Coursera, Inc.
COUR · Services-Prepackaged Software · 169.3M shares · +60%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$51M (gross $58M, SBC $110M)
Reference price $5.24 · est. market cap ~$888M — last insider sale, 2026-05-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Online-learning platform near breakeven with positive operating cash flow.
Strengths
- Positive operating cash flow — OCF margin 14%
- Decent gross margin and liquidity — gross margin 55%, current ratio 2.5 (78th)
Risks
- GAAP losses — operating margin -10%, net margin -7%
- Modest growth — +9%
- Generative-AI disruption risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -6.7%)
- Customer concentration~23% of revenue from one customer/distributor — For the year ended December 31, 2025, we generated approximately 23% of our total revenue from the content and credentialing programs of our top five content creators
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +60%/yr over 3y (dilution, book value/share -77%)
- Strong balance sheetStrong balance sheet — $793M cash & investments
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +3 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 9→12 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
- Pending mergerRecent Developments Transaction with Udemy On December 17, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) to combine with Udemy, Inc
- Insider sellingInsider selling — 13 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$11M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
54.6%
Operating margin
-10.2%
Net margin
-6.7%
Return on equity
-8.0%
Return on assets
-5.1%
Revenue growth (QoQ)
-0.6%
Current ratio
2.5×
EBITDA
-$49M
Tangible book value
$609M
Cash & investments
$793M
Stock comp / revenue
12.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Maco Marylou | Grant | 34K | — |
| 2026-06-11 | MITCHELL THEODORE | Grant | 34K | — |
| 2026-06-11 | McCarthy Christopher D. | Grant | 34K | — |
| 2026-06-11 | Ng Andrew Y. | Grant | 34K | — |
| 2026-06-11 | Paterson Lydia | Grant | 34K | — |
| 2026-06-11 | ABBASI SOHAIB | Grant | 34K | — |
| 2026-06-11 | SANDELL SCOTT D | Grant | 34K | — |
| 2026-06-11 | Chang Carmen | Grant | 34K | — |
| 2026-05-20 | Insight Holdings Group, LLC | Sell | 936K | $5.24 |
| 2026-05-20 | Insight Holdings Group, LLC | Sell | 412K | $5.24 |
| 2026-05-20 | Insight Holdings Group, LLC | Sell | 38K | $5.24 |
| 2026-05-20 | Insight Holdings Group, LLC | Sell | 59K | $5.24 |
| 2026-05-20 | Insight Holdings Group, LLC | Sell | 22K | $5.24 |
| 2026-05-19 | Insight Holdings Group, LLC | Sell | 128K | $5.41 |
| 2026-05-19 | Insight Holdings Group, LLC | Sell | 290K | $5.41 |
| 2026-05-19 | Insight Holdings Group, LLC | Sell | 6.7K | $5.41 |
| 2026-05-19 | Insight Holdings Group, LLC | Sell | 18K | $5.41 |
| 2026-05-19 | Insight Holdings Group, LLC | Sell | 12K | $5.41 |
| 2026-05-18 | Insight Holdings Group, LLC | Sell | 79K | $5.69 |
| 2026-05-18 | Cardenas Alan B | Sell | 9.1K | $5.52 |
| 2026-05-15 | Cardenas Alan B | Tax withheld | 9.2K | $5.28 |
| 2026-05-15 | Cardenas Alan B | Tax withheld | 1.4K | $5.28 |
| 2026-05-15 | Modica Marcelo | Tax withheld | 11K | $5.28 |
| 2026-05-15 | Modica Marcelo | Tax withheld | 935 | $5.28 |
| 2026-05-15 | Hart Gregory M. | Tax withheld | 46K | $5.28 |
| 2026-03-25 | Modica Marcelo | Grant | 20K | — |
| 2026-03-25 | Cardenas Alan B | Grant | 20K | — |
| 2026-03-16 | Foley Michael D. | Grant | 350K | — |
| 2026-02-23 | Modica Marcelo | Tax withheld | 3.7K | $6.01 |
| 2026-02-23 | Cardenas Alan B | Tax withheld | 3.7K | $6.01 |
| 2026-02-23 | Cardenas Alan B | Grant | 41K | — |
| 2026-02-23 | Modica Marcelo | Grant | 41K | — |
| 2026-02-17 | Cardenas Alan B | Sell | 9.7K | $5.92 |
| 2026-02-15 | Hart Gregory M. | Tax withheld | 46K | $5.92 |
| 2026-02-15 | Cardenas Alan B | Tax withheld | 483 | $5.92 |
| 2026-02-15 | Cardenas Alan B | Tax withheld | 9.8K | $5.92 |
| 2026-02-15 | Modica Marcelo | Tax withheld | 11K | $5.92 |
| 2026-02-03 | Hart Gregory M. | Tax withheld | 186K | $5.86 |
| 2025-12-15 | Cardenas Alan B | Sell | 8.1K | $8.17 |
| 2025-11-15 | Cardenas Alan B | Tax withheld | 12K | $8.48 |
| 2025-11-15 | Meyers Michele M | Tax withheld | 9.6K | $8.48 |
| 2025-11-15 | Cardenas Alan B | Tax withheld | 531 | $8.48 |
| 2025-11-15 | Modica Marcelo | Tax withheld | 13K | $8.48 |
| 2025-10-16 | Meyers Michele M | Sell | 3.5K | $10.27 |
| 2025-09-18 | Meyers Michele M | Sell | 3.5K | $11.31 |
| 2025-09-09 | HAHN KENNETH R | Sell | 30K | $11.97 |
| 2025-09-08 | HAHN KENNETH R | Sell | 20K | $11.46 |
| 2025-09-03 | Cardenas Alan B | Sell | 25K | $11.14 |
| 2025-08-15 | HAHN KENNETH R | Sell | 25K | $11.92 |
| 2025-08-15 | HAHN KENNETH R | Tax withheld | 43K | $11.91 |
| 2025-08-15 | HAHN KENNETH R | Tax withheld | 3.9K | $11.91 |
| 2025-08-15 | Modica Marcelo | Tax withheld | 32K | $11.91 |
| 2025-08-15 | Cardenas Alan B | Tax withheld | 9.8K | $11.91 |
| 2025-08-15 | Cardenas Alan B | Tax withheld | 417 | $11.91 |
| 2025-08-15 | Meyers Michele M | Tax withheld | 9.6K | $11.91 |
| 2025-08-15 | Meyers Michele M | Sell | 2.5K | $11.94 |
| 2025-08-14 | HAHN KENNETH R | Sell | 75K | $11.87 |
| 2025-08-14 | HAHN KENNETH R | Option exercise | 50K | $6.06 |
| 2025-07-25 | Meyers Michele M | Sell | 12K | $11.60 |
| 2025-05-22 | Clark Amanda | Sell | 9.3K | $8.48 |
| 2025-05-22 | SIMMONS SABRINA | Sell | 9.3K | $8.48 |
| 2025-05-21 | McCarthy Christopher D. | Grant | 22K | — |
| 2025-05-21 | Chang Carmen | Grant | 22K | — |
| 2025-05-21 | SANDELL SCOTT D | Grant | 22K | — |
| 2025-05-21 | Muigai Susan W. | Grant | 22K | — |
| 2025-05-21 | Ng Andrew Y. | Grant | 22K | — |
| 2025-05-21 | MITCHELL THEODORE | Grant | 22K | — |
| 2025-05-21 | Clark Amanda | Grant | 22K | — |
| 2025-05-21 | SIMMONS SABRINA | Grant | 22K | — |
| 2025-05-20 | Cardenas Alan B | Sell | 6.1K | $8.65 |
| 2025-05-15 | Modica Marcelo | Tax withheld | 2.5K | $8.94 |
| 2025-05-15 | Meyers Michele M | Tax withheld | 9.6K | $8.94 |
| 2025-05-15 | HAHN KENNETH R | Tax withheld | 47K | $8.94 |
| 2025-05-15 | HAHN KENNETH R | Tax withheld | 3.9K | $8.94 |
| 2025-05-15 | Cardenas Alan B | Tax withheld | 9.8K | $8.94 |
| 2025-05-15 | Cardenas Alan B | Tax withheld | 417 | $8.94 |
| 2025-03-20 | HAHN KENNETH R | Grant | 248K | — |
| 2025-03-20 | Modica Marcelo | Grant | 112K | — |
| 2025-03-20 | Meyers Michele M | Grant | 62K | — |
| 2025-03-20 | Cardenas Alan B | Grant | 112K | — |
| 2025-02-24 | Cardenas Alan B | Grant | 18K | — |
| 2025-02-24 | Cardenas Alan B | Tax withheld | 1.7K | $8.08 |
| 2025-02-24 | HAHN KENNETH R | Grant | 123K | — |
| 2025-02-24 | HAHN KENNETH R | Tax withheld | 16K | $8.08 |
| 2025-02-19 | Cardenas Alan B | Sell | 5.6K | $8.26 |
| 2025-02-19 | Ng Andrew Y. | Sell | 25K | $8.26 |
| 2025-02-18 | Ng Andrew Y. | Sell | 110 | $8.65 |
| 2025-02-15 | Cardenas Alan B | Tax withheld | 8.1K | $8.85 |
| 2025-02-15 | HAHN KENNETH R | Tax withheld | 40K | $8.85 |
| 2025-02-15 | Meyers Michele M | Tax withheld | 8.8K | $8.85 |
| 2025-02-03 | Hart Gregory M. | Grant | 1.9M | — |
| 2025-01-15 | Ng Andrew Y. | Sell | 25K | $8.67 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Exhibits | filing ↗ |
| 2026-06-23 | Reg FDExhibits | filing ↗ |
| 2026-06-11 | Shareholder vote | filing ↗ |
| 2026-05-18 | Reg FDExhibits | filing ↗ |
| 2026-05-11 | Acquisition/disposition3.03Exec/director change5.03OtherExhibits | filing ↗ |
| 2026-04-23 | ResultsExhibits | filing ↗ |
| 2026-04-09 | Shareholder vote | filing ↗ |
| 2026-03-31 | Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K/A | 2026-06-23 | 2026-05-11 | 0001651562-26-000050 ↗ |
| 8-K | 2026-06-23 | 2026-06-23 | 0001651562-26-000051 ↗ |
| 8-K | 2026-06-11 | 2026-06-10 | 0001651562-26-000044 ↗ |
| 8-K | 2026-05-18 | 2026-05-15 | 0001651562-26-000041 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001140361-26-020399 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001651562-26-000029 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001651562-26-000030 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001651562-26-000023 ↗ |
| 8-K | 2026-04-09 | 2026-04-09 | 0001140361-26-014012 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001140361-26-012316 ↗ |
| 8-K | 2026-03-17 | 2026-03-13 | 0001651562-26-000020 ↗ |
| 10-K | 2026-02-23 | 2025-12-31 | 0001651562-26-000015 ↗ |