TAL Education Group (TAL) 10-Year Financial Performance & Capital Metrics

TAL • • Industrial / General

Consumer DefensiveEducation & TrainingK-12 Education ServicesAfter-School Tutoring & Test Prep

AboutTAL Education Group provides K-12 after-school tutoring services in the People's Republic of China. The company offers tutoring services to K-12 students covering various academic subjects, including mathematics, physics, chemistry, biology, history, geography, political science, English, and Chinese. It provides tutoring services primarily through small-class services under the Xueersi, Xueersi Online School, First Leap, Tipaipai, Xiaohou AI, Xiaohoucode, Aiqidao, Mamabang, Kaoyanbang, and Shunshunliuxue brand names; and personalized premium services under Izhikang name. The company also operates jzb.com, an online education platform; provides investment management and consulting services; develops and sells software and networks, as well as related consulting services; and sells educational materials and products. TAL Education Group was founded in 2003 and is headquartered in Beijing, the People's Republic of China.Show more

Revenue $2.25B +51.0%
EBITDA $45M +214.1%
Net Income $85M +2467.5%
EPS (Diluted) 0.14 +2472.9%
Gross Margin 53.34% -1.4%
EBITDA Margin 2% +175.6%
Operating Margin -0.33% +92.9%
Net Margin 3.76% +1668.3%
ROE 2.28% +2484.8%
ROIC -0.28% +90.3%
Debt/Equity 0.09 +34.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Sales declining 7.2% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.89%

5Y-7.22%

3Y-19.98%

TTM44.54%

Profit (Net Income) CAGR

10Y2.33%

5Y-

3Y-

TTM136.49%

EPS CAGR

10Y0%

5Y-

3Y-

TTM-0.17%

ROCE

10Y Avg4.64%

5Y Avg-2.37%

3Y Avg-1.4%

Latest-0.19%

Peer Comparison

After-School Tutoring & Test Prep

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TALTAL Education Group	5.5B	11.94	85.29	50.98%	6.45%	4.98%	5.19%	0.09
EDUNew Oriental Education & Technology Group Inc.	9.18B	57.71	25.09	13.6%	7.59%	9.4%	6.94%	0.20
FEDUFour Seasons Education (Cayman) Inc.	27.28M	12.07	3.18	100.15%	0.32%	0.16%		0.19
AMBOAmbow Education Holding Ltd.	7.13M	2.72	0.17	5.4%	-26.05%	-241.15%	6.1%	1.31
AACGATA Creativity Global	29.87M	0.94	-0.41	20.96%	-3.03%	-14.43%		0.44
GOTUGaotu Techedu Inc.	331.56M	2.51	-0.91	55.99%	-6.4%	-26.51%	24.06%	0.25

Profit & Loss

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Sales/Revenue+	619.95M	1.04B	1.72B	2.56B	3.27B	4.5B	4.39B	1.02B	1.49B	2.25B
Revenue Growth %	0.43%	0.68%	0.64%	0.49%	0.28%	0.37%	-0.02%	-0.77%	0.46%	0.51%
Cost of Goods Sold+	303.63M	522.33M	882.32M	1.16B	1.47B	2.05B	2.2B	436.36M	684.32M	1.05B
COGS % of Revenue	0.49%	0.5%	0.51%	0.45%	0.45%	0.46%	0.5%	0.43%	0.46%	0.47%
Gross Profit+	316.31M	520.77M	832.7M	1.4B	1.8B	2.45B	2.19B	583.41M	806.12M	1.2B
Gross Margin %	0.51%	0.5%	0.49%	0.55%	0.55%	0.54%	0.5%	0.57%	0.54%	0.53%
Gross Profit Growth %	0.37%	0.65%	0.6%	0.68%	0.29%	0.36%	-0.11%	-0.73%	0.38%	0.49%
Operating Expenses+	231.26M	386.18M	623.74M	1.06B	1.64B	2.78B	2.8B	674.14M	875.35M	1.21B
OpEx % of Revenue	0.37%	0.37%	0.36%	0.41%	0.5%	0.62%	0.64%	0.66%	0.59%	0.54%
Selling, General & Admin	234.59M	389.29M	628.39M	1.06B	1.65B	2.8B	2.32B	696.83M	891.8M	1.21B
SG&A % of Revenue	0.38%	0.37%	0.37%	0.42%	0.5%	0.62%	0.53%	0.68%	0.6%	0.54%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-2.52M	0	0	0	-9.47M	-19.49M	484.24M	-22.68M	-16.45M	0
Operating Income+	85.05M	134.59M	208.6M	341.58M	26.14M	-351.27M	-130.52M	-90.73M	-69.23M	-7.39M
Operating Margin %	0.14%	0.13%	0.12%	0.13%	0.01%	-0.08%	-0.03%	-0.09%	-0.05%	-0%
Operating Income Growth %	0.26%	0.58%	0.55%	0.64%	-0.92%	-14.44%	0.63%	0.3%	0.24%	0.89%
EBITDA+	104.23M	168.16M	267.82M	430.42M	141.33M	-190.28M	59.34M	-54.28M	-39.36M	44.91M
EBITDA Margin %	0.17%	0.16%	0.16%	0.17%	0.04%	-0.04%	0.01%	-0.05%	-0.03%	0.02%
EBITDA Growth %	0.31%	0.61%	0.59%	0.61%	-0.67%	-2.35%	1.31%	-1.91%	0.27%	2.14%
D&A (Non-Cash Add-back)	19.18M	33.56M	59.21M	88.83M	115.19M	160.99M	189.86M	36.45M	29.87M	52.3M
EBIT	144.4M	167.73M	263.63M	341.58M	166.44M	-207.68M	-770.26M	-109.72M	-69.23M	132.11M
Net Interest Income+	10.23M	4.99M	23.2M	41.99M	61.17M	97.29M	95.31M	61.56M	84.93M	83.48M
Interest Income	17.73M	18.13M	39.84M	59.61M	72.99M	114.23M	103.18M	61.56M	84.93M	83.48M
Interest Expense	7.5M	13.14M	16.64M	17.63M	11.82M	16.95M	7.87M	0	0	0
Other Income/Expense	51.85M	11.96M	38.39M	115.62M	-188.1M	137.66M	-638.23M	-21.24M	80.47M	130.09M
Pretax Income+	136.9M	154.58M	246.99M	457.2M	-50.65M	-213.61M	-768.75M	-111.97M	11.24M	122.58M
Pretax Margin %	0.22%	0.15%	0.14%	0.18%	-0.02%	-0.05%	-0.18%	-0.11%	0.01%	0.05%
Income Tax+	33.48M	36.16M	44.65M	76.5M	69.33M	-69.9M	396.99M	20.01M	15.38M	38.32M
Effective Tax Rate %	0.75%	0.74%	0.8%	0.8%	2.37%	0.54%	1.48%	1.21%	-0.32%	0.69%
Net Income+	102.88M	114.78M	198.44M	367.24M	-119.98M	-115.99M	-1.14B	-135.61M	-3.57M	84.59M
Net Margin %	0.17%	0.11%	0.12%	0.14%	-0.04%	-0.03%	-0.26%	-0.13%	-0%	0.04%
Net Income Growth %	0.53%	0.12%	0.73%	0.85%	-1.33%	0.03%	-8.79%	0.88%	0.97%	24.68%
Net Income (Continuing)	102.76M	112.49M	202.34M	364.51M	-127.65M	-143.05M	-1.16B	-131.98M	-4.14M	84.26M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.76M	36.62M	19.72M	46.73M	28.46M	2.73M	-27.89M	-23.73M	-23.33M	-169K
EPS (Diluted)+	0.20	0.22	0.33	0.60	-0.20	-0.19	-1.77	-0.21	-0.01	0.14
EPS Growth %	0.43%	0.1%	0.5%	0.82%	-1.33%	0.05%	-8.32%	0.88%	0.97%	-
EPS (Basic)	0.21	0.24	0.39	0.63	-0.20	-0.19	-1.77	-0.21	-0.01	0.14
Diluted Shares Outstanding	543.68M	559.88M	577.17M	594.67M	588.61M	604.71M	638.04M	631.35M	603.82M	609.52M
Basic Shares Outstanding	506.75M	525.95M	570.09M	594.41M	584.32M	604.37M	637.87M	629.42M	528.03M	609.52M
Dividend Payout Ratio	-	-	0.21%	-	-	-	-	-	-	-

Balance Sheet

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Total Current Assets+	515.86M	869.02M	1.66B	1.75B	2.5B	8.16B	3.63B	3.47B	3.7B	4.13B
Cash & Short-Term Investments	478.81M	699.67M	1.5B	1.52B	2.22B	5.94B	2.71B	3.17B	3.3B	3.62B
Cash Only	434.04M	470.22M	711.52M	1.25B	1.87B	3.24B	1.64B	2.02B	2.21B	1.77B
Short-Term Investments	44.76M	229.46M	787.39M	268.42M	345.46M	2.69B	1.07B	1.15B	1.09B	1.85B
Accounts Receivable	1.4M	105.87M	16.46M	50.22M	42.65M	25.91M	25.57M	44.83M	80.69M	105.87M
Days Sales Outstanding	0.83	37.05	3.5	7.15	4.76	2.1	2.13	16.04	19.76	17.17
Inventory	600.44K	2.82M	5.27M	7.75M	25.83M	38.67M	21.83M	39M	68.33M	104.88M
Days Inventory Outstanding	0.72	1.97	2.18	2.43	6.42	6.89	3.62	32.62	36.44	36.46
Other Current Assets	4.43M	144.1M	111.55M	127.07M	200.64M	1.9B	862.61M	209.99M	176.72M	82.01M
Total Non-Current Assets+	545.52M	957.78M	1.39B	1.99B	3.08B	3.96B	1.45B	1.26B	1.23B	1.38B
Property, Plant & Equipment	114.63M	154.31M	247.27M	287.88M	1.61B	2.06B	508.3M	437.88M	636.42M	801.43M
Fixed Asset Turnover	5.41x	6.76x	6.94x	8.90x	2.03x	2.19x	8.64x	2.33x	2.34x	2.81x
Goodwill	87.02M	267.16M	291.38M	414.23M	378.91M	454.41M	0	163K	0	0
Intangible Assets	15.19M	37.97M	43.5M	74.78M	263.84M	282.74M	219.4M	194.36M	191.04M	182.88M
Long-Term Investments	274.36M	347.73M	597.61M	850.7M	571.6M	659.98M	396.75M	453.38M	264.77M	305.11M
Other Non-Current Assets	47.66M	134.43M	195.43M	332.62M	171.23M	184M	319.94M	164.19M	131.92M	83.25M
Total Assets+	1.06B	1.83B	3.05B	3.74B	5.57B	12.11B	5.08B	4.72B	4.93B	5.5B
Asset Turnover	0.58x	0.57x	0.56x	0.69x	0.59x	0.37x	0.86x	0.22x	0.30x	0.41x
Asset Growth %	0.37%	0.72%	0.67%	0.22%	0.49%	1.17%	-0.58%	-0.07%	0.04%	0.12%
Total Current Liabilities+	383.16M	667.14M	1.13B	1.18B	1.81B	3.37B	902.58M	783.87M	1.08B	1.44B
Accounts Payable	10.4M	22.64M	57.6M	106.49M	117.77M	353.78M	89.84M	59.99M	127.32M	146.3M
Days Payables Outstanding	12.51	15.82	23.83	33.38	29.27	63.03	14.88	50.18	67.91	50.86
Short-Term Debt	0	0	0	215.3M	0	270M	66.1M	0	62.6M	88.45M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	26.12M	34.05M	-17.51M	180.67M	265.01M	438.55M	120.78M	119.58M	92.7M	493.87M
Current Ratio	1.35x	1.30x	1.47x	1.47x	1.38x	2.42x	4.02x	4.42x	3.42x	2.86x
Quick Ratio	1.34x	1.30x	1.46x	1.47x	1.37x	2.41x	4.00x	4.37x	3.36x	2.79x
Cash Conversion Cycle	-10.96	23.2	-18.15	-23.8	-18.09	-54.04	-9.14	-1.51	-11.71	2.77
Total Non-Current Liabilities+	237.48M	480.9M	280.71M	20.9M	1.22B	3.53B	177.68M	119.58M	206.97M	295.32M
Long-Term Debt	227.83M	450.15M	236.07M	0	261.95M	2.3B	0	0	0	0
Capital Lease Obligations	0	0	0	0	949.92M	1.19B	175.99M	115.55M	176.61M	244.9M
Deferred Tax Liabilities	1.3M	13.19M	20.04M	17.74M	7.79M	10.33M	1.68M	1.56M	2.36M	3.47M
Other Non-Current Liabilities	0	2.84M	44.63M	661K	0	0	0	0	0	0
Total Liabilities	620.64M	1.15B	1.41B	1.2B	3.03B	6.91B	1.08B	903.44M	1.29B	1.74B
Total Debt+	227.83M	450.15M	236.07M	215.3M	1.52B	4.15B	242.09M	157.72M	239.22M	333.35M
Net Debt	-206.21M	-20.07M	-475.44M	-1.03B	-357.04M	903.28M	-1.4B	-1.86B	-1.97B	-1.63B
Debt / Equity	0.52x	0.66x	0.14x	0.09x	0.60x	0.80x	0.06x	0.04x	0.07x	0.09x
Debt / EBITDA	2.19x	2.68x	0.88x	0.50x	10.73x	-	4.08x	-	-	7.42x
Net Debt / EBITDA	-1.98x	-0.12x	-1.78x	-2.40x	-2.53x	-	-23.53x	-	-	-36.20x
Interest Coverage	11.34x	10.24x	12.54x	19.38x	2.21x	-20.73x	-16.58x	-	-	-
Total Equity+	440.74M	678.76M	1.64B	2.53B	2.54B	5.2B	4B	3.82B	3.64B	3.77B
Equity Growth %	0.41%	0.54%	1.42%	0.54%	0.01%	1.05%	-0.23%	-0.05%	-0.05%	0.04%
Book Value per Share	0.81	1.21	2.84	4.26	4.32	8.61	6.27	6.05	6.03	6.18
Total Shareholders' Equity	436.98M	642.15M	1.62B	2.48B	2.52B	5.2B	4.03B	3.84B	3.66B	3.77B
Common Stock	161.77K	164.59K	188.96K	198K	200K	215K	216K	218K	201K	203K
Retained Earnings	306.38M	415.74M	565.2M	920.31M	786.1M	624.88M	-544.31M	-685.91M	-694.27M	-624.08M
Treasury Stock	0	0	0	0	0	0	0	-6K	0	0
Accumulated OCI	22.03M	84.28M	170.64M	75.74M	53.8M	207.61M	215.98M	129.69M	99.21M	95.62M
Minority Interest	3.76M	36.62M	19.72M	46.73M	28.46M	2.73M	-27.89M	-23.73M	-23.33M	-169K

Cash Flow

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Cash from Operations+	187.72M	359.56M	685.29M	194.36M	855.85M	954.73M	-939.18M	7.36M	306.17M	397.92M
Operating CF Margin %	0.3%	0.34%	0.4%	0.08%	0.26%	0.21%	-0.21%	0.01%	0.21%	0.18%
Operating CF Growth %	0.27%	0.92%	0.91%	-0.72%	3.4%	0.12%	-1.98%	1.01%	40.61%	0.3%
Net Income	102.76M	112.49M	194.66M	364.51M	-127.65M	-143.05M	-1.16B	-135.61M	-3.57M	84.26M
Depreciation & Amortization	19.18M	33.56M	59.21M	88.83M	117.99M	165.34M	189.86M	40.7M	29.87M	52.3M
Stock-Based Compensation	25.85M	36.12M	47.15M	77.28M	117.94M	204.94M	174.83M	108.57M	88.9M	64.94M
Deferred Taxes	-787.58M	-3.34B	5.18B	5.18M	-58.34M	159.94M	304.23M	400K	0	0
Other Non-Cash Items	741.33M	3.34B	-5.18B	-69.79M	363.57M	-3.85M	868.24M	65.97M	9.32M	-14.54M
Working Capital Changes	86.18M	185.24M	383.59M	-271.65M	442.33M	571.42M	-1.31B	-72.68M	181.65M	210.97M
Change in Receivables	16.54M	-7.78M	26.88M	108.36M	174.76M	72.61M	-4.29M	14.64M	5.08M	264K
Change in Inventory	207.01K	-2.22M	-2.5M	-2.37M	-18.33M	-17M	5.12M	-20.43M	-34.84M	-54.07M
Change in Payables	3.78M	5.36M	30.98M	49.29M	693K	229M	-252.93M	-2.93M	24.44M	18.18M
Cash from Investing+	-215.35M	-518.27M	-840.36M	-166.58M	-338.81M	-2.64B	1.37B	-301.63M	95.07M	-847.03M
Capital Expenditures	-35.09M	-71.11M	-128.42M	-355.01M	-188.06M	-245.74M	-246.42M	-110.33M	-112.74M	-111.73M
CapEx % of Revenue	0.06%	0.07%	0.07%	0.14%	0.06%	0.05%	0.06%	0.11%	0.08%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-17.48M	-108.58M	62.48M	-24.82M	-39.47M	389K	5.53M	20.76M	4.3M	497K
Cash from Financing+	645.99K	198.3M	428.15M	475.02M	131.23M	4.79B	-2.77B	-66.18M	-233.09M	-13.17M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-41.17M	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-9.44M	-14.7M	-30.68M	-9.91M	70.56M	8.18M	-402K	184K	462K	407K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	152.63M	288.45M	556.87M	-160.65M	667.79M	708.99M	-1.19B	-102.97M	184.88M	285.66M
FCF Margin %	0.25%	0.28%	0.32%	-0.06%	0.2%	0.16%	-0.27%	-0.1%	0.12%	0.13%
FCF Growth %	0.31%	0.89%	0.93%	-1.29%	5.16%	0.06%	-2.67%	0.91%	2.8%	0.55%
FCF per Share	0.28	0.52	0.96	-0.27	1.13	1.17	-1.86	-0.16	0.31	0.47
FCF Conversion (FCF/Net Income)	1.82x	3.13x	3.45x	0.53x	-7.13x	-8.23x	0.83x	-0.05x	-85.69x	4.70x
Interest Paid	5.75M	7.33M	13.8M	12.56M	6.71M	8.38M	9.43M	0	0	0
Taxes Paid	21.03M	36.65M	71.02M	61.81M	122.27M	158.78M	117.62M	5.57M	2.48M	18.88M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	27.28%	20.51%	17.11%	17.61%	-4.73%	-2.99%	-24.68%	-3.47%	-0.1%	2.28%
Return on Invested Capital (ROIC)	41.97%	22.6%	17.16%	19.24%	1.06%	-6.35%	-2.25%	-2.98%	-2.86%	-0.28%
Gross Margin	51.02%	49.93%	48.55%	54.57%	55.13%	54.43%	49.82%	57.21%	54.09%	53.34%
Net Margin	16.59%	11%	11.57%	14.33%	-3.67%	-2.58%	-25.87%	-13.3%	-0.24%	3.76%
Debt / Equity	0.52x	0.66x	0.14x	0.09x	0.60x	0.80x	0.06x	0.04x	0.07x	0.09x
Interest Coverage	11.34x	10.24x	12.54x	19.38x	2.21x	-20.73x	-16.58x	-	-	-
FCF Conversion	1.82x	3.13x	3.45x	0.53x	-7.13x	-8.23x	0.83x	-0.05x	-85.69x	4.70x
Revenue Growth	42.86%	68.26%	64.42%	49.44%	27.71%	37.35%	-2.33%	-76.78%	46.15%	50.98%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022
Small class learning services, personalized premium services and others	-	-	-	-	-	-	-	-	3.05B
Small class learning services, personalized premium services and others Growth	-	-	-	-	-	-	-	-	-
Online education services through www.xueersi.com	-	-	-	-	-	-	-	-	1.34B
Online education services through www.xueersi.com Growth	-	-	-	-	-	-	-	-	-
Service	-	-	-	-	-	-	-	3.22B	-
Service Growth	-	-	-	-	-	-	-	-	-
Online Education Services Through Website	-	-	-	-	-	339.64M	617.99M	1.27B	-
Online Education Services Through Website Growth	-	-	-	-	-	-	81.95%	106.25%	-
Small Class Tutoring Services Personalized Premium Services And Others	-	-	-	-	-	2.22B	-	-	-
Small Class Tutoring Services Personalized Premium Services And Others Growth	-	-	-	-	-	-	-	-	-
Educational Programs And Services	-	415M	585.05M	950.42M	1.51B	-	-	-	-
Educational Programs And Services Growth	-	-	40.97%	62.45%	58.66%	-	-	-	-
Online Education Services	9.29M	15.49M	24.71M	48.88M	120.72M	-	-	-	-
Online Education Services Growth	-	66.75%	59.53%	97.80%	146.98%	-	-	-	-
Sales Of Education Materials Online Advertising Services And Others	-	3.48M	10.19M	43.8M	86.4M	-	-	-	-
Sales Of Education Materials Online Advertising Services And Others Growth	-	-	193.08%	329.81%	97.24%	-	-	-	-
Educational Programs and Services	303.84M	-	-	-	-	-	-	-	-
Educational Programs and Services Growth	-	-	-	-	-	-	-	-	-
Educational Materials and Others	763.59K	-	-	-	-	-	-	-	-
Educational Materials and Others Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

TAL Education Group (TAL) has a price-to-earnings (P/E) ratio of 85.3x. This suggests investors expect higher future growth.

Growth & Financials

TAL Education Group (TAL) reported $2.65B in revenue for fiscal year 2025. This represents a 1395% increase from $177.5M in 2012.

TAL Education Group (TAL) grew revenue by 51.0% over the past year. This is strong growth.

Yes, TAL Education Group (TAL) is profitable, generating $171.2M in net income for fiscal year 2025 (3.8% net margin).

Dividend & Returns

TAL Education Group (TAL) has a return on equity (ROE) of 2.3%. This is below average, suggesting room for improvement.

TAL Education Group (TAL) generated $441.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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