YQNasdaqServices-Educational ServicesFiscal year ends December 31
17 Education & Technology Group Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026
$3.31−0.19 (-5.29%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
47.8%−14.0 pts over 5 years
Operating margin
-154.3%−51.2 pts over 5 years
Net margin
-145.6%−42.1 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 | -44.0% | -41.6% | -39.4% | – | |
| Gross profit | -26.8% | -46.2% | -42.4% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 111.9% | -45.4% | |
| Return on assets | – | -62.2% | -27.1% | |
| Current ratio | – | 2.53 | 1.87 | |
| Interest coverage | – | -456.1× | – | |
| Capex to revenue | – | 6.9% | 6.5% | |
| Diluted shares | – | 94M | 501M |
Where the cash went
Fiscal 2021 to 2025, five years combined
17 Education & Technology generated CN¥2.36B from operations and spent CN¥174.94M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥2.36B
Used
CN¥174.94M
Capital expenditureCN¥174.94M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-145.6%
×Asset turnover0.19×
×Equity multiplier1.68×
=Return on equity, FY2025-45.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -145.6% | 0.19× | 1.68× | -45.4% |
| FY2024 | -102.0% | 0.31× | 1.39× | -43.5% |
| FY2023 | -182.4% | 0.21× | 1.33× | -49.8% |
| FY2022 | -33.5% | 0.41× | 1.65× | -22.9% |
| FY2021 | -66.0% | 0.88× | 1.74× | -100.8% |
| FY2020 | -103.5% | 0.60× | -1.80× | 111.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥154.42M
- Cash generatingOperating cash flow above zeroCN¥37.33M
- Return on assets improvedROA up on the prior year-28.2% → -28.1%
- Earnings backed by cashOperating cash flow above net incomeCN¥37.33M vs -CN¥154.42M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.36 → 1.87
- No dilutionShare count did not rise402M → 501M
- Gross margin improvedGross margin up on the prior year36.58% → 47.75%
- More efficientAsset turnover rose0.28 → 0.19