Sunlands Technology Group financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Sunlands Technology Group 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
Revenue	287	315	338	394	337	304	273	289
Cost of revenue	48.1	56.9	59.4	59	50.5	37.4	43.5	37.8
Gross profit	239	258	278	334	286	267	229	251
Research and development	11.1	14.6	10.2	9.62	6.21	4.75	3.43	4.23
Selling and marketing	313	257	325	274	164	161	167	163
General and administrative	64.5	52.2	42.2	32.6	26.9	20.2	18.2	20.6
Operating expenses	389	324	378	317	197	186	188	197
Operating income	-150	-66	-99.5	17.9	89.4	81	40.8	53.8
Interest expense	0.32	2.06	1.79	1.72	1.46	1.08	0.73	0.12
Interest income			3.96	2.54	2.36	4.38	5.32	3.38
Other non-operating income	4.67	3.06	31.1	6.14	3.56	4.8	3.6	4.31
Pre-tax income	-135	-56.4	-66.3	31	94	95.2	48.9	61.4
Income tax	0	0.35	-0.04	-3.08	1.74	3.55	0.18	8.48
Net income to minority interests	0.01	-0.05	-0.07	-1.05	-0.14	0	0	0
Net income	-135	-56.7	-66	34.4	93.4	90.3	46.9	52.3
EBITDA	-146	-60.7	-93.3	23.9	96.2	85.3	44.9	58
EPS, basic	-21.42	-8.30	-9.77	5.11	13.65	13.08	6.87	7.76
EPS, diluted	-21.42	-8.30	-9.77	5.11	13.65	13.08	6.87	7.76
Shares, basic (weighted)	6.29	6.83	6.75	6.73	6.84	6.9	6.82	6.74
Shares, diluted (weighted)	6.29	6.83	6.75	6.73	6.84	6.9	6.82	6.74

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	182	201	117	98.3	109	108	69.5	82.3
Short-term investments	150	31.3	79.4	28.9	10.2	20	37.8	33.7
Other current assets	18.2	26	18	27.7	14.2	15.4	13.3	11.8
Total current assets	376	294	238	177	141	145	121	131
Property, plant and equipment	81.4	78.4	78.3	135	118	111	104	94.7
Lease right-of-use assets		86	74.9	56.9	39.8	19.1	15.1	14.2
Intangible assets	0.2	0.17	0.19	0.43	0.22	0.14	0.1	0.04
Long-term investments	4.37	5.75	9.82	8.61	10.7	8.64	35.6	45.6
Other non-current assets	60.9	64.3	68.1	6.3	5.49	4.67	3.61	2.82
Total assets	544	570	500	407	330	298	291	293
Accrued liabilities	66.2	62.5	93.1	92	63.3	57.7	55.5	52.3
Deferred revenue	257	240	224	199	143	78	52.3	55
Short-term debt	4.73	4.67	4.98	6.07	5.6	5.44	0.84	0
Total current liabilities	337	322	337	299	214	142	110	109
Long-term debt	32.8	27.7	24.6	28.6	20.8	14.7	4.85	0
Lease liabilities		88.5	81.6	63.4	45.9	22.2	18.8	18.5
Other non-current liabilities		1.65	1.18	1.84	0.98	0.99	1	1.06
Total liabilities	593	676	686	566	385	260	208	158
Total debt	37.5	32.4	29.6	34.6	26.4	20.2	5.69	0
Paid-in capital	348	340	363	371	335	325	314	327
Retained earnings	-414	-466	-563	-542	-408	-306	-252	-212
Treasury stock	0	0	0	0	0	0	0	0
Other comprehensive income	17.3	20.5	14.8	13	18.5	20.2	18.7	17.4
Shareholders' equity	-49.3	-106	-186	-158	-54.3	39	82.4	135
Minority interests	0.02	-0.03	-0.1	-0.77	-0.78	-0.21	-0.2	-0.21
Total equity	-49.3	-106	-186	-159	-55.1	38.8	82.2	135
Total liabilities and equity	544	570	500	407	330	298	291	293

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-135	-56.8	-66.1	33.3	93.2	90.3	46.9	52.3
Depreciation and amortization	3.75	5.35	6.17	5.95	6.77	4.32	4.04	4.12
Stock-based compensation	0.56	0.43	4.56	0.12	1.04
Cash from operations	26.3	-76.6	-28.9	-58.6	1.33	19.8	26.8	21
Capital expenditures	-75.3	-3.56	-1.91	-2.15	-0.47	-0.81	-0.04	-0.03
Purchases of investments	-633	-303	-336	-288	-180	-109	-238	-213
Sales and maturities of investments			0.28
Cash from investing	-173	105	-53.5	53.8	13.9	-10.1	-49.2	-1.82
Stock issued					1.46
Share buybacks	-4.94	-4.55	-4.07	-0.76	-0.98	-0.67	-1.5	-0.88
Dividends paid					-4.72	-4.4		0
Cash from financing	231	-9.21	-9.05	-6.11	-9.85	-10.5	-15.4	-6.82
Net change in cash	100	22	-98.3	-13.2	11.7	1.26	-35.5	9.94
Free cash flow	-49	-80.2	-30.8	-60.7	0.86	19	26.8	21
Interest paid	0.16	2.2	1.81	1.61	1.48	1.1	0.76	0.15
Income taxes paid			0		1.97	1.58	1.22	3.38

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.92 on September 24, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	86.9%	Gross profit / revenue.
Operating margin	18.6%	Operating income / revenue.
EBITDA margin	20.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.3%	Pre-tax income / revenue.
Net margin	18.1%	Net income / revenue.
FCF margin	7.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.3%	Cash from operations / revenue.
Effective tax rate	13.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	48.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.9%	Net income / average total assets.
Return on invested capital (ROIC)	129.9%	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	1.5%	Research and development expense / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.3%	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	-2.0%	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	31.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-15.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	29.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-15.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	11.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-17.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	13.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-17.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	150.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-21.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	190.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	64.1%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	0.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.9%	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	-10.1%	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	-1.3%	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	-0.5%	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	-0.1%	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	1.21x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	53.9%	Total liabilities / total assets.
Net debt	-$116.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.00x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	441x	Operating income / interest expense.
Working capital	$22.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$135.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.99x	Revenue / average total assets.
Fixed asset turnover	2.91x	Revenue / average property, plant and equipment.
FCF conversion	40.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.76	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	$7.76	Net income per basic share, as reported (split-adjusted).
Revenue per share	$42.88	Revenue / diluted weighted shares.
FCF per share	$3.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.12	Cash from operations / diluted weighted shares.
Book value per share	$20.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$20.07	Tangible book value / shares outstanding.
Cash per share	$17.23	(Cash + short-term investments) / shares outstanding.
Payout ratio	0.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$39.1M	Share price x shares outstanding.
Enterprise value	-$77.0M	Market cap + total debt - cash - short-term investments.
P/E	0.75x	Market cap / net income. Only when net income is positive.
P/S	0.14x	Market cap / revenue.
P/B	0.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.29x	Market cap / tangible book value, when positive.
P/FCF	1.87x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.86x	Market cap / cash from operations, when positive.
FCF yield	53.6%	Free cash flow / market cap.
Earnings yield	133.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was Sunlands Technology Group's revenue in fiscal 2025?

Sunlands Technology Group reported revenue of $288.8M for fiscal 2025, 5.9% higher than the year before.

Was Sunlands Technology Group profitable in fiscal 2025?

Yes. Net income was $52.3M, a net margin of 18.1%.

How much free cash flow did Sunlands Technology Group generate in fiscal 2025?

Cash from operations of $21.0M minus capital expenditures of $30.0K left free cash flow of $21.0M.

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.

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