YQ Nasdaq Services-Educational Services Financials FY2018βFY2025
17 Education & Technology Group Inc. had $14.8M of revenue in fiscal 2025, down 43.9% on the year before. Over five years, revenue changed β39.9% a year on average.
Hi! I read 17 Education & Technology Group Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β43.9%
No. Sales fell 43.9% last year.
Does it make a profit?
β145.6%
No. It lost money last year.
Does profit turn into cash?
28.7%
Yes. 28.7% of sales ends up as free cash.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days 17 Education & Technology Group Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
December 8, 2026
Tuesday Β· in 43 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 29, 2026 | Period ended Dec 31, 2025 | After the market closes | 20-F β |
| Apr 25, 2025 | Period ended Dec 31, 2024 | After the market closes | 20-F β |
| Apr 25, 2024 | Period ended Dec 31, 2023 | Before the market opens | 20-F β |
| Apr 26, 2023 | Period ended Dec 31, 2022 | Before the market opens | 20-F β |
| Apr 27, 2022 | Period ended Dec 31, 2021 | After the market closes | 20-F β |
| Apr 9, 2021 | Period ended Dec 31, 2020 | After the market closes | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· 17 Education & Technology Group Inc. had $14.8M of revenue in fiscal 2025, down 43.9% on the year before. Over five years, revenue changed β39.9% a year on average. Its operating margin was β154.3%, down 41.3Β pts: of every 100 in sales, about β154 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· 17 Education & Technology Group Inc. lost $21.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $4.2M in fiscal 2025, 28.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably 17 Education & Technology Group Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $186M | $105M | $67.1M | $49.2M | $58.1M |
| Current ratio | 2.0x | 4.3x | 3.5x | 3.4x | 1.9x |
| Quick ratio | 2.0x | 4.3x | 3.5x | 3.4x | 1.8x |
| Total assets | $249M | $142M | $96.3M | $75.3M | $84.3M |
| Total liabilities | $123M | $32.1M | $26.8M | $21.4M | $43.4M |
| Shareholders' equity | $125M | $110M | $69.6M | $53.9M | $40.9M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· 17 Education & Technology Group Inc. passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 4 / 8 | 1 / 8 | 3 / 8 | 2 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | β | β36.5% | β36.4% | 2.6% | 21.7% | β11.8% | β8.7% | β33.4% |
| Altman Z'' | β | β29.83 | β5.62 | β23.16 | β27.32 | β46.68 | β59.59 | β58.25 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $47.0M | $58.8M | $188M | $339M | $78.9M | $24.1M | $26.3M | $14.8M |
| Gross profit | $31.1M | $33.7M | $116M | $203M | $48.2M | $11.4M | $9.6M | $7.0M |
| Research and development | $60.2M | $71.1M | $89.1M | $124M | $35.0M | $23.7M | $10.0M | $7.8M |
| Operating income | β$106M | β$145M | β$193M | β$228M | β$31.4M | β$48.4M | β$29.7M | β$22.8M |
| Interest expense | β | $0.1M | $0.4M | β | β | β | β | β |
| Pretax income | β$99.1M | β$139M | β$194M | β$224M | β$26.4M | β$44.0M | β$26.8M | β$21.5M |
| Income tax | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$99.1M | β$139M | β$194M | β$224M | β$26.4M | β$44.0M | β$26.8M | β$21.5M |
| Net income to common | β$136M | β$226M | β$605M | β$224M | β$26.4M | β$44.0M | β$26.8M | β$21.5M |
| Diluted EPS | β$139.79 | β$197.17 | β$323.67 | β$22.64 | β$2.60 | β$4.80 | β$3.34 | β$2.16 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||
| Cash from operations | β$63.3M | β$91.4M | β$75.8M | β$234M | β$68.9M | β$29.9M | β$19.3M | $5.2M |
| Capital expenditure | $5.1M | $7.0M | $13.0M | $20.1M | $0.4M | $3.8M | $1.3M | $1.0M |
| Free cash flow | β$68.4M | β$98.4M | β$88.7M | β$254M | β$69.3M | β$33.7M | β$20.6M | $4.2M |
| Depreciation and amortization | $2.4M | $3.3M | $5.8M | $10.0M | $3.7M | $2.3M | $1.7M | $1.4M |
| Stock-based compensation | $18.7M | $13.5M | $51.6M | $30.3M | $19.2M | $11.8M | $8.6M | $4.3M |
| Share buybacks | $3.2M | β | β | β | β | β | β | β |
| Dividends and buybacks | $3.2M | β | β | β | β | β | β | β |
| Balance sheet | ||||||||
| Cash and short-term investments | $182M | $93.9M | $434M | $186M | $105M | $67.1M | $49.2M | $58.1M |
| Total debt | β | $12.2M | β | β | β | β | β | β |
| Current assets | β | $109M | $466M | $211M | $132M | $88.8M | $69.7M | $78.7M |
| Current liabilities | β | $97.8M | $184M | $108M | $31.0M | $25.4M | $20.8M | $42.0M |
| Inventory | β | β | β | β | β | β | $0.0M | $2.2M |
| Property and equipment, net | β | $9.4M | $16.1M | $11.0M | $4.7M | $4.5M | $3.6M | $3.2M |
| Total assets | β | $132M | $518M | $249M | $142M | $96.3M | $75.3M | $84.3M |
| Total liabilities | β | $101M | $203M | $123M | $32.1M | $26.8M | $21.4M | $43.4M |
| Shareholders' equity | β$433M | β$641M | $316M | $125M | $110M | $69.6M | $53.9M | $40.9M |
| Margins | ||||||||
| Gross margin | 66.2% | 57.3% | 61.7% | 59.8% | 61.2% | 47.2% | 36.6% | 47.8% |
| Operating margin | β225.1% | β246.2% | β103.1% | β67.5% | β39.8% | β200.5% | β113.0% | β154.3% |
| EBITDA margin | β220.1% | β240.6% | β100.0% | β64.5% | β35.1% | β191.0% | β106.5% | β144.8% |
| Net margin | β211.2% | β237.2% | β103.5% | β66.0% | β33.5% | β182.4% | β102.0% | β145.6% |
| FCF margin | β145.7% | β167.4% | β47.3% | β74.9% | β87.9% | β139.6% | β78.5% | 28.7% |
| Returns | ||||||||
| Return on capital employed | β | β424.1% | β57.9% | β161.7% | β28.2% | β68.2% | β54.5% | β53.8% |
| Return on equity | β | β | β | β101.3% | β22.4% | β49.0% | β43.4% | β45.3% |
| Return on assets | β | β105.7% | β59.7% | β58.3% | β13.5% | β36.9% | β31.2% | β26.9% |
| Return on tangible equity | β | β | β191.7% | β178.2% | β24.0% | β63.3% | β49.7% | β52.5% |
| Growth | ||||||||
| Revenue growth | β | 25.2% | 219.0% | 80.6% | β76.7% | β69.4% | 8.9% | β43.9% |
| Share count change | β | 17.9% | 62.9% | 428.4% | 1.8% | β8.8% | β12.4% | 24.7% |
| Financial health | ||||||||
| Interest coverage | β | β2,061.7x | β456.1x | β | β | β | β | β |
| Current ratio | β | 1.1x | 2.5x | 2.0x | 4.3x | 3.5x | 3.4x | 1.9x |
| Quick ratio | β | 1.1x | 2.5x | 2.0x | 4.3x | 3.5x | 3.4x | 1.8x |
| Capital allocation | ||||||||
| Capex / revenue | 10.9% | 12.0% | 6.9% | 5.9% | 0.5% | 15.6% | 5.0% | 6.5% |
| Stock comp / revenue | 39.8% | 22.9% | 27.5% | 8.9% | 24.4% | 49.0% | 32.7% | 29.1% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | 4.0 | 1.0 | 3.0 | 2.0 | 4.0 | 4.0 |
| Altman Z'' | β | β29.8 | β5.6 | β23.2 | β27.3 | β46.7 | β59.6 | β58.2 |
| Accruals ratio | β | β36.5% | β36.4% | 2.6% | 21.7% | β11.8% | β8.7% | β33.4% |
Source: SEC EDGAR XBRL filings (CIK 0001821468). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 50 ordinary shares). For information only β not investment advice. Check the original filings before relying on any figure.
