Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Lixiang Education Holding Co. 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
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
24.4
5.4
7.13
7.16
4.49
4.41
Cost of revenue
17.5
2.72
5.99
6.6
4.91
6.12
Gross profit
6.91
2.68
1.14
0.56
-0.42
-1.71
Selling and marketing
0.29
0
0.02
0.14
General and administrative
2.95
2.88
4.42
3.58
3.12
3.36
Operating expenses
2.95
2.88
7.44
16
3.14
3.5
Operating income
3.96
-0.2
-6.29
-15.4
-3.56
-5.2
Interest expense
0.32
0.38
0.68
0.51
0.39
0.49
Interest income
0.01
0
0.01
0.02
0.04
0
Pre-tax income
5.15
0.14
-1.11
-14.2
-3.38
-17.3
Income tax
0
0.11
0.06
0.44
Income from continuing operations
0.04
-1.17
-14.6
-3.38
-17.3
Net income to minority interests
-0.04
-0.05
-0.01
0.09
Net income
5.15
-38.3
-1.17
-17.9
-3.37
-17.4
EBITDA
5.36
0.47
-5.29
-14.5
-2.93
-4.55
EPS, basic
0.10
EPS, diluted
0.10
Shares, basic (weighted)
54.2
66.7
66.7
78.6
117
1,912
Shares, diluted (weighted)
54.2
66.7
66.7
78.6
117
1,912
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
32.6
31.3
35.8
32
30.2
1.83
Receivables
0.06
0
0.02
0.02
Inventory
0.25
0.04
0.17
0.12
Other current assets
0.37
15.9
11.8
0.87
0.8
1.76
Total current assets
33.2
47.3
47.8
34.5
32.4
4.89
Property, plant and equipment
31.5
25.9
23.2
21.3
20.2
20.4
Lease right-of-use assets
5.78
5.77
1.1
0.35
7.11
7.73
Goodwill
4.18
10.2
Intangible assets
0
0.04
0.03
0.03
0.02
0.02
Other non-current assets
0.15
1.12
Total assets
70.5
83.6
88.3
61.1
64.5
45.3
Accounts payable
1.37
0.94
0.42
0.21
0.05
0.57
Accrued liabilities
2.67
0.33
0.5
0.35
0.26
0.26
Deferred revenue
2.81
0.22
1.36
0.92
0.77
1.11
Short-term debt
6.08
12.1
0.57
0.18
11.5
12
Total current liabilities
14.1
64.9
19.4
14.5
15.4
17.8
Long-term debt
0.23
Lease liabilities
0.52
5.25
5.5
Other non-current liabilities
0.14
0.14
Total liabilities
14.2
64.9
51.5
39
44.5
23.4
Total debt
0.8
0.18
Paid-in capital
27.9
28.5
44.3
47
47
68.1
Retained earnings
20.7
-17.3
-17.1
-34.6
-37
-56
Other comprehensive income
-1.22
-1.97
0.8
1.2
1.68
0.94
Shareholders' equity
56.3
18.7
36.7
22.2
20
21.9
Minority interests
0.08
-0.04
-0.09
Total equity
56.3
18.7
36.8
22.1
19.9
21.9
Total liabilities and equity
70.5
83.6
88.3
61.1
64.5
45.3
Shares outstanding
66.7
66.7
66.7
117
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
5.15
-38.3
-1.17
-17.9
-3.38
-17.3
Depreciation and amortization
1.4
0.67
1
0.86
0.63
0.66
Deferred income tax
0.41
Change in receivables
0.19
0.13
-0
-0.02
-0
Change in inventory
-0.07
0.21
-0.14
0.04
0.12
Change in payables
-0.47
-0.04
-0.15
0.52
Cash from operations
7.58
4.8
5.94
-8.34
-2.51
-44.9
Capital expenditures
-2.01
-0.35
-0.19
-0.31
-0.04
-0.02
Acquisitions
-1.91
Purchases of investments
-10.3
-16.9
-1.3
-0.02
-18.4
Cash from investing
3.03
-24.3
-0.07
-1.07
-0.08
-20.3
Debt repaid
-0.34
-0.35
-0.17
Stock issued
32
5.9
35.8
Cash from financing
19.4
18.2
-1.63
6.21
1.2
36.4
Exchange rate effect
-1.22
-0.72
0.42
0.52
-0.82
Net change in cash
28.8
-2.1
4.48
-2.78
-0.87
-29.7
Free cash flow
5.57
4.45
5.75
-8.64
-2.55
-45
Interest paid
0.33
0.38
0.54
0.38
0.5
Income taxes paid
0.15
-0.14
0.01
0
0.01
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.68 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-38.7%
Gross profit / revenue.
Operating margin
-118.0%
Operating income / revenue.
EBITDA margin
-103.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-393.3%
Pre-tax income / revenue.
Net margin
-395.4%
Net income / revenue.
FCF margin
-1,020.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1,019.0%
Cash from operations / revenue.
Return on equity (ROE)
-83.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-31.8%
Net income / average total assets.
Return on invested capital (ROIC)
-83.4%
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%.
Capex / revenue
0.4%
Capital expenditures / revenue.
D&A / revenue
14.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-1.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-14.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-29.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
9.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-15.8%
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
-17.2%
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
-29.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-19.9%
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
-8.5%
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
1,539.0%
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
206.1%
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
104.0%
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
0.28x
Current assets / current liabilities.
Quick ratio
0.10x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.10x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/S
0.73x
Market cap / revenue.
P/B
0.15x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.15x
Market cap / tangible book value, when positive.
EV/Sales
0.32x
Enterprise value / revenue.
FCF yield
-1,396.0%
Free cash flow / market cap.
Earnings yield
-541.4%
Net income / market cap (the inverse of P/E).
What was Lixiang Education Holding Co. Ltd.'s revenue in fiscal 2025?
Lixiang Education Holding Co. Ltd. reported revenue of $4.4M for fiscal 2025, 1.9% lower than the year before.
Was Lixiang Education Holding Co. Ltd. profitable in fiscal 2025?
No. It reported a net loss of $17.4M.
How much free cash flow did Lixiang Education Holding Co. Ltd. generate in fiscal 2025?
Cash from operations of $44.9M minus capital expenditures of $16.8K left free cash flow of -$45.0M.
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.