• Duolingo average return on tangible equity for 2023 was -3.51, a 73.86% decline from 2022.
• Duolingo average return on tangible equity for 2022 was -13.43, a 168.06% decline from 2021.
• Duolingo average return on tangible equity for 2021 was -5.01, a 106.76% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.