TAL Education Group TAL

Industrials SIC 8200 - Services-Educational Services NAICS Educational Services derived NYSE

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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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 2.790.42-0.02-0.64-5.29-0.57-0.561.931.130.72
EPS, diluted 2.750.41-0.02-0.64-5.29-0.57-0.561.831.030.66
Shares, diluted (wtd. avg.) 192.9M205.2M203.3M212.6M214.8M203.6M198.2M200.2M194.3M188.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 1B Gross profit, FY2016: 520.8M Net income, FY2016: 116.9M Revenue, FY2017: 1.7B Gross profit, FY2017: 832.7M Net income, FY2017: 198.4M Revenue, FY2018: 2.6B Gross profit, FY2018: 1.4B Net income, FY2018: 367.2M Revenue, FY2019: 3.3B Gross profit, FY2019: 1.8B Net income, FY2019: -110.2M Revenue, FY2020: 4.5B Gross profit, FY2020: 2.4B Net income, FY2020: -116M Revenue, FY2021: 4.4B Gross profit, FY2021: 2.2B Net income, FY2021: -1.1B Revenue, FY2022: 1B Gross profit, FY2022: 583.4M Net income, FY2022: -135.6M Revenue, FY2023: 1.5B Gross profit, FY2023: 806.1M Net income, FY2023: -3.6M Revenue, FY2024: 2.3B Gross profit, FY2024: 1.2B Net income, FY2024: 84.6M Revenue, FY2025: 3B Gross profit, FY2025: 1.7B Net income, FY2025: 530.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.04B $1.72B $2.56B $3.27B $4.50B $4.39B $1.02B $1.49B $2.25B $3.01B
Gross profit $520.8M $832.7M $1.40B $1.80B $2.45B $2.19B $583.4M $806.1M $1.20B $1.67B
Net income $116.9M $198.4M $367.2M -$110.2M -$116.0M -$1.14B -$135.6M -$3.6M $84.6M $530.8M

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