NYSE : DAO
Youdao, Inc. — Financial statements
Consumer Staples · Education & Training Services · China
Last price 20.09 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.42B
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Financial statements
Youdao, Inc. (DAO) reported revenue of 6.01B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.01B | 5.91B | 5.63B | 5.39B | 5.01B | 4.02B |
| Cost of Revenue | 3.30B | 3.29B | 2.88B | 2.62B | 2.43B | 2.03B |
| Gross Profit | 2.71B | 2.62B | 2.75B | 2.77B | 2.59B | 1.99B |
| Selling, General & Admin | 1.93B | 1.88B | 2.06B | 2.49B | 2.56B | 2.27B |
| Research & Development | 527.85M | 514.23M | 540.00M | 743.36M | 803.79M | 607.37M |
| Operating Expenses | 2.45B | 2.40B | 2.60B | 3.23B | 3.36B | 2.88B |
| Operating Income | 257.52M | 221.31M | 148.82M | -466.33M | -774.68M | -886.47M |
| Interest Expense | -55.98M | -62.97M | -73.09M | -69.47M | -45.61M | -31.64M |
| Interest & Investment Income | 3.12M | 2.43M | 3.92M | 8.35M | 12.91M | 18.78M |
| Earnings From Equity Investments | -19.39M | -19.39M | -11.17M | -3.13M | 462.00K | |
| Currency Exchange Gain (Loss) | -9.23M | -9.23M | -2.44M | 3.11M | 4.05M | -5.00M |
| Other Non Operating Income (Expenses) | 28.42M | 6.24M | 15.73M | 31.69M | 85.92M | 30.49M |
| EBT Excluding Unusual Items | 204.46M | 138.38M | 81.77M | -495.79M | -716.94M | -873.85M |
| Gain (Loss) on Sale of Investments | -24.09M | -24.09M | 1.25M | -42.69M | -7.82M | 19.35M |
| Asset Writedown | -56.78M | |||||
| Other Unusual Items | -661.00K | -661.00K | -1.78M | -551.00K | -1.17M | -8.16M |
| Pretax Income | 179.71M | 113.63M | 81.23M | -539.03M | -725.93M | -919.44M |
| Income Tax Expense | 18.51M | 16.59M | 6.01M | 11.09M | 13.84M | 6.65M |
| Earnings From Continuing Operations | 161.19M | 97.04M | 75.23M | -550.12M | -739.78M | -926.09M |
| Earnings From Discontinued Operations | -6.11M | -100.27M | ||||
| Net Income to Company | 161.19M | 97.04M | 75.23M | -550.12M | -745.88M | -1.03B |
| Minority Interest in Earnings | -465.00K | 10.30M | 6.99M | 182.00K | 18.85M | 30.70M |
| Net Income | 160.73M | 107.35M | 82.21M | -549.93M | -727.03M | -995.65M |
| Net Income to Common | 160.73M | 107.35M | 82.21M | -549.93M | -727.03M | -995.65M |
| Shares Outstanding (Basic) | 118.61M | 118.08M | 117.43M | 121.38M | 123.60M | 121.65M |
| Shares Outstanding (Diluted) | 120.33M | 119.85M | 118.17M | 121.38M | 123.60M | 121.65M |
| EPS (Basic) | 1.36 | 0.91 | 0.70 | -4.53 | -5.88 | -8.18 |
| EPS (Diluted) | 1.34 | 0.90 | 0.70 | -4.53 | -5.88 | -8.18 |
| Free Cash Flow | 29.59M | -79.70M | -456.00M | -671.78M | -1.41B | |
| Free Cash Flow Per Share | 0.25 | -0.67 | -3.76 | -5.43 | -11.59 | |
| Gross Margin | 45.15% | 44.29% | 48.85% | 51.35% | 51.59% | 49.53% |
| Operating Margin | 4.29% | 3.74% | 2.65% | -8.65% | -15.45% | -22.07% |
| Profit Margin | 2.67% | 1.82% | 1.46% | -10.20% | -14.50% | -24.79% |
| Free Cash Flow Margin | 0.50% | -1.42% | -8.46% | -13.40% | -35.11% | |
| EBITDA | 278.15M | 244.72M | 177.77M | -436.69M | -732.47M | -856.37M |
| EBITDA Margin | 4.63% | 4.14% | 3.16% | -8.10% | -14.61% | -21.32% |
| D&A For EBITDA | 20.63M | 23.41M | 28.95M | 29.64M | 42.21M | 30.10M |
| EBIT | 257.52M | 221.31M | 148.82M | -466.33M | -774.68M | -886.47M |
| EBIT Margin | 4.29% | 3.74% | 2.65% | -8.65% | -15.45% | -22.07% |
| Effective Tax Rate | 10.30% | 14.60% | 7.40% | |||
| Revenue as Reported | 6.01B | 5.91B | 5.63B | 5.39B | 5.01B | 4.02B |
| Advertising Expenses | 944.90M | 1.11B | 1.38B | 1.48B | 1.39B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 568.57M | 439.73M | 592.72M | 454.54M | 783.61M | 322.78M |
| Short-Term Investments | 275.90M | 298.29M | 63.06M | 72.12M | 232.43M | 504.10M |
| Cash & Short-Term Investments | 844.47M | 738.02M | 655.78M | 526.66M | 1.02B | 826.88M |
| Accounts Receivable | 593.32M | 702.60M | 498.34M | 380.12M | 413.03M | 254.53M |
| Receivables | 593.32M | 703.82M | 503.38M | 402.69M | 439.45M | 254.53M |
| Inventory | 114.04M | 140.78M | 174.74M | 217.07M | 232.26M | 255.41M |
| Prepaid Expenses | 55.34M | 51.81M | 63.63M | 66.99M | 61.75M | |
| Restricted Cash | 1.54M | 1.99M | 3.57M | 395.00K | 873.00K | 749.77M |
| Other Current Assets | 141.12M | 82.56M | 97.49M | 89.50M | 114.36M | 121.33M |
| Total Current Assets | 1.69B | 1.72B | 1.49B | 1.30B | 1.87B | 2.27B |
| Property, Plant & Equipment | 98.33M | 91.55M | 115.22M | 159.93M | 170.52M | 198.42M |
| Long-Term Investments | 15.03M | 19.81M | 72.38M | 51.40M | 90.70M | 32.52M |
| Goodwill | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M |
| Other Long-Term Assets | 38.79M | 31.24M | 30.08M | 44.98M | 35.02M | 23.52M |
| Total Assets | 1.96B | 1.98B | 1.81B | 1.67B | 2.28B | 2.63B |
| Accounts Payable | 84.56M | 132.82M | 167.15M | 241.44M | 351.16M | 244.05M |
| Accrued Expenses | 1.04B | 992.14M | 862.86M | 832.58M | 775.33M | 724.87M |
| Short-Term Debt | 878.00M | 878.00M | 878.00M | 878.00M | 878.00M | 878.00M |
| Current Portion of Leases | 22.43M | 38.11M | 38.84M | 35.56M | 46.69M | |
| Current Income Taxes Payable | 57.12M | 13.65M | 5.89M | 11.25M | 14.04M | 7.66M |
| Current Unearned Revenue | 835.11M | 847.71M | 961.02M | 1.05B | 1.07B | 1.08B |
| Other Current Liabilities | 48.16M | 33.93M | 44.56M | 57.24M | 55.55M | |
| Total Current Liabilities | 2.90B | 2.93B | 2.95B | 3.10B | 3.18B | 3.03B |
| Long-Term Debt | 807.00M | 926.59M | 913.00M | 630.36M | 522.35M | 255.03M |
| Long-Term Leases | 27.45M | 18.84M | 25.57M | 49.34M | 43.63M | 73.07M |
| Other Long-Term Liabilities | 29.15M | 28.80M | 18.19M | 16.31M | 8.83M | 2.41M |
| Total Liabilities | 3.76B | 3.91B | 3.90B | 3.80B | 3.75B | 3.36B |
| Common Stock | -1.84B | 80.00K | 80.00K | 80.00K | 80.00K | 80.00K |
| Additional Paid-In Capital | 4.06B | 4.04B | 4.03B | 3.99B | 3.91B | |
| Retained Earnings | -5.75B | -5.86B | -5.94B | -5.39B | -4.67B | |
| Treasury Stock | -176.00M | -210.79M | -171.99M | -42.33M | ||
| Comprehensive Income & Other | -99.95M | -111.54M | -100.54M | -92.09M | -54.35M | |
| Total Common Equity | -1.84B | -1.97B | -2.14B | -2.19B | -1.54B | -807.07M |
| Minority Interest | 37.89M | 39.96M | 50.65M | 57.63M | 57.81M | 76.67M |
| Shareholders' Equity | -1.81B | -1.93B | -2.09B | -2.13B | -1.48B | -730.40M |
| Total Liabilities & Equity | 1.96B | 1.98B | 1.81B | 1.67B | 2.28B | 2.63B |
| Total Debt | 1.71B | 1.85B | 1.85B | 1.60B | 1.48B | 1.25B |
| Net Cash (Debt) | -867.98M | -1.11B | -1.20B | -1.07B | -463.51M | -425.91M |
| Net Cash Per Share | -7.21 | -9.24 | -10.15 | -8.81 | -3.75 | -3.50 |
| Filing Date Shares Outstanding | 118.91M | 120.63M | 119.57M | 119.52M | 124.21M | 125.97M |
| Total Common Shares Outstanding | 118.91M | 118.63M | 119.38M | 119.09M | 123.91M | 123.27M |
| Working Capital | -1.21B | -1.21B | -1.46B | -1.80B | -1.31B | -764.30M |
| Book Value Per Share | -15.51 | -16.64 | -17.93 | -18.36 | -12.39 | -6.55 |
| Tangible Book Value | -1.95B | -2.08B | -2.25B | -2.30B | -1.65B | -917.01M |
| Tangible Book Value Per Share | -16.44 | -17.57 | -18.85 | -19.29 | -13.28 | -7.44 |
| Machinery | 146.85M | 149.30M | 154.90M | 148.53M | 98.48M | |
| Leasehold Improvements | 25.98M | 26.85M | 29.73M | 35.67M | 38.12M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 107.35M | 82.21M | -549.93M | -727.03M | -995.65M | |
| Depreciation & Amortization | 23.41M | 28.95M | 29.64M | 42.21M | 30.10M | |
| Asset Writedown & Restructuring Costs | 56.78M | |||||
| Loss (Gain) From Sale of Investments | 24.26M | -1.17M | 43.85M | 9.67M | 10.12M | |
| Loss (Gain) on Equity Investments | 19.39M | 11.17M | 3.13M | -462.00K | ||
| Stock-Based Compensation | 34.69M | 22.60M | 30.80M | 70.71M | 72.20M | |
| Provision & Write-off of Bad Debts | 16.00M | 3.81M | 9.10M | 6.86M | -4.52M | |
| Other Operating Activities | 13.08M | 15.88M | 10.04M | -3.86M | 75.22M | |
| Change in Accounts Receivable | 20.34M | -68.45M | 44.03M | -163.47M | 24.84M | |
| Change in Inventory | 18.28M | 24.82M | 8.71M | 20.00M | -146.71M | |
| Change in Accounts Payable | -35.25M | -13.85M | -123.36M | 121.35M | 12.45M | |
| Change in Unearned Revenue | -113.32M | -91.60M | -14.66M | 9.28M | 115.46M | |
| Change in Income Taxes | 5.91M | -15.18M | 1.54M | -2.42M | -2.16M | |
| Change in Other Net Operating Assets | -78.94M | -67.11M | 68.98M | 85.75M | 128.30M | |
| Operating Cash Flow | 55.19M | -67.91M | -438.14M | -603.12M | -1.35B | |
| Capital Expenditures | -25.59M | -11.79M | -17.85M | -68.66M | -63.48M | |
| Sale of Property, Plant & Equipment | 2.18M | 659.00K | 1.35M | 1.42M | 2.11M | |
| Cash Acquisitions | -4.22M | 43.22M | ||||
| Divestitures | -1.52M | |||||
| Sale (Purchase) of Intangibles | -1.10M | -596.00K | ||||
| Investment in Securities | -233.75M | -8.96M | 152.69M | 220.16M | 62.96M | |
| Other Investing Activities | 4.38M | |||||
| Investing Cash Flow | -253.36M | -13.59M | 125.57M | 125.82M | 47.07M | |
| Long-Term Debt Issued | 25.15M | 487.97M | 99.29M | 225.94M | 257.52M | |
| Total Debt Issued | 25.15M | 487.97M | 99.29M | 225.94M | 257.52M | |
| Long-Term Debt Repaid | -214.04M | |||||
| Net Debt Issued (Repaid) | 25.15M | 273.93M | 99.29M | 225.94M | 257.52M | |
| Issuance of Common Stock | 20.87M | 16.88M | 9.31M | 9.41M | 1.53B | |
| Repurchase of Common Stock | -62.30M | -127.54M | -50.70M | |||
| Other Financing Activities | -381.00K | |||||
| Financing Cash Flow | 45.64M | 228.51M | -18.94M | 184.65M | 1.78B | |
| Foreign Exchange Rate Adjustments | -2.02M | -2.46M | 1.96M | 4.59M | -21.03M | |
| Net Cash Flow | -154.56M | 144.56M | -329.55M | -288.06M | 463.35M | |
| Free Cash Flow | 29.59M | -79.70M | -456.00M | -671.78M | -1.41B | |
| Free Cash Flow Margin | 0.50% | -1.42% | -8.46% | -13.40% | -35.11% | |
| Free Cash Flow Per Share | 0.25 | -0.67 | -3.76 | -5.43 | -11.59 | |
| Levered Free Cash Flow | -18.39M | -122.21M | -294.25M | 275.12M | -1.70B | |
| Unlevered Free Cash Flow | 20.97M | -76.53M | -250.83M | 303.62M | -1.68B | |
| Cash Interest Paid | 61.98M | 94.20M | 63.36M | 39.41M | 28.57M | |
| Cash Income Tax Paid | 17.44M | 11.67M | 12.72M | 9.41M | 9.69M | |
| Change in Working Capital | -182.98M | -231.37M | -14.77M | 70.49M | 132.19M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.42B | 1.21B | 884.44M | 489.40M | 677.72M | 1.57B |
| Enterprise Value | 2.55B | 1.39B | 1.08B | 658.66M | 783.41M | 1.58B |
| Last Close Price | 20.09 | 10.08 | 7.40 | 3.94 | 5.38 | 12.48 |
| PE Ratio | 101.76 | 78.53 | 78.52 | |||
| Forward PE | 55.73 | 35.12 | 37.75 | |||
| PS Ratio | 2.74 | 1.43 | 1.15 | 0.64 | 0.93 | 2.49 |
| PB Ratio | -4.36 | -3.09 | -1.63 | -3.16 | -13.67 | |
| P/FCF Ratio | 544.75 | 284.87 | ||||
| P/OCF Ratio | 152.76 | |||||
| EV/Sales Ratio | 2.88 | 1.65 | 1.41 | 0.87 | 1.08 | 2.50 |
| EV/EBITDA Ratio | 62.31 | 39.75 | 44.45 | |||
| EV/EBIT Ratio | 67.30 | 43.95 | 53.10 | |||
| EV/FCF Ratio | 573.47 | 328.71 | ||||
| Debt / Equity Ratio | -0.95 | -0.95 | -0.89 | -0.75 | -1.00 | -1.72 |
| Debt / EBITDA Ratio | 5.02 | 5.96 | 7.54 | |||
| Debt / FCF Ratio | 62.38 | |||||
| Net Debt / Equity Ratio | -0.48 | -0.57 | -0.57 | -0.50 | -0.31 | -0.58 |
| Net Debt / EBITDA Ratio | 3.12 | 4.53 | 6.74 | -2.45 | -0.63 | -0.50 |
| Net Debt / FCF Ratio | 37.44 | -15.04 | -2.35 | -0.69 | -0.30 | |
| Asset Turnover | 3.16 | 3.12 | 3.23 | 2.73 | 2.04 | 1.71 |
| Inventory Turnover | 23.51 | 20.87 | 14.69 | 11.67 | 9.95 | 10.83 |
| Quick Ratio | 0.50 | 0.49 | 0.39 | 0.29 | 0.45 | 0.36 |
| Current Ratio | 0.58 | 0.59 | 0.51 | 0.42 | 0.59 | 0.75 |
| Return on Assets (ROA) | 8.48% | 7.30% | 5.34% | -14.79% | -19.72% | -23.55% |
| Return on Capital Employed (ROCE) | -27.30% | -23.10% | -13.10% | 32.50% | 85.80% | 221.70% |
| Earnings Yield | 0.98% | 1.27% | 1.27% | -15.85% | -15.55% | -9.97% |
| FCF Yield | 0.18% | 0.35% | -1.23% | -13.14% | -14.37% | -14.12% |
| Buyback Yield / Dilution | -1.04% | -1.42% | 2.64% | 1.79% | -1.60% | -7.79% |