The company's financial position appears strained with negative equity of $31.4M and a current ratio of 0.63, largely impacted by $76.6M in deferred revenue liabilities.
| Total Current Assets | 60.4M | 40.09M | 29.78M | 26.57M | 151.25M | 247.61M | 170.15M | 138.78M | 108.5M | 102.65M | 39.45M | 35.08M | 10.29M |
| Cash & Short-Term Investments | 38.96M | 29.19M | 23.39M | 23.06M | 31.11M | 201.08M | 134.34M | 103.52M | 95.49M | 93.18M | 32.96M | 33.82M | 10.15M |
| Cash Only | 38.87M | 27.76M | 21.3M | 18.19M | 24.61M | 50M | 49.02M | 60.06M | 49.02M | 39.59M | 7.22M | 33.82M | 10.15M |
| Short-Term Investments | 93K | 1.43M | 2.09M | 4.87M | 6.5M | 151.08M | 85.33M | 43.46M | 46.47M | 53.59M | 25.74M | 0 | 0 |
| Accounts Receivable | 11.48M | 706K | 530K | 0 | 226K | 1.57M | 347.3K | 467.36K | 318.29K | 1.44M | 0 | 0 | 0 |
| Days Sales Outstanding | 43.72 | 5.08 | 7.14 | - | 104.68 | 1.82 | 0.6 | 1.02 | 0.89 | 8.71 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 296.17K | 44.02K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 1.22 | 0.26 | - | - | - | - | - | - |
| Other Current Assets | 9.95M | 6.97M | 3.55M | 2.36M | 118.94M | 33.13M | 25.79M | 21.85M | 957.01K | 707.11K | 430.39K | 73.67K | 13.7K |
| Total Non-Current Assets | 5.7M | 3.85M | 1.37M | 1.07M | 35.82M | 90.59M | 30.2M | 8.08M | 11.52M | 9.04M | 5.46M | 1.52M | 185.8K |
| Property, Plant & Equipment | 5.21M | 3.25M | 861K | 794K | 1.72M | 18.24M | 11M | 5.14M | 7.51M | 5.99M | 3.85M | 1.05M | 61.38K |
| Fixed Asset Turnover | 18.40x | 15.59x | 31.49x | 18.95x | 0.46x | 17.24x | 19.21x | 32.41x | 17.30x | 10.06x | 6.18x | 8.02x | 58.24x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 646.38K | 603.56K | 613.9K | 646.84K | 608.17K | 650.51K | 0 | 0 |
| Intangible Assets | 68K | 80K | 92K | 104K | 116K | 3.11M | 1.42M | 1.71M | 1.48M | 666.64K | 401.74K | 129.13K | 88.94K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 11.12M | 63.37M | 16.21M | 0 | 1.03M | 999.88K | 0 | 0 | 0 |
| Other Non-Current Assets | 341K | 460K | 348K | 169K | 22.83M | 3.66M | 969.59K | 614.91K | 846.42K | 772.92K | 558.55K | 345.15K | 35.48K |
| Total Assets | 66.09M | 43.94M | 31.16M | 27.63M | 187.07M | 338.2M | 200.35M | 146.86M | 120.02M | 111.69M | 44.91M | 36.61M | 10.48M |
| Asset Turnover | 1.45x | 1.15x | 0.87x | 0.54x | 0.00x | 0.93x | 1.05x | 1.13x | 1.08x | 0.54x | 0.53x | 0.23x | 0.34x |
| Asset Growth % | 50.41% | 41.04% | 12.75% | -85.23% | -44.69% | 68.8% | 36.43% | 22.36% | 7.46% | 148.69% | 22.69% | 249.37% | - |
| Total Current Liabilities | 95.36M | 56.9M | 39.13M | 20.51M | 297.04M | 461.96M | 345.67M | 274.11M | 218.17M | 120.81M | 56.85M | 18.42M | 3.98M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 2.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 76.57M | 45.06M | 27.21M | 15.17M | 2.87M | 416.14M | 311.83M | 242.4M | 180.21M | 94.1M | 40.73M | 12.39M | 2.71M |
| Other Current Liabilities | 3.84M | 411K | 1.36M | 96K | 291.15M | 3.09M | 1.49M | 823.23K | 1.16M | 729.14K | 175.3K | 241.49K | 56.43K |
| Current Ratio | 0.63x | 0.70x | 0.76x | 1.30x | 0.51x | 0.54x | 0.49x | 0.51x | 0.50x | 0.85x | 0.69x | 1.90x | 2.59x |
| Quick Ratio | 0.63x | 0.70x | 0.76x | 1.30x | 0.51x | 0.54x | 0.49x | 0.51x | 0.50x | 0.85x | 0.69x | 1.90x | 2.59x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.99M | 1.75M | 217K | 547K | 3.45M | 8.93M | 4.28M | 12.68M | 4.23M | 5.16M | 1.36M | 247.62K | 11.88K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.04M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.18M | 1.44M | 41K | 307K | 817K | 8.2M | 3.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 452K | 0 | 0 | 84K | 0 | 0 | 0 | 3.05K | 18.99K | 32.55K | 58.53K | 0 | 0 |
| Other Non-Current Liabilities | 360K | 310K | 176K | 156K | 2.64M | 383.88K | 227.96K | 124K | 343.87K | 276.22K | 103.82K | 0 | 0 |
| Total Liabilities | 97.35M | 58.65M | 39.35M | 21.06M | 300.5M | 470.89M | 349.94M | 286.8M | 222.39M | 125.97M | 58.21M | 18.67M | 3.99M |
| Total Debt | 2.94M | 2.68M | 631K | 734K | 1.63M | 14.78M | 10.24M | 10.04M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -35.93M | -25.07M | -20.67M | -17.45M | -22.98M | -35.22M | -38.77M | -50.02M | -49.02M | -39.59M | -7.22M | -33.82M | -10.15M |
| Debt / Equity | - | - | - | 0.11x | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | 0.78x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | -1.87x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | 1582.12x | -9.51x | -40.55x | - | - | - | - | - |
| Total Equity | -31.25M | -14.71M | -8.19M | 6.58M | -113.43M | -132.7M | -149.59M | -139.94M | -102.38M | -14.28M | -13.3M | 17.94M | 6.49M |
| Equity Growth % | -112.43% | -79.61% | -224.54% | 105.8% | 14.52% | 11.29% | -6.9% | -36.69% | -616.74% | -7.43% | -174.13% | 176.33% | - |
| Book Value per Share | -316.93 | -152.58 | -86.46 | 70.54 | -1201.22 | -1398.84 | -1746.42 | -1654.24 | -1221.98 | - | - | - | - |
| Total Shareholders' Equity | -31.36M | -15M | -8.34M | 6.58M | -113.43M | -132.7M | -149.59M | -139.94M | -102.38M | -14.28M | -13.3M | 17.94M | 6.49M |
| Common Stock | 36K | 35K | 34K | 33K | 33K | 32.6K | 29.3K | 28.93K | 30.17K | 28.23K | 6.93K | 7.25K | 8.25K |
| Retained Earnings | -370.4M | -353.6M | -346.37M | -331.17M | -288.61M | -314.07M | -314.27M | -304.47M | -268.63M | -168.92M | -87.8M | -27.11M | -4.22M |
| Treasury Stock | 0 | 0 | 0 | 0 | -6.64M | -3.54M | -859.11K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.94M | -684K | -325K | 303K | -6.05M | 1.36M | 4.28M | 3.58M | 1.18M | 4.66M | 714.44K | 261.81K | -112.87K |
| Minority Interest | 104K | 288K | 149K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative Equity and Liquidity
As reported in recent financial filings, 51Talk's equity position has deteriorated to negative $31.4M by 2025Q4, a trend driven by persistent accumulated losses that suggest the company's aggressive international expansion strategy is currently consuming capital faster than the business can generate sustainable shareholder value.
The shift into negative equity territory indicates that the company's historical losses have fully eroded its book value, leaving the balance sheet reliant on future operational success to restore solvency. Investors should monitor whether this trajectory stabilizes as the international pivot matures or if further capital injections become necessary to support ongoing operations.
Based on the 2025Q4 balance sheet, the company's current ratio stands at 0.63, which, according to reported figures, highlights a significant liquidity mismatch where current liabilities, largely driven by deferred revenue, substantially outweigh the available cash and short-term assets required to meet immediate operational obligations.
While deferred revenue is a non-cash liability, the low current ratio suggests that the company has limited flexibility to absorb unexpected shocks or sudden shifts in student enrollment patterns. This liquidity profile warrants caution, as the firm's ability to meet its short-term commitments appears heavily dependent on the continued inflow of new student prepayments.
As indicated in the latest quarterly data, deferred revenue has climbed to $76.6M in 2025Q4, representing a critical source of non-debt financing that effectively funds the company's current growth phase while simultaneously creating a substantial future performance obligation that must be fulfilled through ongoing lesson delivery.
The growth in deferred revenue suggests strong initial demand for the international platform, yet it also creates a significant liability that must be managed carefully to avoid future margin compression. Analysts should interpret this balance as a leading indicator of future revenue recognition, provided that student retention remains high enough to ensure these lessons are actually consumed.
According to the 2025Q4 balance sheet, the $76.6M in deferred revenue represents the most significant distortion to the company's financial health, as it masks the underlying operational burn rate by inflating current liabilities and creating a false sense of scale relative to the firm's negative equity position.
This reliance on prepaid tuition means that any slowdown in new student acquisition could lead to a rapid contraction in cash flow, potentially triggering a liquidity crisis. Investors should be wary of viewing this liability as a stable funding source, as it is inherently tied to the company's ability to maintain its competitive edge in the international education market.
Quick answers to the most common questions about buying COE stock.
As of 2025, 51Talk Online Education Group (COE) had total assets of $66.1M including $60.4M in current assets.
51Talk Online Education Group (COE) carries total debt of $2.9M, offset by $39.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
51Talk Online Education Group (COE) has total shareholders' equity (book value) of $-31.4M ($-316.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
51Talk Online Education Group (COE) reported a current ratio of 0.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.