New Oriental Education & Technology Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data New Oriental Education & Technology Group Inc. 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,800	2,447	3,096	3,579	4,277	3,105	2,998	4,314	4,900	5,661
Cost of revenue	750	1,066	1,376	1,589	2,037	1,754	1,409	2,051	2,183	2,568
Gross profit	1,050	1,382	1,720	1,990	2,240	1,351	1,588	2,263	2,717	3,093
Selling and marketing	233	324	384	445	601	467	445	661	784	856
General and administrative	555	794	1,029	1,146	1,490	1,867	954	1,252	1,444	1,594
Operating income	262	263	306	399	117	-983	190	350	428	643
Interest expense			1.62	4.63	6.75	4.05	0.71	0.3	0.31	0.03
Interest income	61.4	84.8	97.5	116	142	124	114	154	120	76.9
Other non-operating income							111	84.5	93.9	69.5
Pre-tax income	331	357	316	488	315	-1,032	309	494	536	731
Income tax	50.6	59.4	85.7	134	83.6	136	66.1	110	146	196
Net income to minority interests	2.34	1.11	-10.2	-58.5	-104	-32.6	58	15.6	4.12	41.5
Net income	274	296	238	413	334	-1,188	177	310	372	475
EBITDA	316	340	416	545	343	-790	307	451	568	815
Shares, basic (weighted)	158	158	1,583	1,584	1,645	1,696	1,678	1,654	1,620	1,578
Shares, diluted (weighted)	158	159	1,590	1,595	1,652	1,696	1,686	1,669	1,631	1,596

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	641	983	1,414	915	1,612	1,149	1,663	1,389	1,612	1,821
Receivables	3.34	3.18	3.3	4.18	8.67	16.4	33.1	29.7	33.6	37
Inventory	31.7	40.2	29	31.3	31.2	27.9	52.7	92.8	80.9	106
Other current assets	119	182	200	199	269	215	211	309	308	389
Total current assets	2,326	2,942	3,466	3,756	6,574	4,474	4,414	5,389	5,188	5,832
Property, plant and equipment	283	450	532	672	865	403	360	508	767	880
Lease right-of-use assets		0	0	1,425	1,858	531	440	654	794	854
Goodwill	14.1	31.7	79.6	80.4	73.3	70.8	106	104	43.8	46.6
Intangible assets	4.01	8.54	13.9	10.2	4.84	2.8	25.2	18.7	13	7.77
Long-term investments	217	433	405	431	538	438	400	356	388	383
Other non-current assets	17.8	19.6	26.8	22.3	22.1	9.06	67.2	188	17.5	13.4
Total assets	2,925	3,978	4,647	6,557	10,151	6,035	6,392	7,532	7,805	8,792
Accounts payable	24.3	39.9	34.1	33.1	38.4	22.3	69.8	106	80.5	127
Accrued liabilities	261	374	577	635	908	510	569	775	831	938
Deferred revenue	867	1,270	1,301	1,324	1,926	933	1,338	1,780	1,954	2,243
Total current liabilities	1,203	1,751	2,006	2,479	3,471	1,710	2,251	3,001	3,290	3,890
Long-term debt			96.5	118	0
Lease liabilities		0	0	1,078	1,351	446	288	448	533	564
Total liabilities	1,205	1,763	2,121	3,687	5,133	2,241	2,578	3,483	3,852	4,468
Total debt			96.5	118	0
Paid-in capital	249	129	429	456	1,949	2,062	1,940	1,870	1,467	1,312
Retained earnings	1,171	1,353	1,648	1,986	2,253	1,065	1,226	1,514	1,771	2,029
Treasury stock	-0.01	-0	-0.01	-0	0	0	-0.06	-0.06	-0.12	-0.15
Other comprehensive income	39.2	245	-23	-90.9	262	129	-27.4	-95.8	-80.6	113
Shareholders' equity	1,681	1,992	2,361	2,733	4,913	3,706	3,604	3,776	3,662	3,986
Minority interests	39.1	16.5	164	137	105	88	210	273	292	338
Total equity	1,720	2,008	2,525	2,870	5,018	3,794	3,815	4,049	3,954	4,324
Total liabilities and equity	2,925	3,978	4,647	6,557	10,151	6,035	6,392	7,532	7,805	8,792
Shares outstanding	158	158	158	1,585	1,690	1,697	1,643	1,648	1,580	1,549

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	277	297	228	355	230	-1,220	235	325	376	517
Depreciation and amortization	53.9	77.1	110	146	226	192	117	101	140	172
Stock-based compensation	20.3	57.4	71.3	62.1	68.9	133	89.8	122	59.9	88.5
Deferred income tax	-0.52	-13.4	-17.3	-8.63	-43.7	91.9	-31.5	-21.2	-29.3	-8.09
Change in receivables	-0.08	0.77	-0.51	-1.42	-4.63	-8.11	-3.87	3.34	-17	-2.75
Change in inventory	-5.38	-6.32	6.03	-3.28	3.75	1.82	-21.9	-41.2	12.4	-19
Change in payables	3.59	13.7	-2.75	0.08	12.8	-15.1	44	37.8	-23	39
Cash from operations	623	781	806	804	1,130	-1,280	971	1,123	897	1,027
Capital expenditures	-106	-214	-269	-310	-429	-151	-143	-249	-242	-247
Acquisitions	-0.91	-1	-36.4	1.07	-12.7		0.89
Purchases of investments	-1,343	-1,250	-3,596	-2,964	-4,254	-541	-2,075	-2,627	-2,781	-2,381
Cash from investing	-672	-407	-575	-1,256	-2,178	1,169	-37.4	-1,154	-93.4	-458
Debt issued			96.5	20	297
Debt repaid					-120
Stock issued	0.54	0		3.63	1.93	0.18	12.9	3.93	13	5.69
Share buybacks			-56				-192	-62.9	-445	-231
Dividends paid		-71.2							-98.2	-96.4
Cash from financing	4.79	-74.9	267	-17.9	1,654	-231	-247	-160	-585	-380
Exchange rate effect	-23.5	43	-66.1	-29	106
Net change in cash	-68.5	342	431	-499	713	-438	611	-216	228	279
Free cash flow	517	567	537	495	701	-1,431	828	873	655	780
Interest paid			0.83	4.67	4.22	5.05	0.8	0.36	0.31	0.15
Income taxes paid	36.7	57	75.3	136	144	53	55.2	109	148	169

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $55.87 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.6%	Gross profit / revenue.
Operating margin	11.4%	Operating income / revenue.
EBITDA margin	14.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.9%	Pre-tax income / revenue.
Net margin	8.4%	Net income / revenue.
FCF margin	13.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.1%	Cash from operations / revenue.
Effective tax rate	26.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.7%	Net income / average total assets.
Return on invested capital (ROIC)	22.3%	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%.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	23.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	24.9%	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	6.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	50.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	50.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	40.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	43.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	38.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	27.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	38.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.9%	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	19.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-2.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.4%	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	-4.1%	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	12.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.2%	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	-2.8%	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	-2.2%	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	-1.8%	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	-0.7%	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	1.50x	Current assets / current liabilities.
Quick ratio	0.48x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	50.8%	Total liabilities / total assets.
Interest coverage	22,973x	Operating income / interest expense.
Working capital	$1.94B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.93B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	6.87x	Revenue / average property, plant and equipment.
Inventory turnover	27.5x	Cost of revenue / average inventory.
Days inventory	13 days	365 x average inventory / cost of revenue.
Receivables turnover	160x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	1 days	Days inventory + days sales outstanding - days payables.
FCF conversion	164.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Revenue per share	$3.55	Revenue / diluted weighted shares.
FCF per share	$0.49	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.64	Cash from operations / diluted weighted shares.
Book value per share	$2.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.54	Tangible book value / shares outstanding.
Cash per share	$1.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	29.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.89B	Share price x shares outstanding.
Enterprise value	$7.07B	Market cap + total debt - cash - short-term investments.
P/E	18.7x	Market cap / net income. Only when net income is positive.
P/S	1.57x	Market cap / revenue.
P/B	2.23x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.26x	Market cap / tangible book value, when positive.
P/FCF	11.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.66x	Market cap / cash from operations, when positive.
EV/Sales	1.25x	Enterprise value / revenue.
EV/EBIT	11.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.68x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.06x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.8%	Free cash flow / market cap.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.

What was New Oriental Education & Technology Group Inc.'s revenue in fiscal 2026?

New Oriental Education & Technology Group Inc. reported revenue of $5.66B for fiscal 2026, 15.5% higher than the year before.

Was New Oriental Education & Technology Group Inc. profitable in fiscal 2026?

Yes. Net income was $475.2M, a net margin of 8.4%.

How much free cash flow did New Oriental Education & Technology Group Inc. generate in fiscal 2026?

Cash from operations of $1.03B minus capital expenditures of $246.9M left free cash flow of $780.2M.

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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