Ambow Education Holding Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ambow Education Holding Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		68.2	77.3	83.9	81.5	17.8	14.8	9.16	9.39	9.47
Cost of revenue		39.4	49.2	55.9	59.4	15.4	14.6	6.67	4.41	4.28
Gross profit	25	28.8	28.1	28	22.1	2.42	0.28	2.49	4.99	5.19
Research and development	1.09	0.96	0.22	0.55	0.87	2.27		0.48	0.44	0.63
Selling and marketing	6.02	5.64	6.36	8	8.02	3.13	1.49	1.05	1.01	1.08
General and administrative	21	21.9	19.3	27.9	26.7	7.92	7.63	5.26	4.26	3.36
Operating expenses	31.3	28.5	25.9	42	41.2	11.1	9.77	6.8	5.71	5.07
Operating income	-6.34	0.36	2.24	-14	-19.1	-8.63	-9.49	-4.31	-0.72	0.11
Interest expense	0	0					0.1	0.06	0.06	-0.1
Other non-operating income	1.86	8.18	4.81	1.46	9.45	1.44	0.24	1.14	0.19	1.25
Pre-tax income	-4.48	8.54	7.05	-12.6	-9.64	-7.19	-9.25	-3.16	-0.53	1.37
Income tax	0.85	1.48	0.51	1.86	0.16	-0.51		0.01	-0.84	0.01
Income from continuing operations						-6.69	-9.25	-3.18	0.31	1.36
Net income to minority interests			-0.01	-0.07	-0.19	-0.16
Net income	-5.14	7.14	6.54	-14.4	-9.61	0.47	-14.1	-3.18	0.31	1.36
EBITDA	-2.74	3.84	6.07	-10.2	-14.3	-8.25	-9.26	-4.29	-0.71	0.19
EPS, basic			0.16	-0.33	-0.22	-0.14	-0.19	-0.06	0.01	0.02
EPS, diluted			0.16	-0.33	-0.22	-0.14	-0.19	-0.06	0.01	0.02
Shares, basic (weighted)	38.5	38.8	41.3	43.5	44.4	46.7	49.5	56.3	57.1	57.1
Shares, diluted (weighted)	38.5	39.3	41.7	43.5	44.4	46.7	49.5	56.3	57.1	57.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	28.4	30	30.8	22.6	18.2	24.7	3.31	0.27	1.12	0.83
Short-term investments				8.26	18.1	2.47
Receivables	1.96	3.77	2.64	2.58	3.21	4.02	1.98	2.28	2.54	2.29
Inventory										0.08
Other current assets	22.2	19.9	19.6	19.1	18	17.2	0	0.02	0.02	0.41
Total current assets	88.8	88	80.8	57.4	65	70.3	15.8	12.5	11.6	10.9
Property, plant and equipment	12.7	25.9	24.1	22.6	22.1	16	0.28	0.01	1.2	1.98
Lease right-of-use assets				37	37.9	34.6	6.91	4.9	2.72	5.31
Goodwill	9.79	11.2	10.6	8.67	3.94	3.44
Intangible assets				8.13	8.4	4.71	0.54	0.52	0.51	1.66
Other non-current assets	0.92	2.09	1.64	10.2	21.3	22.3	1.97	2.63	1.3	0.97
Total assets	141	150	132	147	161	152	25.5	20.6	17.4	20.8
Accounts payable	3.85	3.6	1.98	2.11	2.98	4.63	2.39	1.39	0.75	1.61
Accrued liabilities	53.7	64.4	37.3	27.7	32.1	34	3.74	1.47	1.03	1.54
Deferred revenue	15.8	17.6	18.1
Short-term debt	0		6		1.53	1.59	3.03	3.94	2.7	0.5
Total current liabilities	121	117	93.8	87.5	98.6	94.7	11.9	9.79	6.85	4.94
Long-term debt					1.47					2.7
Lease liabilities				31	33.8	31.2	5.74	4.35	3.79	4.74
Other non-current liabilities		0.45	0.14		0.05	0.02				0.17
Total liabilities	124	125	94.2	123	139	129	17.6	14.1	10.6	12.5
Total debt		6.03	0		1.47					2.7
Paid-in capital	497	531	510	504	543	556	515	517	517	517
Retained earnings	-493	-510	-476	-484	-524	-536	-507	-511	-510	-509
Other comprehensive income	0.82	1.06	1.21	0.91	1.86	1.77	1.3	-0.13	-0.13	-0.13
Shareholders' equity	16.8	25.7	38.5	23.6	21.9	22.9	7.87	6.43	6.74	8.25
Minority interests	-0.22	-0.2	-0.26	-0.1	-0.3	0.08
Total equity	16.6	25.5	38.2	23.5	20.4	21.3	7.87	6.43	6.74	8.25
Total liabilities and equity	141	150	132	147	161	152	25.5	20.6	17.4	20.8
Shares outstanding	38.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.33	7.06	6.54	-14.4	-9.81	0.31	-14.3	-3.18	0.31	1.36
Depreciation and amortization	3.6	3.49	3.83	3.85	4.84	0.38	0.23	0.02	0.02	0.08
Stock-based compensation	1.13	0.71	1.18	0.23	0.15	0.14	1.08			0.15
Deferred income tax				0.96	-0.74	-0.54
Change in receivables	-0.33	-1.58	0.26	-0.44	-0.59	-1.63	-0.42	-1.38	-0.17	0.09
Change in inventory										-0.08
Change in payables	-0.24	0.66	-1.15						-0.64	0.1
Cash from operations	2.52	3.11	3.7	-1.47	0.74	-2.5	-5.65	-0.29	1.64	0.14
Capital expenditures	-10.2	0	0						-1.2	-0.6
Acquisitions	0	-0.13	0		5.77
Purchases of investments				-31.5	-52.9	-23.2
Cash from investing	-9.39	-9.39	-4.15	-4.76	-15.1	16.8	0	0	-2.01	-0.99
Debt issued		6.03	0		1.47	0.9
Stock issued			6.6		5.45			1.86
Cash from financing	-0.22	6.03	6.82	-5.84	8.46	0.92	3.01	2.8	-1.24	0.5
Exchange rate effect	0.01	0.01	0.01	0.01	0.09	0.03	-0.1	-0.13
Net change in cash	-7.07	-0.24	6.38	-12.1	-5.82	12.7	-23.8	2.39	-1.61	-0.35
Free cash flow	-7.71	3.11	3.7						0.44	-0.46
Interest paid	0.02	0	0		0.02	0.05	0	0.16	0.17	0.17
Income taxes paid	0.2	0.14	0.09	0.06	0.41	0.2		0.03	0.01	0.02

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.8%	Gross profit / revenue.
Operating margin	1.2%	Operating income / revenue.
EBITDA margin	2.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.4%	Pre-tax income / revenue.
Net margin	14.4%	Net income / revenue.
FCF margin	-4.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.4%	Cash from operations / revenue.
Effective tax rate	0.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	1.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.6%	Research and development expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.3%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-13.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-35.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	163.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-25.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	339.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	337.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-91.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-28.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-206.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	22.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-17.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	19.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-33.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.20x	Current assets / current liabilities.
Quick ratio	0.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.33x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.0%	Total debt / total assets.
Liabilities / assets	60.3%	Total liabilities / total assets.
Net debt	$1.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	9.89x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$5.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	5.95x	Revenue / average property, plant and equipment.
Inventory turnover	53.6x	Cost of revenue / average inventory.
Days inventory	7 days	365 x average inventory / cost of revenue.
Receivables turnover	3.92x	Revenue / average receivables.
Days sales outstanding	93 days	365 x average receivables / revenue.
Days payables	100 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-1 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-34.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	438.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.02	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.16	Revenue / diluted weighted shares.
FCF per share	-$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.00	Cash from operations / diluted weighted shares.
Book value per share	$0.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.11	Tangible book value / shares outstanding.
Cash per share	$0.01	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.1M	Share price x shares outstanding.
Enterprise value	$7.9M	Market cap + total debt - cash - short-term investments.
P/E	4.46x	Market cap / net income. Only when net income is positive.
P/S	0.64x	Market cap / revenue.
P/B	0.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.92x	Market cap / tangible book value, when positive.
P/OCF	44.3x	Market cap / cash from operations, when positive.
EV/Sales	0.84x	Enterprise value / revenue.
EV/EBIT	70.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	42.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-7.6%	Free cash flow / market cap.
Earnings yield	22.4%	Net income / market cap (the inverse of P/E).

What was Ambow Education Holding Ltd.'s revenue in fiscal 2025?

Ambow Education Holding Ltd. reported revenue of $9.5M for fiscal 2025, 0.8% higher than the year before.

Was Ambow Education Holding Ltd. profitable in fiscal 2025?

Yes. Net income was $1.4M, a net margin of 14.4%.

How much free cash flow did Ambow Education Holding Ltd. generate in fiscal 2025?

Cash from operations of $137.0K minus capital expenditures of $600.0K left free cash flow of -$463.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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