Four Seasons Education (Cayman) Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Four Seasons Education (Cayman) 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

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	47.5	50.2	55.7	43.3	39.7	4.94	17.4	34.5	37.1
Cost of revenue	17.3	25.7	28.7	26.1	23.7	2.87	11.1	28	27.5
Gross profit	30.2	24.5	26.9	17.2	15.9	2.06	6.32	6.47	9.57
Selling and marketing	5.78	5.05	4.92	4.78	3.5	0.67	0.94	1.93	1.53
General and administrative	14.7	19.3	19.9	18.1	13.5	6.53	6.16	6.71	7.06
Operating income	9.73	0.17	-18.7	-5.64	-10.5	-5.14	-1.29	-2.16	0.98
Other non-operating income	-0.21	-0.5	1.59	0.29	-0.56	-0.08	-0.2	-0.1	0.06
Pre-tax income	10.8	1.3	-15	-2.98	-9.53	-4.69	0.54	0.01	4.33
Income tax	4.18	1.51	0.6	0.74	3.46	0.14	0.15	0.1	0.09
Net income to minority interests	-0.4	-0.13	-0.01	0.05	-0.84	-0.55	-0.3	-0.2	-0.25
Net income	7.01	-0.09	-15.7	-4.36	-18	-4.28	0.69	0.11	4.49
EBITDA	10.8	2.34	-16.5	-3.51	-9.16	-4.74	-0.77	-1.66	1.89
EPS, basic	0.34	-0.00	-0.66	-0.19	-0.80	-0.20	0.03	0.01	0.20
EPS, diluted	0.31	-0.00	-0.66	-0.19	-0.80	-0.20	0.03	0.01	0.20
Shares, basic (weighted)	17.1	24.1	23.7	23.1	22.5	21.2	21.2	21.8	22.6
Shares, diluted (weighted)	18.5	24.1	23.7	23.1	22.5	21.2	23.6	22.1	22.9

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	92.2	65.7	57.9	58.5	41.6	25.3	25	28.9	19.9
Short-term investments		4.89	1.43	4.79	14.2	3.51	2.63	1.91	0
Receivables	0.9					0.13	0.45	0.28	0.46
Other current assets	0.95	3.37
Total current assets	94	74.1	88.1	79.8	83.4	73.7	44.8	40.8	36.8
Property, plant and equipment	3.78	4.04	2.83	2.44	1.37	2.02	9.18	17.2	17.6
Lease right-of-use assets			27.2	23.3	5.63	4.24	3.78	5.52	5.87
Goodwill	0.08	21.4	5.43	5.86			0.16	0.15	0.16
Intangible assets		6.56	1.25	1.1	0.52	0.36	0.26	0.2	0.33
Long-term investments	25	24.4
Other non-current assets				1.94	0.64	0.14	0.34	0.36	0.55
Total assets	125	139	148	149	95.5	86.7	93.7	100	108
Accounts payable								0.51	0.44
Deferred revenue	14.2	13.1	10.3	11.6	1.03	1.05	2.5	3.84	4.39
Short-term debt									1.31
Total current liabilities	21.2	24.5	30.5	35.1	14.8	12.6	14.8	18.6	19.9
Long-term debt							5.56	11.3	11.8
Lease liabilities			21.1	14.2	0.91	0.17	0.17	1.14	1.06
Total liabilities	21.2	26.2	51.9	49.6	15.9	12.9	20.6	31	32.8
Total debt							5.56	11.3	13.1
Paid-in capital	107	106	106	119	123	113	109	103	109
Retained earnings		-0.09	-15.7	-21.4	-40	-40.7	-38.5	-38	-35.8
Treasury stock			-4.31	-4.31	-8.83	-8.07	-7.79	-6.2	-6.58
Other comprehensive income	-4.47	0.24	3.73	-2.05	-3.61	2.27	3.49	3.97	2.24
Shareholders' equity	103	107	90.2	90.9	70.7	66	66	62.4	69.1
Minority interests	1.01	6.61	6.32	8.91	8.97	7.81	7.11	6.94	6
Total equity	104	113	96.6	99.9	79.7	73.8	73.1	69.4	75.1
Total liabilities and equity	125	139	148	149	95.5	86.7	93.7	100	108
Shares outstanding	24	24.1	23.1	23.1	21.2	21.2	21.2	22.6	22.6

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	6.61	-0.22	-15.7	-4.31	-18.8	-4.83	0.39	-0.09	4.24
Depreciation and amortization	1.03	2.17	2.21	2.13	1.34	0.4	0.52	0.5	0.91
Stock-based compensation	3.71	4.82	4.41	4.25	1.43	0.46	0.43	0.69	0.24
Change in receivables	-0.86					0.17	-0.04	0.17	-0.16
Cash from operations	15.2	7.94	11.8	4.81	-14.5	-3.68	2.3	2.75	4.38
Capital expenditures	-3.65	-2.67	-1.31	-1.61	-1.57	-1.25	-7.87	-7.86	-0.91
Acquisitions		-20	-1.45	0.13	-0.07		0.01
Purchases of investments			-1.43	-4.79	-14.2	-4.23	-2.63	-3.8
Cash from investing	-26.9	-28	-14.1	-10.5	0.68	-13.9	9.93	0.35	-15.8
Stock issued		0.01	0.11	0				0.66	0.01
Dividends paid	-19.3	-0.55						-4.79
Cash from financing	72.9	-0.09	-3.78	0.03	-4.05	-0.12	5.73	1.7	1.32
Exchange rate effect	-5.49	3.37	2.02	-2.54	-0.62
Net change in cash	55.7	-16.8	-4.13	-8.21	-18.5	-13.8	17.4	5.09	-10.6
Free cash flow	11.5	5.27	10.4	3.2	-16	-4.93	-5.57	-5.11	3.47
Income taxes paid	3.48	3.29	1.88	1.57	0.53	0.02	0.01	0.01	0.03

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $10.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.8%	Gross profit / revenue.
Operating margin	2.6%	Operating income / revenue.
EBITDA margin	5.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.7%	Pre-tax income / revenue.
Net margin	12.1%	Net income / revenue.
FCF margin	9.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.8%	Cash from operations / revenue.
Effective tax rate	2.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	1.8%	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	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	95.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	47.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	66.8%	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	-11.1%	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	3,942.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	1,900.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	59.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
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 CAGR, 5y	1.6%	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	10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.5%	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	-5.4%	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	7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	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	-6.3%	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	3.9%	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	2.6%	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	-0.2%	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	1.85x	Current assets / current liabilities.
Quick ratio	1.02x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.2%	Total debt / total assets.
Liabilities / assets	30.4%	Total liabilities / total assets.
Net debt	-$6.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$16.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$68.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	2.13x	Revenue / average property, plant and equipment.
Receivables turnover	99.7x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
Days payables	6 days	365 x average accounts payable / cost of revenue.
FCF conversion	77.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.20	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	$0.20	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.62	Revenue / diluted weighted shares.
FCF per share	$0.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.19	Cash from operations / diluted weighted shares.
Book value per share	$3.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.03	Tangible book value / shares outstanding.
Cash per share	$0.88	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$22.6M	Share price x shares outstanding.
Enterprise value	$15.9M	Market cap + total debt - cash - short-term investments.
P/E	5.04x	Market cap / net income. Only when net income is positive.
P/S	0.61x	Market cap / revenue.
P/B	0.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.33x	Market cap / tangible book value, when positive.
P/FCF	6.52x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.17x	Market cap / cash from operations, when positive.
EV/Sales	0.43x	Enterprise value / revenue.
EV/EBIT	16.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.39x	Enterprise value / EBITDA, when both are positive.
EV/FCF	4.58x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.3%	Free cash flow / market cap.
Earnings yield	19.8%	Net income / market cap (the inverse of P/E).

What was Four Seasons Education (Cayman) Inc.'s revenue in fiscal 2026?

Four Seasons Education (Cayman) Inc. reported revenue of $37.1M for fiscal 2026, 7.6% higher than the year before.

Was Four Seasons Education (Cayman) Inc. profitable in fiscal 2026?

Yes. Net income was $4.5M, a net margin of 12.1%.

How much free cash flow did Four Seasons Education (Cayman) Inc. generate in fiscal 2026?

Cash from operations of $4.4M minus capital expenditures of $912.0K left free cash flow of $3.5M.

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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