Sunlands Technology Group
STG NYSE Services-Educational Services Financials FY2016โFY2025
Revenue
Total sales reported in the income statement.
$281M
1.6%
vs prior year
Operating margin
Operating income as a share of revenue.
18.6%
3.7ย pts
Net income
Profit after all expenses, interest and tax.
$50.9M
7.0%
Free cash flow
Cash from operations minus capital spending.
$20.4M
24.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
236.1%
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On $7.55 EPS (TTM)
What Sunlands Technology Group does
No business description yet.
- Legal name
- Sunlands Technology Group
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Apr 24, 2026
- Accession ยท CIK
- 0001193125-26-175368
0001723935
Revenue and margins
Sunlands Technology Group had $281M of revenue in fiscal 2025, up 1.6% on the year before.
FY16
Revenue $63.0M
FY17
Revenue $144M
FY18
Revenue $298M
FY19
Revenue $317M
FY20
Revenue $319M
FY21
Revenue $389M
FY22
Revenue $345M
FY23
Revenue $305M
FY24
Revenue $277M
FY25
Revenue $281M
FY16
Gross 83.1%
Operating โ61.8%
Net โ60.5%
FCF 17.5%
FY17
Gross 82.5%
Operating โ95.6%
Net โ94.7%
FCF 43.4%
FY18
Gross 83.3%
Operating โ52.1%
Net โ47.0%
FCF โ17.1%
FY19
Gross 81.9%
Operating โ21.0%
Net โ18.0%
FCF โ25.4%
FY20
Gross 82.4%
Operating โ29.5%
Net โ19.5%
FCF โ9.1%
FY21
Gross 85.0%
Operating 4.6%
Net 8.7%
FCF โ15.4%
FY22
Gross 85.0%
Operating 26.6%
Net 27.7%
FCF 0.3%
FY23
Gross 87.7%
Operating 26.6%
Net 29.7%
FCF 6.3%
FY24
Gross 84.0%
Operating 15.0%
Net 17.2%
FCF 9.8%
FY25
Gross 86.9%
Operating 18.6%
Net 18.1%
FCF 7.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income โ$38.2M
FY17
Net income โ$136M
FY18
Net income โ$140M
FY19
Net income โ$57.1M
FY20
Net income โ$62.4M
FY21
Net income $34.0M
FY22
Net income $95.6M
FY23
Net income $90.5M
FY24
Net income $47.5M
FY25
Net income $50.9M
FY16
Diluted EPS โ$9.99
FY17
Diluted EPS โ$34.45
FY18
Diluted EPS โ$22.26
FY19
Diluted EPS โ$8.37
FY20
Diluted EPS โ$9.23
FY21
Diluted EPS $5.05
FY22
Diluted EPS $13.98
FY23
Diluted EPS $13.11
FY24
Diluted EPS $6.96
FY25
Diluted EPS $7.55
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital โ
Return on equity โ
Return on assets โ
FY17
Return on capital โ
Return on equity โ
Return on assets โ44.9%
FY18
Return on capital โ
Return on equity โ
Return on assets โ33.1%
FY19
Return on capital โ
Return on equity โ
Return on assets โ10.3%
FY20
Return on capital โ
Return on equity โ
Return on assets โ11.7%
FY21
Return on capital โ
Return on equity โ
Return on assets 7.5%
FY22
Return on capital โ
Return on equity โ
Return on assets 25.9%
FY23
Return on capital โ
Return on equity โ
Return on assets 28.8%
FY24
Return on capital โ
Return on equity 78.3%
Return on assets 16.1%
FY25
Return on capital 236.1%
Return on equity 46.8%
Return on assets 17.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $20.4M in fiscal 2025, 7.3% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $11.0M
FY17
Free cash flow $62.3M
FY18
Free cash flow โ$51.0M
FY19
Free cash flow โ$80.8M
FY20
Free cash flow โ$29.1M
FY21
Free cash flow โ$60.0M
FY22
Free cash flow $0.9M
FY23
Free cash flow $19.1M
FY24
Free cash flow $27.1M
FY25
Free cash flow $20.4M
FY16
Cash from operations $13.4M
Capital spending $2.4M
FY17
Cash from operations $121M
Capital spending $58.9M
FY18
Cash from operations $27.3M
Capital spending $78.2M
FY19
Cash from operations โ$77.2M
Capital spending $3.6M
FY20
Cash from operations โ$27.3M
Capital spending $1.8M
FY21
Cash from operations โ$57.9M
Capital spending $2.1M
FY22
Cash from operations $1.4M
Capital spending $0.5M
FY23
Cash from operations $19.9M
Capital spending $0.8M
FY24
Cash from operations $27.2M
Capital spending $0.0M
FY25
Cash from operations $20.4M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Sunlands Technology Group returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 1.3%.
FY16
Dividends โ
Buybacks โ
FY17
Dividends โ
Buybacks โ
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends $4.8M
Buybacks โ
FY23
Dividends $4.4M
Buybacks โ
FY24
Dividends $0.0M
Buybacks โ
FY25
Dividends $0.0M
Buybacks โ
Dividends
Buybacks
FY16
Diluted shares 0.00B
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Sunlands Technology Group can carry it.
FY16
Cash โ
Debt โ
FY17
Cash $140M
Debt โ
FY18
Cash $331M
Debt $37.5M
FY19
Cash $233M
Debt $32.4M
FY20
Cash $196M
Debt $29.5M
FY21
Cash $128M
Debt $34.7M
FY22
Cash $119M
Debt $26.4M
FY23
Cash $128M
Debt $20.2M
FY24
Cash $107M
Debt $5.7M
FY25
Cash $116M
Debt $0.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $128M | $119M | $128M | $107M | $116M |
| Debt incl. finance leases | $34.7M | $26.4M | $20.2M | $5.7M | $0.0M |
| Net debt / EBITDA | โ3.9x | โ0.9x | โ1.3x | โ2.2x | โ2.1x |
| Debt / equity | โ | โ | 0.5x | 0.1x | 0.0x |
| Interest coverage | 10.5x | 61.3x | 75.1x | 56.3x | 442.1x |
| Current ratio | 0.6x | 0.7x | 1.0x | 1.1x | 1.2x |
| Quick ratio | 0.6x | 0.6x | 1.0x | 1.1x | 1.2x |
| Total assets | $408M | $330M | $298M | $291M | $292M |
| Total liabilities | $568M | $385M | $259M | $208M | $158M |
| Shareholders' equity | โ$159M | โ$54.3M | $39.0M | $82.4M | $135M |
| Net debt (โ = net cash) | โ$92.9M | โ$93.1M | โ$107M | โ$102M | โ$116M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 6 / 8 | 3 / 9 | 4 / 9 | 5 / 9 | 7 / 9 | 6 / 9 | 5 / 9 | 8 / 9 |
| Accruals ratio | โ | โ85.0% | โ39.6% | 3.6% | โ6.6% | 20.3% | 25.5% | 22.5% | 6.9% | 10.4% |
| Altman Z'' | โ | โ8.68 | โ4.02 | โ3.94 | โ6.52 | โ6.32 | โ3.78 | โ1.29 | โ1.20 | 0.24 |
10 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $63.0M | $144M | $298M | $317M | $319M | $389M | $345M | $305M | $277M | $281M |
| Gross profit | $52.4M | $118M | $248M | $260M | $263M | $331M | $293M | $267M | $232M | $244M |
| Research and development | $2.1M | $4.9M | $11.5M | $14.7M | $9.6M | $9.5M | $6.4M | $4.8M | $3.5M | $4.1M |
| Operating income | โ$39.0M | โ$137M | โ$155M | โ$66.5M | โ$94.0M | $17.7M | $91.6M | $81.2M | $41.4M | $52.4M |
| Interest expense | โ | โ | $0.3M | $2.1M | $1.7M | $1.7M | $1.5M | $1.1M | $0.7M | $0.1M |
| Pretax income | โ$38.2M | โ$135M | โ$140M | โ$56.8M | โ$62.7M | $30.6M | $96.3M | $95.5M | $49.6M | $59.7M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.4M | โ$0.0M | โ$3.0M | $1.8M | $3.6M | $0.2M | $8.2M |
| Net income | โ$38.2M | โ$136M | โ$140M | โ$57.1M | โ$62.4M | $34.0M | $95.6M | $90.5M | $47.5M | $50.9M |
| Diluted EPS | โ$9.99 | โ$34.45 | โ$22.26 | โ$8.37 | โ$9.23 | $5.05 | $13.98 | $13.11 | $6.96 | $7.55 |
| Diluted shares | 0.00B | 0.00B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | $13.4M | $121M | $27.3M | โ$77.2M | โ$27.3M | โ$57.9M | $1.4M | $19.9M | $27.2M | $20.4M |
| Capital expenditure | $2.4M | $58.9M | $78.2M | $3.6M | $1.8M | $2.1M | $0.5M | $0.8M | $0.0M | $0.0M |
| Free cash flow | $11.0M | $62.3M | โ$51.0M | โ$80.8M | โ$29.1M | โ$60.0M | $0.9M | $19.1M | $27.1M | $20.4M |
| Depreciation and amortization | $0.8M | $1.2M | $3.9M | $5.4M | $5.8M | $5.9M | $6.9M | $4.3M | $4.1M | $4.0M |
| Stock-based compensation | โ | $42.7M | $0.6M | $0.4M | $4.3M | $0.1M | $1.1M | $0.0M | $0.0M | $0.0M |
| Acquisitions | โ | $0.1M | โ | โ | โ | โ | โ | โ | โ | โ |
| Dividends paid | โ | โ | โ | โ | โ | โ | $4.8M | $4.4M | $0.0M | $0.0M |
| Dividends and buybacks | โ | โ | โ | โ | โ | โ | $4.8M | $4.4M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | โ | $140M | $331M | $233M | $196M | $128M | $119M | $128M | $107M | $116M |
| Total debt | โ | โ | $37.5M | $32.4M | $29.5M | $34.7M | $26.4M | $20.2M | $5.7M | $0.0M |
| Current assets | โ | $195M | $376M | $294M | $238M | $177M | $140M | $145M | $121M | $131M |
| Current liabilities | โ | $277M | $337M | $322M | $336M | $300M | $214M | $142M | $110M | $108M |
| Inventory | โ | โ | โ | โ | โ | $1.4M | $2.1M | $2.0M | $2.7M | $2.6M |
| Property and equipment, net | โ | $80.7M | $81.4M | $78.4M | $78.2M | $135M | $118M | $111M | $104M | $94.6M |
| Intangible assets | โ | $0.2M | $0.2M | $0.2M | $0.2M | $0.4M | $0.2M | $0.1M | $0.1M | $0.0M |
| Total assets | โ | $303M | $544M | $570M | $499M | $408M | $330M | $298M | $291M | $292M |
| Total liabilities | โ | $398M | $593M | $676M | $684M | $568M | $385M | $259M | $208M | $158M |
| Shareholders' equity | โ$128M | โ$252M | โ$49.3M | โ$106M | โ$185M | โ$159M | โ$54.3M | $39.0M | $82.4M | $135M |
| Margins | ||||||||||
| Gross margin | 83.1% | 82.5% | 83.3% | 81.9% | 82.4% | 85.0% | 85.0% | 87.7% | 84.0% | 86.9% |
| Operating margin | โ61.8% | โ95.6% | โ52.1% | โ21.0% | โ29.5% | 4.6% | 26.6% | 26.6% | 15.0% | 18.6% |
| EBITDA margin | โ60.5% | โ94.8% | โ50.8% | โ19.3% | โ27.6% | 6.1% | 28.6% | 28.0% | 16.4% | 20.1% |
| Net margin | โ60.5% | โ94.7% | โ47.0% | โ18.0% | โ19.5% | 8.7% | 27.7% | 29.7% | 17.2% | 18.1% |
| FCF margin | 17.5% | 43.4% | โ17.1% | โ25.4% | โ9.1% | โ15.4% | 0.3% | 6.3% | 9.8% | 7.3% |
| Returns | ||||||||||
| Return on capital | โ | โ | โ | โ | โ | โ | โ | โ | โ | 236.1% |
| Return on capital employed | โ | โ533.5% | โ75.1% | โ26.8% | โ57.7% | 16.4% | 79.2% | 52.0% | 22.9% | 28.5% |
| Return on equity | โ | โ | โ | โ | โ | โ | โ | โ | 78.3% | 46.8% |
| Return on assets | โ | โ44.9% | โ33.1% | โ10.3% | โ11.7% | 7.5% | 25.9% | 28.8% | 16.1% | 17.5% |
| Return on tangible equity | โ | โ | โ | โ | โ | โ | โ | 232.8% | 57.8% | 37.7% |
| Growth | ||||||||||
| Revenue growth | โ | 127.7% | 107.8% | 6.4% | 0.6% | 21.8% | โ11.3% | โ11.6% | โ9.3% | 1.6% |
| Net income growth | โ | โ | โ | โ | โ | โ | 181.6% | โ5.4% | โ47.5% | 7.0% |
| EPS growth | โ | โ | โ | โ | โ | โ | 177.0% | โ6.2% | โ46.9% | 8.4% |
| FCF growth | โ | 464.4% | โ181.7% | โ | โ | โ | โ | 2,075.3% | 42.3% | โ24.8% |
| Share count change | โ | 3.3% | 59.5% | 8.5% | โ1.1% | โ0.4% | 1.7% | 0.9% | โ1.1% | โ1.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | โ | โ | โ | โ | โ | โ3.9x | โ0.9x | โ1.3x | โ2.2x | โ2.1x |
| Debt / equity | โ | โ | โ | โ | โ | โ | โ | 0.5x | 0.1x | 0.0x |
| Interest coverage | โ | โ | โ473.9x | โ32.1x | โ55.5x | 10.5x | 61.3x | 75.1x | 56.3x | 442.1x |
| Current ratio | โ | 0.7x | 1.1x | 0.9x | 0.7x | 0.6x | 0.7x | 1.0x | 1.1x | 1.2x |
| Quick ratio | โ | 0.7x | 1.1x | 0.9x | 0.7x | 0.6x | 0.6x | 1.0x | 1.1x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.8% | 41.0% | 26.2% | 1.1% | 0.6% | 0.5% | 0.1% | 0.3% | 0.0% | 0.0% |
| Stock comp / revenue | โ | 29.8% | 0.2% | 0.1% | 1.3% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% |
| Payouts / FCF | โ | โ | โ | โ | โ | โ | 551.8% | 23.1% | 0.0% | 0.0% |
| Quality scores | ||||||||||
| Piotroski F-score | โ | โ | 6.0 | 3.0 | 4.0 | 5.0 | 7.0 | 6.0 | 5.0 | 8.0 |
| Altman Z'' | โ | โ8.7 | โ4.0 | โ3.9 | โ6.5 | โ6.3 | โ3.8 | โ1.3 | โ1.2 | 0.2 |
| Accruals ratio | โ | โ85.0% | โ39.6% | 3.6% | โ6.6% | 20.3% | 25.5% | 22.5% | 6.9% | 10.4% |
Source: SEC EDGAR XBRL filings (CIK 0001723935). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only โ not investment advice. Check the original filings before relying on any figure.