TAL Education Group TAL

Consumer DiscretionaryMiscellaneous Educational Service ProvidersChina

Last close 10.10 USD on Nov 2, 2026, −7.4% year to date

Quant rating

Quant rating B Rank 55 of 297 in Consumer Discretionary

Growth B 53 of 297
Valuation C 141 of 297
Quality A 16 of 297
Revisions B 89 of 297
Momentum D 216 of 297

Wall Street consensus Buy (2.00)Average target 15.06 USD +49.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.6B
Enterprise value: 2.9B
52-week range: 8.88 – 13.21
3-year range: 7.42 – 15.24
Dividend yield: 1.01%
Beta (5 years): 0.25
Shares outstanding: 184M
Next earnings: Jan 27, 2027

About the company

TAL Education Group is a holding company principally engaged in the provision of enrichment learning services and learning content solutions. The Company mainly operates two businesses. The learning services and others business is primarily engaged in the provision of learning services such as small classes, personalized premium services and online course. The learning content solutions business is primarily engaged in the sale of physical products and the digital resources. The Company is also engaged in the provision of Software-as-a-Service (SaaS) services.

Growth and profitability fiscal year ends February 28

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,009	2,250	1,490	1,020	4,391	–
Revenue growth	33.7%	51.0%	46.2%	−76.8%	−2.3%	−7.7%
EPS (basic, normalized)	0.99	0.24	0.14	−0.04	−1.49	–
EPS growth	312.5%	71.4%	–	–	–	–
Gross margin	55.4%	53.3%	54.1%	57.2%	49.8%	54.0%
Net margin	17.6%	3.8%	−0.2%	−13.3%	−25.9%	−3.6%
ROE	14.1%	2.3%	−0.1%	−3.4%	−24.6%	−2.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,749
Current ratio	1.84x
Long-term debt (mil)	0
Net debt (mil)	−2,720
Total equity (mil)	4,173
Net debt / equity	−0.65x
Net debt / EBITDA	−7.41x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,009	+33.7%	1.0x	367	+177.9%	7.8x	0.99	+312.5%	10.2x
2027	3,630	+20.6%	0.8x	761	+107.3%	3.8x	1.55	+56.3%	6.5x
2028	4,204	+15.8%	0.7x	896	+17.8%	3.2x	1.61	+3.9%	6.3x
2029	4,811	+14.4%	0.6x	998	+11.4%	2.9x	1.81	+12.7%	5.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	3,630	−3.1%	−2.7%	−1.7%	1.55	+7.6%	+17.0%	+83.1%
2028	4,204	−4.8%	−3.9%	−2.8%	1.61	+33.1%	+23.8%	+35.2%
2029	4,811	−4.5%	−2.5%	−0.7%	1.81	+25.4%	+26.3%	+42.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Feb 2024	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026
Sales reported (mil)	430	414	619	606	610	575	861	770	802	758
Sales mean (mil)	390	394	604	542	637	584	830	774	777	724
Surprise	+10.2%	+5.1%	+2.5%	+11.9%	−4.2%	−1.6%	+3.8%	−0.4%	+3.3%	+4.7%
EPS reported	0.08	0.05	0.12	0.06	0.01	0.07	0.24	0.25	0.45	0.75
EPS mean	0.02	−0.01	0.09	0.04	0.09	0.04	0.16	0.07	0.16	0.34
Surprise	+233.3%	−610.2%	+39.3%	+50.0%	−89.2%	+76.5%	+48.3%	+247.2%	+188.1%	+119.3%

Peer comparison Miscellaneous Educational Service Providers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TAL TAL Education Group	5.6B	−7.41x	17.6%	1.34x	6.5x	6.3x	3.8x	3.2x
EDU New Oriental Education & Technology Group Inc.	8.5B	−5.68x	8.4%	1.91x	12.4x	11.5x	3.8x	3.2x
GOTU Gaotu Techedu Inc.	512M	7.98x	−5.3%	3.26x	136.0x	19.6x	7.4x	3.5x
Mean		−1.70x	6.9%	2.17x	51.7x	12.5x	5.0x	3.3x
Median		−5.68x	8.4%	1.91x	12.4x	11.5x	3.8x	3.2x

Technical analysis

1M−16.3%
3M−19.2%
1Y−17.6%
3Y+17.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, TAL Education Group, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,009	2,250	1,490	1,020	4,391	4,496
Cost of revenue	1,343	1,050	684	436	2,203	2,049
Gross profit	1,665	1,200	806	583	2,188	2,447
Selling, general & administrative expenses	1,389	1,208	892	697	2,318	2,797
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	42.8	12.9	47.0	−1.9	781	132
Other operating expenses	0	−4.2	−16.4	−22.7	−20.8	−19.5
Operating income	233	−16.1	−116	−88.9	−890	−463
Net interest income (expense)	219	83.5	84.9	61.6	95.3	97.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	233	64.7	48.8	−82.4	17.0	141
Net income before taxes	685	132	17.5	−110	−778	−225
Provision for taxes	154	38.3	15.4	20.0	397	−69.9
Minority interest	0.6	0.3	0.6	−3.6	28.2	27.1
Equity in affiliates	−0.9	−9.5	−6.2	−2.2	10.8	11.7
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	531	84.6	−3.6	−136	−1,136	−116
Extraordinary items	–	–	–	–	–	–
Net income	531	84.6	−3.6	−136	−1,136	−116
EBIT, normalized	296	2.2	−67.9	−90.0	146	−331
EBITDA, normalized	368	50.3	−42.8	−53.6	332	−170
Basic EPS, normalized	0.99	0.24	0.14	−0.04	−1.49	–

Balance sheet in millions of USD, fiscal years

Balance sheet, TAL Education Group, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	3,239	3,618	3,303	3,172	2,709	5,938
Receivables	83.1	106	80.7	82.5	74.7	159
Total inventory	143	105	68.3	39.0	21.8	38.7
Prepaid expenses	123	93.5	66.8	35.7	54.6	240
Other current assets	254	204	180	140	770	1,782
Total current assets	3,843	4,127	3,699	3,468	3,629	8,157
Property, plant & equipment	880	801	636	438	508	2,057
Goodwill	45.5	–	–	–	0	454
Intangibles	46.0	–	2.0	0.5	1.7	66.0
Long-term investments	828	305	284	453	414	668
Note receivable	0.1	0.1	0.1	0.3	0.6	39.7
Other long-term assets	293	270	306	364	528	671
Total assets	5,936	5,503	4,928	4,724	5,083	12,112
Liabilities
Accounts payable	153	146	127	60.1	90.0	357
Payable/accrued	–	–	–	–	–	–
Accrued expenses	590	519	430	371	465	1,031
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	0	270
Other current liabilities	1,024	776	525	353	348	1,715
Total current liabilities	1,767	1,441	1,082	784	903	3,374
Long-term debt	0	0	0	0	0	2,300
Minority interest	−0.8	−0.2	−23.3	−23.7	−27.9	2.7
Other liabilities	395	295	207	120	178	1,234
Total liabilities	2,162	1,736	1,266	880	1,052	6,910
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	3,694	4,295	4,257	4,401	4,358	4,369
Retained earnings (accumulated deficit)	86.2	−445	−529	−526	−390	746
Treasury stock	0	–	–	0	–	–
Other equity	−6.4	−83.9	−65.9	−30.7	61.6	86.3
Total equity	3,774	3,767	3,662	3,845	4,030	5,202
Total liabilities & shareholders' equity	5,936	5,503	4,928	4,724	5,083	12,112

Cash flow statement in millions of USD, fiscal years

Cash flow statement, TAL Education Group, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	530	84.3	−4.1	−132	−1,164	−143
Depreciation, depletion & amortization	72.4	48.1	25.1	36.4	185	161
Deferred taxes	65.8	1.3	1.3	0.4	304	−242
Non-cash items	−265	54.3	101	176	1,349	365
Changes in working capital	198	210	183	−73.1	−1,613	814
Cash from operations	601	398	306	7.4	−939	955
Investing activities
Capital expenditures	−93.6	−112	−121	−110	−246	−246
Other investing cash flows	−82.2	−735	216	−191	1,615	−2,396
Cash from investing	−176	−847	95.1	−302	1,369	−2,641
Financing activities
Financing cash flow items	–	–	–	0	−1.8	0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−644	−13.2	−233	−66.2	−2,765	4,795
Cash from financing	−644	−13.2	−233	−66.2	−2,767	4,795
Foreign exchange effects	12.1	−3.5	−5.6	−26.4	0.9	−5.3
Net change in cash	−206	−466	163	−387	−2,336	3,103
Free cash flow	508	285	185	−103	−1,186	709

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.