Coursera, Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 13% from December 2022 to December 2025.

  Coursera had 13% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Coursera had 13% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.

  Coursera's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Coursera's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.

• Stock pay outran buybacks. Stock-based pay expense $313M vs $95M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Coursera recorded $313M of stock-based pay expense and spent $95M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Coursera recorded $313M of stock-based pay expense and spent $95M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.

  Coursera paid employees $95M in stock in 2025, 13% of its $758M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.