Capital | Target lowered | Outperform | $8 → $6 |
| 2026-08-03 | Goldman Sachs | Upgrade | Sell → Neutral | $5.5 → $6.5 |
| 2026-07-06 | BMO Capital | Target raised | Outperform | $7 → $8 |
| 2026-06-30 | B of A Securities | Target lowered | Neutral | $8 → $7 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -52.0% | -84.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -52.1% | -31.4% |
| Volatility (annualized) | 57.4% | 53.6% |
| Max drawdown | -56.1% (Oct 2025→Sep 2026) | -86.0% (Nov 2021→Oct 2026) |

## Peers (Education & Training Services)
AFYA (Afya Limited) USD 14.91 +0.07% · UTI (Universal Technical Institute I) USD 21.66 +4.13% · STRA (Strategic Education, Inc.) USD 81.59 +2.56% · PRDO (Perdoceo Education Corporation) USD 33.82 +3.14% · DAO (Youdao, Inc.) USD 19.35 +4.59% · APEI (American Public Education, Inc.) USD 48.86 +2.26%

## More
Full page: https://nexqual.com/COUR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable | $298.6M | 100.0% | +59.6% |
| — Consumer (part of Reportable) | $158.6M | 53.1% | +29.2% |
| — Enterprise (part of Reportable) | $140.0M | 46.9% | +117.7% |
| Total revenue | $298.6M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription | $139.4M | 46.7% | +117.5% |
| Transactional and other | $23.5M | 7.9% | +389.6% |
| Degrees | $13.4M | 4.5% | -14.6% |
| Other | $600,000 | 0.2% | +200.0% |
| Total revenue | $298.6M | 100% | — |
The lines above cover 59.2% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $132.9M | 44.5% | +38.0% |
| Europe, Middle East, and Africa | $75.3M | 25.2% | +67.0% |
| Asia Pacific | $59.4M | 19.9% | +124.2% |
| Latin America | $21.1M | 7.1% | +67.5% |
| Other | $9.9M | 3.3% | +50.0% |
| Total revenue | $298.6M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Our guidance reflects the completion of the Udemy transaction on May 11, 2026 and incorporates Udemy's operating results from the date of acquisition."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.18 | $0.19 | -4.8% | $368.6M | 10 |
| Next quarter (ends 2026-12-31) | $0.19 | $0.21 | -8.9% | $373.0M | 10 |
| Current fiscal year (ends 2026-12-31) | $0.63 | $0.60 | +6.1% | $1.24B | 10 |
| Next fiscal year (ends 2027-12-31) | $0.82 | $0.85 | -3.0% | $1.51B | 10 |