# Udemy, Inc. · Edgar & Edgarette company card

> Udemy grew revenue 0.4% in FY2025 to $790 million, operating margin -0.5% against a 7.4% median for educational services, equity 34.1% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1607939 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/1607939) · [JSON](https://www.pops4.com/boards/company/1607939.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $790M |
| Revenue growth, 1 year | 0.4% |
| Revenue growth per year | 11.2% |
| Operating margin | -0.5% (prior year -11.4%) |
| Net margin | 0.5% |
| Operating cash flow | $88M |
| Capital spending | $6M |
| Free cash flow | $82M |
| Cash | $231M |
| Long-term debt | — |
| Total assets | $618M |
| Total equity | $210M |
| Equity ÷ assets | 34.1% |
| Return on equity | 1.8% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -2.41 (distress zone)
- Piotroski F: 8 of 9 (strong)
- Beneish M: -3.08 (below the −1.78 line)
- Health Harbor boat: Sound ship · one warning sign · operating loss: a margin of -0.5% in FY2025
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $789.8M (FY2025). Experience: revenue up 0.4% on the year, up 11.2% a year over 4 years; operating margin -0.5%, up from -11.4%. Soundness: equity 34.1% of assets, return on equity 1.8%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $691.3M and $940.6M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $639.5M to $1.0B. A statistical range, not company guidance. Against peers (23 filers, $50M+ revenue, services-educational services): operating margin -0.5% against a 7.4% median; growth 0.4% against 8.6%.

Range logged 2026-10-31, receipt 0d763eabb4452c1b, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-05-11 ([filing](https://www.sec.gov/Archives/edgar/data/1607939/000114036126020398/0001140361-26-020398-index.htm))
- Item 5.02 Director or officer change: 2, latest 2026-05-11 ([filing](https://www.sec.gov/Archives/edgar/data/1607939/000114036126020398/0001140361-26-020398-index.htm))

## Recent filings

- 8-K · filed 2026-05-11 · 1.02 Termination of a Material Definitive Agreement; 2.01 Completion of Acquisition or Disposition of Assets; 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 3.03 Material Modifications to Rights of Security Holders; 5.01 Changes in Control of Registrant; 5.02 Departure or Election of Directors; Appointment of Officers; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1607939/000114036126020398/0001140361-26-020398-index.htm)
- 10-Q · filed 2026-05-11 · [filing](https://www.sec.gov/Archives/edgar/data/1607939/000160793926000061/0001607939-26-000061-index.htm)
- 8-K · filed 2026-04-09 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1607939/000114036126014003/0001140361-26-014003-index.htm)
- 8-K · filed 2026-03-31 · 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1607939/000114036126012318/0001140361-26-012318-index.htm)
- 10-K · filed 2026-02-19 · [filing](https://www.sec.gov/Archives/edgar/data/1607939/000160793926000034/0001607939-26-000034-index.htm)
- 8-K · filed 2026-02-10 · 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1607939/000160793926000017/0001607939-26-000017-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001607939.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1607939

## Cite

POPS4, Edgar & Edgarette: Udemy, Inc. company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/1607939. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.