NYSE : STG
Sunlands Technology Group — Financial statements
Consumer Staples · Education & Training Services · China
Last price 2.3 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 29.38M
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Financial statements
Sunlands Technology Group (STG) reported revenue of 1.84B 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 | 1.84B | 2.02B | 1.99B | 2.16B | 2.32B | 2.51B |
| Cost of Revenue | 239.19M | 264.42M | 317.57M | 265.53M | 348.15M | 376.19M |
| Gross Profit | 1.60B | 1.76B | 1.67B | 1.89B | 1.97B | 2.13B |
| Selling, General & Admin | 1.15B | 1.28B | 1.35B | 1.29B | 1.32B | 1.96B |
| Research & Development | 28.46M | 29.55M | 25.01M | 33.72M | 42.83M | 61.33M |
| Operating Expenses | 1.18B | 1.31B | 1.37B | 1.32B | 1.36B | 2.02B |
| Operating Income | 423.86M | 444.48M | 297.90M | 574.89M | 616.94M | 114.27M |
| Interest Expense | -172.00K | -852.00K | -5.29M | -7.66M | -10.06M | -10.93M |
| Interest & Investment Income | 22.48M | 23.64M | 38.82M | 31.09M | 16.25M | 16.18M |
| Earnings From Equity Investments | -5.06M | -4.53M | -13.51M | -10.08M | 6.45M | -4.89M |
| Other Non Operating Income (Expenses) | 27.19M | 28.09M | 24.69M | 32.15M | 24.92M | 39.16M |
| EBT Excluding Unusual Items | 468.30M | 490.83M | 342.61M | 620.39M | 654.50M | 153.78M |
| Gain (Loss) on Sale of Investments | 2.03M | 2.03M | 1.61M | 1.89M | -891.00K | -5.00M |
| Gain (Loss) on Sale of Assets | 661.00K | -838.00K | 43.72M | 1.39M | 43.97M | |
| Asset Writedown | -67.93M | -67.93M | ||||
| Pretax Income | 403.05M | 424.93M | 343.38M | 666.00M | 655.00M | 192.75M |
| Income Tax Expense | 78.94M | 59.30M | 1.30M | 25.17M | 11.99M | -19.62M |
| Earnings From Continuing Operations | 324.12M | 365.63M | 342.08M | 640.83M | 643.01M | 212.37M |
| Net Income to Company | 324.12M | 365.63M | 342.08M | 640.83M | 643.01M | 212.37M |
| Minority Interest in Earnings | -1.00K | 950.00K | 6.69M | |||
| Net Income | 324.12M | 365.63M | 342.08M | 640.83M | 643.96M | 219.06M |
| Net Income to Common | 324.12M | 365.63M | 342.08M | 640.83M | 643.96M | 219.06M |
| Shares Outstanding (Basic) | 13.38M | 13.47M | 13.65M | 13.80M | 13.68M | 13.46M |
| Shares Outstanding (Diluted) | 13.38M | 13.47M | 13.65M | 13.80M | 13.68M | 13.46M |
| EPS (Basic) | 24.22 | 27.14 | 25.06 | 46.44 | 47.07 | 16.28 |
| EPS (Diluted) | 24.22 | 27.14 | 25.06 | 46.44 | 47.07 | 16.28 |
| Free Cash Flow | 146.60M | 195.26M | 135.03M | 5.90M | -386.93M | |
| Free Cash Flow Per Share | 10.88 | 14.30 | 9.79 | 0.43 | -28.76 | |
| Gross Margin | 87.00% | 86.91% | 84.04% | 87.70% | 85.01% | 85.00% |
| Operating Margin | 23.03% | 22.00% | 14.97% | 26.62% | 26.56% | 4.56% |
| Profit Margin | 17.61% | 18.10% | 17.19% | 29.67% | 27.72% | 8.73% |
| Free Cash Flow Margin | 7.26% | 9.81% | 6.25% | 0.25% | -15.43% | |
| EBITDA | 452.31M | 473.27M | 327.37M | 605.54M | 663.63M | 152.18M |
| EBITDA Margin | 24.58% | 23.43% | 16.45% | 28.04% | 28.57% | 6.07% |
| D&A For EBITDA | 28.45M | 28.79M | 29.47M | 30.65M | 46.68M | 37.92M |
| EBIT | 423.86M | 444.48M | 297.90M | 574.89M | 616.94M | 114.27M |
| EBIT Margin | 23.03% | 22.00% | 14.97% | 26.62% | 26.56% | 4.56% |
| Effective Tax Rate | 19.59% | 13.96% | 0.38% | 3.78% | 1.83% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 520.63M | 575.74M | 507.23M | 763.80M | 753.64M | 626.72M |
| Short-Term Investments | 336.88M | 235.94M | 276.03M | 142.08M | 70.54M | 184.16M |
| Cash & Short-Term Investments | 857.51M | 811.68M | 783.26M | 905.88M | 824.18M | 810.87M |
| Other Receivables | 19.54M | 24.53M | 29.34M | 26.81M | 55.74M | |
| Receivables | 19.54M | 24.53M | 29.34M | 26.81M | 55.74M | |
| Inventory | 17.94M | 19.68M | 14.24M | 14.15M | 8.88M | |
| Prepaid Expenses | 93.85M | 29.21M | 36.61M | 50.68M | 41.63M | 96.99M |
| Restricted Cash | 1.02M | 2.58M | 3.76M | 50.01M | ||
| Other Current Assets | 14.03M | 38.00M | 20.24M | 29.04M | 58.56M | 104.10M |
| Total Current Assets | 965.39M | 917.39M | 884.31M | 1.03B | 969.10M | 1.13B |
| Property, Plant & Equipment | 622.58M | 761.29M | 868.37M | 922.49M | 1.09B | 1.22B |
| Long-Term Investments | 339.18M | 318.79M | 260.08M | 61.35M | 73.51M | 54.84M |
| Other Intangible Assets | 95.00K | 250.00K | 723.00K | 975.00K | 1.51M | 2.76M |
| Long-Term Deferred Tax Assets | 17.15M | 19.10M | 24.70M | 26.80M | 39.27M | |
| Long-Term Deferred Charges | 6.50M | 10.64M | 56.66M | 68.77M | 78.84M | 109.02M |
| Other Long-Term Assets | 18.27M | 3.72M | 4.60M | 4.95M | 7.97M | 9.46M |
| Total Assets | 1.97B | 2.05B | 2.12B | 2.12B | 2.28B | 2.59B |
| Accrued Expenses | 317.06M | 176.99M | 189.96M | 180.43M | 155.13M | 186.58M |
| Current Portion of Long-Term Debt | 6.15M | 38.65M | 38.65M | 38.65M | ||
| Current Portion of Leases | 9.35M | 9.10M | 8.32M | 8.02M | 17.07M | 14.31M |
| Current Income Taxes Payable | 56.14M | 36.74M | 26.97M | 39.50M | 75.67M | |
| Current Unearned Revenue | 266.44M | 384.33M | 382.05M | 553.81M | 986.09M | 1.27B |
| Other Current Liabilities | 132.88M | 178.16M | 202.29M | 241.72M | 323.79M | |
| Total Current Liabilities | 592.85M | 759.45M | 801.38M | 1.01B | 1.48B | 1.91B |
| Long-Term Debt | 35.39M | 104.67M | 143.32M | 181.97M | ||
| Long-Term Leases | 123.76M | 129.56M | 137.04M | 157.27M | 316.84M | 404.13M |
| Long-Term Unearned Revenue | 167.01M | 200.96M | 534.46M | 560.11M | 704.86M | 1.08B |
| Long-Term Deferred Tax Liabilities | 9.60M | 5.79M | 5.72M | 3.74M | 5.98M | 21.78M |
| Other Long-Term Liabilities | 6.65M | 7.39M | 7.31M | 6.99M | 6.77M | 11.70M |
| Total Liabilities | 899.87M | 1.10B | 1.52B | 1.84B | 2.66B | 3.61B |
| Common Stock | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K |
| Additional Paid-In Capital | 2.27B | 2.29B | 2.29B | 2.31B | 2.31B | 2.36B |
| Retained Earnings | -1.30B | -1.46B | -1.83B | -2.17B | -2.81B | -3.46B |
| Comprehensive Income & Other | 100.44M | 121.57M | 136.16M | 143.28M | 127.89M | 82.53M |
| Total Common Equity | 1.07B | 945.55M | 601.35M | 277.04M | -374.49M | -1.01B |
| Minority Interest | -1.49M | -1.49M | -1.49M | -1.49M | -5.36M | -4.93M |
| Shareholders' Equity | 1.07B | 944.07M | 599.86M | 275.55M | -379.85M | -1.01B |
| Total Liabilities & Equity | 1.97B | 2.05B | 2.12B | 2.12B | 2.28B | 2.59B |
| Total Debt | 133.11M | 138.67M | 186.90M | 308.61M | 515.88M | 639.07M |
| Net Cash (Debt) | 724.40M | 673.01M | 596.36M | 597.28M | 308.30M | 171.80M |
| Net Cash Per Share | 54.14 | 49.95 | 43.69 | 43.28 | 22.54 | 12.77 |
| Filing Date Shares Outstanding | 12.77M | 13.39M | 13.52M | 13.71M | 13.85M | 13.29M |
| Total Common Shares Outstanding | 12.77M | 13.39M | 13.52M | 13.72M | 13.85M | 13.34M |
| Working Capital | 372.54M | 157.94M | 82.93M | 21.58M | -509.04M | -779.37M |
| Book Value Per Share | 83.84 | 70.60 | 44.48 | 20.19 | -27.03 | -75.67 |
| Tangible Book Value | 1.07B | 945.30M | 600.62M | 276.06M | -376.00M | -1.01B |
| Tangible Book Value Per Share | 83.83 | 70.58 | 44.43 | 20.12 | -27.14 | -75.87 |
| Buildings | 797.52M | 865.45M | 865.45M | 865.45M | 865.45M | |
| Machinery | 36.02M | 37.07M | 37.43M | 38.47M | 37.50M | |
| Leasehold Improvements | 71.95M | 71.77M | 71.53M | 69.71M | 95.95M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 365.63M | 342.08M | 640.83M | 643.96M | 219.06M | |
| Depreciation & Amortization | 28.79M | 29.47M | 30.65M | 46.68M | 37.92M | |
| Other Amortization | 217.00K | 4.16M | 1.40M | |||
| Loss (Gain) From Sale of Assets | -2.00K | 820.00K | -43.82M | 272.00K | -38.54M | |
| Asset Writedown & Restructuring Costs | 67.93M | |||||
| Loss (Gain) From Sale of Investments | -2.03M | -1.61M | -1.89M | 891.00K | 5.00M | |
| Loss (Gain) on Equity Investments | 4.53M | 13.51M | 10.08M | -6.45M | 4.89M | |
| Stock-Based Compensation | 7.18M | 768.00K | ||||
| Other Operating Activities | 11.86M | 16.82M | -3.52M | 25.93M | 48.48M | |
| Change in Unearned Revenue | -331.21M | -193.99M | -553.80M | -656.97M | -646.69M | |
| Change in Other Net Operating Assets | -4.56M | 6.97M | 36.31M | -49.01M | 15.56M | |
| Operating Cash Flow | 146.81M | 195.52M | 140.80M | 9.14M | -373.25M | |
| Capital Expenditures | -213.00K | -259.00K | -5.76M | -3.24M | -13.68M | |
| Sale of Property, Plant & Equipment | 2.00K | 39.00K | 118.00K | 75.00K | ||
| Divestitures | -67.00K | -317.00K | -886.00K | 15.20M | ||
| Sale (Purchase) of Intangibles | -441.00K | -147.00K | -595.00K | 10.94M | ||
| Investment in Securities | -16.06M | -365.86M | -67.64M | 100.11M | 332.62M | |
| Other Investing Activities | 3.97M | 7.43M | 2.38M | 123.00K | -2.40M | |
| Investing Cash Flow | -12.73M | -358.86M | -71.82M | 96.18M | 342.68M | |
| Long-Term Debt Issued | 20.00M | 61.54M | ||||
| Long-Term Debt Repaid | -61.54M | -101.78M | -38.65M | -38.65M | -34.04M | |
| Total Debt Repaid | -61.54M | -101.78M | -38.65M | -38.65M | -34.04M | |
| Net Debt Issued (Repaid) | -41.54M | -101.78M | -38.65M | -38.65M | 27.50M | |
| Issuance of Common Stock | 10.05M | |||||
| Repurchase of Common Stock | -6.17M | -10.95M | -4.75M | -6.74M | -4.87M | |
| Common Dividends Paid | -31.25M | -32.56M | ||||
| Dividends Paid | -31.25M | -32.56M | ||||
| Other Financing Activities | -61.54M | |||||
| Financing Cash Flow | -47.71M | -112.73M | -74.66M | -67.91M | -38.90M | |
| Foreign Exchange Rate Adjustments | -16.83M | 16.92M | 14.65M | 43.27M | -14.51M | |
| Net Cash Flow | 69.53M | -259.15M | 8.97M | 80.68M | -83.99M | |
| Free Cash Flow | 146.60M | 195.26M | 135.03M | 5.90M | -386.93M | |
| Free Cash Flow Margin | 7.26% | 9.81% | 6.25% | 0.25% | -15.43% | |
| Free Cash Flow Per Share | 10.88 | 14.30 | 9.79 | 0.43 | -28.76 | |
| Levered Free Cash Flow | 264.39M | 64.33M | -59.66M | 170.15M | -218.96M | |
| Unlevered Free Cash Flow | 264.93M | 67.63M | -54.87M | 176.43M | -212.12M | |
| Cash Interest Paid | 1.03M | 5.51M | 7.78M | 10.19M | 10.26M | |
| Cash Income Tax Paid | 23.65M | 8.87M | 11.22M | 13.62M | ||
| Change in Working Capital | -330.12M | -209.73M | -492.94M | -709.32M | -650.82M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 29.38M | 79.48M | 77.36M | 139.82M | 101.37M | 66.62M |
| Enterprise Value | -77.27M | -10.55M | 685.55K | 62.91M | 67.35M | 38.33M |
| Last Close Price | 2.30 | 5.92 | 5.65 | 10.17 | 7.29 | 4.41 |
| PE Ratio | 0.65 | 1.52 | 1.65 | 1.55 | 1.09 | 1.93 |
| Forward PE | 46.86 | 46.86 | 46.86 | 46.86 | 46.86 | |
| PS Ratio | 0.11 | 0.28 | 0.28 | 0.46 | 0.30 | 0.17 |
| PB Ratio | 0.19 | 0.59 | 0.94 | 3.60 | -1.84 | -0.42 |
| P/TBV Ratio | 0.19 | 0.59 | 0.94 | 3.59 | ||
| P/FCF Ratio | 1.33 | 3.79 | 2.89 | 7.34 | 118.49 | |
| P/OCF Ratio | 3.79 | 2.89 | 7.04 | 76.47 | ||
| EV/Sales Ratio | 0.00 | 0.21 | 0.20 | 0.10 | ||
| EV/EBITDA Ratio | 0.01 | 0.74 | 0.70 | 1.60 | ||
| EV/EBIT Ratio | 0.02 | 0.78 | 0.75 | 2.13 | ||
| EV/FCF Ratio | 0.03 | 3.30 | 78.72 | |||
| Debt / Equity Ratio | 0.12 | 0.15 | 0.31 | 1.12 | -1.36 | -0.63 |
| Debt / EBITDA Ratio | 0.28 | 0.28 | 0.55 | 0.51 | 0.77 | 2.90 |
| Debt / FCF Ratio | 0.95 | 0.96 | 2.29 | 87.42 | ||
| Net Debt / Equity Ratio | -0.68 | -0.71 | -0.99 | -2.17 | 0.81 | 0.17 |
| Net Debt / EBITDA Ratio | -1.60 | -1.42 | -1.82 | -0.99 | -0.47 | -1.13 |
| Net Debt / FCF Ratio | -4.59 | -3.05 | -4.42 | -52.25 | 0.44 | |
| Asset Turnover | 0.89 | 0.97 | 0.94 | 0.98 | 0.95 | 0.86 |
| Inventory Turnover | 14.06 | 18.73 | 18.70 | 30.24 | ||
| Quick Ratio | 1.45 | 1.09 | 1.01 | 0.93 | 0.58 | 0.46 |
| Current Ratio | 1.63 | 1.21 | 1.10 | 1.02 | 0.66 | 0.59 |
| Return on Equity (ROE) | 34.88% | 47.36% | 78.15% | |||
| Return on Assets (ROA) | 12.86% | 13.33% | 8.78% | 16.35% | 15.84% | 2.44% |
| Return on Invested Capital (ROIC) | 97.38% | 141.09% | 81.59% | 13.05% | ||
| Return on Capital Employed (ROCE) | 30.80% | 34.50% | 22.60% | 51.90% | 77.30% | 16.60% |
| Earnings Yield | 155.04% | 65.77% | 60.58% | 64.64% | 92.10% | 51.76% |
| FCF Yield | 75.05% | 26.37% | 34.58% | 13.62% | 0.84% | -91.43% |
| Payout Ratio | 4.88% | 5.06% | ||||
| Buyback Yield / Dilution | 1.26% | 1.30% | 1.08% | -0.87% | -1.67% | 0.39% |