New Oriental Education & Technology Group Inc. (EDU) 10-Year Financial Performance & Capital Metrics

EDU • • Industrial / General

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

AboutNew Oriental Education & Technology Group Inc. provides private educational services under the New Oriental brand in the People's Republic of China. It operates through K-12 AST, Test Preparation and Other Courses; Online Education; and Others segments. The company offers test preparation courses to students taking language and entrance exams used by educational institutions in the United States, the People's Republic of China, and the Commonwealth countries; and after-school tutoring courses for middle and high school students to enhance their exam scores, as well as for children to teach English. It also provides language training courses, including English, as well as other foreign languages, such as German, Japanese, French, Korean, Italian, and Spanish; operates a full-time private primary and secondary school in Yangzhou seeking a full curriculum with a focus on English; develops and edits educational materials for language training and test preparation; and offers online education programs that include college, K-12, and pre-school education. In addition, the company offers overseas studies consulting and overseas study tour services. As of May 31, 2021, it offered educational programs, services, and products to students through a network of 122 schools, 1,547 learning centers, and 11 bookstores, as well as through its online learning platforms. The company was founded in 1993 and is headquartered in Beijing, the People's Republic of China.Show more

Revenue $4.9B +13.6%
EBITDA $535M +17.0%
Net Income $372M +20.3%
EPS (Diluted) 2.30 +21.1%
Gross Margin 55.45% +5.7%
EBITDA Margin 10.92% +3.0%
Operating Margin 8.74% +7.6%
Net Margin 7.6% +5.9%
ROE 9.31% +18.2%
ROIC 9.93% +12.1%
Debt/Equity 0.20 +24.3%
Interest Coverage 1377.01 +17.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.0% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.67%

5Y6.49%

3Y16.42%

TTM13.6%

Profit (Net Income) CAGR

10Y6.79%

5Y-2.06%

3Y-

TTM20.07%

EPS CAGR

10Y6.72%

5Y-2.42%

3Y-

TTM22.97%

ROCE

10Y Avg7.56%

5Y Avg1.27%

3Y Avg7.35%

Latest9.47%

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

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	1.48B	1.8B	2.45B	3.1B	3.58B	4.28B	3.11B	3B	4.31B	4.9B
Revenue Growth %	0.19%	0.22%	0.36%	0.27%	0.16%	0.2%	-0.27%	-0.03%	0.44%	0.14%
Cost of Goods Sold+	614.36M	749.59M	1.07B	1.38B	1.59B	2.04B	1.75B	1.41B	2.05B	2.18B
COGS % of Revenue	0.42%	0.42%	0.44%	0.44%	0.44%	0.48%	0.56%	0.47%	0.48%	0.45%
Gross Profit+	863.98M	1.05B	1.38B	1.72B	1.99B	2.24B	1.35B	1.59B	2.26B	2.72B
Gross Margin %	0.58%	0.58%	0.56%	0.56%	0.56%	0.52%	0.44%	0.53%	0.52%	0.55%
Gross Profit Growth %	0.2%	0.22%	0.32%	0.25%	0.16%	0.13%	-0.4%	0.18%	0.42%	0.2%
Operating Expenses+	668.91M	787.77M	1.12B	1.42B	1.59B	2.12B	2.33B	1.4B	1.91B	2.29B
OpEx % of Revenue	0.45%	0.44%	0.46%	0.46%	0.44%	0.5%	0.75%	0.47%	0.44%	0.47%
Selling, General & Admin	668.91M	787.77M	1.12B	1.42B	1.59B	2.09B	2.33B	1.4B	1.91B	2.23B
SG&A % of Revenue	0.45%	0.44%	0.46%	0.46%	0.44%	0.49%	0.75%	0.47%	0.44%	0.46%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	31.79M	0	0	0	55.96M
Operating Income+	198.84M	262.15M	262.96M	305.53M	399M	117.27M	-982.51M	190.05M	350.43M	428.25M
Operating Margin %	0.13%	0.15%	0.11%	0.1%	0.11%	0.03%	-0.32%	0.06%	0.08%	0.09%
Operating Income Growth %	0.3%	0.32%	0%	0.16%	0.31%	-0.71%	-9.38%	1.19%	0.84%	0.22%
EBITDA+	247.24M	317.43M	341.88M	419.27M	549.84M	347.45M	-788.29M	312.75M	457.25M	535.07M
EBITDA Margin %	0.17%	0.18%	0.14%	0.14%	0.15%	0.08%	-0.25%	0.1%	0.11%	0.11%
EBITDA Growth %	0.23%	0.28%	0.08%	0.23%	0.31%	-0.37%	-3.27%	1.4%	0.46%	0.17%
D&A (Non-Cash Add-back)	48.4M	55.28M	78.92M	113.74M	150.84M	230.18M	194.22M	122.7M	106.82M	106.82M
EBIT	195.08M	330.71M	357.02M	317.46M	492.46M	321.72M	-1.03B	190.05M	350.43M	488.55M
Net Interest Income+	66.86M	61.45M	84.84M	95.92M	111.49M	134.76M	119.49M	113.75M	153.29M	119.29M
Interest Income	66.86M	61.45M	84.84M	97.53M	116.12M	141.51M	123.54M	114.45M	153.59M	119.61M
Interest Expense	0	0	0	1.61M	4.63M	6.75M	4.05M	707K	298K	311K
Other Income/Expense	64.02M	65.27M	94.06M	8.03M	90.22M	196.34M	-101.45M	111.38M	84.48M	93.88M
Pretax Income+	262.86M	327.42M	357.02M	313.56M	489.22M	313.61M	-1.08B	301.43M	434.91M	522.13M
Pretax Margin %	0.18%	0.18%	0.15%	0.1%	0.14%	0.07%	-0.35%	0.1%	0.1%	0.11%
Income Tax+	37.53M	50.62M	59.41M	85.71M	134.36M	83.59M	136.31M	66.07M	109.69M	146.29M
Effective Tax Rate %	0.86%	0.84%	0.83%	0.76%	0.84%	1.07%	1.1%	0.59%	0.71%	0.71%
Net Income+	224.88M	274.46M	296.13M	238.06M	413.33M	334.41M	-1.19B	177.34M	309.59M	372.44M
Net Margin %	0.15%	0.15%	0.12%	0.08%	0.12%	0.08%	-0.38%	0.06%	0.07%	0.08%
Net Income Growth %	0.17%	0.22%	0.08%	-0.2%	0.74%	-0.19%	-4.55%	1.15%	0.75%	0.2%
Net Income (Continuing)	225.33M	276.8M	297.24M	227.85M	354.86M	230.02M	-1.22B	235.36M	325.22M	375.83M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	30.09M	39.13M	16.71M	164.41M	132.89M	104.9M	88.02M	210.44M	273.08M	291.86M
EPS (Diluted)+	1.40	1.70	1.90	1.50	2.60	2.00	-7.00	1.00	1.90	2.30
EPS Growth %	0.17%	0.21%	0.12%	-0.21%	0.73%	-0.23%	-4.5%	1.14%	0.9%	0.21%
EPS (Basic)	1.40	1.70	1.90	1.50	2.60	2.00	-7.00	1.10	1.90	2.30
Diluted Shares Outstanding	157.39M	157.99M	158.56M	159.04M	159.54M	165.2M	169.64M	168.56M	166.95M	161.97M
Basic Shares Outstanding	156.78M	157.55M	158.17M	158.29M	158.43M	164.55M	169.64M	167.83M	165.36M	161.97M
Dividend Payout Ratio	0.28%	-	0.24%	-	-	-	-	-	-	0.26%

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	1.87B	2.33B	2.94B	3.47B	3.76B	6.57B	4.47B	4.41B	5.39B	5.19B
Cash & Short-Term Investments	1.73B	2.17B	2.71B	3.19B	3.52B	6.26B	4.19B	4B	4.78B	4.58B
Cash Only	709.21M	641.02M	983.32M	1.41B	915.06M	1.61B	1.15B	1.66B	1.39B	1.61B
Short-Term Investments	1.02B	1.52B	1.73B	1.78B	2.6B	4.65B	3.04B	2.33B	3.39B	2.97B
Accounts Receivable	3.75M	3.34M	3.18M	3.3M	4.18M	8.67M	16.43M	136.77M	29.69M	189.9M
Days Sales Outstanding	0.93	0.68	0.47	0.39	0.43	0.74	1.93	16.65	2.51	14.14
Inventory	27.3M	31.74M	40.17M	29.05M	31.32M	31.18M	27.93M	52.69M	92.81M	80.88M
Days Inventory Outstanding	16.22	15.46	13.76	7.7	7.2	5.59	5.81	13.64	16.52	13.52
Other Current Assets	67.33M	75.46M	120.08M	184.55M	154.7M	246.13M	218.71M	209.48M	462.36M	192.59M
Total Non-Current Assets+	485.5M	598.72M	1.04B	1.18B	2.8B	3.58B	1.56B	1.98B	2.14B	2.62B
Property, Plant & Equipment	237.7M	282.8M	449.59M	532.01M	2.1B	2.72B	933.79M	799.29M	1.16B	1.56B
Fixed Asset Turnover	6.22x	6.36x	5.44x	5.82x	1.71x	1.57x	3.33x	3.75x	3.71x	3.14x
Goodwill	10.54M	14.08M	31.73M	79.61M	80.37M	73.25M	70.8M	105.51M	103.96M	43.83M
Intangible Assets	6.52M	7.67M	12.33M	20.34M	16.28M	18.82M	6.43M	28.5M	23.12M	67.92M
Long-Term Investments	178.86M	217.26M	433.33M	404.7M	431.1M	537.75M	437.92M	862.32M	525.01M	744.15M
Other Non-Current Assets	27.53M	48.04M	65.49M	82.18M	111.47M	120.92M	91.73M	127.01M	256.09M	102.78M
Total Assets+	2.35B	2.92B	3.98B	4.65B	6.56B	10.15B	6.03B	6.39B	7.53B	7.81B
Asset Turnover	0.63x	0.62x	0.62x	0.67x	0.55x	0.42x	0.51x	0.47x	0.57x	0.63x
Asset Growth %	0.21%	0.24%	0.36%	0.17%	0.41%	0.55%	-0.41%	0.06%	0.18%	0.04%
Total Current Liabilities+	918.19M	1.2B	1.75B	2.01B	2.48B	3.47B	1.71B	2.25B	3B	3.29B
Accounts Payable	21.39M	24.26M	39.89M	34.06M	33.15M	38.44M	22.29M	69.76M	105.68M	80.48M
Days Payables Outstanding	12.71	11.81	13.66	9.03	7.61	6.89	4.64	18.07	18.81	13.46
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-9.2M	-2.2M	143.87M	276.41M	141.31M	495.75M	342.67M	358.8M	357.46M	216.27M
Current Ratio	2.04x	1.93x	1.68x	1.73x	1.52x	1.89x	2.62x	1.96x	1.80x	1.58x
Quick Ratio	2.01x	1.91x	1.66x	1.71x	1.50x	1.88x	2.60x	1.94x	1.76x	1.55x
Cash Conversion Cycle	4.44	4.32	0.57	-0.94	0.01	-0.56	3.1	12.23	0.22	14.21
Total Non-Current Liabilities+	1.98M	2.22M	12.13M	115.24M	1.21B	1.66B	531.03M	326.69M	481.8M	561.95M
Long-Term Debt	0	0	0	96.46M	117.88M	297.63M	65.39M	14.65M	14.4M	14.4M
Capital Lease Obligations	0	0	0	0	1.08B	1.35B	446.39M	288.19M	447.99M	533.38M
Deferred Tax Liabilities	1.98M	2.22M	12.13M	18.78M	11.91M	13.17M	19.24M	23.85M	19.41M	14.17M
Other Non-Current Liabilities	0	0	0	18.78M	0	13.17M	0	0	0	0
Total Liabilities	920.17M	1.2B	1.76B	2.12B	3.69B	5.13B	2.24B	2.58B	3.48B	3.85B
Total Debt+	0	0	0	96.46M	1.58B	2.16B	680.41M	458.6M	662.33M	803.78M
Net Debt	-709.21M	-641.02M	-983.32M	-1.06B	664.99M	550.08M	-468.23M	-1.2B	-727.03M	-808.6M
Debt / Equity	-	-	-	0.04x	0.55x	0.43x	0.18x	0.12x	0.16x	0.20x
Debt / EBITDA	-	-	-	0.23x	2.87x	6.22x	-	1.47x	1.45x	1.50x
Net Debt / EBITDA	-2.87x	-2.02x	-2.88x	-2.53x	1.21x	1.58x	-	-3.85x	-1.59x	-1.51x
Interest Coverage	-	-	-	189.19x	86.23x	17.38x	-242.60x	268.81x	1175.92x	1377.01x
Total Equity+	1.43B	1.72B	2.21B	2.53B	2.87B	5.02B	3.79B	3.81B	4.05B	3.95B
Equity Growth %	0.17%	0.2%	0.29%	0.14%	0.14%	0.75%	-0.24%	0.01%	0.06%	-0.02%
Book Value per Share	9.12	10.89	13.97	15.88	17.99	30.38	22.36	22.63	24.25	24.41
Total Shareholders' Equity	1.4B	1.68B	1.98B	2.36B	2.74B	4.91B	3.71B	3.6B	3.78B	3.66B
Common Stock	1.58M	1.58M	1.58M	1.59M	1.59M	1.69M	1.7M	1.7M	1.7M	1.7M
Retained Earnings	931.93M	1.17B	1.35B	1.65B	1.99B	2.25B	1.07B	1.23B	1.51B	1.77B
Treasury Stock	-9K	-7K	-1K	-10K	-3K	0	0	-59K	-55K	-122K
Accumulated OCI	247.65M	259.14M	508.4M	282.52M	289.21M	709.3M	576.83M	437.26M	389.97M	422.3M
Minority Interest	30.09M	39.13M	16.71M	164.41M	132.89M	104.9M	88.02M	210.44M	273.08M	291.86M

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	517.89M	618.14M	781.13M	805.65M	804.46M	1.13B	-1.28B	971.01M	1.12B	896.59M
Operating CF Margin %	0.35%	0.34%	0.32%	0.26%	0.22%	0.26%	-0.41%	0.32%	0.26%	0.18%
Operating CF Growth %	0.38%	0.19%	0.26%	0.03%	-0%	0.4%	-2.13%	1.76%	0.16%	-0.2%
Net Income	225.33M	276.8M	297.24M	227.85M	354.86M	230.02M	-1.22B	235.36M	309.59M	375.83M
Depreciation & Amortization	48.52M	55.39M	79.03M	114M	151M	230.44M	194.43M	122.7M	106.82M	145.89M
Stock-Based Compensation	16.81M	20.29M	57.44M	71.34M	62.06M	68.88M	132.97M	89.79M	122.46M	59.93M
Deferred Taxes	-1.94M	-518K	-14.82M	-17.27M	-8.57M	-44.64M	89.56M	-31.53M	-21.23M	-29.32M
Other Non-Cash Items	3.63M	2.46M	-3.86M	98.91M	53.6M	116.46M	676.82M	16.81M	86.13M	93.55M
Working Capital Changes	225.55M	263.73M	366.1M	310.82M	191.5M	528.92M	-1.15B	537.88M	518.87M	250.71M
Change in Receivables	-187K	-75K	5.02M	-3.53M	12.68M	-4.63M	-8.11M	10.37M	3.34M	-17.85M
Change in Inventory	-5.65M	-5.38M	-5.86M	6.03M	-3.28M	3.75M	1.82M	-21.9M	-41.21M	12.43M
Change in Payables	4.83M	3.59M	13.73M	-2.75M	82K	12.81M	-15.12M	44.05M	37.79M	-23M
Cash from Investing+	-309.74M	-672.26M	-406.72M	-574.71M	-1.26B	-2.18B	1.17B	-37.41M	-1.15B	-93.43M
Capital Expenditures	-64.4M	-105.74M	-219.61M	-276.88M	-309.55M	-436.35M	-150.74M	-143.04M	-249.39M	-241.94M
CapEx % of Revenue	0.04%	0.06%	0.09%	0.09%	0.09%	0.1%	0.05%	0.05%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.98M	1.13M	10.24M	1.76M	18.06M	62.62M	-24.34M	1.05M	-34.96M	-23.38M
Cash from Financing+	5.5M	4.79M	-74.88M	266.65M	-17.86M	1.65B	-230.86M	-246.87M	-160.44M	-584.97M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-62.67M	0	-71.15M	0	0	0	0	0	0	-98.2M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	66M	4.25M	85.92M	-7.19M	-37.86M	-35.64M	-8.86M	-4.3M	-97.25M	-41.28M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	453.49M	512.4M	561.51M	528.77M	494.91M	693.74M	-1.43B	827.96M	839.25M	637.38M
FCF Margin %	0.31%	0.28%	0.23%	0.17%	0.14%	0.16%	-0.46%	0.28%	0.19%	0.13%
FCF Growth %	0.42%	0.13%	0.1%	-0.06%	-0.06%	0.4%	-3.06%	1.58%	0.01%	-0.24%
FCF per Share	2.88	3.24	3.54	3.32	3.10	4.20	-8.44	4.91	5.03	3.94
FCF Conversion (FCF/Net Income)	2.30x	2.25x	2.64x	3.38x	1.95x	3.38x	1.08x	5.48x	3.63x	2.41x
Interest Paid	0	0	0	833K	4.67M	4.22M	5.05M	798K	355K	311K
Taxes Paid	32.04M	36.66M	57.01M	75.35M	135.68M	144.38M	53.05M	55.2M	109.15M	147.55M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	16.92%	17.4%	15.05%	10.05%	15.32%	8.48%	-26.96%	4.66%	7.87%	9.31%
Return on Invested Capital (ROIC)	21.03%	21.79%	17.07%	18.79%	12.62%	1.93%	-16.57%	4.8%	8.86%	9.93%
Gross Margin	58.44%	58.34%	56.45%	55.55%	55.6%	52.37%	43.51%	52.98%	52.45%	55.45%
Net Margin	15.21%	15.25%	12.1%	7.69%	11.55%	7.82%	-38.25%	5.92%	7.18%	7.6%
Debt / Equity	-	-	-	0.04x	0.55x	0.43x	0.18x	0.12x	0.16x	0.20x
Interest Coverage	-	-	-	189.19x	86.23x	17.38x	-242.60x	268.81x	1175.92x	1377.01x
FCF Conversion	2.30x	2.25x	2.64x	3.38x	1.95x	3.38x	1.08x	5.48x	3.63x	2.41x
Revenue Growth	18.57%	21.72%	36.01%	26.52%	15.57%	19.5%	-27.39%	-3.46%	43.89%	13.6%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Service	-	-	-	-	-	-	-	2.54B	3.5B	4.33B
Service Growth	-	-	-	-	-	-	-	-	37.58%	23.80%
Product	-	-	-	-	-	-	-	453.03M	812.59M	566.19M
Product Growth	-	-	-	-	-	-	-	-	79.37%	-30.32%
Educational Programs And Services	-	-	-	-	-	-	2.54B	-	-	-
Educational Programs And Services Growth	-	-	-	-	-	-	-	-	-	-
Books and Other Services	-	-	282.28M	311.24M	348.3M	339.57M	-	-	-	-
Books and Other Services Growth	-	-	-	10.26%	11.91%	-2.51%	-	-	-	-
Language Training And Test Preparation Course	1.24B	1.51B	-	-	-	-	-	-	-	-
Language Training And Test Preparation Course Growth	-	21.95%	-	-	-	-	-	-	-	-
Others	209.76M	258.23M	-	-	-	-	-	-	-	-
Others Growth	-	23.10%	-	-	-	-	-	-	-	-
Primary And Secondary Education	30.01M	30.78M	-	-	-	-	-	-	-	-
Primary And Secondary Education Growth	-	2.57%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

New Oriental Education & Technology Group Inc. (EDU) has a price-to-earnings (P/E) ratio of 25.1x. This suggests investors expect higher future growth.

Growth & Financials

New Oriental Education & Technology Group Inc. (EDU) reported $4.90B in revenue for fiscal year 2025. This represents a 535% increase from $771.7M in 2012.

New Oriental Education & Technology Group Inc. (EDU) grew revenue by 13.6% over the past year. This is steady growth.

Yes, New Oriental Education & Technology Group Inc. (EDU) is profitable, generating $371.7M in net income for fiscal year 2025 (7.6% net margin).

Dividend & Returns

Yes, New Oriental Education & Technology Group Inc. (EDU) pays a dividend with a yield of 1.05%. This makes it attractive for income-focused investors.

New Oriental Education & Technology Group Inc. (EDU) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.

New Oriental Education & Technology Group Inc. (EDU) generated $703.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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