Stride, Inc. (LRN) 10-Year Financial Performance & Capital Metrics

LRN • • Industrial / General

Consumer DefensiveEducation & TrainingK-12 Education ServicesOnline K-12 Education

AboutStride, Inc., a technology-based education service company, provides proprietary and third-party online curriculum, software systems, and educational services to facilitate individualized learning for students primarily in kindergarten through 12th grade (K-12) in the United States and internationally. Its technology-based products and services enable clients to attract, enroll, educate, track progress, and support students. The company offers integrated package of systems, services, products, and professional expertise to support a virtual or blended public school; individual online courses and supplemental educational products; and products and services for the general education market focused on subjects, including math, English, science, and history for kindergarten through twelfth grade students. It also provides career learning products and services that are focused on developing skills to enter in industries, including information technology, health care, and business; and focused post-secondary career learning programs, which include skills training for software engineering, healthcare, and medical fields to adult learners under Galvanize, Tech Elevator, and MedCerts brand names, as well as provides staffing and talent development services to employers. Stride, Inc. serves public and private schools, school districts, charter boards, consumers, employers, and government agencies. The company was formerly known as K12 Inc. and changed its name to Stride, Inc. in December 2020. Stride, Inc. was founded in 2000 and is headquartered in Reston, Virginia.Show more

Revenue $2.41B +17.9%
EBITDA $475M +32.1%
Net Income $288M +41.0%
EPS (Diluted) 5.95 +26.9%
Gross Margin 39.24% +4.8%
EBITDA Margin 19.74% +12.1%
Operating Margin 14.97% +22.4%
Net Margin 11.97% +19.6%
ROE 21.69% +12.8%
ROIC 22.04% +34.5%
Debt/Equity 0.37 -17.3%
Interest Coverage 34.28 +21.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 63.7%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 17.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.2%
✓Good 3Y average ROE of 18.4%

✗Weaknesses

✗Weak momentum: RS Rating 10 (bottom 10%)
✗Shares diluted 11.2% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.75%

5Y18.24%

3Y12.56%

TTM17.25%

Profit (Net Income) CAGR

10Y38.62%

5Y63.68%

3Y39.04%

TTM31.51%

EPS CAGR

10Y35.27%

5Y58.22%

3Y33.16%

TTM17.09%

ROCE

10Y Avg9.01%

5Y Avg14.02%

3Y Avg15.82%

Latest19.64%

Peer Comparison

Online K-12 Education

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRNStride, Inc.	3.06B	69.79	11.73	17.9%	12.76%	20.68%	14.08%	0.37
KIDZWClassover Holdings, Inc. Warrants	273.12K	0.02	-0.01	-100%	-53.21%	-36.46%
VSATCTM Kids IT Education Inc ADR	2.84M	2.62	-0.05	-14.86%	-50.1%
RYETRuanyun Edai Technology Inc. Ordinary shares	42.08M	1.23		-26.97%	-5.93%
KIDZClassover Holdings, Inc. Class B Common Stock	4.94M	0.20		-100%	-53.21%	-36.46%

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	872.7M	888.52M	917.73M	1.02B	1.04B	1.54B	1.69B	1.84B	2.04B	2.41B
Revenue Growth %	-0.08%	0.02%	0.03%	0.11%	0.02%	0.48%	0.1%	0.09%	0.11%	0.18%
Cost of Goods Sold+	546.51M	557.32M	602.5M	674.84M	693.23M	1B	1.09B	1.19B	1.28B	1.46B
COGS % of Revenue	0.63%	0.63%	0.66%	0.66%	0.67%	0.65%	0.65%	0.65%	0.63%	0.61%
Gross Profit+	326.19M	331.2M	325.24M	352.31M	347.53M	534.9M	596.48M	647.07M	763.6M	943.92M
Gross Margin %	0.37%	0.37%	0.35%	0.35%	0.33%	0.35%	0.35%	0.35%	0.37%	0.39%
Gross Profit Growth %	-0.04%	0.02%	-0.02%	0.08%	-0.01%	0.54%	0.12%	0.08%	0.18%	0.24%
Operating Expenses+	312.28M	318.07M	299.69M	306.83M	315.08M	424.44M	439.85M	481.57M	514M	583.83M
OpEx % of Revenue	0.36%	0.36%	0.33%	0.3%	0.3%	0.28%	0.26%	0.26%	0.25%	0.24%
Selling, General & Admin	302.2M	305.62M	299.69M	306.83M	315.08M	424.44M	439.85M	481.57M	514M	485.55M
SG&A % of Revenue	0.35%	0.34%	0.33%	0.3%	0.3%	0.28%	0.26%	0.26%	0.25%	0.2%
Research & Development	10.07M	12.46M	9.25M	9.48M	0	0	0	0	0	79.2M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	-	-	-	-	-	0.03%
Other Operating Expenses	0	0	-9.25M	-9.48M	0	0	0	0	0	19.08M
Operating Income+	13.91M	13.13M	25.55M	45.49M	32.46M	110.46M	156.63M	165.5M	249.6M	360.09M
Operating Margin %	0.02%	0.01%	0.03%	0.04%	0.03%	0.07%	0.09%	0.09%	0.12%	0.15%
Operating Income Growth %	-0.24%	-0.06%	0.95%	0.78%	-0.29%	2.4%	0.42%	0.06%	0.51%	0.44%
EBITDA+	82.14M	87.41M	100.81M	116.89M	104.55M	200.53M	254.54M	275.86M	359.28M	474.76M
EBITDA Margin %	0.09%	0.1%	0.11%	0.12%	0.1%	0.13%	0.15%	0.15%	0.18%	0.2%
EBITDA Growth %	-0.17%	0.06%	0.15%	0.16%	-0.11%	0.92%	0.27%	0.08%	0.3%	0.32%
D&A (Non-Cash Add-back)	68.22M	74.28M	75.26M	71.4M	72.09M	90.08M	97.91M	110.36M	109.68M	114.67M
EBIT	13.91M	13.13M	25.55M	45.49M	32.46M	113.28M	155.35M	180.95M	276.5M	393.72M
Net Interest Income+	-617K	1.81M	965K	2.76M	698K	-17.98M	-8.28M	-8.4M	-8.81M	-10.5M
Interest Income	0	1.81M	965K	2.76M	698K	0	0	0	0	0
Interest Expense	617K	0	0	0	0	17.98M	8.28M	8.4M	8.81M	10.5M
Other Income/Expense	-617K	-8.19M	965K	2.88M	590K	-14.47M	-9.55M	6.71M	19.07M	20.85M
Pretax Income+	13.3M	4.94M	26.51M	48.36M	33.05M	95.99M	147.07M	172.21M	268.67M	380.95M
Pretax Margin %	0.02%	0.01%	0.03%	0.05%	0.03%	0.06%	0.09%	0.09%	0.13%	0.16%
Income Tax+	4.75M	5.4M	-910K	10.52M	8.54M	24.54M	40.09M	45.35M	64.48M	93.01M
Effective Tax Rate %	0.68%	0.09%	1.04%	0.77%	0.74%	0.74%	0.73%	0.74%	0.76%	0.76%
Net Income+	9.04M	451K	27.62M	37.21M	24.51M	71.45M	107.13M	126.87M	204.18M	287.94M
Net Margin %	0.01%	0%	0.03%	0.04%	0.02%	0.05%	0.06%	0.07%	0.1%	0.12%
Net Income Growth %	-0.18%	-0.95%	60.24%	0.35%	-0.34%	1.92%	0.5%	0.18%	0.61%	0.41%
Net Income (Continuing)	8.55M	-459K	27.42M	37.21M	24.51M	71.45M	107.13M	126.87M	204.18M	287.94M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	7.5M	700K	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.23	0.01	0.68	0.91	0.60	1.71	2.52	2.97	4.69	5.95
EPS Growth %	-0.21%	-0.96%	67%	0.34%	-0.34%	1.85%	0.47%	0.18%	0.58%	0.27%
EPS (Basic)	0.24	0.01	0.70	0.96	0.62	1.78	2.58	3.00	4.79	6.69
Diluted Shares Outstanding	38.85M	39.5M	40.64M	40.94M	40.66M	41.87M	42.44M	42.73M	43.54M	48.41M
Basic Shares Outstanding	37.61M	38.3M	39.28M	38.85M	39.48M	40.21M	41.45M	42.29M	42.63M	43.04M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	445.86M	473.58M	454.01M	529.66M	501.27M	857.53M	950.53M	1.07B	1.25B	1.63B
Cash & Short-Term Investments	213.99M	230.86M	231.11M	283.12M	212.3M	386.58M	389.4M	522.73M	692.29M	985.27M
Cash Only	213.99M	230.86M	231.11M	283.12M	212.3M	386.58M	389.4M	410.81M	500.61M	782.5M
Short-Term Investments	0	0	0	0	0	0	0	111.92M	191.67M	202.77M
Accounts Receivable	169.55M	192.21M	176.32M	191.64M	236.13M	369.3M	418.56M	463.72M	472.75M	559.65M
Days Sales Outstanding	70.91	78.96	70.13	68.86	82.81	87.71	90.58	92.12	84.58	84.92
Inventory	30.63M	30.5M	25.92M	29.95M	28.3M	39.69M	36M	36.72M	36.75M	37.57M
Days Inventory Outstanding	20.46	19.98	15.7	16.2	14.9	14.46	12.05	11.26	10.51	9.38
Other Current Assets	22.05M	12M	10.39M	12.31M	11.48M	42.5M	80.6M	17.22M	14.49M	14.67M
Total Non-Current Assets+	288.2M	261.7M	288M	289.95M	571.99M	719.77M	693.01M	695.5M	675.02M	661.22M
Property, Plant & Equipment	28.45M	26.3M	28.87M	31.98M	150.44M	166.74M	146.99M	121.84M	105.36M	94.54M
Fixed Asset Turnover	30.68x	33.79x	31.79x	31.76x	6.92x	9.22x	11.47x	15.08x	19.36x	25.44x
Goodwill	87.28M	87.21M	90.2M	90.2M	174.94M	240.35M	241.02M	246.68M	246.68M	246.68M
Intangible Assets	156.52M	142.13M	127.05M	119.44M	174.79M	207.16M	211.05M	209.05M	195.47M	152.13M
Long-Term Investments	0	0	0	0	0	6.9M	8.5M	0	21.9M	26.1M
Other Non-Current Assets	15.95M	6.06M	41.89M	48.33M	71.82M	98.61M	85.45M	109.15M	98.42M	115.4M
Total Assets+	734.05M	735.28M	741.96M	819.61M	1.07B	1.58B	1.64B	1.76B	1.92B	2.29B
Asset Turnover	1.19x	1.21x	1.24x	1.24x	0.97x	0.97x	1.03x	1.04x	1.06x	1.05x
Asset Growth %	0.04%	0%	0.01%	0.1%	0.31%	0.47%	0.04%	0.07%	0.09%	0.19%
Total Current Liabilities+	123.01M	117.75M	116.22M	155.59M	273.42M	306.24M	302.07M	309.13M	244.28M	302.88M
Accounts Payable	25.92M	30.05M	29.36M	50.49M	40.43M	62.14M	62M	48.85M	40.97M	43.96M
Days Payables Outstanding	17.31	19.68	17.79	27.31	21.29	22.64	20.76	14.98	11.72	10.98
Short-Term Debt	13.21M	11.88M	13.35M	19.59M	100M	47.98M	50.22M	0	41.89M	53.71M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	17.83M	17.49M	22.7M	22.41M	27.35M	77.64M	63.2M	57.43M	60.8M	50.68M
Current Ratio	3.62x	4.02x	3.91x	3.40x	1.83x	2.80x	3.15x	3.45x	5.10x	5.39x
Quick Ratio	3.38x	3.76x	3.68x	3.21x	1.73x	2.67x	3.03x	3.33x	4.95x	5.27x
Cash Conversion Cycle	74.06	79.25	68.04	57.75	76.43	79.53	81.87	88.4	83.38	83.33
Total Non-Current Liabilities+	44.82M	43.19M	38.55M	30.65M	124.52M	466.4M	528.89M	504.24M	500.16M	511.46M
Long-Term Debt	0	0	0	0	0	299.27M	411.44M	413.04M	414.68M	416.32M
Capital Lease Obligations	9.92M	10.03M	12.66M	5.06M	101.18M	119.03M	104.02M	80.7M	71.64M	79.73M
Deferred Tax Liabilities	18.46M	16.73M	12.58M	16.67M	13.77M	31.85M	3.21M	0	0	0
Other Non-Current Liabilities	16.44M	16.44M	13.31M	8.92M	9.57M	14.28M	7.13M	10.5M	12.74M	15.08M
Total Liabilities	167.83M	160.24M	154.77M	186.24M	397.93M	772.65M	830.96M	813.37M	744.44M	814.34M
Total Debt+	23.13M	21.91M	26.02M	24.65M	235.17M	466.28M	565.67M	543.81M	528.21M	549.76M
Net Debt	-190.86M	-208.96M	-205.09M	-258.47M	22.87M	79.7M	176.27M	133M	27.6M	-232.74M
Debt / Equity	0.04x	0.04x	0.04x	0.04x	0.35x	0.58x	0.70x	0.57x	0.45x	0.37x
Debt / EBITDA	0.28x	0.25x	0.26x	0.21x	2.25x	2.33x	2.22x	1.97x	1.47x	1.16x
Net Debt / EBITDA	-2.32x	-2.39x	-2.03x	-2.21x	0.22x	0.40x	0.69x	0.48x	0.08x	-0.49x
Interest Coverage	22.55x	-	-	-	-	6.14x	18.92x	19.69x	28.33x	34.28x
Total Equity+	566.22M	575.05M	587.19M	633.37M	675.33M	804.65M	812.58M	947.3M	1.18B	1.48B
Equity Growth %	0.04%	0.02%	0.02%	0.08%	0.07%	0.19%	0.01%	0.17%	0.24%	0.26%
Book Value per Share	14.57	14.56	14.45	15.47	16.61	19.22	19.15	22.17	27.01	30.56
Total Shareholders' Equity	558.72M	574.35M	587.19M	633.37M	675.33M	804.65M	812.58M	947.3M	1.18B	1.48B
Common Stock	4K	4K	4K	4K	4K	4K	4K	4K	4K	4K
Retained Earnings	-41.43M	-40.98M	-13.43M	22.45M	46.95M	112.15M	227.46M	354.33M	558.51M	846.45M
Treasury Stock	-75M	-75M	-102.48M	-102.48M	-102.48M	-102.48M	-102.48M	-102.48M	-102.48M	-102.48M
Accumulated OCI	-293K	-170K	-252K	-40K	93K	-474K	143K	-35K	-42K	-67K
Minority Interest	7.5M	700K	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	121.78M	88.73M	105.45M	141.61M	80.42M	134.15M	206.88M	203.15M	278.8M	432.82M
Operating CF Margin %	0.14%	0.1%	0.11%	0.14%	0.08%	0.09%	0.12%	0.11%	0.14%	0.18%
Operating CF Growth %	0.01%	-0.27%	0.19%	0.34%	-0.43%	0.67%	0.54%	-0.02%	0.37%	0.55%
Net Income	8.55M	-459K	27.42M	37.21M	24.51M	71.45M	107.13M	126.87M	204.18M	287.94M
Depreciation & Amortization	68.22M	74.28M	75.26M	71.4M	72.09M	90.08M	97.91M	110.36M	109.68M	114.67M
Stock-Based Compensation	18.62M	22.6M	20.82M	16.68M	23.61M	39.33M	18.57M	20.32M	31.46M	37.5M
Deferred Taxes	-3.82M	-7.07M	-4.01M	3.69M	-1.3M	2.55M	1.19M	-10.37M	2.89M	-17.78M
Other Non-Cash Items	7.66M	18.8M	8.91M	10.31M	22.46M	48.51M	47.01M	23.52M	39.58M	87.36M
Working Capital Changes	22.54M	-19.42M	-22.95M	2.32M	-60.95M	-117.77M	-64.92M	-67.54M	-109M	-76.87M
Change in Receivables	14.46M	-27.75M	11.99M	-21.64M	-37.77M	-143.07M	-57.5M	-54.91M	-32.06M	-102.19M
Change in Inventory	2.94M	-348K	0	-3.32M	-16.18M	-39.16M	4.8M	-19.39M	-8.88M	-6.24M
Change in Payables	-3.9M	5.32M	-2.34M	20.17M	-6.21M	18.93M	11K	-12M	-6.84M	310K
Cash from Investing+	-82.85M	-57.2M	-50.48M	-61.11M	-217.37M	-165.44M	-110.76M	-118.24M	-139.87M	-88M
Capital Expenditures	-5.01M	-2.17M	-8.74M	-5.48M	-1.68M	-3.57M	-9.75M	-5.75M	-2.27M	-1.78M
CapEx % of Revenue	0.01%	0%	0.01%	0.01%	0%	0%	0.01%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-57.89M	-45.96M	-34.46M	-55.63M	-47.69M	-50.2M	-57.88M	-62.21M	-64.52M	-78.91M
Cash from Financing+	-20.78M	-14.64M	-52.72M	-28.99M	65.63M	204.58M	-93.31M	-63.5M	-49.12M	-62.94M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	20K	1.05M	-11.94M	-7.96M	-6.7M	-59.61M	-22.44M	-7M	-8.2M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	58.88M	40.5M	62.24M	93.2M	35.42M	81.89M	139.26M	136.6M	217.21M	431.04M
FCF Margin %	0.07%	0.05%	0.07%	0.09%	0.03%	0.05%	0.08%	0.07%	0.11%	0.18%
FCF Growth %	0.01%	-0.31%	0.54%	0.5%	-0.62%	1.31%	0.7%	-0.02%	0.59%	0.98%
FCF per Share	1.52	1.03	1.53	2.28	0.87	1.96	3.28	3.20	4.99	8.90
FCF Conversion (FCF/Net Income)	13.48x	196.74x	3.82x	3.81x	3.28x	1.88x	1.93x	1.60x	1.37x	1.50x
Interest Paid	790K	0	778K	0	0	0	6.64M	6.95M	7.52M	9.14M
Taxes Paid	1.13M	0	12.21M	0	0	0	35.97M	37.13M	85.23M	67.9M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	1.62%	0.08%	4.75%	6.1%	3.75%	9.66%	13.25%	14.42%	19.23%	21.69%
Return on Invested Capital (ROIC)	2.76%	2.66%	5.12%	9.01%	4.54%	10.47%	12.54%	12%	16.39%	22.04%
Gross Margin	37.38%	37.28%	35.44%	34.69%	33.39%	34.81%	35.36%	35.22%	37.43%	39.24%
Net Margin	1.04%	0.05%	3.01%	3.66%	2.35%	4.65%	6.35%	6.9%	10.01%	11.97%
Debt / Equity	0.04x	0.04x	0.04x	0.04x	0.35x	0.58x	0.70x	0.57x	0.45x	0.37x
Interest Coverage	22.55x	-	-	-	-	6.14x	18.92x	19.69x	28.33x	34.28x
FCF Conversion	13.48x	196.74x	3.82x	3.81x	3.28x	1.88x	1.93x	1.60x	1.37x	1.50x
Revenue Growth	-7.97%	1.81%	3.29%	10.68%	2.46%	47.66%	9.75%	8.93%	11.03%	17.9%

Revenue by Segment

	2019	2020	2021	2022	2023	2024	2025
General Education	-	-	1.28B	1.27B	1.13B	1.29B	1.45B
General Education Growth	-	-	-	-0.50%	-11.18%	13.95%	12.37%
Career Learning	-	-	256.56M	412.88M	705.97M	750.88M	956.64M
Career Learning Growth	-	-	-	60.93%	70.98%	6.36%	27.40%
Middle - High School	-	-	-	321.42M	586.77M	651.19M	876.29M
Middle - High School Growth	-	-	-	-	82.56%	10.98%	34.57%
Adult	-	-	55.79M	91.47M	119.2M	99.69M	80.35M
Adult Growth	-	-	-	63.96%	30.32%	-16.37%	-19.39%
Middle High School	-	-	200.77M	-	-	-	-
Middle High School Growth	-	-	-	-	-	-	-
Managed Public School Programs	890.27M	920.08M	-	-	-	-	-
Managed Public School Programs Growth	-	3.35%	-	-	-	-	-
Institutional	89.95M	74.96M	-	-	-	-	-
Institutional Growth	-	-16.67%	-	-	-	-	-
Private Pay Schools And Other	35.52M	45.73M	-	-	-	-	-
Private Pay Schools And Other Growth	-	28.72%	-	-	-	-	-
Institutional Software And Services	39.33M	38.77M	-	-	-	-	-
Institutional Software And Services Growth	-	-1.44%	-	-	-	-	-
Non Managed Public School Programs	50.62M	36.2M	-	-	-	-	-
Non Managed Public School Programs Growth	-	-28.50%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Stride, Inc. (LRN) has a price-to-earnings (P/E) ratio of 11.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Stride, Inc. (LRN) reported $2.48B in revenue for fiscal year 2025. This represents a 249% increase from $708.4M in 2012.

Stride, Inc. (LRN) grew revenue by 17.9% over the past year. This is strong growth.

Yes, Stride, Inc. (LRN) is profitable, generating $315.9M in net income for fiscal year 2025 (12.0% net margin).

Dividend & Returns

Stride, Inc. (LRN) has a return on equity (ROE) of 21.7%. This is excellent, indicating efficient use of shareholder capital.

Stride, Inc. (LRN) generated $363.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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