Coursera shares closed at $3.47 on Friday, 30 October, their lowest close in a year and 25.2% below the previous 52-week low of $4.64 set on 28 September 2026. The shares have fallen 58.9% over the past year, excluding dividends.

Coursera's share price over the year

The market has not rewarded the growth acceleration in the filings. Over the previous 52 weeks the shares closed between $4.64 and $8.51. Over longer periods the shares are down 79.9% over three years and down 89.7% over five years, excluding dividends.

The value hinges on margins more than growth

What stands out is that growth has picked up. Revenue over twelve months rose 22.7%, which is 12.9 percentage points more than the rate a quarter earlier. The trailing gross margin was 55.9%, but the operating margin is negative at −17.8%, down 6.5 percentage points from a year earlier, and the net margin is negative at −15.4%. The company made a net loss of $136.3 million over the twelve months.

The value in our model hinges on margins more than on growth. A free-cash-flow margin 1 point lower would cut the value by 16.1%, against 14.4% for growth 5 points lower.

But sales are outrunning cash. Revenue rose 22.7% over the year while free cash flow fell 70.7%. Operating cash flow was $34.5 million, down 70.3% on the year before. Capital spending was $1.1 million, or 0.1% of revenue. Free cash flow was $33.4 million, down 70.7% on the year before, equal to 3.8% of revenue, down 12.0 percentage points from a year earlier. The average diluted share count rose 14.7% over the year.

Where Coursera's figures sit in its own record

The free-cash-flow margin of 3.8% is higher than 55% of past quarterly readings, which range from −8.6% to 16.2%. The operating margin of −17.8% is higher than 68% of past readings (−36.2% to −10.2%). The twelve-month revenue growth rate of 22.7% is higher than 61% of past readings (7.1% to 41.5%).

What Coursera's share price implies against our model

Our model shows the value is sensitive to growth assumptions. Growth 5 percentage points lower would lower the value by 14.4%, and growth 5 percentage points higher would raise it by 18.4%.

What Coursera's next report has to show

A 52-week low marks where the price has gone, not why. The next results will show whether the trends in the filings above support it.