Coursera, Inc. (COUR): A Bull Case Theory 

We came across a bullish thesis on Coursera, Inc. on Saadiyat Capital’s Substack by Shehroz Babar. In this article, we will summarize the bulls’ thesis on COUR. Coursera, Inc.’s share was trading at $10.25 as of October 15th. COUR’s forward P/E was 25.77 according to Yahoo Finance.

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On October 9, 2025, Coursera (NYSE: COUR) announced that CFO Ken Hahn will step down effective October 29, transitioning into a 12-month advisory role to ensure continuity while a permanent successor is identified. This leadership change follows a period of strong financial stabilization, highlighted by record free cash flow in H1’25, improving GAAP profitability, and renewed focus on AI-driven learning products such as Coursera Coach and auto-translated courses.

The CFO transition complements CEO Greg Hart’s recent appointment, marking a broader leadership refresh as the company adapts its operating model for the next growth phase. Coursera has reorganized into Consumer and Enterprise reporting segments, integrating its degrees business into Consumer to streamline monetization, and reaffirmed Q3 and full-year 2025 guidance, reflecting confidence in near-term momentum.

The next CFO will inherit a healthier business with stabilizing revenue growth near high single digits, gross margins above 55%, and positive operating cash flow, while addressing structural challenges around content costs, enterprise retention, and AI investments. Key priorities include sustaining margin expansion, refining customer lifetime value models, managing content partner economics, and supporting AI-driven innovation without eroding free cash flow. The role also demands cross-border financial fluency, governance discipline, and alignment with Hart’s Amazon-inspired, data-driven operating philosophy.

Coursera’s board has evaluated multiple potential candidates, with Kelly Steckelberg emerging as the most strategically aligned choice. Her experience at Zoom and Canva bridges consumer and enterprise dynamics, operational rigor, and financial discipline, positioning her to partner effectively with Hart. Steckelberg’s appointment would signal continuity, credibility with investors, and the capacity to scale Coursera’s AI-driven learning ecosystem globally. This transition represents a defining moment, shaping the company’s path from a high-growth platform to a mature, strategically disciplined technology enterprise.

Previously we covered a bullish thesis on Coursera, Inc. (COUR) by Unemployed Value Degen in November 2024, which highlighted the company’s high-margin platform, rapid user growth, AI-focused microcredentials, and strong cash position. The company’s stock price has appreciated approximately by 29.75% since our coverage. The thesis still stands as Coursera sustains segment growth and AI investment. Shehroz Babar shares a similar perspective but emphasizes the recent CFO transition and operational reorganization under CEO Greg Hart.

Coursera, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held COUR at the end of the second quarter which was 32 in the previous quarter. While we acknowledge the risk and potential of COUR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than COUR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.