The firm's liquidity position has tightened significantly, with the current ratio compressing from 3.96 in 2023Q3 to 1.87 in 2025Q4, while accumulated deficits remain at -$10.9 billion.
| Total Current Assets | 551.03M | 508.91M | 630.73M | 913.38M | 1.34B | 3.05B | 757.62M | 1.34B |
| Cash & Short-Term Investments | 407.23M | 359.25M | 476.69M | 733.44M | 1.19B | 2.83B | 653.86M | 1.27B |
| Cash Only | 246.45M | 234.14M | 306.93M | 707.89M | 1.18B | 2.83B | 653.86M | 1.25B |
| Short-Term Investments | 160.57M | 125.11M | 169.76M | 19.53M | 9.97M | 0 | 0 | 20M |
| Accounts Receivable | 42.6M | 67.59M | 59.72M | 52.03M | 23.1M | 7.4M | 13.88M | 7.48M |
| Days Sales Outstanding | 150.78 | 130.38 | 127.51 | 35.76 | 3.86 | 2.09 | 12.48 | 8.78 |
| Inventory | 25.57M | 0 | 0 | 10.23M | -23.1M | 0 | 88.18M | 56.07M |
| Days Inventory Outstanding | 173.22 | - | - | 18.11 | - | - | 185.54 | 194.98 |
| Other Current Assets | -1.61M | 4.26M | 73.42M | -830K | 18.21M | 8.73M | -16.56M | 42.43M |
| Total Non-Current Assets | 39.87M | 40.61M | 53.8M | 67.15M | 237.7M | 343.16M | 160.66M | 104.69M |
| Property, Plant & Equipment | 37.48M | 38.18M | 52.02M | 62.35M | 223.77M | 305.38M | 145.44M | 93.63M |
| Fixed Asset Turnover | 2.75x | 4.96x | 3.29x | 8.52x | 9.76x | 4.24x | 2.79x | 3.32x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 3.91M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.39M | 2.43M | -2.13M | 4.8M | 13.92M | 37.78M | 15.22M | 11.06M |
| Total Assets | 590.9M | 549.52M | 684.53M | 980.52M | 1.58B | 3.39B | 918.29M | 1.44B |
| Asset Turnover | 0.17x | 0.34x | 0.25x | 0.54x | 1.38x | 0.38x | 0.44x | 0.22x |
| Asset Growth % | 7.53% | -19.72% | -30.19% | -37.96% | -53.38% | 269.14% | -36.29% | - |
| Total Current Liabilities | 294.4M | 151.62M | 180.6M | 214.13M | 683.06M | 1.21B | 680.7M | 322.73M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 13.7M | 7.48M |
| Days Payables Outstanding | - | - | - | - | - | - | 28.82 | 26 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 85M | 0 |
| Deferred Revenue (Current) | 166.04M | 40.4M | 44.95M | 42.38M | 243.88M | 596.31M | 243.52M | 75.74M |
| Other Current Liabilities | 10.97M | 211K | 225K | 389K | 5.56M | 22.87M | 11.85M | -43.85M |
| Current Ratio | 1.87x | 3.36x | 3.49x | 4.27x | 1.97x | 2.53x | 1.11x | 4.14x |
| Quick Ratio | 1.78x | 3.36x | 3.49x | 4.22x | 2.00x | 2.53x | 0.98x | 3.97x |
| Cash Conversion Cycle | - | - | - | - | - | - | 169.2 | 177.76 |
| Total Non-Current Liabilities | 9.69M | 4.26M | 9.66M | 7.53M | 100.33M | 120.09M | 4.7B | 4.09B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 9.69M | 4.26M | 9.66M | 7.53M | 100.33M | 118.11M | 21.28M | 19.54M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | -1.98M | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 1.98M | 4.68B | 4.08B |
| Total Liabilities | 304.09M | 155.88M | 190.26M | 221.66M | 783.38M | 1.33B | 5.38B | 4.42B |
| Total Debt | 14.69M | 11.06M | 17.31M | 26.25M | 147.21M | 187.52M | 149.43M | 44.07M |
| Net Debt | -231.76M | -223.09M | -289.62M | -681.64M | -1.03B | -2.65B | -504.43M | -1.21B |
| Debt / Equity | 0.05x | 0.03x | 0.04x | 0.03x | 0.18x | 0.09x | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -457.09x | -1986.11x | - |
| Total Equity | 286.81M | 393.64M | 494.27M | 758.86M | 797.04M | 2.06B | -4.46B | -2.98B |
| Equity Growth % | -27.14% | -20.36% | -34.87% | -4.79% | -61.39% | 146.28% | -49.85% | - |
| Book Value per Share | 28.60 | 48.97 | 53.88 | 75.46 | 80.66 | 215.55 | -479.31 | -3198.55 |
| Total Shareholders' Equity | 286.81M | 393.64M | 494.27M | 758.86M | 797.04M | 2.06B | -4.46B | -2.98B |
| Common Stock | 396.25K | 322K | 343K | 317K | 331K | 313K | 37K | 33K |
| Retained Earnings | -10.93B | -10.76B | -10.57B | -10.26B | -10.08B | -8.64B | -4.6B | -3.13B |
| Treasury Stock | -42.03K | -34K | -97K | -21K | 0 | 0 | 0 | 0 |
| Accumulated OCI | 77.58M | 86.41M | 77.36M | 62.69M | 18.69M | 49.61M | 88.22M | 100.19M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapid cash runway depletion
According to reported financial statements, YQ's total assets have declined from $795.4 million in 2023Q3 to $590.9 million by 2025Q4, signaling a significant reduction in the company's resource footprint as it attempts to realign its balance sheet with a smaller, post-regulatory operational scale.
The consistent downward trend in total assets suggests that the firm is shedding legacy value as it pivots away from its defunct tutoring model. This contraction warrants caution, as it may indicate that the company is struggling to replace its former asset base with productive, revenue-generating SaaS infrastructure.
Based on the latest quarterly filings, YQ's current ratio has compressed from a peak of 3.96 in 2023Q3 to 1.87 in 2025Q4, reflecting a tightening liquidity position as the company continues to fund its ongoing operational deficits through its existing cash reserves.
While a current ratio of 1.87 remains technically adequate, the rapid decline suggests that the company's ability to cover short-term obligations is weakening. Investors should monitor whether this trend continues, as the current cash burn rate may necessitate further capital preservation measures to avoid a liquidity crisis.
As indicated in the company's balance sheet data, retained earnings have remained deeply negative at -$10.9 billion, highlighting the massive historical value destruction that continues to suppress the firm's total equity position despite its efforts to pivot toward a new business model.
The persistent negative retained earnings suggest that the company has yet to achieve the operational efficiency required to begin reversing its historical losses. This structural overhang implies that the equity base is highly sensitive to further operational missteps, potentially limiting the firm's financial flexibility.
Data from recent filings shows deferred revenue surged to $166.0 million in 2025Q4 from $36.5 million in the prior quarter, which may suggest a temporary spike in contract billings that could potentially distort the company's underlying revenue recognition and short-term cash flow health.
This significant increase in deferred revenue warrants further investigation to determine if it represents genuine institutional SaaS adoption or merely a timing shift in billing cycles. If this balance does not convert to recognized revenue efficiently, it may indicate that the company is struggling to deliver on its contractual obligations.
Quick answers to the most common questions about buying YQ stock.
As of 2025, 17 Education & Technology Group Inc. (YQ) had total assets of $590.9M including $551.0M in current assets.
17 Education & Technology Group Inc. (YQ) carries total debt of $14.7M, offset by $407.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
17 Education & Technology Group Inc. (YQ) has total shareholders' equity (book value) of $286.8M ($28.60 book value per share). Book value represents the net worth of the company belonging to common stock holders.
17 Education & Technology Group Inc. (YQ) reported a current ratio of 1.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.