Sunlands Technology Group ADR (STG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 23	—	$1.9	—	—	$566.9M	—
Q4 22	—	$1.89	—	—	$578.6M	—
Q3 22	—	$1.69	—	—	$576.2M	—
Q2 22	—	$1.26	—	—	$555M	—
Q1 22	—	$2.14	—	—	$613.3M	—
Q3 21	—	$1.1	—	—	$595.1M	—
Q2 21	—	$0.26	—	—	$629.5M	—
Q1 21	—	-$0.6	—	—	$694.3M	—
Q4 20	—	-$0.84	—	—	$584.6M	—
Q3 20	—	-$1.82	—	—	$541.6M	—
Q2 20	—	-$1.33	—	—	$512.5M	—
Q1 20	—	-$0.68	—	—	$565.1M	—
Q4 19	—	-$1.47	—	—	$549.7M	—
Q3 19	-$0.11	-$1.33	-1109.1%	—	$527.3M	—
Q2 19	-$9.5	-$0.93	+90.2%	—	$552.7M	—
Q1 19	-$14.1	-$8.24	+41.6%	—	$564.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$27.1	—	—	$2B	—
FY24	—	$25.1	—	—	$2B	—
FY23	—	$46.4	—	—	$2.2B	—
FY22	—	$47.1	—	—	$2.3B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$418.9M	$970.2M	$2B	$2.2B	$2.2B	$2.5B	$2.3B	$2.2B	$2B	$2B
YoY change	+163.4%	+131.6%	+103.5%	+11.1%	+0.45%	+13.8%	-7.37%	-7.04%	-7.84%	+1.49%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	418.9M	970.2M	2B	2.2B	2.2B	2.5B	2.3B	2.2B	2B	2B
Cost of revenue	71M	170.3M	330.4M	396.3M	387.3M	376.2M	348.1M	265.5M	317.6M	264.4M
Gross profit	347.9M	799.9M	1.6B	1.8B	1.8B	2.1B	2B	1.9B	1.7B	1.8B
Gross margin	83.1%	82.5%	83.3%	81.9%	82.4%	85%	85%	87.7%	84%	86.9%
Research & development	13.9M	32.9M	76M	101.7M	66.5M	61.3M	42.8M	33.7M	25M	29.6M
Selling, general & administrative	593M	1.7B	2.6B	2.2B	2.4B	2B	1.3B	1.3B	1.3B	1.3B
Operating expenses	607M	1.7B	2.7B	2.3B	2.5B	2B	1.4B	1.3B	1.4B	1.3B
Operating income	-259M	-927.7M	-1B	-459.7M	-649M	114.3M	616.9M	574.9M	297.9M	444.5M
Operating margin	-61.8%	-95.6%	-52.1%	-21%	-29.5%	4.56%	26.6%	26.6%	15%	22%
Non-operating income, net	2.4M	276K	32.1M	21.3M	202.3M	78.1M	25.4M	77.8M	25.5M	-37.8M
Pretax income	-253.6M	-913.8M	-928.7M	-392.6M	-432.6M	197.6M	648.5M	676.1M	356.9M	429.5M
Income tax	0	0	0	2.4M	-236K	-19.6M	12M	25.2M	1.3M	59.3M
Net income	-253.6M	-918.7M	-927M	-395.2M	-431M	212.4M	643M	640.8M	342.1M	365.6M
Net margin	-60.5%	-94.7%	-47%	-18%	-19.6%	8.47%	27.7%	29.7%	17.2%	18.1%
EBITDA	-248.1M	-905.7M	-900.7M	-341.1M	-379.7M	207.5M	704.4M	670.7M	392.5M	527M
EPS	-243.8	-66.6	-73.6	-28.9	-31.9	16.3	47.1	46.4	25.1	27.1
Diluted EPS	-243.8	-66.6	-73.6	-28.9	-31.9	16.3	47.1	46.4	25.1	27.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	524.6M	541.7M	523.2M	492.2M	69M	483.5M	487.6M	539M	523M	470.2M	440.7M	406.4M
Cost of revenue	64.1M	73.8M	77.2M	76.6M	11.5M	81.7M	72.3M	69.6M	60.3M	62.1M	59.5M	57.2M
Gross profit	460.5M	468M	446.1M	415.6M	57.5M	401.8M	415.3M	469.4M	462.7M	408.1M	381.1M	349.2M
Gross margin	87.8%	86.4%	85.3%	84.4%	83.3%	83.1%	85.2%	87.1%	88.5%	86.8%	86.5%	85.9%
Research & development	8.4M	7.6M	7M	7.7M	822K	4.5M	6.2M	6.9M	8.7M	7.7M	6.6M	5.5M
Selling, general & administrative	330.1M	341.3M	334.1M	331.3M	47.4M	346.8M	334.9M	335.7M	315.7M	295.2M	277.7M	260.2M
Operating expenses	338.5M	348.9M	341.1M	338.9M	48.3M	351.3M	341.1M	342.6M	324.4M	302.9M	284.3M	265.7M
Operating income	122M	119.1M	104.9M	76.7M	9.2M	50.5M	74.1M	126.8M	138.4M	105.2M	96.8M	83.5M
Operating margin	23.3%	22%	20.1%	15.6%	13.4%	10.4%	15.2%	23.5%	26.5%	22.4%	22%	20.5%
Non-operating income, net	8.5M	52M	5.8M	2.8M	1.4M	7.1M	6.6M	7.2M	8.3M	-60M	4.6M	9M
Pretax income	136.3M	178.8M	118.4M	88.5M	11.5M	67.9M	85.8M	140.5M	153.1M	50.2M	106.7M	98.2M
Income tax	-1.1M	20M	-391K	-78K	-914.3K	8.3M	9.8M	13.6M	24.4M	11.6M	28.8M	14.2M
Net income	131.6M	155.2M	112.7M	82.3M	12.5M	57.8M	75.2M	126.6M	125.4M	38.4M	76.8M	83.5M
Net margin	25.1%	28.6%	21.5%	16.7%	18.2%	12%	15.4%	23.5%	24%	8.16%	17.4%	20.5%
EBITDA	138.3M	136.9M	120M	90.3M	11.8M	68.7M	86.2M	140.7M	153.2M	118.2M	106.7M	97.5M
EPS	9.56	11.3	8.22	6	6.54	4.28	5.56	9.38	9.32	2.86	5.74	6.29
Diluted EPS	9.56	11.3	8.22	6	6.54	4.28	5.56	9.38	9.32	2.86	5.74	6.29

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	3.5B	3.2B	1.3B	482.9M	723.1M	1B	—	79.8M	79.8M
Enterprise value	—	—	1.4B	2.4B	812.2M	311.1M	414.7M	425.2M	—	-593.3M	-593.3M
Shares outstanding	7.5M	100M	91.3M	99M	97.9M	97.6M	99.2M	100.5M	13.6M	13.5M	13.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	2.27	1.12	1.6	—	0.22	0.22
P/S	—	—	1.76	1.45	0.61	0.19	0.31	0.47	—	0.04	0.04
P/B	—	—	-10.2	-4.31	-1.1	-0.48	-1.9	3.71	—	0.08	0.08
EV/EBITDA	—	—	-1.61	-7.17	-2.14	1.5	0.59	0.63	—	-1.13	-1.13
EV/Sales	—	—	0.73	1.11	0.37	0.12	0.18	0.2	—	-0.29	-0.29
Earnings yield	—	—	—	—	—	44%	88.9%	62.7%	—	458.4%	458.4%
FCF yield	—	—	-9.74%	-17.6%	-16.2%	-80.7%	0.82%	13.1%	—	183.2%	183.2%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	83.1%	82.5%	83.3%	81.9%	82.4%	85%	85%	87.7%	84%	86.9%	86.9%
Operating margin	-61.8%	-95.6%	-52.1%	-21%	-29.5%	4.56%	26.6%	26.6%	15%	22%	22%
Net margin	-60.5%	-94.7%	-47%	-18%	-19.6%	8.47%	27.7%	29.7%	17.2%	18.1%	18.1%
ROE	28.5%	56%	273.5%	53.5%	35.6%	-20.9%	-169.3%	232.6%	57%	38.7%	38.7%
ROA	-103.5%	-46.6%	-24.8%	-9.96%	-13.2%	8.19%	28.3%	30.2%	16.1%	17.9%	17.9%
ROIC	24.5%	36.3%	43.6%	31.1%	37.4%	-9.63%	-88%	-172%	8.5K%	141.3%	141.3%
Return on tangible assets	-104.4%	-46.7%	-24.8%	-9.96%	-13.3%	8.21%	28.3%	30.3%	16.1%	17.9%	17.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.37	0.7	1.12	0.91	0.71	0.59	0.66	1.02	1.1	1.21	1.21
Quick ratio	0.37	0.7	1.12	0.91	0.71	0.59	0.65	1.01	1.08	1.18	1.18
Debt / equity	—	—	-0.76	-1.19	-0.62	-0.63	-1.36	1.12	0.31	0.15	0.15
Debt / assets	—	—	0.07	0.22	0.23	0.25	0.23	0.15	0.09	0.07	0.07
Net debt / EBITDA	—	—	2.24	2.16	1.38	-0.83	-0.44	-0.89	-1.52	-1.28	-1.28
Interest coverage	—	—	-426.8	-26.4	-36	19.1	65.5	89.3	68.4	505.1	505.1
Effective tax rate	0%	0%	0%	0%	0%	0%	1.85%	3.72%	0.36%	13.8%	13.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	55.6	9.7	21.6	22.2	22.5	25.7	23.4	21.5	145.8	149.9	149.9
EPS (basic)	-243.8	-66.6	-73.6	-28.9	-31.9	16.3	47.1	46.4	25.1	27.1	27.1
EPS (diluted)	-243.8	-66.6	-73.6	-28.9	-31.9	16.3	47.1	46.4	25.1	27.1	27.1
Book value per share	-117.9	-16.4	-3.71	-7.46	-12.4	-10.4	-3.83	2.74	43.9	70.1	70.1
FCF per share	9.63	4.2	-3.7	-5.65	-2.2	-4	0.06	1.34	14.3	10.8	10.8
Cash per share	22.3	9.12	24.9	16.4	13.1	8.31	8.31	9.01	57.4	60.2	60.2
Capex per share	2.1	3.98	5.67	0.24	0.13	0.14	0.03	0.06	0.02	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.79%	41%	26.2%	1.1%	0.56%	0.55%	0.14%	0.26%	0.01%	—	—
Capex / operating cash flow	31.5%	58.5%	865.1%	-4.63%	-2.87%	-4.6%	2.74%	3.69%	0.12%	—	—
Payout ratio	0%	-4.68%	0%	0%	0%	0%	5.06%	4.88%	0%	0%	0%
Dividend yield	—	—	0%	0%	0%	0%	4.5%	3.06%	—	0%	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$0.68

ex-dividend Jun 29, 2022

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 29, 2022	$0.68

Split history

Date	Ratio
Aug 31, 2021	8:100

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$524.6M	$541.7M	$523.2M	$492.2M	$69M	$483.5M	$487.6M	$539M	$523M	$470.2M	$440.7M	$406.4M
YoY change	-8.95%	-6.37%	-7.7%	-6.48%	-86.8%	-10.8%	-6.81%	+9.51%	+657.6%	-2.75%	-9.63%	-24.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	168.1M	912.5M	2.3B	1.6B	1.3B	810.9M	824.2M	905.9M	783.3M	811.7M
Receivables	2.4M	3M	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	8.9M	14.2M	14.2M	19.7M	17.9M
Total current assets	219.9M	1.3B	2.6B	2B	1.6B	1.1B	969.1M	1B	884.3M	917.4M
Property, plant & equipment	16.4M	39.7M	79.2M	664.4M	519.7M	354.5M	223M	57M	2.9M	-104.2M
Goodwill & intangibles	2.1M	3.1M	2.7M	2.4M	29.6M	5.5M	3M	1.9M	1.4M	500K
Total assets	245M	2B	3.7B	4B	3.3B	2.6B	2.3B	2.1B	2.1B	2B
Accounts payable	6.7M	246.1M	—	—	—	—	—	—	—	—
Short-term debt	—	—	32.5M	72.7M	63.2M	53M	55.7M	46.7M	14.5M	9.1M
Total current liabilities	587.1M	1.8B	2.3B	2.2B	2.2B	1.9B	1.5B	1B	801.4M	759.4M
Long-term debt	—	—	225.6M	809.4M	693.2M	586.1M	460.2M	261.9M	172.4M	129.6M
Total liabilities	1.1B	3.6B	4.1B	4.7B	4.5B	3.6B	2.7B	1.8B	1.5B	1.1B
Shareholders' equity	-889M	-1.6B	-339M	-738.4M	-1.2B	-1B	-379.9M	275.5M	599.9M	944.1M
Total debt	—	—	258.1M	882.1M	756.4M	639.1M	515.9M	308.6M	186.9M	138.7M
Net debt	—	—	-990.7M	-520.1M	-4.3M	12.4M	-237.8M	-455.2M	-320.3M	-437.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	870.8M	905.9M	980.1M	997.4M	111.6M	783.3M	796.9M	753M	776.4M	811.7M	781.7M	857.5M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	14.2M	—	—	—	19.7M	—	—	—	17.9M	—	—
Total current assets	996.2M	1B	1.1B	1.1B	127.2M	884.3M	911.3M	876.1M	893.6M	917.4M	1B	965.4M
Property, plant & equipment	931.5M	57M	909.9M	900.8M	123.3M	2.9M	861.1M	852.2M	838.3M	-104.2M	629.1M	622.6M
Goodwill & intangibles	2.9M	1.9M	1.5M	1M	120K	1.4M	604K	486K	368K	500K	262K	190K
Total assets	2.1B	2.1B	2.2B	2.2B	302.7M	2.1B	2.1B	2.2B	2.1B	2B	2B	2B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	46.3M	46.7M	47.2M	47.3M	6.6M	14.5M	28.8M	29.1M	9.5M	9.1M	9.2M	9.3M
Total current liabilities	1.1B	1B	945.4M	897.5M	116.3M	801.4M	927.1M	860.8M	829.9M	759.4M	674.8M	592.9M
Long-term debt	269.2M	261.9M	245.6M	238.3M	29.6M	172.4M	132.1M	134.1M	127.4M	129.6M	121.8M	123.8M
Total liabilities	2B	1.8B	1.8B	1.7B	226.2M	1.5B	1.5B	1.4B	1.2B	1.1B	992.6M	899.9M
Shareholders' equity	132.6M	275.5M	397.1M	482M	76.5M	599.9M	660.1M	789.4M	915.3M	944.1M	1B	1.1B
Total debt	315.5M	308.6M	292.8M	285.6M	36.2M	186.9M	160.9M	163.2M	137M	138.7M	131M	133.1M
Net debt	-433M	-455.2M	-507.7M	-467.9M	-39.1M	-320.3M	-435.3M	-423.2M	-462.9M	-437.1M	-414.7M	-387.5M

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-253.6M	-918.7M	-927M	-395.2M	-431M	212.4M	643M	640.8M	342.1M	365.6M
Depreciation & amortization	5.5M	8.1M	25.8M	37.2M	40.3M	37.9M	46.7M	30.6M	29.5M	28.8M
Stock-based compensation	0	288.8M	3.9M	3M	29.7M	768K	7.2M	0	0	—
Change in working capital	298.5M	1.3B	957.2M	-166M	-70.7M	-603.3M	-608.1M	-514.9M	-210.2M	-304.1M
Operating cash flow	50.4M	680.5M	59.8M	-521M	-431.7M	-297.1M	115.6M	153M	178.2M	146.8M
Capital expenditure	-15.9M	-398.2M	-517.8M	-24.1M	-12.4M	-13.7M	-3.2M	-5.6M	-220K	—
Investing cash flow	-116.9M	-615.1M	-1.2B	730.3M	-334.8M	331.7M	96.2M	-71.2M	-358.7M	-12.1M
Dividends paid	0	-43M	0	0	0	0	-32.6M	-31.3M	0	0
Share repurchases	0	-285.1M	-34M	-31.6M	-26.6M	-4.9M	-6.7M	-4.8M	-10.9M	-6.2M
Financing cash flow	-287.9M	341.5M	1.6B	-64.2M	-59.1M	-38.9M	-78M	-74.7M	-112.7M	-47.7M
Net change in cash	-354.4M	406.8M	461.1M	145.2M	-825.5M	-4.3M	133.9M	7.1M	-293.3M	87M
Free cash flow	72.6M	420.6M	-337.9M	-559.1M	-215.6M	-389.8M	5.9M	134.4M	195.1M	146.2M

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Sunlands Technology Group ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement