NYSE : EDU
New Oriental Education & Technology Group Inc. — Financial statements
Consumer Staples · Education & Training Services · China
Last price 48.68 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.55B
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Financial statements
New Oriental Education & Technology Group Inc. (EDU) reported revenue of 6.01B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 6.01B | 5.66B | 4.90B | 4.31B | 3.00B | 3.11B |
| Cost of Revenue | 2.75B | 2.57B | 2.18B | 2.05B | 1.41B | 1.75B |
| Gross Profit | 3.27B | 3.09B | 2.72B | 2.26B | 1.59B | 1.35B |
| Selling, General & Admin | 2.56B | 2.45B | 2.23B | 1.91B | 1.40B | 1.88B |
| Operating Expenses | 2.56B | 2.45B | 2.23B | 1.91B | 1.40B | 1.88B |
| Operating Income | 707.08M | 643.25M | 488.55M | 350.43M | 190.05M | -527.27M |
| Interest Expense | -28.00K | -28.00K | -311.00K | -298.00K | -707.00K | -4.05M |
| Interest & Investment Income | 76.91M | 76.91M | 119.61M | 153.59M | 114.45M | 123.54M |
| Earnings From Equity Investments | -17.54M | -17.78M | -14.26M | -58.93M | -7.10M | -51.47M |
| Other Non Operating Income (Expenses) | -7.87M | -2.58M | 3.71M | 922.00K | 12.89M | 32.41M |
| EBT Excluding Unusual Items | 758.55M | 699.77M | 597.30M | 445.70M | 309.58M | -426.83M |
| Impairment of Goodwill | -60.30M | |||||
| Gain (Loss) on Sale of Investments | 3.39M | 13.00M | -14.87M | -10.80M | -8.15M | -122.28M |
| Gain (Loss) on Sale of Assets | -79.61M | |||||
| Asset Writedown | -455.24M | |||||
| Pretax Income | 761.95M | 712.77M | 522.13M | 434.91M | 301.43M | -1.08B |
| Income Tax Expense | 209.72M | 196.11M | 146.29M | 109.69M | 66.07M | 136.31M |
| Earnings From Continuing Operations | 552.22M | 516.66M | 375.83M | 325.22M | 235.36M | -1.22B |
| Minority Interest in Earnings | -44.62M | -41.49M | -4.12M | -15.63M | -58.02M | 32.55M |
| Net Income | 507.61M | 475.17M | 371.72M | 309.59M | 177.34M | -1.19B |
| Net Income to Common | 507.61M | 475.17M | 371.72M | 309.59M | 177.34M | -1.19B |
| Shares Outstanding (Basic) | 156.88M | 157.85M | 161.97M | 165.36M | 167.83M | 169.64M |
| Shares Outstanding (Diluted) | 158.81M | 159.55M | 163.11M | 166.95M | 168.56M | 169.64M |
| EPS (Basic) | 3.24 | 3.01 | 2.29 | 1.87 | 1.06 | -7.00 |
| EPS (Diluted) | 3.15 | 2.97 | 2.28 | 1.85 | 1.00 | -7.00 |
| Free Cash Flow | 717.49M | 780.21M | 654.65M | 873.25M | 827.96M | -1.43B |
| Free Cash Flow Per Share | 4.52 | 4.89 | 4.01 | 5.23 | 4.91 | -8.44 |
| Dividend Per Share | 2.00 | 1.20 | ||||
| Gross Margin | 54.31% | 54.64% | 55.45% | 52.45% | 52.98% | 43.51% |
| Operating Margin | 11.76% | 11.36% | 9.97% | 8.12% | 6.34% | -16.98% |
| Profit Margin | 8.44% | 8.39% | 7.59% | 7.18% | 5.92% | -38.25% |
| Free Cash Flow Margin | 11.93% | 13.78% | 13.36% | 20.24% | 27.62% | -46.09% |
| EBITDA | 894.02M | 821.98M | 634.44M | 457.25M | 312.75M | -332.84M |
| EBITDA Margin | 14.87% | 14.52% | 12.95% | 10.60% | 10.43% | -10.72% |
| D&A For EBITDA | 186.94M | 178.73M | 145.89M | 106.82M | 122.70M | 194.43M |
| EBIT | 707.08M | 643.25M | 488.55M | 350.43M | 190.05M | -527.27M |
| EBIT Margin | 11.76% | 11.36% | 9.97% | 8.12% | 6.34% | -16.98% |
| Effective Tax Rate | 27.52% | 27.51% | 28.02% | 25.22% | 21.92% | |
| Revenue as Reported | 5.66B | 5.66B | 4.90B | 4.31B | 3.00B | 3.11B |
| Advertising Expenses | 159.74M | 123.96M | 86.49M | 49.37M | 43.52M |
Balance sheet
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.75B | 1.82B | 1.61B | 1.39B | 1.66B | 1.15B |
| Short-Term Investments | 3.40B | 3.09B | 2.84B | 3.31B | 2.26B | 2.97B |
| Trading Asset Securities | 205.80M | 128.67M | 76.67M | 73.01M | 70.60M | |
| Cash & Short-Term Investments | 5.16B | 5.11B | 4.58B | 4.78B | 4.00B | 4.19B |
| Accounts Receivable | 41.62M | 36.99M | 33.63M | 29.69M | 33.07M | 16.43M |
| Other Receivables | 16.59M | 214.60M | 156.27M | 164.16M | 103.69M | 109.04M |
| Receivables | 58.21M | 251.59M | 189.90M | 193.85M | 136.77M | 125.47M |
| Inventory | 113.75M | 105.80M | 80.88M | 92.81M | 52.69M | 27.93M |
| Prepaid Expenses | 423.21M | 52.62M | 34.68M | 28.92M | 18.34M | 19.94M |
| Restricted Cash | 169.70M | 179.10M | 180.72M | 177.41M | 110.89M | |
| Other Current Assets | 129.65M | 123.52M | 120.79M | 98.59M | 109.67M | |
| Total Current Assets | 5.92B | 5.83B | 5.19B | 5.39B | 4.41B | 4.47B |
| Property, Plant & Equipment | 1.78B | 1.73B | 1.56B | 1.16B | 799.29M | 933.79M |
| Long-Term Investments | 852.34M | 830.36M | 744.15M | 525.01M | 862.32M | 437.92M |
| Goodwill | 46.83M | 46.56M | 43.83M | 103.96M | 105.51M | 70.80M |
| Other Intangible Assets | 63.52M | 64.96M | 67.92M | 23.12M | 28.50M | 6.43M |
| Long-Term Deferred Tax Assets | 92.93M | 105.27M | 97.93M | 72.73M | 55.93M | 20.04M |
| Other Long-Term Assets | 101.40M | 178.69M | 102.78M | 256.09M | 127.01M | 91.73M |
| Total Assets | 8.86B | 8.79B | 7.81B | 7.53B | 6.39B | 6.03B |
| Accounts Payable | 142.05M | 126.94M | 80.48M | 105.68M | 69.76M | 22.29M |
| Accrued Expenses | 840.84M | 599.37M | 517.87M | 491.08M | 350.34M | 326.10M |
| Current Portion of Leases | 297.25M | 285.02M | 256.00M | 199.93M | 155.75M | 168.62M |
| Current Income Taxes Payable | 274.07M | 203.53M | 167.88M | 139.82M | 118.05M | 75.65M |
| Current Unearned Revenue | 2.12B | 2.24B | 1.95B | 1.78B | 1.34B | 933.06M |
| Other Current Liabilities | 39.00K | 431.88M | 313.12M | 284.27M | 219.44M | 184.40M |
| Total Current Liabilities | 3.68B | 3.89B | 3.29B | 3.00B | 2.25B | 1.71B |
| Long-Term Debt | 14.40M | 14.40M | 14.65M | 65.39M | ||
| Long-Term Leases | 566.79M | 563.83M | 533.38M | 447.99M | 288.19M | 446.39M |
| Long-Term Deferred Tax Liabilities | 14.07M | 14.09M | 14.17M | 19.41M | 23.85M | 19.24M |
| Total Liabilities | 4.26B | 4.47B | 3.85B | 3.48B | 2.58B | 2.24B |
| Common Stock | 4.24B | 1.70M | 1.70M | 1.70M | 1.70M | 1.70M |
| Additional Paid-In Capital | 1.31B | 1.47B | 1.87B | 1.94B | 2.06B | |
| Retained Earnings | 2.56B | 2.27B | 2.00B | 1.69B | 1.51B | |
| Treasury Stock | -151.00K | -122.00K | -55.00K | -59.00K | ||
| Comprehensive Income & Other | 112.92M | -80.61M | -95.78M | -27.40M | 129.01M | |
| Total Common Equity | 4.24B | 3.99B | 3.66B | 3.78B | 3.60B | 3.71B |
| Minority Interest | 360.50M | 338.09M | 291.86M | 273.08M | 210.44M | 88.02M |
| Shareholders' Equity | 4.60B | 4.32B | 3.95B | 4.05B | 3.81B | 3.79B |
| Total Liabilities & Equity | 8.86B | 8.79B | 7.81B | 7.53B | 6.39B | 6.03B |
| Total Debt | 864.04M | 848.84M | 803.78M | 662.33M | 458.60M | 680.41M |
| Net Cash (Debt) | 4.29B | 4.26B | 3.77B | 4.11B | 3.54B | 3.51B |
| Net Cash Per Share | 27.04 | 26.73 | 23.14 | 24.63 | 20.99 | 20.69 |
| Filing Date Shares Outstanding | 154.94M | 155.03M | 159.15M | 163.53M | 165.51M | 169.94M |
| Total Common Shares Outstanding | 154.94M | 154.91M | 158.03M | 164.75M | 164.32M | 169.70M |
| Working Capital | 2.25B | 1.94B | 1.90B | 2.39B | 2.16B | 2.76B |
| Book Value Per Share | 27.39 | 25.73 | 23.17 | 22.92 | 21.94 | 21.84 |
| Tangible Book Value | 4.13B | 3.87B | 3.55B | 3.65B | 3.47B | 3.63B |
| Tangible Book Value Per Share | 26.68 | 25.01 | 22.47 | 22.15 | 21.12 | 21.38 |
| Buildings | 416.85M | 394.29M | 270.97M | 156.02M | 166.24M | |
| Machinery | 505.29M | 415.25M | 316.20M | 254.42M | 261.94M | |
| Construction In Progress | 68.08M | 26.85M | 24.29M | 48.22M | 37.61M | |
| Leasehold Improvements | 620.21M | 490.48M | 347.42M | 293.24M | 341.02M |
Cash flow statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 507.61M | 475.17M | 371.72M | 309.59M | 177.34M | -1.19B |
| Depreciation & Amortization | 178.73M | 178.73M | 145.89M | 106.82M | 122.70M | 194.43M |
| Other Amortization | 221.00K | 465.00K | ||||
| Loss (Gain) From Sale of Assets | 8.08M | 8.08M | 3.42M | 2.17M | 79.61M | |
| Asset Writedown & Restructuring Costs | 60.30M | 435.66M | ||||
| Loss (Gain) From Sale of Investments | -13.00M | -13.00M | 14.87M | 10.80M | 8.92M | 122.28M |
| Loss (Gain) on Equity Investments | 17.82M | 17.82M | 14.32M | 60.32M | 7.10M | 51.47M |
| Stock-Based Compensation | 88.47M | 88.47M | 59.93M | 122.46M | 89.79M | 132.97M |
| Provision & Write-off of Bad Debts | 1.57M | 1.57M | 641.00K | -612.00K | 747.00K | -81.00K |
| Other Operating Activities | 4.04M | 33.40M | -25.20M | -5.60M | 24.15M | 44.43M |
| Change in Accounts Receivable | -2.75M | -2.75M | -16.95M | 3.34M | -3.87M | -8.11M |
| Change in Inventory | -19.01M | -19.01M | 12.43M | -41.21M | -21.90M | 1.82M |
| Change in Accounts Payable | 39.03M | 39.03M | -23.00M | 37.79M | 44.05M | -15.12M |
| Change in Unearned Revenue | 157.65M | 157.65M | 163.82M | 468.20M | 469.34M | -925.05M |
| Change in Income Taxes | 36.42M | 36.42M | 34.70M | 21.72M | 41.65M | 2.18M |
| Change in Other Net Operating Assets | 25.48M | 25.48M | 79.71M | 29.04M | 8.61M | -209.68M |
| Operating Cash Flow | 1.03B | 1.03B | 896.59M | 1.12B | 971.01M | -1.28B |
| Capital Expenditures | -312.67M | -246.87M | -241.94M | -249.39M | -143.04M | -150.74M |
| Sale of Property, Plant & Equipment | 298.00K | 298.00K | 261.00K | 423.00K | 1.32M | 5.39M |
| Cash Acquisitions | 886.00K | |||||
| Divestitures | -15.15M | -33.91M | ||||
| Sale (Purchase) of Intangibles | -38.00K | -38.00K | -17.27M | -33.99M | 2.11M | 4.99M |
| Investment in Securities | -209.69M | -209.69M | 187.04M | -869.57M | 103.70M | 1.38B |
| Other Investing Activities | 337.25M | -1.41M | -6.37M | -1.39M | -2.39M | -34.72M |
| Investing Cash Flow | -184.85M | -457.70M | -93.43M | -1.15B | -37.41M | 1.17B |
| Long-Term Debt Repaid | -14.40M | -240.00K | -48.76M | -222.00M | ||
| Net Debt Issued (Repaid) | -14.40M | -14.40M | -240.00K | -48.76M | -222.00M | |
| Issuance of Common Stock | 5.69M | 5.69M | 12.95M | 3.93M | 12.88M | 175.00K |
| Repurchase of Common Stock | -250.33M | -250.33M | -474.83M | -79.66M | -193.80M | -7.96M |
| Other Financing Activities | -162.99M | -24.74M | -24.90M | -84.47M | -17.18M | -1.08M |
| Financing Cash Flow | -518.40M | -380.15M | -584.97M | -160.44M | -246.87M | -230.86M |
| Foreign Exchange Rate Adjustments | 85.86M | 90.13M | 9.84M | -24.61M | -75.83M | -94.82M |
| Net Cash Flow | 412.76M | 279.36M | 228.03M | -216.32M | 610.90M | -437.60M |
| Free Cash Flow | 717.49M | 780.21M | 654.65M | 873.25M | 827.96M | -1.43B |
| Free Cash Flow Margin | 11.93% | 13.78% | 13.36% | 20.24% | 27.62% | -46.09% |
| Free Cash Flow Per Share | 4.52 | 4.89 | 4.01 | 5.23 | 4.91 | -8.44 |
| Levered Free Cash Flow | 707.11M | 884.09M | 488.72M | 673.92M | 609.57M | -1.54B |
| Unlevered Free Cash Flow | 707.13M | 884.11M | 488.92M | 674.11M | 609.80M | -1.53B |
| Cash Interest Paid | 153.00K | 153.00K | 311.00K | 355.00K | 798.00K | 5.05M |
| Cash Income Tax Paid | 168.55M | 168.55M | 147.55M | 109.15M | 55.20M | 53.05M |
| Change in Working Capital | 236.84M | 236.84M | 250.71M | 518.87M | 537.88M | -1.15B |
Ratios
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.65B | 7.29B | 7.74B | 13.23B | 6.40B | 2.22B |
| Enterprise Value | 3.36B | 3.62B | 4.48B | 9.50B | 2.71B | -1.24B |
| Last Close Price | 48.68 | 45.79 | 46.31 | 77.42 | 36.49 | 12.65 |
| PE Ratio | 15.66 | 15.34 | 20.84 | 42.73 | 36.10 | |
| Forward PE | 11.43 | 12.42 | 15.19 | 22.50 | 16.36 | 61.45 |
| PS Ratio | 1.27 | 1.29 | 1.58 | 3.07 | 2.13 | 0.71 |
| PB Ratio | 1.78 | 1.69 | 1.96 | 3.27 | 1.68 | 0.58 |
| P/TBV Ratio | 1.85 | 1.88 | 2.18 | 3.63 | 1.84 | 0.61 |
| P/FCF Ratio | 10.67 | 9.34 | 11.83 | 15.15 | 7.73 | |
| P/OCF Ratio | 7.43 | 7.09 | 8.64 | 11.78 | 6.59 | |
| PEG Ratio | 0.52 | 0.68 | 0.79 | 0.64 | 0.34 | 0.34 |
| EV/Sales Ratio | 0.56 | 0.64 | 0.91 | 2.20 | 0.90 | |
| EV/EBITDA Ratio | 3.76 | 4.41 | 7.06 | 20.79 | 8.66 | |
| EV/EBIT Ratio | 4.75 | 5.63 | 9.17 | 27.12 | 14.25 | |
| EV/FCF Ratio | 4.68 | 4.64 | 6.84 | 10.88 | 3.27 | |
| Debt / Equity Ratio | 0.19 | 0.20 | 0.20 | 0.16 | 0.12 | 0.18 |
| Debt / EBITDA Ratio | 0.67 | 0.70 | 0.82 | 0.92 | 0.89 | 18.02 |
| Debt / FCF Ratio | 1.20 | 1.09 | 1.23 | 0.76 | 0.55 | |
| Net Debt / Equity Ratio | -0.93 | -0.99 | -0.95 | -1.02 | -0.93 | -0.93 |
| Net Debt / EBITDA Ratio | -4.80 | -5.19 | -5.95 | -8.99 | -11.31 | 10.55 |
| Net Debt / FCF Ratio | -5.98 | -5.46 | -5.76 | -4.71 | -4.27 | 2.45 |
| Asset Turnover | 0.71 | 0.68 | 0.64 | 0.62 | 0.48 | 0.38 |
| Inventory Turnover | 27.47 | 27.51 | 25.14 | 28.19 | 34.97 | 59.37 |
| Quick Ratio | 1.42 | 1.38 | 1.45 | 1.66 | 1.84 | 2.52 |
| Current Ratio | 1.61 | 1.50 | 1.58 | 1.80 | 1.96 | 2.62 |
| Return on Equity (ROE) | 12.46% | 12.48% | 9.39% | 8.27% | 6.19% | -27.70% |
| Return on Assets (ROA) | 5.24% | 4.84% | 3.98% | 3.15% | 1.91% | -4.07% |
| Return on Invested Capital (ROIC) | 164.56% | 53.02% | -87.70% | |||
| Return on Capital Employed (ROCE) | 13.60% | 13.10% | 10.80% | 7.70% | 4.60% | -12.20% |
| Earnings Yield | 6.38% | 6.52% | 4.80% | 2.34% | 2.77% | -53.59% |
| FCF Yield | 9.38% | 10.71% | 8.45% | 6.60% | 12.93% | -64.58% |
| Dividend Yield | 4.07% | 2.55% | ||||
| Buyback Yield / Dilution | 1.73% | 2.18% | 2.30% | 0.96% | 0.64% | -2.69% |
| Total Shareholder Return | 5.80% | 4.74% | 2.30% | 0.96% | 0.64% | -2.69% |