NYSE : TAL
TAL Education Group — Financial statements
Consumer Staples · Education & Training Services · China
Last price 9.87 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.47B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
TAL Education Group (TAL) reported revenue of 3.33B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 3.33B | 3.01B | 2.25B | 1.49B | 1.02B | 4.39B |
| Cost of Revenue | 1.43B | 1.34B | 1.05B | 684.32M | 436.36M | 2.20B |
| Gross Profit | 1.89B | 1.67B | 1.20B | 806.12M | 583.41M | 2.19B |
| Selling, General & Admin | 1.35B | 1.39B | 1.20B | 875.35M | 696.83M | 2.32B |
| Other Operating Expenses | -22.68M | -20.81M | ||||
| Operating Expenses | 1.35B | 1.39B | 1.20B | 875.35M | 674.14M | 2.30B |
| Operating Income | 538.66M | 276.04M | -3.15M | -69.23M | -90.73M | -109.47M |
| Interest Expense | -7.87M | |||||
| Interest & Investment Income | 47.21M | 62.03M | 83.48M | 84.93M | 61.56M | 103.18M |
| Earnings From Equity Investments | 33.51M | -855.00K | -9.53M | -6.24M | -2.25M | 10.79M |
| Currency Exchange Gain (Loss) | -9.56M | -9.56M | 3.00M | -13.36M | -36.93M | 3.64M |
| Other Non Operating Income (Expenses) | 126.28M | -12.70M | 19.26M | 40.37M | 23.02M | 6.28M |
| EBT Excluding Unusual Items | 736.10M | 314.96M | 93.06M | 36.48M | -45.33M | 6.55M |
| Impairment of Goodwill | -453.60M | |||||
| Gain (Loss) on Sale of Investments | 371.01M | 369.60M | 29.52M | -25.23M | -76.19M | -268.84M |
| Gain (Loss) on Sale of Assets | 9.55M | |||||
| Asset Writedown | -51.45M | |||||
| Pretax Income | 1.11B | 684.55M | 122.58M | 11.24M | -111.97M | -767.34M |
| Income Tax Expense | 371.81M | 154.42M | 38.32M | 15.38M | 20.01M | 396.99M |
| Earnings From Continuing Operations | 735.30M | 530.14M | 84.26M | -4.14M | -131.98M | -1.16B |
| Minority Interest in Earnings | 658.00K | 613.00K | 331.00K | 565.00K | -3.63M | 28.22M |
| Net Income | 735.95M | 530.75M | 84.59M | -3.57M | -135.61M | -1.14B |
| Net Income to Common | 735.95M | 530.75M | 84.59M | -3.57M | -135.61M | -1.14B |
| Shares Outstanding (Basic) | 553.67M | 571.27M | 605.90M | 609.92M | 637.73M | 644.48M |
| Shares Outstanding (Diluted) | 559.77M | 578.78M | 615.67M | 609.92M | 637.73M | 644.48M |
| EPS (Basic) | 1.33 | 0.93 | 0.14 | -0.01 | -0.21 | -1.76 |
| EPS (Diluted) | 1.32 | 0.92 | 0.14 | -0.01 | -0.21 | -1.76 |
| Free Cash Flow | 517.75M | 508.28M | 286.19M | 193.44M | -102.97M | -1.19B |
| Free Cash Flow Per Share | 0.93 | 0.88 | 0.47 | 0.32 | -0.16 | -1.84 |
| Gross Margin | 56.89% | 55.35% | 53.34% | 54.09% | 57.21% | 49.82% |
| Operating Margin | 16.20% | 9.17% | -0.14% | -4.64% | -8.90% | -2.49% |
| Profit Margin | 22.13% | 17.64% | 3.76% | -0.24% | -13.30% | -25.87% |
| Free Cash Flow Margin | 15.57% | 16.89% | 12.72% | 12.98% | -10.10% | -27.00% |
| EBITDA | 627.60M | 352.76M | 49.14M | -39.36M | -50.03M | 80.39M |
| EBITDA Margin | 18.87% | 11.72% | 2.18% | -2.64% | -4.91% | 1.83% |
| D&A For EBITDA | 88.94M | 76.72M | 52.30M | 29.87M | 40.70M | 189.86M |
| EBIT | 538.66M | 276.04M | -3.15M | -69.23M | -90.73M | -109.47M |
| EBIT Margin | 16.20% | 9.17% | -0.14% | -4.64% | -8.90% | -2.49% |
| Effective Tax Rate | 33.58% | 22.56% | 31.26% | 136.81% | ||
| Revenue as Reported | 3.01B | 3.01B | 2.25B | 1.49B | 1.02B | |
| Advertising Expenses | 429.46M | 305.91M | 147.26M | 41.96M | 222.12M |
Balance sheet
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.95B | 1.52B | 1.77B | 2.21B | 2.02B | 1.64B |
| Short-Term Investments | 795.95M | 1.72B | 1.85B | 1.09B | 1.15B | 1.07B |
| Cash & Short-Term Investments | 2.75B | 3.24B | 3.62B | 3.30B | 3.17B | 2.71B |
| Accounts Receivable | 71.56M | 94.15M | 52.74M | 44.83M | 25.57M | |
| Other Receivables | 25.00K | 10.01M | 9.57M | 22.96M | 21.95M | 29.12M |
| Receivables | 25.00K | 81.57M | 103.72M | 75.70M | 78.94M | 73.87M |
| Inventory | 254.28M | 143.33M | 104.88M | 68.33M | 39.00M | 21.83M |
| Prepaid Expenses | 313.19M | 3.05M | 3.19M | 2.85M | 3.06M | 12.66M |
| Restricted Cash | 221.56M | 227.55M | 187.85M | 167.66M | 126.89M | 755.65M |
| Other Current Assets | 148.30M | 108.91M | 81.28M | 48.98M | 56.65M | |
| Total Current Assets | 3.54B | 3.84B | 4.13B | 3.70B | 3.47B | 3.63B |
| Property, Plant & Equipment | 879.12M | 880.44M | 801.43M | 636.42M | 437.88M | 508.30M |
| Long-Term Investments | 1.80B | 828.25M | 305.11M | 284.27M | 453.38M | 414.49M |
| Goodwill | 45.55M | 45.55M | 155.00K | |||
| Other Intangible Assets | 235.29M | 235.75M | 183.27M | 189.05M | 194.36M | 219.40M |
| Long-Term Deferred Tax Assets | 3.51M | 3.17M | 3.49M | 4.62M | 5.97M | 6.75M |
| Long-Term Deferred Charges | 16.75M | 16.35M | 7.85M | 1.76M | ||
| Other Long-Term Assets | 153.25M | 83.27M | 66.35M | 106.56M | 162.60M | 303.65M |
| Total Assets | 6.66B | 5.94B | 5.50B | 4.93B | 4.72B | 5.08B |
| Accounts Payable | 141.75M | 152.51M | 146.30M | 127.32M | 59.99M | 89.84M |
| Accrued Expenses | 751.19M | 481.16M | 432.45M | 369.00M | 332.23M | 402.25M |
| Short-Term Debt | 29.76M | |||||
| Current Portion of Leases | 120.66M | 109.39M | 88.45M | 62.60M | 42.17M | 66.11M |
| Current Income Taxes Payable | 87.05M | 65.14M | 50.66M | 46.92M | 49.26M | |
| Current Unearned Revenue | 883.23M | 832.84M | 624.27M | 400.29M | 234.89M | 187.72M |
| Other Current Liabilities | 104.23M | 84.73M | 72.35M | 67.66M | 107.42M | |
| Total Current Liabilities | 1.93B | 1.77B | 1.44B | 1.08B | 783.87M | 902.58M |
| Long-Term Leases | 266.46M | 278.08M | 244.90M | 176.61M | 115.55M | 175.99M |
| Long-Term Unearned Revenue | 47.17M | 49.35M | 46.95M | 27.99M | 2.46M | 14.00K |
| Long-Term Deferred Tax Liabilities | 245.16M | 67.98M | 3.47M | 2.36M | 1.56M | 1.68M |
| Total Liabilities | 2.49B | 2.16B | 1.74B | 1.29B | 903.44M | 1.08B |
| Common Stock | 190.00K | 205.00K | 203.00K | 201.00K | 218.00K | 216.00K |
| Additional Paid-In Capital | 3.68B | 3.69B | 4.29B | 4.26B | 4.40B | 4.36B |
| Retained Earnings | 446.78M | 86.21M | -444.54M | -529.13M | -525.56M | -389.95M |
| Treasury Stock | -6.00K | -20.00K | -6.00K | |||
| Comprehensive Income & Other | 47.04M | -6.38M | -83.91M | -65.93M | -30.67M | 61.62M |
| Total Common Equity | 4.17B | 3.77B | 3.77B | 3.66B | 3.84B | 4.03B |
| Minority Interest | -929.00K | -751.00K | -169.00K | -23.33M | -23.73M | -27.89M |
| Shareholders' Equity | 4.17B | 3.77B | 3.77B | 3.64B | 3.82B | 4.00B |
| Total Liabilities & Equity | 6.66B | 5.94B | 5.50B | 4.93B | 4.72B | 5.08B |
| Total Debt | 416.88M | 387.48M | 333.35M | 239.22M | 157.72M | 242.09M |
| Net Cash (Debt) | 2.33B | 2.85B | 3.29B | 3.06B | 3.01B | 2.47B |
| Net Cash Per Share | 4.17 | 4.93 | 5.34 | 5.02 | 4.73 | 3.83 |
| Filing Date Shares Outstanding | 551.86M | 554.65M | 608.47M | 605.56M | 638.49M | 648.80M |
| Total Common Shares Outstanding | 551.86M | 553.44M | 608.32M | 604.23M | 636.96M | 647.83M |
| Working Capital | 1.61B | 2.08B | 2.69B | 2.62B | 2.68B | 2.73B |
| Book Value Per Share | 7.56 | 6.82 | 6.19 | 6.06 | 6.04 | 6.22 |
| Tangible Book Value | 3.89B | 3.49B | 3.58B | 3.47B | 3.65B | 3.81B |
| Tangible Book Value Per Share | 7.05 | 6.31 | 5.89 | 5.75 | 5.73 | 5.88 |
| Buildings | 230.93M | 209.24M | 57.78M | 59.99M | 65.92M | |
| Machinery | 174.13M | 148.37M | 118.54M | 103.60M | 193.66M | |
| Construction In Progress | 164.06M | 143.04M | 286.43M | 210.18M | 151.44M | |
| Leasehold Improvements | 170.38M | 144.16M | 84.92M | 50.13M | 115.76M |
Cash flow statement
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 735.95M | 530.75M | 84.59M | -3.57M | -135.61M | -1.14B |
| Depreciation & Amortization | 76.72M | 76.72M | 52.30M | 29.87M | 40.70M | 189.86M |
| Loss (Gain) From Sale of Assets | -1.20M | -1.20M | -395.00K | -1.61M | -9.00M | 23.14M |
| Asset Writedown & Restructuring Costs | 20.00M | 20.00M | 5.37M | 1.29M | 756.00K | 897.93M |
| Loss (Gain) From Sale of Investments | -369.61M | -369.61M | -30.58M | 7.46M | 68.74M | 258.82M |
| Loss (Gain) on Equity Investments | 855.00K | 855.00K | 9.53M | 6.24M | 2.25M | -10.79M |
| Stock-Based Compensation | 43.09M | 43.09M | 64.94M | 88.90M | 108.57M | 174.83M |
| Other Operating Activities | -158.59M | 37.13M | 1.21M | -5.40M | 3.63M | -24.86M |
| Change in Inventory | -89.15M | -89.15M | -54.07M | -34.84M | -20.43M | 5.12M |
| Change in Accounts Payable | 23.46M | 23.46M | 18.18M | 24.44M | -2.93M | -252.93M |
| Change in Unearned Revenue | 210.97M | 210.97M | 242.95M | 190.93M | 54.14M | -1.23B |
| Change in Income Taxes | 5.07M | 14.43M | -3.86M | |||
| Change in Other Net Operating Assets | 52.64M | 52.64M | 2.56M | -3.94M | -118.29M | -134.79M |
| Operating Cash Flow | 610.95M | 601.47M | 397.92M | 306.17M | 7.36M | -939.18M |
| Capital Expenditures | -93.19M | -93.19M | -111.73M | -112.74M | -110.33M | -246.30M |
| Sale of Property, Plant & Equipment | 1.61M | 1.61M | 1.00M | 2.71M | 19.99M | 26.29M |
| Cash Acquisitions | -95.52M | -95.52M | 80.00K | -250.00K | ||
| Sale (Purchase) of Intangibles | -385.00K | -385.00K | -742.00K | -8.56M | -122.00K | |
| Investment in Securities | 11.67M | 11.67M | -735.88M | 203.51M | -211.81M | 1.59B |
| Other Investing Activities | 86.13M | 66.00K | 239.00K | 423.00K | 1.52M | 4.31M |
| Investing Cash Flow | -89.69M | -175.75M | -847.03M | 95.07M | -301.63M | 1.37B |
| Short-Term Debt Issued | 54.96M | |||||
| Total Debt Issued | 54.96M | |||||
| Short-Term Debt Repaid | -55.39M | -270.00M | ||||
| Long-Term Debt Repaid | -2.30B | |||||
| Total Debt Repaid | -55.39M | -2.57B | ||||
| Net Debt Issued (Repaid) | -427.00K | -2.57B | ||||
| Issuance of Common Stock | 573.00K | 573.00K | 407.00K | 462.00K | 184.00K | 1.37M |
| Repurchase of Common Stock | -644.09M | -644.09M | -13.15M | -233.56M | -66.37M | -196.28M |
| Other Financing Activities | 527.22M | -1.77M | ||||
| Financing Cash Flow | -116.29M | -643.51M | -13.17M | -233.09M | -66.18M | -2.77B |
| Foreign Exchange Rate Adjustments | 20.02M | 12.10M | -3.47M | -5.58M | -26.43M | 949.00K |
| Net Cash Flow | 424.99M | -205.69M | -465.75M | 162.57M | -386.88M | -2.34B |
| Free Cash Flow | 517.75M | 508.28M | 286.19M | 193.44M | -102.97M | -1.19B |
| Free Cash Flow Margin | 15.57% | 16.89% | 12.72% | 12.98% | -10.10% | -27.00% |
| Free Cash Flow Per Share | 0.93 | 0.88 | 0.47 | 0.32 | -0.16 | -1.84 |
| Levered Free Cash Flow | 369.13M | 408.41M | 223.36M | 133.18M | 511.23M | -541.09M |
| Unlevered Free Cash Flow | 369.13M | 408.41M | 223.36M | 133.18M | 511.23M | -536.17M |
| Cash Interest Paid | 9.43M | |||||
| Cash Income Tax Paid | 72.38M | 72.38M | 18.88M | 2.48M | 5.57M | 117.62M |
| Change in Working Capital | 263.73M | 263.73M | 210.97M | 183.00M | -72.68M | -1.31B |
Ratios
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.60B | 6.41B | 7.82B | 9.40B | 4.56B | 1.83B |
| Enterprise Value | 3.27B | 3.17B | 4.36B | 6.43B | 1.65B | -151.15M |
| Last Close Price | 10.10 | 10.53 | 12.92 | 14.73 | 7.03 | 2.84 |
| PE Ratio | 7.68 | 12.07 | 92.49 | |||
| Forward PE | 9.73 | 13.51 | 24.03 | 44.43 | 25.56 | 45.99 |
| PS Ratio | 1.68 | 2.13 | 3.48 | 6.31 | 4.47 | 0.42 |
| PB Ratio | 1.34 | 1.70 | 2.08 | 2.58 | 1.19 | 0.46 |
| P/TBV Ratio | 1.44 | 1.83 | 2.18 | 2.71 | 1.25 | 0.48 |
| P/FCF Ratio | 10.82 | 12.61 | 27.34 | 48.62 | ||
| P/OCF Ratio | 9.17 | 10.65 | 19.66 | 30.72 | 619.88 | |
| PEG Ratio | 0.78 | 0.29 | 0.38 | 0.20 | 0.20 | 0.20 |
| EV/Sales Ratio | 0.98 | 1.05 | 1.94 | 4.31 | 1.62 | |
| EV/EBITDA Ratio | 5.21 | 8.98 | 88.72 | |||
| EV/EBIT Ratio | 6.07 | 11.47 | ||||
| EV/FCF Ratio | 6.32 | 6.23 | 15.23 | 33.23 | ||
| Debt / Equity Ratio | 0.10 | 0.10 | 0.09 | 0.07 | 0.04 | 0.06 |
| Debt / EBITDA Ratio | 0.54 | 0.79 | 2.10 | 4.82 | 7.79 | 0.62 |
| Debt / FCF Ratio | 0.81 | 0.76 | 1.17 | 1.24 | ||
| Net Debt / Equity Ratio | -0.56 | -0.76 | -0.87 | -0.84 | -0.79 | -0.62 |
| Net Debt / EBITDA Ratio | -3.71 | -8.08 | -66.85 | 77.86 | 60.24 | -30.68 |
| Net Debt / FCF Ratio | -4.50 | -5.61 | -11.48 | -15.84 | 29.27 | 2.08 |
| Asset Turnover | 0.55 | 0.53 | 0.43 | 0.31 | 0.21 | 0.51 |
| Inventory Turnover | 7.40 | 10.82 | 12.12 | 12.75 | 14.35 | 72.83 |
| Quick Ratio | 1.43 | 1.88 | 2.58 | 3.12 | 4.13 | 3.06 |
| Current Ratio | 1.84 | 2.17 | 2.86 | 3.42 | 4.42 | 4.02 |
| Return on Equity (ROE) | 19.33% | 14.06% | 2.28% | -0.11% | -3.37% | -25.29% |
| Return on Assets (ROA) | 5.56% | 3.02% | -0.04% | -0.90% | -1.16% | -0.80% |
| Return on Invested Capital (ROIC) | 20.74% | 30.47% | -0.41% | 3.69% | -7.75% | -4.42% |
| Return on Capital Employed (ROCE) | 11.40% | 6.60% | -0.10% | -1.80% | -2.30% | -2.60% |
| Earnings Yield | 13.03% | 8.28% | 1.08% | -0.04% | -2.97% | -62.04% |
| FCF Yield | 9.24% | 7.93% | 3.66% | 2.06% | -2.26% | -64.73% |
| Buyback Yield / Dilution | 7.62% | 5.99% | -0.94% | 4.36% | 1.05% | -5.51% |