The company maintains a conservative capital structure with a debt-to-equity ratio of 0.19 as of 2025Q4, though net PPE has surged to $165.4 million, creating a potential fixed-cost burden.
| Total Current Assets | 296.98M | 252.34M | 296.98M | 322.58M | 511.19M | 525.98M | 517.49M | 616.22M | 527.4M | 595.02M | 282.62M | 85.87M |
| Cash & Short-Term Investments | 266.21M | 231.39M | 266.21M | 296.04M | 491.87M | 508.43M | 506.56M | 596.47M | 503.95M | 583.32M | 230.97M | 42.33M |
| Cash Only | 210.77M | 136.18M | 210.77M | 180.2M | 175.7M | 262.43M | 410M | 404.65M | 471.24M | 583.32M | 230.97M | 42.33M |
| Short-Term Investments | 55.44M | 95.21M | 55.44M | 115.84M | 316.17M | 246M | 127.56M | 191.82M | 32.72M | 0 | 0 | 0 |
| Accounts Receivable | 30.27M | 20.95M | 30.27M | 26.54M | 19.32M | 17.55M | 10.93M | 19.75M | 23.33M | 11.7M | 6.5M | 254K |
| Days Sales Outstanding | 15.77 | 30.06 | 44 | 77.22 | 206.1 | 25.6 | 14.23 | 18.52 | 25.37 | 14.21 | 11.69 | 0.99 |
| Inventory | 0 | 0 | 0 | 0 | 0 | -261.52M | -138.12M | -200.31M | -55.35M | -6.01M | 5.57M | 2.55M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | 23.81 | 16.93 |
| Other Current Assets | 496K | 0 | 496K | 0 | 0 | 261.52M | 138.12M | 200.31M | 55.35M | 6.01M | 51.43M | 42.15M |
| Total Non-Current Assets | 434.16M | 487.15M | 434.16M | 351.58M | 89.85M | 76.55M | 453.04M | 421.4M | 404.66M | 197.26M | 13.51M | 5.08M |
| Property, Plant & Equipment | 165.41M | 160.83M | 165.41M | 93.3M | 43.36M | 44.13M | 166.5M | 209.82M | 27M | 23.92M | 7.39M | 2.35M |
| Fixed Asset Turnover | 1.54x | 1.58x | 1.52x | 1.34x | 0.79x | 5.67x | 1.68x | 1.85x | 12.43x | 12.56x | 27.48x | 39.95x |
| Goodwill | 1.13M | 1.13M | 1.13M | 1.13M | 0 | 0 | 36.97M | 35.16M | 149.78M | 557K | 557K | 0 |
| Intangible Assets | 1.43M | 2.23M | 1.43M | 1.86M | 2.48M | 3.27M | 7.12M | 8.77M | 43.9M | 0 | 0 | 0 |
| Long-Term Investments | 687.93M | 188.89M | 135.57M | 130.82M | 41.08M | 14M | 203.42M | 105.71M | 163.16M | 158.24M | 0 | 116K |
| Other Non-Current Assets | 130.62M | 134.08M | 130.62M | 124.48M | 2.33M | 14.29M | 22.78M | 48.49M | 11.29M | 10.49M | 4.54M | 2.13M |
| Total Assets | 731.14M | 739.5M | 731.14M | 674.16M | 601.04M | 602.53M | 970.52M | 1.04B | 932.05M | 792.28M | 296.13M | 90.95M |
| Asset Turnover | 0.33x | 0.34x | 0.34x | 0.19x | 0.06x | 0.42x | 0.29x | 0.37x | 0.36x | 0.38x | 0.69x | 1.03x |
| Asset Growth % | 60.66% | 1.14% | 8.45% | 12.17% | -0.25% | -37.92% | -6.47% | 11.33% | 17.64% | 167.55% | 225.58% | - |
| Total Current Liabilities | 135.59M | 136.46M | 135.59M | 106.82M | 87.38M | 93.57M | 226.99M | 213.02M | 164.22M | 134.33M | 124.68M | 52.31M |
| Accounts Payable | 3.75M | 3.01M | 3.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 5.93 | 5.83 | 6.7 | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 9M | 0 | 503K | 283K | 723K | 1.39M | 0 | 0 | 390K | 0 | 0 |
| Deferred Revenue (Current) | 27.94M | 30.13M | 27.94M | 18.02M | 7.27M | 6.49M | 75.24M | 71.95M | 87.87M | 90.1M | 84.84M | 38.1M |
| Other Current Liabilities | 8.72M | 3.85M | 8.72M | 12.41M | 7.33M | 9.49M | 24.62M | 33.51M | 10.66M | 6.79M | 57.63M | 29.83M |
| Current Ratio | 2.19x | 1.85x | 2.19x | 3.02x | 5.85x | 5.62x | 2.28x | 2.89x | 3.21x | 4.43x | 2.27x | 1.64x |
| Quick Ratio | 2.19x | 1.85x | 2.19x | 3.02x | 5.85x | 8.42x | 2.89x | 3.83x | 3.55x | 4.47x | 2.22x | 1.59x |
| Cash Conversion Cycle | 9.85 | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 90.4M | 88.26M | 90.4M | 41.2M | 1.77M | 6.47M | 93.82M | 149.65M | 10.9M | 0 | 0 | 39.59M |
| Long-Term Debt | 82.13M | 81M | 82.13M | 40M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 30.35M | 7.26M | 8.27M | 1.2M | 1.2M | 5.74M | 92.14M | 147.51M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 575K | 725K | 1.67M | 2.14M | 10.9M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 575K | 725K | 1.67M | 2.14M | 0 | 0 | 0 | 39.59M |
| Total Liabilities | 225.99M | 224.72M | 225.99M | 148.02M | 89.15M | 100.04M | 320.8M | 362.66M | 175.12M | 134.33M | 124.68M | 91.9M |
| Total Debt | 98.3M | 106.8M | 98.3M | 42.88M | 4.01M | 9.65M | 144.82M | 199.35M | 10.72M | 390K | 0 | 0 |
| Net Debt | -112.47M | -29.38M | -112.47M | -137.31M | -171.69M | -252.78M | -265.19M | -205.3M | -460.52M | -582.93M | -230.97M | -42.33M |
| Debt / Equity | 0.19x | 0.21x | 0.19x | 0.08x | 0.01x | 0.02x | 0.22x | 0.30x | 0.01x | 0.00x | - | - |
| Debt / EBITDA | -8.57x | 4.31x | - | - | - | - | - | 5.71x | 0.49x | 0.01x | - | - |
| Net Debt / EBITDA | 9.81x | -1.19x | - | - | - | - | - | -5.88x | -21.23x | -8.56x | -3.56x | -6.23x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 505.15M | 514.78M | 505.15M | 526.14M | 511.89M | 502.49M | 646.39M | 674.95M | 794.76M | 657.95M | 171.44M | -947K |
| Equity Growth % | -7.52% | 1.91% | -3.99% | 2.78% | 1.87% | -22.26% | -4.23% | -15.07% | 20.79% | 283.77% | 18203.8% | - |
| Book Value per Share | 2252.65 | 2295.59 | 2378.88 | 2228.05 | 2275.97 | 2234.19 | 2794.44 | 2851.64 | 3304.15 | 2563.43 | 719.68 | -6.72 |
| Total Shareholders' Equity | 454.61M | 473.63M | 454.61M | 475M | 457.73M | 445.94M | 588.69M | 630.75M | 750.52M | 651.53M | 165.66M | -1.44M |
| Common Stock | 15K | 15K | 15K | 14K | 14K | 14K | 15K | 15K | 15K | 15K | 9K | 9K |
| Retained Earnings | -276.54M | -245.75M | -276.54M | -277.34M | -282.3M | -252.63M | -138.29M | -110.09M | -601K | 0 | -12.92M | -30.59M |
| Treasury Stock | -45.12M | -45.12M | -45.12M | -56.09M | -55.93M | -55.69M | -27.9M | -27.9M | 0 | 0 | 0 | 0 |
| Accumulated OCI | 28.87M | 15.38M | 28.87M | 25.11M | 15.76M | -22.77M | -13.29M | 26.09M | 1.61M | -28.31M | 6.46M | 2.03M |
| Minority Interest | 50.54M | 41.15M | 50.54M | 51.14M | 54.16M | 56.55M | 57.7M | 44.2M | 44.24M | 6.41M | 5.78M | 488K |
Operational cash flow opacity
As reported in financial statements, FEDU's total assets have fluctuated between $601.0 million and $772.7 million over the last ten quarters, reflecting a volatile capital base that appears increasingly disconnected from the company's core educational service delivery and its ongoing pivot toward non-academic enrichment programs.
The trajectory of the balance sheet suggests a firm in a state of structural flux, where asset levels are not clearly correlated with operational growth. Investors should monitor whether the recent increase in total assets is driven by genuine investment or merely accounting adjustments, as the lack of consistent expansion in core business metrics warrants further investigation.
Based on the reported figures, FEDU maintains a minimal debt-to-equity ratio of 0.19 as of 2025Q4, indicating that the company has successfully avoided reliance on external financing despite the significant regulatory and operational headwinds currently facing the Chinese education sector and its specific Shanghai-centric business model.
The company's decision to keep debt levels low appears to be a strategic defensive posture, likely intended to preserve liquidity during a period of extreme industry uncertainty. While this low leverage provides a buffer against insolvency, it also highlights a potential lack of aggressive capital deployment into new growth initiatives.
According to recent SEC filings, FEDU holds $210.8 million in cash as of 2025Q4, providing a current ratio of 2.19 that suggests a strong short-term liquidity position, even as the company struggles to generate consistent, verifiable cash inflows from its core teaching and consulting service operations.
The substantial cash pile appears to be the primary anchor for the company's valuation, effectively functioning as a treasury vehicle rather than a working capital engine for education. Analysts should remain cautious, as the reliance on interest income to bolster net margins may obscure the underlying deterioration of the core business's ability to sustain itself.
As indicated by the provided data, net PPE has increased from $43.4 million in 2023Q3 to $165.4 million by 2025Q4, suggesting a significant expansion in the company's physical footprint that may be creating an unsustainable fixed-cost burden given the current stagnant revenue growth environment.
The rising investment in physical assets appears to be at odds with the company's need for agility in a highly regulated market. This asset-heavy approach may indicate that the company is struggling to shed legacy infrastructure, potentially leading to future impairment risks if utilization rates do not improve significantly.
Based on the reported figures, the company's deferred revenue balance of $27.9 million in 2025Q4 represents a critical, yet volatile, indicator of future service delivery, as the balance has fluctuated significantly and was reported as zero in several prior quarters, complicating revenue visibility for institutional investors.
The inconsistency in deferred revenue reporting suggests that the company's billing cycles or revenue recognition practices are undergoing frequent changes, which makes it difficult to forecast future performance. Investors should treat these figures with skepticism, as they may not accurately reflect the true pipeline of committed student enrollment.
Quick answers to the most common questions about buying FEDU stock.
As of 2026, Four Seasons Education (Cayman) Inc. (FEDU) had total assets of $739.5M including $252.3M in current assets.
Four Seasons Education (Cayman) Inc. (FEDU) carries total debt of $106.8M, offset by $231.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Four Seasons Education (Cayman) Inc. (FEDU) has total shareholders' equity (book value) of $473.6M ($2295.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Four Seasons Education (Cayman) Inc. (FEDU) reported a current ratio of 1.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.