51Talk Online Education Group (COE) 10-Year Financial Performance & Capital Metrics

COE • • Industrial / General

TechnologyApplication SoftwareEducation & Learning PlatformsOnline Education Platforms

About51Talk Online Education Group engages in the operation of an online education platform in China. It operates under the China and Philippines geographical segments. Its online and mobile education platforms enable students across China to take live interactive english lessons with overseas foreign teachers on demand. The company was founded by Jia Jia Huang, Ting Shu, and Li Ming Zhang in July 2011 and is headquartered in Singapore.Show more

Revenue $370M +92.6%
EBITDA -$58M +39.9%
Net Income -$53M +50.4%
EPS (Diluted) -9.00 +46.4%
Gross Margin 77.98% +1.7%
EBITDA Margin -15.6% +68.8%
Operating Margin -15.87% +68.5%
Net Margin -14.27% +74.3%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.9%
✓Healthy 5Y average net margin of 454.8%
✓Efficient asset utilization: 8.4x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y45.98%

5Y11.85%

3Y677.24%

TTM-30.66%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-2294.11%

EPS CAGR

10Y-

5Y-

3Y-

TTM-296.26%

ROCE

10Y Avg-1388.13%

5Y Avg-1188.61%

3Y Avg-1188.61%

Latest-

Peer Comparison

Online Education Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DUOLDuolingo, Inc.	6.18B	154.42	82.14	40.84%	40.03%	29.52%	4.42%	0.07
RSSSResearch Solutions, Inc.	95.31M	2.90	72.50	9.94%	2.73%	8.63%	7.35%
DCBODocebo Inc.	571.25M	19.88	23.12	19.96%	9.53%	49.74%	4.9%	0.03
SGNSigning Day Sports, Inc.	2.5M	0.18	-0.01	100.13%	-18.22%	-19.73%
AMSTAmesite Inc.	9.65M	2.11	-2.05	-33.81%	-17.32%	-154.55%
NRDYNerdy, Inc.	127.86M	1.04	-2.74	-1.64%	-22.95%	-110.17%		0.02
COE51Talk Online Education Group	118.22M	28.61	-3.18	92.65%	-46.11%		4.67%
NTCLNetClass Technology Inc	8M	0.40	-4.26	-8.91%	-14.63%	-39.38%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	23.83M	60.24M	129.89M	166.52M	211.31M	297.6M	788K	103.11M	192.06M	369.99M
Revenue Growth %	1.83%	1.53%	1.16%	0.28%	0.27%	0.41%	-1%	129.85%	0.86%	0.93%
Cost of Goods Sold+	9.19M	21.19M	48.11M	59.73M	62.87M	88.84M	130K	21.89M	44.79M	81.48M
COGS % of Revenue	0.39%	0.35%	0.37%	0.36%	0.3%	0.3%	0.16%	0.21%	0.23%	0.22%
Gross Profit+	14.63M	39.05M	81.77M	106.79M	148.43M	225.56M	658K	81.22M	147.27M	288.51M
Gross Margin %	0.61%	0.65%	0.63%	0.64%	0.7%	0.76%	0.84%	0.79%	0.77%	0.78%
Gross Profit Growth %	2.03%	1.67%	1.09%	0.31%	0.39%	0.52%	-1%	122.44%	0.81%	0.96%
Operating Expenses+	64.21M	112.8M	169.2M	165.62M	163.81M	209.58M	5.25M	165.9M	244.06M	347.23M
OpEx % of Revenue	2.69%	1.87%	1.3%	0.99%	0.78%	0.7%	6.66%	1.61%	1.27%	0.94%
Selling, General & Admin	55.8M	90.81M	135.01M	138.73M	141.3M	184.83M	5.12M	146.27M	222.18M	321.17M
SG&A % of Revenue	2.34%	1.51%	1.04%	0.83%	0.67%	0.62%	6.49%	1.42%	1.16%	0.87%
Research & Development	8.41M	21.99M	34.19M	26.89M	22.51M	24.92M	135K	19.63M	21.88M	26.06M
R&D % of Revenue	0.35%	0.37%	0.26%	0.16%	0.11%	0.08%	0.17%	0.19%	0.11%	0.07%
Other Operating Expenses	0	0	0	0	0	-171.99K	0	0	0	0
Operating Income+	-49.57M	-73.75M	-87.43M	-58.83M	-15.37M	4.04M	-4.59M	-84.68M	-96.79M	-58.73M
Operating Margin %	-2.08%	-1.22%	-0.67%	-0.35%	-0.07%	0.01%	-5.83%	-0.82%	-0.5%	-0.16%
Operating Income Growth %	-2.29%	-0.49%	-0.19%	0.33%	0.74%	1.26%	-2.14%	-17.44%	-0.14%	0.39%
EBITDA+	-48.43M	-71.37M	-82.98M	-54.04M	-11.57M	6.78M	-4.5M	-83.97M	-96.09M	-57.73M
EBITDA Margin %	-2.03%	-1.18%	-0.64%	-0.32%	-0.05%	0.02%	-5.7%	-0.81%	-0.5%	-0.16%
EBITDA Growth %	-2.26%	-0.47%	-0.16%	0.35%	0.79%	1.59%	-1.66%	-17.68%	-0.14%	0.4%
D&A (Non-Cash Add-back)	1.14M	2.39M	4.44M	4.79M	3.81M	2.74M	97K	705.75K	701.32K	999.93K
EBIT	-49.57M	-73.12M	-86.38M	-58.57M	-12.85M	20.71M	-4.59M	-84.68M	-96.79M	-58.73M
Net Interest Income+	-54.38K	-148.33K	-869.85K	-111.79K	1.17M	5.57M	282K	27K	165K	229K
Interest Income	0	0	0	1.33M	2.52M	5.58M	282K	27K	165K	229K
Interest Expense	54.38K	148.33K	869.85K	1.44M	1.35M	9.56K	0	0	0	0
Other Income/Expense	-54.38K	-148.33K	-869.85K	-1.18M	1.17M	16.66M	501K	-2.92M	-8.86M	1M
Pretax Income+	-49.63M	-73.9M	-88.3M	-60.01M	-14.2M	20.7M	-4.09M	-87.6M	-105.65M	-51.43M
Pretax Margin %	-2.08%	-1.23%	-0.68%	-0.36%	-0.07%	0.07%	-5.19%	-0.85%	-0.55%	-0.14%
Income Tax+	755.26K	232.72K	665.06K	564.03K	724.33K	627.71K	100K	411.12K	835.92K	2.01M
Effective Tax Rate %	1.02%	1%	1.01%	1.01%	1.05%	1.03%	-4.58%	0.49%	1.01%	1.03%
Net Income+	-50.38M	-74.13M	-88.96M	-60.57M	-14.92M	21.24M	18.74M	-42.56M	-106.49M	-52.81M
Net Margin %	-2.11%	-1.23%	-0.68%	-0.36%	-0.07%	0.07%	23.78%	-0.41%	-0.55%	-0.14%
Net Income Growth %	-2.07%	-0.47%	-0.2%	0.32%	0.75%	2.42%	-0.12%	-3.27%	-1.5%	0.5%
Net Income (Continuing)	-50.38M	-74.13M	-88.96M	-60.57M	-14.92M	21.24M	-4.19M	-88.01M	-106.49M	-53.44M
Discontinued Operations	0	0	0	0	0	0	22.93M	-29.71M	0	0
Minority Interest	0	0	0	0	0	0	0	0	149K	288K
EPS (Diluted)+	0.00	0.00	0.00	0.00	0.00	3.95	2.92	-53.40	-16.80	-9.00
EPS Growth %	-	-	-	-	-	-	-0.26%	-19.29%	0.69%	0.46%
EPS (Basic)	0.00	0.00	0.00	0.00	0.00	4.22	3.01	-53.40	-16.80	-9.00
Diluted Shares Outstanding	0	0	0	0	0	5.69M	5.67M	5.59M	5.68M	5.79M
Basic Shares Outstanding	0	0	0	0	0	5.33M	5.47M	5.59M	5.68M	5.79M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	39.45M	102.65M	108.5M	138.78M	170.11M	247.61M	151.43M	26.57M	29.78M	40.09M
Cash & Short-Term Investments	32.96M	93.18M	95.49M	103.52M	134.34M	201.08M	31.11M	23.06M	23.39M	29.19M
Cash Only	7.22M	39.59M	49.02M	60.06M	49.02M	50M	24.61M	18.19M	21.3M	27.76M
Short-Term Investments	25.74M	53.59M	46.47M	43.46M	85.33M	151.08M	6.5M	4.87M	2.09M	1.43M
Accounts Receivable	0	1.44M	318.29K	467.36K	347.3K	1.57M	51.93K	1.76M	530K	706K
Days Sales Outstanding	-	8.71	0.89	1.02	0.6	1.92	24.05	6.23	1.01	0.7
Inventory	0	-364.12M	11.69M	32.94M	44.02K	296.17K	169.44K	-138K	0	0
Days Inventory Outstanding	-	-	88.69	201.3	0.26	1.22	475.72	-	-	-
Other Current Assets	430.39K	707.11K	1M	1.84M	25.75M	33.13M	119.13M	736K	3.55M	6.97M
Total Non-Current Assets+	5.46M	9.04M	11.52M	8.08M	30.2M	90.59M	35.83M	1.07M	1.37M	3.85M
Property, Plant & Equipment	3.85M	5.99M	7.51M	5.14M	11M	18.24M	8.46M	794K	861K	3.25M
Fixed Asset Turnover	6.18x	10.06x	17.30x	32.41x	19.21x	16.31x	0.09x	129.86x	223.06x	113.81x
Goodwill	650.51K	608.17K	646.84K	613.9K	603.56K	646.38K	0	0	0	0
Intangible Assets	401.74K	666.64K	1.48M	1.71M	1.42M	3.11M	1.76M	104K	92K	80K
Long-Term Investments	0	999.88K	1.03M	255.53M	16.21M	63.37M	15.82M	-389K	0	0
Other Non-Current Assets	558.55K	772.92K	846.42K	614.92K	969.59K	3.66M	862.24K	558K	348K	460K
Total Assets+	44.91M	111.69M	120.02M	146.86M	200.31M	338.2M	187.26M	27.63M	31.16M	43.94M
Asset Turnover	0.53x	0.54x	1.08x	1.13x	1.05x	0.88x	0.00x	3.73x	6.16x	8.42x
Asset Growth %	0.23%	1.49%	0.07%	0.22%	0.36%	0.69%	-0.45%	-0.85%	0.13%	0.41%
Total Current Liabilities+	56.85M	120.81M	218.17M	274.11M	344.92M	461.96M	297.04M	20.51M	39.13M	56.9M
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	2.37M	6.57M	814.98K	427K	590K	1.24M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	175.3K	729.14K	1.16M	2.08M	2.26M	-3.48M	16.15M	-331K	772K	-831K
Current Ratio	0.69x	0.85x	0.50x	0.51x	0.49x	0.54x	0.51x	1.30x	0.76x	0.70x
Quick Ratio	0.69x	3.86x	0.44x	0.39x	0.49x	0.54x	0.51x	1.30x	0.76x	0.70x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.36M	5.16M	4.23M	12.68M	4.28M	8.93M	3.45M	547K	217K	3.45M
Long-Term Debt	0	0	0	10.04M	0	0	0	0	0	0
Capital Lease Obligations	0	1	0	0	3.37M	8.2M	817K	307K	41K	1.44M
Deferred Tax Liabilities	58.53K	32.55K	18.99K	3.05K	0	0	0	84K	0	1.7M
Other Non-Current Liabilities	103.82K	276.22K	343.87K	124K	227.96K	383.88K	2.46M	156K	176K	310K
Total Liabilities	58.21M	125.97M	222.39M	286.8M	349.2M	470.89M	300.5M	21.06M	39.35M	58.65M
Total Debt+	0	0	0	10.04M	10.24M	14.78M	1.63M	734K	631K	2.68M
Net Debt	-7.22M	-39.59M	-49.02M	-50.02M	-38.77M	-35.22M	-22.98M	-17.45M	-20.67M	-25.07M
Debt / Equity	-	-	-	-	-	-	-	0.11x	-	-
Debt / EBITDA	-	-	-	-	-	2.18x	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-5.19x	-	-	-	-
Interest Coverage	-911.70x	-497.22x	-100.51x	-40.73x	-11.38x	422.41x	-	-	-	-
Total Equity+	-13.3M	-14.28M	-102.38M	-139.94M	-148.89M	-132.7M	-113.43M	6.58M	-8.19M	-14.71M
Equity Growth %	-1.74%	-0.07%	-6.17%	-0.37%	-0.06%	0.11%	0.15%	1.06%	-2.25%	-0.8%
Book Value per Share	-	-	-	-	-	-23.31	-20.02	1.18	-1.44	-2.54
Total Shareholders' Equity	-13.3M	-14.28M	-102.38M	-139.94M	-148.89M	-132.7M	-113.43M	6.58M	-8.34M	-15M
Common Stock	6.93K	196K	30.17K	28.93K	29.3K	32.6K	33K	33K	34K	35K
Retained Earnings	-87.8M	-168.92M	-268.63M	-304.47M	-314.27M	-314.07M	-303M	-331.17M	-346.37M	-353.6M
Treasury Stock	0	0	0	0	-859.11K	-3.54M	-6.64M	0	0	0
Accumulated OCI	714.44K	4.66M	1.18M	3.58M	4.28M	1.36M	-6.05M	303K	-325K	-684K
Minority Interest	0	0	0	0	0	0	0	0	149K	288K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-16.02M	4.14M	8.44M	4.33M	56.87M	104.18M	-105.17M	-45.7M	559K	5.83M
Operating CF Margin %	-0.67%	0.07%	0.06%	0.03%	0.27%	0.35%	-133.46%	-0.44%	0%	0.02%
Operating CF Growth %	-5.43%	1.26%	1.04%	-0.49%	12.14%	0.83%	-2.01%	0.57%	1.01%	9.43%
Net Income	-50.38M	-74.13M	-88.96M	-60.57M	-14.92M	22.49M	18.92M	-12.84M	-15.03M	-7.32M
Depreciation & Amortization	1.14M	2.39M	4.44M	4.79M	3.81M	2.9M	97K	103K	99K	137K
Stock-Based Compensation	0	6.95M	5.37M	4.05M	2.39M	4.09M	219K	712K	910K	934K
Deferred Taxes	0	-310K	-327K	10.61K	-21.87K	-1.52M	52.07K	122K	0	15K
Other Non-Cash Items	0	545.61K	385.82K	1.33M	-256.83K	-5.55M	16.06M	-47.63M	17K	0
Working Capital Changes	33.22M	68.7M	87.53M	54.72M	65.88M	81.77M	-140.51M	13.84M	14.56M	12.07M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	44.02K	-249.03K	134.14K	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-29.71M	-36.31M	1.65M	-712.02K	-59.01M	-105.99M	98.31M	2.51M	2.45M	468K
Capital Expenditures	-3.98M	-5.78M	-6.79M	-3.14M	-1.59M	-4.46M	-6.12M	-5K	-287K	-308K
CapEx % of Revenue	0.17%	0.1%	0.05%	0.02%	0.01%	0.01%	7.77%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-167M	-204.63M	156.48M	-3.96M	-204.66K	5.33M	-549.56K	10.26M	0	0
Cash from Financing+	19.34M	61.13M	39.82K	9.94M	-7.79M	1.29M	-2.35M	20.48M	0	240K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	5.04K	39.82K	234.19K	619.43K	1.08M	-148.93M	20.48M	0	240K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-20M	-1.65M	1.65M	1.19M	55.28M	105.63M	-112.19M	-45.71M	272K	5.52M
FCF Margin %	-0.84%	-0.03%	0.01%	0.01%	0.26%	0.35%	-142.37%	-0.44%	0%	0.01%
FCF Growth %	-4.33%	0.92%	2%	-0.27%	45.3%	0.91%	-2.06%	0.59%	1.01%	19.31%
FCF per Share	-	-	-	-	-	18.56	-19.80	-8.17	0.05	0.95
FCF Conversion (FCF/Net Income)	0.32x	-0.06x	-0.09x	-0.07x	-3.81x	4.90x	-5.61x	1.07x	-0.01x	-0.11x
Interest Paid	0	0	0	282.6K	444.49K	0	0	0	0	0
Taxes Paid	226.9K	62.36K	0	1.53M	258.55K	0	84K	56K	42K	206K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2172.21%	-	-	-	-	-	-	-647.04%	-	-
Gross Margin	61.42%	64.82%	62.96%	64.13%	70.25%	75.79%	83.5%	78.77%	76.68%	77.98%
Net Margin	-211.47%	-123.07%	-68.49%	-36.38%	-7.06%	7.14%	2377.92%	-41.27%	-55.45%	-14.27%
Debt / Equity	-	-	-	-	-	-	-	0.11x	-	-
Interest Coverage	-911.70x	-497.22x	-100.51x	-40.73x	-11.38x	422.41x	-	-	-	-
FCF Conversion	0.32x	-0.06x	-0.09x	-0.07x	-3.81x	4.90x	-5.61x	1.07x	-0.01x	-0.11x
Revenue Growth	183.08%	152.82%	115.62%	28.21%	26.89%	40.84%	-99.74%	12984.85%	86.27%	92.65%

Revenue by Segment

	2018	2019	2020	2021	2024
Prepaid credit packages	-	-	-	2.18B	-
Prepaid credit packages Growth	-	-	-	-	-
Credits for lessons taught by foreign teachers	-	-	-	2.01B	-
Credits for lessons taught by foreign teachers Growth	-	-	-	-	-
Credits for learning materials	-	-	-	101.81M	-
Credits for learning materials Growth	-	-	-	-	-
Credits for All-round Proficiency small group lessons	-	-	-	33.69M	-
Credits for All-round Proficiency small group lessons Growth	-	-	-	-	-
Physical textbook	-	-	-	20.89M	-
Physical textbook Growth	-	-	-	-	-
Point Exchange	-	-	-	10.45M	-
Point Exchange Growth	-	-	-	-	-
Prepaid membership packages	-	-	-	2.2M	-
Prepaid membership packages Growth	-	-	-	-	-
One On One Offerings	1.04B	1.37B	1.96B	-	-
One On One Offerings Growth	-	30.72%	43.30%	-	-
Small Class Offerings	100.75M	112.79M	97.08M	-	-
Small Class Offerings Growth	-	11.95%	-13.92%	-	-

Revenue by Geography

	2018	2019	2020	2021	2024
Asia Pacific	-	-	-	-	33.26M
Asia Pacific Growth	-	-	-	-	-
Other Areas	-	-	-	-	17.44M
Other Areas Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

51Talk Online Education Group (COE) reported $175.3M in revenue for fiscal year 2024. This represents a 4803% increase from $3.6M in 2013.

51Talk Online Education Group (COE) grew revenue by 92.6% over the past year. This is strong growth.

51Talk Online Education Group (COE) reported a net loss of $80.8M for fiscal year 2024.

Dividend & Returns

51Talk Online Education Group (COE) had negative free cash flow of $167.4M in fiscal year 2024, likely due to heavy capital investments.

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51Talk Online Education Group (COE) 10-Year Financial Performance & Capital Metrics

COE • • Industrial / General

TechnologyApplication SoftwareEducation & Learning PlatformsOnline Education Platforms

Revenue $370M +92.6%
EBITDA -$58M +39.9%
Net Income -$53M +50.4%
EPS (Diluted) -9.00 +46.4%
Gross Margin 77.98% +1.7%
EBITDA Margin -15.6% +68.8%
Operating Margin -15.87% +68.5%
Net Margin -14.27% +74.3%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.9%
✓Healthy 5Y average net margin of 454.8%
✓Efficient asset utilization: 8.4x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y45.98%

5Y11.85%

3Y677.24%

TTM-30.66%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-2294.11%

EPS CAGR

10Y-

5Y-

3Y-

TTM-296.26%

ROCE

10Y Avg-1388.13%

5Y Avg-1188.61%

3Y Avg-1188.61%

Latest-

Peer Comparison

Online Education Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DUOLDuolingo, Inc.	6.18B	154.42	82.14	40.84%	40.03%	29.52%	4.42%	0.07
RSSSResearch Solutions, Inc.	95.31M	2.90	72.50	9.94%	2.73%	8.63%	7.35%
DCBODocebo Inc.	571.25M	19.88	23.12	19.96%	9.53%	49.74%	4.9%	0.03
SGNSigning Day Sports, Inc.	2.5M	0.18	-0.01	100.13%	-18.22%	-19.73%
AMSTAmesite Inc.	9.65M	2.11	-2.05	-33.81%	-17.32%	-154.55%
NRDYNerdy, Inc.	127.86M	1.04	-2.74	-1.64%	-22.95%	-110.17%		0.02
COE51Talk Online Education Group	118.22M	28.61	-3.18	92.65%	-46.11%		4.67%
NTCLNetClass Technology Inc	8M	0.40	-4.26	-8.91%	-14.63%	-39.38%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	23.83M	60.24M	129.89M	166.52M	211.31M	297.6M	788K	103.11M	192.06M	369.99M
Revenue Growth %	1.83%	1.53%	1.16%	0.28%	0.27%	0.41%	-1%	129.85%	0.86%	0.93%
Cost of Goods Sold+	9.19M	21.19M	48.11M	59.73M	62.87M	88.84M	130K	21.89M	44.79M	81.48M
COGS % of Revenue	0.39%	0.35%	0.37%	0.36%	0.3%	0.3%	0.16%	0.21%	0.23%	0.22%
Gross Profit+	14.63M	39.05M	81.77M	106.79M	148.43M	225.56M	658K	81.22M	147.27M	288.51M
Gross Margin %	0.61%	0.65%	0.63%	0.64%	0.7%	0.76%	0.84%	0.79%	0.77%	0.78%
Gross Profit Growth %	2.03%	1.67%	1.09%	0.31%	0.39%	0.52%	-1%	122.44%	0.81%	0.96%
Operating Expenses+	64.21M	112.8M	169.2M	165.62M	163.81M	209.58M	5.25M	165.9M	244.06M	347.23M
OpEx % of Revenue	2.69%	1.87%	1.3%	0.99%	0.78%	0.7%	6.66%	1.61%	1.27%	0.94%
Selling, General & Admin	55.8M	90.81M	135.01M	138.73M	141.3M	184.83M	5.12M	146.27M	222.18M	321.17M
SG&A % of Revenue	2.34%	1.51%	1.04%	0.83%	0.67%	0.62%	6.49%	1.42%	1.16%	0.87%
Research & Development	8.41M	21.99M	34.19M	26.89M	22.51M	24.92M	135K	19.63M	21.88M	26.06M
R&D % of Revenue	0.35%	0.37%	0.26%	0.16%	0.11%	0.08%	0.17%	0.19%	0.11%	0.07%
Other Operating Expenses	0	0	0	0	0	-171.99K	0	0	0	0
Operating Income+	-49.57M	-73.75M	-87.43M	-58.83M	-15.37M	4.04M	-4.59M	-84.68M	-96.79M	-58.73M
Operating Margin %	-2.08%	-1.22%	-0.67%	-0.35%	-0.07%	0.01%	-5.83%	-0.82%	-0.5%	-0.16%
Operating Income Growth %	-2.29%	-0.49%	-0.19%	0.33%	0.74%	1.26%	-2.14%	-17.44%	-0.14%	0.39%
EBITDA+	-48.43M	-71.37M	-82.98M	-54.04M	-11.57M	6.78M	-4.5M	-83.97M	-96.09M	-57.73M
EBITDA Margin %	-2.03%	-1.18%	-0.64%	-0.32%	-0.05%	0.02%	-5.7%	-0.81%	-0.5%	-0.16%
EBITDA Growth %	-2.26%	-0.47%	-0.16%	0.35%	0.79%	1.59%	-1.66%	-17.68%	-0.14%	0.4%
D&A (Non-Cash Add-back)	1.14M	2.39M	4.44M	4.79M	3.81M	2.74M	97K	705.75K	701.32K	999.93K
EBIT	-49.57M	-73.12M	-86.38M	-58.57M	-12.85M	20.71M	-4.59M	-84.68M	-96.79M	-58.73M
Net Interest Income+	-54.38K	-148.33K	-869.85K	-111.79K	1.17M	5.57M	282K	27K	165K	229K
Interest Income	0	0	0	1.33M	2.52M	5.58M	282K	27K	165K	229K
Interest Expense	54.38K	148.33K	869.85K	1.44M	1.35M	9.56K	0	0	0	0
Other Income/Expense	-54.38K	-148.33K	-869.85K	-1.18M	1.17M	16.66M	501K	-2.92M	-8.86M	1M
Pretax Income+	-49.63M	-73.9M	-88.3M	-60.01M	-14.2M	20.7M	-4.09M	-87.6M	-105.65M	-51.43M
Pretax Margin %	-2.08%	-1.23%	-0.68%	-0.36%	-0.07%	0.07%	-5.19%	-0.85%	-0.55%	-0.14%
Income Tax+	755.26K	232.72K	665.06K	564.03K	724.33K	627.71K	100K	411.12K	835.92K	2.01M
Effective Tax Rate %	1.02%	1%	1.01%	1.01%	1.05%	1.03%	-4.58%	0.49%	1.01%	1.03%
Net Income+	-50.38M	-74.13M	-88.96M	-60.57M	-14.92M	21.24M	18.74M	-42.56M	-106.49M	-52.81M
Net Margin %	-2.11%	-1.23%	-0.68%	-0.36%	-0.07%	0.07%	23.78%	-0.41%	-0.55%	-0.14%
Net Income Growth %	-2.07%	-0.47%	-0.2%	0.32%	0.75%	2.42%	-0.12%	-3.27%	-1.5%	0.5%
Net Income (Continuing)	-50.38M	-74.13M	-88.96M	-60.57M	-14.92M	21.24M	-4.19M	-88.01M	-106.49M	-53.44M
Discontinued Operations	0	0	0	0	0	0	22.93M	-29.71M	0	0
Minority Interest	0	0	0	0	0	0	0	0	149K	288K
EPS (Diluted)+	0.00	0.00	0.00	0.00	0.00	3.95	2.92	-53.40	-16.80	-9.00
EPS Growth %	-	-	-	-	-	-	-0.26%	-19.29%	0.69%	0.46%
EPS (Basic)	0.00	0.00	0.00	0.00	0.00	4.22	3.01	-53.40	-16.80	-9.00
Diluted Shares Outstanding	0	0	0	0	0	5.69M	5.67M	5.59M	5.68M	5.79M
Basic Shares Outstanding	0	0	0	0	0	5.33M	5.47M	5.59M	5.68M	5.79M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	39.45M	102.65M	108.5M	138.78M	170.11M	247.61M	151.43M	26.57M	29.78M	40.09M
Cash & Short-Term Investments	32.96M	93.18M	95.49M	103.52M	134.34M	201.08M	31.11M	23.06M	23.39M	29.19M
Cash Only	7.22M	39.59M	49.02M	60.06M	49.02M	50M	24.61M	18.19M	21.3M	27.76M
Short-Term Investments	25.74M	53.59M	46.47M	43.46M	85.33M	151.08M	6.5M	4.87M	2.09M	1.43M
Accounts Receivable	0	1.44M	318.29K	467.36K	347.3K	1.57M	51.93K	1.76M	530K	706K
Days Sales Outstanding	-	8.71	0.89	1.02	0.6	1.92	24.05	6.23	1.01	0.7
Inventory	0	-364.12M	11.69M	32.94M	44.02K	296.17K	169.44K	-138K	0	0
Days Inventory Outstanding	-	-	88.69	201.3	0.26	1.22	475.72	-	-	-
Other Current Assets	430.39K	707.11K	1M	1.84M	25.75M	33.13M	119.13M	736K	3.55M	6.97M
Total Non-Current Assets+	5.46M	9.04M	11.52M	8.08M	30.2M	90.59M	35.83M	1.07M	1.37M	3.85M
Property, Plant & Equipment	3.85M	5.99M	7.51M	5.14M	11M	18.24M	8.46M	794K	861K	3.25M
Fixed Asset Turnover	6.18x	10.06x	17.30x	32.41x	19.21x	16.31x	0.09x	129.86x	223.06x	113.81x
Goodwill	650.51K	608.17K	646.84K	613.9K	603.56K	646.38K	0	0	0	0
Intangible Assets	401.74K	666.64K	1.48M	1.71M	1.42M	3.11M	1.76M	104K	92K	80K
Long-Term Investments	0	999.88K	1.03M	255.53M	16.21M	63.37M	15.82M	-389K	0	0
Other Non-Current Assets	558.55K	772.92K	846.42K	614.92K	969.59K	3.66M	862.24K	558K	348K	460K
Total Assets+	44.91M	111.69M	120.02M	146.86M	200.31M	338.2M	187.26M	27.63M	31.16M	43.94M
Asset Turnover	0.53x	0.54x	1.08x	1.13x	1.05x	0.88x	0.00x	3.73x	6.16x	8.42x
Asset Growth %	0.23%	1.49%	0.07%	0.22%	0.36%	0.69%	-0.45%	-0.85%	0.13%	0.41%
Total Current Liabilities+	56.85M	120.81M	218.17M	274.11M	344.92M	461.96M	297.04M	20.51M	39.13M	56.9M
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	2.37M	6.57M	814.98K	427K	590K	1.24M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	175.3K	729.14K	1.16M	2.08M	2.26M	-3.48M	16.15M	-331K	772K	-831K
Current Ratio	0.69x	0.85x	0.50x	0.51x	0.49x	0.54x	0.51x	1.30x	0.76x	0.70x
Quick Ratio	0.69x	3.86x	0.44x	0.39x	0.49x	0.54x	0.51x	1.30x	0.76x	0.70x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.36M	5.16M	4.23M	12.68M	4.28M	8.93M	3.45M	547K	217K	3.45M
Long-Term Debt	0	0	0	10.04M	0	0	0	0	0	0
Capital Lease Obligations	0	1	0	0	3.37M	8.2M	817K	307K	41K	1.44M
Deferred Tax Liabilities	58.53K	32.55K	18.99K	3.05K	0	0	0	84K	0	1.7M
Other Non-Current Liabilities	103.82K	276.22K	343.87K	124K	227.96K	383.88K	2.46M	156K	176K	310K
Total Liabilities	58.21M	125.97M	222.39M	286.8M	349.2M	470.89M	300.5M	21.06M	39.35M	58.65M
Total Debt+	0	0	0	10.04M	10.24M	14.78M	1.63M	734K	631K	2.68M
Net Debt	-7.22M	-39.59M	-49.02M	-50.02M	-38.77M	-35.22M	-22.98M	-17.45M	-20.67M	-25.07M
Debt / Equity	-	-	-	-	-	-	-	0.11x	-	-
Debt / EBITDA	-	-	-	-	-	2.18x	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-5.19x	-	-	-	-
Interest Coverage	-911.70x	-497.22x	-100.51x	-40.73x	-11.38x	422.41x	-	-	-	-
Total Equity+	-13.3M	-14.28M	-102.38M	-139.94M	-148.89M	-132.7M	-113.43M	6.58M	-8.19M	-14.71M
Equity Growth %	-1.74%	-0.07%	-6.17%	-0.37%	-0.06%	0.11%	0.15%	1.06%	-2.25%	-0.8%
Book Value per Share	-	-	-	-	-	-23.31	-20.02	1.18	-1.44	-2.54
Total Shareholders' Equity	-13.3M	-14.28M	-102.38M	-139.94M	-148.89M	-132.7M	-113.43M	6.58M	-8.34M	-15M
Common Stock	6.93K	196K	30.17K	28.93K	29.3K	32.6K	33K	33K	34K	35K
Retained Earnings	-87.8M	-168.92M	-268.63M	-304.47M	-314.27M	-314.07M	-303M	-331.17M	-346.37M	-353.6M
Treasury Stock	0	0	0	0	-859.11K	-3.54M	-6.64M	0	0	0
Accumulated OCI	714.44K	4.66M	1.18M	3.58M	4.28M	1.36M	-6.05M	303K	-325K	-684K
Minority Interest	0	0	0	0	0	0	0	0	149K	288K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-16.02M	4.14M	8.44M	4.33M	56.87M	104.18M	-105.17M	-45.7M	559K	5.83M
Operating CF Margin %	-0.67%	0.07%	0.06%	0.03%	0.27%	0.35%	-133.46%	-0.44%	0%	0.02%
Operating CF Growth %	-5.43%	1.26%	1.04%	-0.49%	12.14%	0.83%	-2.01%	0.57%	1.01%	9.43%
Net Income	-50.38M	-74.13M	-88.96M	-60.57M	-14.92M	22.49M	18.92M	-12.84M	-15.03M	-7.32M
Depreciation & Amortization	1.14M	2.39M	4.44M	4.79M	3.81M	2.9M	97K	103K	99K	137K
Stock-Based Compensation	0	6.95M	5.37M	4.05M	2.39M	4.09M	219K	712K	910K	934K
Deferred Taxes	0	-310K	-327K	10.61K	-21.87K	-1.52M	52.07K	122K	0	15K
Other Non-Cash Items	0	545.61K	385.82K	1.33M	-256.83K	-5.55M	16.06M	-47.63M	17K	0
Working Capital Changes	33.22M	68.7M	87.53M	54.72M	65.88M	81.77M	-140.51M	13.84M	14.56M	12.07M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	44.02K	-249.03K	134.14K	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-29.71M	-36.31M	1.65M	-712.02K	-59.01M	-105.99M	98.31M	2.51M	2.45M	468K
Capital Expenditures	-3.98M	-5.78M	-6.79M	-3.14M	-1.59M	-4.46M	-6.12M	-5K	-287K	-308K
CapEx % of Revenue	0.17%	0.1%	0.05%	0.02%	0.01%	0.01%	7.77%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-167M	-204.63M	156.48M	-3.96M	-204.66K	5.33M	-549.56K	10.26M	0	0
Cash from Financing+	19.34M	61.13M	39.82K	9.94M	-7.79M	1.29M	-2.35M	20.48M	0	240K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	5.04K	39.82K	234.19K	619.43K	1.08M	-148.93M	20.48M	0	240K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-20M	-1.65M	1.65M	1.19M	55.28M	105.63M	-112.19M	-45.71M	272K	5.52M
FCF Margin %	-0.84%	-0.03%	0.01%	0.01%	0.26%	0.35%	-142.37%	-0.44%	0%	0.01%
FCF Growth %	-4.33%	0.92%	2%	-0.27%	45.3%	0.91%	-2.06%	0.59%	1.01%	19.31%
FCF per Share	-	-	-	-	-	18.56	-19.80	-8.17	0.05	0.95
FCF Conversion (FCF/Net Income)	0.32x	-0.06x	-0.09x	-0.07x	-3.81x	4.90x	-5.61x	1.07x	-0.01x	-0.11x
Interest Paid	0	0	0	282.6K	444.49K	0	0	0	0	0
Taxes Paid	226.9K	62.36K	0	1.53M	258.55K	0	84K	56K	42K	206K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2172.21%	-	-	-	-	-	-	-647.04%	-	-
Gross Margin	61.42%	64.82%	62.96%	64.13%	70.25%	75.79%	83.5%	78.77%	76.68%	77.98%
Net Margin	-211.47%	-123.07%	-68.49%	-36.38%	-7.06%	7.14%	2377.92%	-41.27%	-55.45%	-14.27%
Debt / Equity	-	-	-	-	-	-	-	0.11x	-	-
Interest Coverage	-911.70x	-497.22x	-100.51x	-40.73x	-11.38x	422.41x	-	-	-	-
FCF Conversion	0.32x	-0.06x	-0.09x	-0.07x	-3.81x	4.90x	-5.61x	1.07x	-0.01x	-0.11x
Revenue Growth	183.08%	152.82%	115.62%	28.21%	26.89%	40.84%	-99.74%	12984.85%	86.27%	92.65%

Revenue by Segment

	2018	2019	2020	2021	2024
Prepaid credit packages	-	-	-	2.18B	-
Prepaid credit packages Growth	-	-	-	-	-
Credits for lessons taught by foreign teachers	-	-	-	2.01B	-
Credits for lessons taught by foreign teachers Growth	-	-	-	-	-
Credits for learning materials	-	-	-	101.81M	-
Credits for learning materials Growth	-	-	-	-	-
Credits for All-round Proficiency small group lessons	-	-	-	33.69M	-
Credits for All-round Proficiency small group lessons Growth	-	-	-	-	-
Physical textbook	-	-	-	20.89M	-
Physical textbook Growth	-	-	-	-	-
Point Exchange	-	-	-	10.45M	-
Point Exchange Growth	-	-	-	-	-
Prepaid membership packages	-	-	-	2.2M	-
Prepaid membership packages Growth	-	-	-	-	-
One On One Offerings	1.04B	1.37B	1.96B	-	-
One On One Offerings Growth	-	30.72%	43.30%	-	-
Small Class Offerings	100.75M	112.79M	97.08M	-	-
Small Class Offerings Growth	-	11.95%	-13.92%	-	-

Revenue by Geography

	2018	2019	2020	2021	2024
Asia Pacific	-	-	-	-	33.26M
Asia Pacific Growth	-	-	-	-	-
Other Areas	-	-	-	-	17.44M
Other Areas Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

51Talk Online Education Group (COE) reported $175.3M in revenue for fiscal year 2024. This represents a 4803% increase from $3.6M in 2013.

51Talk Online Education Group (COE) grew revenue by 92.6% over the past year. This is strong growth.

51Talk Online Education Group (COE) reported a net loss of $80.8M for fiscal year 2024.

Dividend & Returns

51Talk Online Education Group (COE) had negative free cash flow of $167.4M in fiscal year 2024, likely due to heavy capital investments.