Tal Education Group (TAL) 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 27	$0.29	$0.75	+158.6%	—	$758.4M	—
Q4 26	$0.16	$0.45	+181.3%	—	$802.4M	—
Q3 26	$0.08	$0.25	+212.5%	—	$770.2M	—
Q2 26	$0.16	$0.24	+50.0%	—	$861.4M	—
Q1 26	$0.03	$0.07	+133.3%	—	$575M	—
Q4 25	$0.09	$0.01	-88.9%	—	$610.2M	—
Q3 25	$0.05	$0.06	+20.0%	—	$606.4M	—
Q2 25	$0.1	$0.12	+20.0%	—	$619.4M	—
Q1 25	-$0.01	$0.05	+600.0%	—	$414.2M	—
Q4 24	$0.02	$0.08	+300.0%	—	$429.6M	—
Q2 24	$0.08	$0.1	+25.0%	—	$411.9M	—
Q1 24	-$0.03	-$0.03	0.0%	—	$275.4M	—
Q4 23	—	-$0.02	—	—	$269M	—
Q3 23	$0.02	-$0.04	-300.0%	—	$232.7M	—
Q2 23	$0.01	$0.04	+300.0%	—	$294.1M	—
Q1 23	-$0.05	-$0.03	+40.0%	—	$224M	—

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 %
FY26	—	$0.93	—	—	$3B	—
FY25	—	$0.14	—	—	$2.3B	—
FY24	—	-$0.01	—	—	$1.5B	—
FY23	—	-$0.21	—	—	$1B

Total revenue

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

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$1B	$1.7B	$2.6B	$3.3B	$4.5B	$4.4B	$1B	$1.5B	$2.3B	$3B
YoY change	+68.3%	+64.4%	+49.4%	+27.7%	+37.3%	-2.33%	-76.8%	+46.2%	+51%	+33.7%

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	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	1B	1.7B	2.6B	3.3B	4.5B	4.4B	1B	1.5B	2.3B	3B
Cost of revenue	522.3M	882.3M	1.2B	1.5B	2B	2.2B	436.4M	684.3M	1B	1.3B
Gross profit	520.8M	832.7M	1.4B	1.8B	2.4B	2.2B	583.4M	806.1M	1.2B	1.7B
Gross margin	49.9%	48.6%	54.6%	55.1%	54.4%	49.8%	57.2%	54.1%	53.3%	55.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	389.3M	628.4M	1.1B	1.6B	2.8B	2.3B	696.8M	891.8M	1.2B	1.4B
Operating expenses	386.2M	623.7M	1.1B	1.6B	2.8B	2.3B	674.1M	875.4M	1.2B	1.4B
Operating income	134.6M	209M	341.6M	166.4M	-330.7M	-109.5M	-90.7M	-69.2M	-3.2M	276M
Operating margin	12.9%	12.2%	13.3%	5.08%	-7.36%	-2.49%	-8.9%	-4.64%	-0.14%	9.17%
Non-operating income, net	15M	14.8M	73.6M	-278.3M	8.8M	-764M	-80.6M	1.8M	51.8M	347.3M
Pretax income	154.6M	247M	457.2M	-50.7M	-224.6M	-778.1M	-109.7M	17.5M	132.1M	685.4M
Income tax	34.1M	44.7M	76.5M	69.3M	-69.9M	397M	20M	15.4M	38.3M	154.4M
Net income	112.5M	194.7M	364.5M	-127.7M	-143.1M	-1.2B	-132M	-4.1M	84.3M	530.1M
Net margin	10.8%	11.4%	14.2%	-3.9%	-3.18%	-26.5%	-12.9%	-0.28%	3.74%	17.6%
EBITDA	209.4M	325.4M	621.8M	262.1M	90.7M	200.5M	-70.9M	94.3M	62.1M	395.6M
EPS	0.24	0.38	0.64	-0.19	-0.19	-1.76	-0.21	-0.01	0.14	0.93
Diluted EPS	0.22	0.34	0.61	-0.19	-0.19	-1.76	-0.21	-0.01	0.14	0.92

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	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	411.9M	373.5M	429.6M	414.2M	619.4M	606.4M	610.2M	575M	861.4M	770.2M	802.4M	758.4M
Cost of revenue	169.4M	173.2M	202.2M	200M	270.6M	286.7M	292.6M	259.6M	370.3M	338.4M	375.2M	320.2M
Gross profit	242.5M	200.3M	227.3M	214.2M	348.7M	319.8M	317.6M	315.4M	491M	431.8M	427.2M	438.2M
Gross margin	58.9%	53.6%	52.9%	51.7%	56.3%	52.7%	52%	54.9%	57%	56.1%	53.2%	57.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	213.4M	232.7M	243.2M	232.1M	301.4M	338M	336.2M	301.9M	396.4M	338.7M	354.8M	301M
Operating expenses	210.8M	232.5M	238.4M	231.5M	301.1M	337.2M	333.6M	301.1M	394.9M	338.7M	354.8M	301M
Operating income	31.8M	-32.2M	-11.1M	-17.3M	47.6M	-17.4M	-16M	14.3M	96.1M	93.1M	72.5M	137.2M
Operating margin	7.72%	-8.62%	-2.57%	-4.18%	7.69%	-2.87%	-2.62%	2.49%	11.2%	12.1%	9.03%	18.1%
Non-operating income, net	-25.7M	11.1M	23.3M	9.4M	15.5M	18.1M	8.7M	9.5M	65.7M	38.6M	233.6M	405.2M
Pretax income	27M	-1.1M	33.1M	14.6M	83.6M	22.2M	11.8M	42.5M	175.9M	146M	320.9M	552.3M
Income tax	-10M	15.4M	6.5M	2.3M	25.6M	-3.6M	14M	11.1M	51.1M	15.3M	77M	143.7M
Net income	37.8M	-24.1M	27.3M	11.3M	57.3M	23M	-7.4M	31.2M	124M	130.5M	244.4M	407.9M
Net margin	9.18%	-6.45%	6.36%	2.73%	9.26%	3.8%	-1.21%	5.43%	14.4%	16.9%	30.5%	53.8%
EBITDA	62.6M	-29.9M	89.6M	-13.6M	52.5M	-17.4M	-11.8M	14.3M	97.5M	93.1M	113.9M	137.2M
EPS	0.06	-0.04	0.05	0.02	0.09	0.04	-0.01	0.05	0.22	0.24	0.44	0.74
Diluted EPS	0.06	-0.04	0.04	0.02	0.09	0.04	-0.01	0.05	0.21	0.23	0.44	0.73

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	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	7B	19.8B	20.3B	32.3B	47.4B	1.8B	4.5B	9B	7.8B	6B	6.6B
Enterprise value	6.8B	18.6B	19B	31.6B	45.6B	-636.1M	1.5B	5.9B	4.5B	3.2B	4.2B
Shares outstanding	487.6M	525M	569.9M	594.6M	610.9M	644.5M	637.8M	610M	606M	571.3M	571.3M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	62.5	101.8	55.7	—	—	—	—	—	92.9	11.3	7.43
P/S	6.74	11.6	7.92	9.88	10.5	0.42	4.4	6.03	3.48	2	2.07
P/B	10.3	12.1	8.02	12.7	9.1	0.46	1.17	2.47	2.08	1.59	1.61
EV/EBITDA	32.4	57	30.5	120.7	502.4	-3.17	-20.7	62.8	73.2	8	8.65
EV/Sales	6.5	10.8	7.41	9.67	10.1	-0.14	1.44	3.97	2.02	1.05	1.31
Earnings yield	1.6%	0.98%	1.8%	—	—	—	—	—	1.08%	8.81%	13.5%
FCF yield	4.38%	2.81%	-0.79%	2.06%	1.5%	-64.8%	-2.3%	2.06%	3.65%	8.44%	6.42%
PEG	—	—	—	—	—	—	—	—	—	—	0.01

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	49.9%	48.6%	54.6%	55.1%	54.4%	49.8%	57.2%	54.1%	53.3%	55.4%	57.8%
Operating margin	12.9%	12.2%	13.3%	5.08%	-7.36%	-2.49%	-8.9%	-4.64%	-0.14%	9.17%	18.1%
Net margin	10.8%	11.4%	14.2%	-3.9%	-3.18%	-26.5%	-12.9%	-0.28%	3.74%	17.6%	28.4%
ROE	16.5%	11.9%	14.4%	-5.02%	-2.75%	-29.1%	-3.45%	-0.11%	2.24%	14%	23.7%
ROA	6.15%	6.37%	9.76%	-2.29%	-1.18%	-22.9%	-2.79%	-0.08%	1.53%	8.93%	3.99%
ROIC	24.3%	45.3%	23.1%	9.04%	-9.69%	-7.13%	-11.2%	-1.45%	-0.47%	23.2%	18.8%
Return on tangible assets	9.23%	8.16%	15.6%	-2.98%	-1.34%	-25.1%	-3.04%	-0.09%	1.64%	9.87%	14.6%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.31	1.47	1.47	1.38	2.42	4.02	4.42	3.42	2.86	2.17	1.69
Quick ratio	1.3	1.46	1.47	1.37	2.41	4	4.37	3.36	2.79	2.09	1.61
Debt / equity	0.66	0.14	0.09	0.6	0.8	0.06	0.04	0.07	0.09	0.1	0.1
Debt / assets	0.25	0.08	0.06	0.27	0.34	0.05	0.03	0.05	0.06	0.07	0.06
Net debt / EBITDA	-1.19	-3.88	-2.09	-2.68	-19.7	-12.3	42.5	-32.5	-52.9	-7.21	-5.59
Interest coverage	12.8	15.8	26.9	-3.29	-12.3	-97.9	—	—	—	—	—
Effective tax rate	22%	18.1%	16.7%	0%	0%	0%	0%	88%	29%	22.5%	24%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	2.14	3.27	4.5	5.5	7.36	6.81	1.6	2.44	3.71	5.27	5.72
EPS (basic)	0.24	0.38	0.64	-0.19	-0.19	-1.76	-0.21	-0.01	0.14	0.93	0.93
EPS (diluted)	0.22	0.34	0.61	-0.19	-0.19	-1.76	-0.21	-0.01	0.14	0.92	1.6
Book value per share	1.4	3.12	4.44	4.28	8.52	6.21	5.99	5.97	6.22	6.61	7.38
FCF per share	0.63	1.06	-0.28	1.12	1.16	-1.84	-0.16	0.3	0.47	0.89	1.14
Cash per share	1.43	2.86	2.66	3.73	9.72	4.2	4.97	5.42	5.97	5.67	5.2
Capex per share	0.14	0.24	0.24	0.3	0.4	0.34	0.14	0.18	0.18	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	6.76%	7.31%	5.33%	5.42%	5.43%	5.01%	8.86%	7.38%	4.92%	—	—
Capex / operating cash flow	20.5%	19.4%	103.2%	46.8%	33.5%	-11.1%	167.7%	37.7%	28.1%	—	—
Payout ratio	0%	21.1%	0%	0%	—	—	—	—	—	—	0%
Dividend yield	0%	0.21%	0%	0%	—	—	—	—	—	—	—

Yield

—

trailing twelve months

Frequency

Annual

Last dividend

$0.0808

ex-dividend May 9, 2017

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
May 9, 2017	$0.0808
Dec 5, 2012	$0.0817

Split history

Date	Ratio
Aug 16, 2017	6:1

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$411.9M	$373.5M	$429.6M	$414.2M	$619.4M	$606.4M	$610.2M	$575M	$861.4M	$770.2M	$802.4M	$758.4M
YoY change	+40.1%	+60.5%	+59.7%	+50.4%	+50.4%	+62.4%	+42.1%	+38.8%	+39.1%	+27%	+31.5%	+31.9%

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	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	699.7M	1.5B	1.5B	2.2B	5.9B	2.7B	3.2B	3.3B	3.6B	3.2B
Receivables	—	16.5M	50.2M	42.7M	25.9M	25.6M	44.8M	52.7M	94.2M	71.6M
Inventory	2.8M	5.3M	7.8M	25.8M	38.7M	21.8M	39M	68.3M	104.9M	143.3M
Total current assets	871.1M	1.7B	1.7B	2.5B	8.2B	3.6B	3.5B	3.7B	4.1B	3.8B
Property, plant & equipment	95.5M	184.1M	435.6M	1.6B	2B	442.4M	377.9M	578.6M	592.2M	649.5M
Goodwill & intangibles	610.3M	669.8M	1.4B	1.3B	1.5B	438.8M	388.7M	382.1M	365.8M	562.6M
Total assets	1.8B	3.1B	3.7B	5.6B	12.1B	5.1B	4.7B	4.9B	5.5B	5.9B
Accounts payable	22.6M	57.6M	106.5M	117.8M	353.8M	89.8M	60M	127.3M	146.3M	152.5M
Short-term debt	—	—	215.3M	305M	652.7M	66.1M	42.2M	62.6M	88.5M	109.4M
Total current liabilities	667.1M	1.1B	1.2B	1.8B	3.4B	902.6M	783.9M	1.1B	1.4B	1.8B
Long-term debt	450.1M	236.1M	0	1.2B	3.5B	176M	115.5M	176.6M	244.9M	278.1M
Total liabilities	1.1B	1.4B	1.2B	3B	6.9B	1.1B	903.4M	1.3B	1.7B	2.2B
Shareholders' equity	680.9M	1.6B	2.5B	2.5B	5.2B	4B	3.8B	3.6B	3.8B	3.8B
Total debt	450.1M	236.1M	215.3M	1.5B	4.1B	242.1M	157.7M	239.2M	333.3M	387.5M
Net debt	-20.1M	-475.4M	-1B	-357M	903.3M	-1.4B	-1.9B	-2B	-1.4B	-1.1B

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	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	3B	3.2B	3.3B	3.4B	3.5B	3.8B	3.6B	3.5B	3.2B	3.6B	3.2B	2.9B
Receivables	—	—	52.7M	—	—	—	94.2M	—	—	—	71.6M	—
Inventory	65.5M	59M	68.3M	81M	82.4M	98M	104.9M	137M	133M	137M	143.3M	184.8M
Total current assets	3.4B	3.6B	3.7B	3.9B	4B	4.4B	4.1B	4.1B	3.9B	4.3B	3.8B	3.7B
Property, plant & equipment	483M	583.2M	578.6M	778.9M	800.2M	783.1M	592.2M	874.3M	866.1M	866M	649.5M	907.9M
Goodwill & intangibles	371.8M	375.4M	382.1M	377M	383.2M	371.8M	365.8M	556.5M	557.5M	555.8M	562.6M	563.3M
Total assets	4.6B	4.9B	4.9B	5.3B	5.3B	5.8B	5.5B	5.7B	5.5B	5.9B	5.9B	6.8B
Accounts payable	73.4M	110.6M	127.3M	132.3M	167.3M	189.3M	146.3M	160.4M	157.4M	161.1M	152.5M	139.3M
Short-term debt	47.6M	58.2M	62.6M	72.3M	85.9M	137.7M	88.5M	98.5M	103.8M	104.3M	109.4M	118.8M
Total current liabilities	861.8M	1.1B	1.1B	1.3B	1.3B	1.7B	1.4B	1.8B	1.7B	2.1B	1.8B	2.2B
Long-term debt	125M	156.3M	176.6M	273.5M	262.4M	243.3M	244.9M	275.4M	269.6M	273M	278.1M	286.7M
Total liabilities	1B	1.3B	1.3B	1.6B	1.6B	2B	1.7B	2.1B	2B	2.4B	2.2B	2.7B
Shareholders' equity	3.6B	3.6B	3.6B	3.7B	3.7B	3.8B	3.8B	3.6B	3.4B	3.5B	3.8B	4.1B
Total debt	172.6M	214.5M	239.2M	345.7M	348.3M	381.1M	333.3M	373.8M	373.3M	377.4M	387.5M	405.5M
Net debt	-2B	-2B	-2B	-1.9B	-1.7B	-1.9B	-1.4B	-893.3M	-1.2B	-1.8B	-1.1B	-1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

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

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	112.5M	194.7M	364.5M	-127.7M	-143.1M	-1.2B	-132M	-4.1M	84.3M	530.1M
Depreciation & amortization	33.6M	59.2M	88.8M	118M	165.3M	189.9M	40.7M	29.9M	52.3M	76.7M
Stock-based compensation	36.1M	47.1M	77.3M	117.9M	204.9M	174.8M	108.6M	88.9M	64.9M	43.1M
Change in working capital	187.9M	344M	-371.8M	271.2M	506.4M	-1.2B	36.6M	176.9M	191.9M	205.4M
Operating cash flow	344.9M	645.1M	132.4M	379.5M	729.8M	-2B	53.9M	291.6M	393.4M	601.5M
Capital expenditure	-70.6M	-125.4M	-136.7M	-177.5M	-244.3M	-220M	-90.3M	-110M	-110.7M	—
Investing cash flow	-514.8M	-830.5M	50M	-328.8M	-2.6B	1.4B	-301.6M	103.6M	-846.5M	-83.8M
Dividends paid	0	-41.2M	0	0	—	—	—	—	—	—
Share repurchases	—	—	0	0	-9.9M	-196.3M	-66.4M	-233.6M	-13.1M	-644.1M
Financing cash flow	177.2M	426M	467.9M	55.5M	4.8B	-2.8B	-66.4M	-233.6M	-69M	-644.1M
Net change in cash	7.2M	240.6M	650.4M	106.2M	2.9B	-3.4B	-314.1M	161.7M	-522M	-126.4M
Free cash flow	307.9M	556.9M	-160.6M	667.8M	709M	-1.2B	-103M	184.9M	285.7M	507.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

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

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	347.8M	-58.1M	526.7M	-215M	478.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	347.8M	-58.1M	526.7M	-215M	478.2M
Free cash flow	-42.7M	247.1M	-145M	246.8M	-576K	378M	-338.6M	347.8M	-58.1M	526.7M	-308.5M	478.2M

Tal Education Group 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

Cash generation and uses

Condensed cash flow statement