17 Education & Technology Group Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data 17 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
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
198
343
77
24.1
25.9
15.2
Cost of revenue
76
138
29.9
12.7
16.4
7.92
Gross profit
122
205
47.1
11.4
9.48
7.24
Research and development
94.2
126
34.2
23.7
9.86
8.03
Selling and marketing
168
222
11.5
14.3
10.4
11.9
General and administrative
64.4
69.9
32
21.7
18.5
10.7
Operating expenses
327
436
77.7
59.6
38.8
30.6
Operating income
-204
-231
-30.6
-48.3
-29.3
-23.4
Interest expense
0.45
Interest income
1.29
3.86
1.65
3.92
2.23
1.24
Pre-tax income
-205
-226
-25.8
-43.9
-26.4
-22.1
Net income
-205
-226
-25.8
-43.9
-26.4
-22.1
EBITDA
-198
-221
-27
-46
-27.6
-22
EPS, basic
-6.85
-0.46
-0.05
-0.10
-0.07
-0.04
EPS, diluted
-6.85
-0.46
-0.05
-0.10
-0.07
-0.04
Shares, basic (weighted)
93.5
494
503
459
402
501
Shares, diluted (weighted)
93.5
494
503
459
402
501
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
434
185
103
43.2
32.1
35.2
Short-term investments
2.83
23.9
17.1
22.9
Receivables
5.05
8.34
9.19
6.09
Other current assets
32.4
25.4
20.4
13.4
11.3
14.5
Total current assets
467
211
132
88.8
69.7
78.7
Property, plant and equipment
16.1
11
4.68
4.51
3.62
3.21
Lease right-of-use assets
30.7
24.2
4.36
2.82
1.61
2.15
Other non-current assets
5.79
2.19
0.7
0.25
0.33
0.34
Total assets
520
248
142
96.4
75.3
84.4
Deferred revenue
91.4
38.3
6.15
6.33
5.53
23.7
Total current liabilities
185
107
31
25.4
20.8
42.1
Lease liabilities
18.1
15.7
1.09
1.36
0.58
1.39
Total liabilities
203
123
32.1
26.8
21.4
43.5
Paid-in capital
1,633
1,704
1,588
1,548
1,517
1,591
Retained earnings
-1,324
-1,582
-1,487
-1,489
-1,475
-1,561
Treasury stock
-0
-0.01
-0.01
-0.01
Other comprehensive income
7.6
2.93
9.09
10.9
11.8
11.1
Shareholders' equity
316
125
110
69.6
53.9
41
Total equity
316
125
110
69.6
53.9
41
Total liabilities and equity
520
248
142
96.4
75.3
84.4
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-205
-226
-25.8
-43.9
-26.4
-22.1
Depreciation and amortization
6.08
10.2
3.59
2.28
1.68
1.43
Stock-based compensation
54.6
30.6
18.8
11.8
8.48
4.41
Change in receivables
-5.28
-4.39
-2.82
3.6
Cash from operations
-80.2
-236
-67.3
-29.9
-19.1
5.34
Capital expenditures
-13.7
-20.3
-0.4
-3.75
-1.28
-0.98
Purchases of investments
-2.83
0
Sales and maturities of investments
2.75
0
0
Cash from investing
-13.7
-18.5
-1.3
-22.7
4.88
-5.95
Stock issued
0.03
1.65
0.01
0.01
3.07
4.13
Cash from financing
429
0.15
-4.91
-7.23
2.92
3.64
Exchange rate effect
-5.9
-4.85
6.37
1.89
1.31
-1.27
Net change in cash
329
-260
-67.1
-57.9
-9.96
1.76
Free cash flow
-93.9
-257
-67.7
-33.6
-20.4
4.36
Interest paid
0.47
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.69 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
47.7%
Gross profit / revenue.
Operating margin
-154.3%
Operating income / revenue.
EBITDA margin
-144.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-145.6%
Pre-tax income / revenue.
Net margin
-145.6%
Net income / revenue.
FCF margin
28.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
35.2%
Cash from operations / revenue.
Return on equity (ROE)
-46.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-27.6%
Net income / average total assets.
Return on invested capital (ROIC)
-133.9%
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
53.0%
Research and development expense / revenue.
Stock-based pay / revenue
29.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
6.5%
Capital expenditures / revenue.
D&A / revenue
9.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-41.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-41.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-40.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-23.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-46.4%
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
-43.2%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-24.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-28.0%
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
-33.5%
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
12.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-15.9%
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
-30.5%
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
24.7%
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
-0.1%
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
39.9%
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
1.87x
Current assets / current liabilities.
Quick ratio
1.53x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.38x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.04
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
-$0.04
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.03
Revenue / diluted weighted shares.
FCF per share
$0.01
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.01
Cash from operations / diluted weighted shares.
Book value per share
$0.08
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
2.64x
Market cap / revenue.
P/B
0.98x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.98x
Market cap / tangible book value, when positive.
P/FCF
9.20x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
7.51x
Market cap / cash from operations, when positive.
FCF yield
10.9%
Free cash flow / market cap.
Earnings yield
-55.1%
Net income / market cap (the inverse of P/E).
What was 17 Education & Technology Group Inc.'s revenue in fiscal 2025?
17 Education & Technology Group Inc. reported revenue of $15.2M for fiscal 2025, 41.5% lower than the year before.
Was 17 Education & Technology Group Inc. profitable in fiscal 2025?
No. It reported a net loss of $22.1M.
How much free cash flow did 17 Education & Technology Group Inc. generate in fiscal 2025?
Cash from operations of $5.3M minus capital expenditures of $981.0K left free cash flow of $4.4M.
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.