TAL Education Group TAL
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS2.75
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.01B | $2.25B | $1.49B | $1.02B | $4.39B | $4.50B | $3.27B | $2.56B | $1.72B | $1.04B |
| Cost of revenue | $1.34B | $1.05B | $684.3M | $436.4M | $2.20B | $2.05B | $1.47B | $1.16B | $882.3M | $522.3M |
| Gross profit | $1.67B | $1.20B | $806.1M | $583.4M | $2.19B | $2.45B | $1.80B | $1.40B | $832.7M | $520.8M |
| SG&A | $500.4M | $454.7M | $413.5M | $413.8M | $1.20B | $1.12B | $795.0M | $579.7M | $386.3M | $263.3M |
| Total operating expenses | $1.39B | $1.20B | $875.4M | $696.8M | $2.82B | $2.90B | $1.68B | $1.06B | $628.7M | $389.3M |
| Operating income | $276.0M | -$3.2M | -$69.2M | -$90.7M | -$614.5M | -$438.2M | $137.4M | $341.6M | $208.6M | $134.6M |
| Interest expense | — | — | — | — | $7.9M | $16.9M | $11.8M | $17.6M | $16.6M | $13.1M |
| Pre-tax income | $685.4M | $132.1M | $17.5M | -$109.7M | -$778.1M | -$224.6M | -$50.7M | $457.2M | $247.0M | $154.6M |
| Income tax | $154.4M | $38.3M | $15.4M | $20.0M | $397.0M | $69.9M | $69.3M | $76.5M | $44.7M | $34.1M |
| Net income | $530.8M | $84.6M | -$3.6M | -$135.6M | -$1.14B | -$116.0M | -$110.2M | $367.2M | $198.4M | $116.9M |
| EPS, basic | 2.79 | 0.42 | -0.02 | -0.64 | -5.29 | -0.57 | -0.56 | 1.93 | 1.13 | 0.72 |
| EPS, diluted | 2.75 | 0.41 | -0.02 | -0.64 | -5.29 | -0.57 | -0.56 | 1.83 | 1.03 | 0.66 |
| Shares, diluted (wtd. avg.) | $192.9M | $205.2M | $203.3M | $212.6M | $214.8M | $203.6M | $198.2M | $200.2M | $194.3M | $188.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.52B | $1.77B | $2.46B | $2.29B | $2.68B | $5.02B | $1.92B | $1.26B | $727.7M | $478.6M |
| Short-term investments | $1.72B | $1.85B | $1.09B | $1.15B | $1.07B | $2.69B | $345.5M | $268.4M | $787.4M | $229.5M |
| Receivables | $71.6M | $94.2M | $52.7M | $44.8M | $25.6M | $25.9M | $42.7M | $50.2M | $16.5M | — |
| Inventory | $143.3M | $104.9M | $68.3M | $39.0M | $21.8M | $38.7M | $25.8M | $7.8M | $5.3M | $2.8M |
| Total current assets | $3.84B | $4.13B | $3.70B | $3.47B | $3.63B | $8.16B | $2.50B | $1.75B | $1.66B | $871.1M |
| Property, plant and equipment | $500.7M | $472.4M | $405.3M | $288.9M | $281.2M | $511.4M | $366.7M | $287.9M | $247.3M | $154.3M |
| Goodwill | $45.5M | $155.0K | $157.0K | — | — | $454.4M | $378.9M | $414.2M | $291.4M | $267.2M |
| Other intangibles | $46.0M | $394.0K | $2.0M | $485.0K | $1.7M | $66.0M | $59.0M | $74.8M | $43.5M | $38.0M |
| Total assets | $5.94B | $5.50B | $4.93B | $4.72B | $5.08B | $12.11B | $5.57B | $3.74B | $3.05B | $1.83B |
| Accounts payable | $152.5M | $146.3M | $127.3M | $60.0M | $89.8M | $353.8M | $117.8M | $106.5M | $57.6M | $22.6M |
| Short-term debt | — | — | — | — | — | $270.0M | — | $210.0M | $0 | — |
| Total current liabilities | $1.77B | $1.44B | $1.08B | $783.9M | $902.6M | $3.37B | $1.81B | $1.18B | $1.13B | $667.1M |
| Long-term debt | — | — | — | — | — | — | $261.9M | $0 | $225.0M | $225.0M |
| Total liabilities | $2.16B | $1.74B | $1.29B | $903.4M | $1.08B | $6.91B | $3.03B | $1.20B | $1.41B | $1.15B |
| Retained earnings | -$130.4M | -$624.1M | -$694.3M | -$685.9M | -$544.3M | $624.9M | $786.1M | $920.3M | $565.2M | $417.8M |
| Total equity | $3.77B | $3.77B | $3.64B | $3.82B | $4.00B | $5.20B | $2.54B | $2.53B | $1.64B | $680.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $601.5M | $397.9M | $306.2M | $7.4M | -$939.2M | $954.7M | $855.9M | $194.4M | $685.3M | $379.0M |
| Depreciation and amortisation | $68.6M | $45.8M | $23.7M | $35.3M | $171.4M | $137.0M | $99.5M | $76.7M | $50.9M | $28.9M |
| Stock-based compensation | $43.1M | $64.9M | $88.9M | $108.6M | $174.8M | $204.9M | $117.9M | $77.3M | $47.1M | $36.1M |
| Capital expenditure | $93.2M | $111.7M | $112.7M | $110.3M | $246.3M | $245.1M | $178.1M | $138.4M | $126.3M | $71.1M |
| Investing cash flow | -$175.7M | -$847.0M | $95.1M | -$301.6M | $1.37B | -$2.64B | -$338.8M | -$166.6M | -$832.6M | -$514.8M |
| Financing cash flow | -$643.5M | -$13.2M | -$233.1M | -$66.2M | -$2.77B | $4.79B | $131.2M | $475.0M | $428.2M | $178.8M |
| Dividends paid | — | — | — | — | — | — | — | $0 | $41.2M | $0 |
| Buybacks | $644.1M | $13.1M | $233.6M | $66.4M | $196.3M | $9.9M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-073410.
Others in SIC 8200
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LAUR | LAUREATE EDUCATION, INC. | $5.06B | 19.4x | 8.6% |
| GHC | Graham Holdings Co | $4.84B | 17.1x | 2.5% |
| CVSA | Covista Inc. | $4.36B | 18.2x | 9.3% |
| LOPE | Grand Canyon Education, Inc. | $3.98B | 19.8x | 7.1% |
| LRN | Stride, Inc. | $3.52B | 11.9x | 4.7% |
| PRDO | PERDOCEO EDUCATION Corp | $2.08B | 13.7x | 24.2% |
| STRA | Strategic Education, Inc. | $1.81B | 15.1x | 4.0% |
| UTI | UNIVERSAL TECHNICAL INSTITUTE INC | $1.22B | 19.6x | 14.0% |