This company is no longer publicly traded

Delisted / no longer publicly traded (per market data provider) Any Winston Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.

Delisted: May 11, 2026

Udemy

UDMY

Education & Training Services · Consumer Defensive

Price

$4.63

+0.00 (+0.00%)

Market Cap

$677.3M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+7.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 139.2M (2021) → 150.0M (2025)

Udemy, Inc. operates a marketplace platform for teaching and learning skills in the United States and internationally. The company offers technical and business skills, and personal development courses for individual learners and enterprise customers. Its platform provides 49 million learners with access to approximately 180,000 courses through direct-to-consumer or Udemy Business offerings in approximately 75 languages. The company's courses offer learning objectives, such as reskilling or upsk

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-800.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$102M/ year

↓ Declining (-19% vs prior year)

12.9% of revenue

6.4x the sector average (2%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

27.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$253M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Udemy's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

67.5%

Premium pricing power — 67.5% gross margin

Operating Margin

-6.5%

Losing money on operations — -6.5%

ROCE

-5.6%

Weak — -5.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-1.1%

Shrinking sales (-1.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

10.4%

Modest free cash flow (10.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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