Latest Ratios: P/E Ratio 0.8x · EV/EBITDA -1.4x · ROE 103.9%. (2021–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Market Cap | $193M | $94M | $292M | — | — |
| Enterprise Value | $-520486548 | $-620317893 | $-377907507 | — | — |
| P/E Ratio → | 0.75 | 0.24 | — | — | — |
| P/S Ratio | 0.05 | 0.02 | 0.09 | — | — |
| P/B Ratio | 0.56 | 0.18 | 1.29 | — | — |
| P/FCF | 0.69 | 0.34 | 1.27 | — | — |
| P/OCF | 4.73 | 0.33 | 1.24 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| EV / Revenue | — | -0.16 | -0.12 | — | — |
| EV / EBITDA | -1.36 | -1.62 | — | — | — |
| EV / EBIT | — | -1.59 | — | — | — |
| EV / FCF | — | -2.22 | -1.64 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Gross Margin | 85.5% | 85.5% | 87.3% | 85.7% | 89.8% |
| Operating Margin | 9.9% | 9.9% | -3.7% | -8.2% | -18.8% |
| Net Profit Margin | 10.2% | 10.2% | -3.5% | -8.1% | -18.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| ROE | 103.9% | 103.9% | -48.1% | — | — |
| ROA | 29.1% | 29.1% | -11.9% | -50.0% | -95.7% |
| ROIC | — | — | — | — | — |
| ROCE | 90.4% | 90.4% | -134.5% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.42 | — | — |
| Debt / EBITDA | 0.17 | 0.17 | — | — | — |
| Net Debt / Equity | — | -1.38 | -2.97 | — | — |
| Net Debt / EBITDA | -1.87 | -1.87 | — | — | — |
| Debt / FCF | — | -2.56 | -2.92 | -0.13 | -0.37 |
| Interest Coverage | — | — | — | — | — |
Net cash position: cash ($780M) exceeds total debt ($66M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Current Ratio | 1.53 | 1.53 | 1.17 | 0.79 | 0.48 |
| Quick Ratio | 1.52 | 1.52 | 1.17 | 0.79 | 0.48 |
| Cash Ratio | 1.18 | 1.18 | 0.99 | 0.56 | 0.10 |
| Asset Turnover | — | 2.66 | 2.52 | 4.75 | 5.33 |
| Inventory Turnover | 86.73 | 86.73 | — | — | — |
| Days Sales Outstanding | — | 17.84 | 7.57 | 7.48 | 23.86 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 412.7% | — | — | — |
| FCF Yield | 100.0% | 298.4% | 78.6% | — | — |
| Buyback Yield | 67.4% | 100.0% | 0.0% | — | — |
| Total Shareholder Yield | 67.4% | 100.0% | 0.0% | — | — |
| Shares Outstanding | — | $57M | $35M | $55M | $55M |
High customer acquisition costs
Based on current market data, QuantaSing trades at a P/S multiple of 0.05x, which appears to reflect extreme investor skepticism regarding the long-term sustainability of its business model compared to historical norms and broader sector averages for Chinese education providers.
The compressed valuation multiples, including a P/E of 0.75x, suggest that the market is pricing in a high probability of regulatory disruption or a permanent decline in growth. Investors should monitor whether this discount is a structural mispricing of the company's demographic arbitrage potential or a rational response to the volatility in its earnings profile.
As reported in financial statements, QuantaSing maintains gross margins consistently above 86%, yet the operating margin remains strained at 9.94%, indicating that the company's true earning power is heavily diluted by the aggressive sales and marketing expenditures required to sustain its user base.
The wide spread between gross and operating margins suggests that the company's digital content delivery is highly scalable, but the customer acquisition process is not. This implies that profitability is highly sensitive to traffic costs on Chinese social media platforms, warranting further investigation into the company's ability to drive organic growth.
According to recent quarterly filings, the company's asset turnover has fluctuated significantly, reaching a peak of 9.74x in 2022Q2, which highlights the high velocity of its transactional revenue model and the critical role of upfront payments in managing working capital requirements.
The reliance on deferred revenue as a primary source of liquidity suggests that the company's efficiency is tied more to its ability to collect cash upfront than to traditional inventory or receivable management. Investors should monitor the stability of these deferred revenue balances, as any decline could signal a weakening in consumer demand for future course modules.
The P/E ratio is frequently misapplied to QuantaSing, as it fails to account for the company's heavy reliance on upfront deferred revenue and high marketing spend, which together distort the true economic profitability of the underlying adult education and lifestyle platform.
Analysts should instead focus on the Customer Acquisition Cost (CAC) payback period and the Lifetime Value (LTV) of the user base to better assess the company's long-term viability. Relying on traditional earnings multiples obscures the potential for platformization, as the current accounting treatment of marketing expenses may be penalizing the company's growth-oriented investments.
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Quick answers to the most common questions about buying QSG stock.
QuantaSing Group Ltd's current P/E ratio is 0.8x. The historical average is 0.2x. This places it at the 100th percentile of its historical range.
QuantaSing Group Ltd's current EV/EBITDA is -1.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
QuantaSing Group Ltd's return on equity (ROE) is 103.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.9%.
Based on historical data, QuantaSing Group Ltd is trading at a P/E of 0.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
QuantaSing Group Ltd has 85.5% gross margin and 9.9% operating margin.
QuantaSing Group Ltd's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.