STGNYSEServices-Educational ServicesFiscal year ends December 31
Sunlands Technology Group
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 24, 2026
$2.49−0.06 (-2.35%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
86.9%+4.5 pts over 5 years
Operating margin
18.6%+48.1 pts over 5 years
Net margin
18.1%+37.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.5% | -4.6% | -1.7% | – | |
| Gross profit | +5.0% | -3.9% | -0.7% | – | |
| Operating income | +26.4% | -15.2% | – | – | |
| Net income | +6.9% | -17.2% | – | – | |
| EPS, diluted | +8.3% | -16.8% | – | – | |
| Free cash flow | -24.9% | +191.8% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 44.2% | 47.3% | |
| Return on assets | – | -11.9% | 17.5% | |
| Current ratio | – | 0.71 | 1.21 | |
| Debt to equity | – | -0.16 | 0.00 | |
| Net debt to EBITDA | – | 0.93× | -1.42× | |
| Interest coverage | – | -55.5× | 442.0× | |
| Inventory turnover | – | – | 14.1× | |
| Capex to revenue | 3.8% | 0.6% | 0.0% | |
| Diluted shares | 4M | 7M | 7M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Sunlands Technology generated CN¥865.52M from operations and spent CN¥120.45M on capital expenditure, dividends and share buybacks. 19% of that went back into the business.
Generated
CN¥865.52M
Used
CN¥120.45M
Capital expenditureCN¥23.16M19%DividendsCN¥63.82M53%Share buybacksCN¥33.48M28%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin18.1%
×Asset turnover0.97×
×Equity multiplier2.69×
=Return on equity, FY202547.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 18.1% | 0.97× | 2.69× | 47.3% |
| FY2024 | 17.2% | 0.94× | 4.83× | 77.9% |
| FY2023 | 29.7% | 0.98× | -45.10× | -1315.2% |
| FY2022 | 27.7% | 0.95× | -3.52× | -93.1% |
| FY2021 | 8.7% | 0.86× | -2.64× | -19.7% |
| FY2020 | -19.5% | 0.61× | -3.71× | 44.2% |
| FY2019 | -18.0% | 0.57× | -7.15× | 73.3% |
| FY2018 | -47.0% | 0.69× | -2.88× | 93.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroCN¥365.63M
- Cash generatingOperating cash flow above zeroCN¥146.81M
- Return on assets improvedROA up on the prior year16.1% → 17.2%
- Earnings backed by cashOperating cash flow above net incomeCN¥146.81M vs CN¥365.63M
- Less leverageLong-term debt to assets fell1.7% → 0.0%
- Better liquidityCurrent ratio rose1.10 → 1.21
- No dilutionShare count did not rise7M → 7M
- Gross margin improvedGross margin up on the prior year84.04% → 86.91%
- More efficientAsset turnover rose0.94 → 0.95