← Sunlands Technology Group
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and Cash Equivalents, at Carrying Value | $559.5m | $181.6m | $201.4m | $116.6m | $98.3m | $109.3m | $107.6m | $69.5m | $82.3m | |
| Prepaid Expense and Other Assets, Current | $49.0m | $18.2m | $26.0m | $18.0m | $27.7m | $14.2m | $15.4m | $13.3m | $11.8m | |
| Short-term Investments | $353.1m | $149.6m | $31.3m | $79.4m | $28.9m | $10.2m | $20.0m | $37.8m | $33.7m | |
| Cash and cash equivalents | $559.5m | $1.2b | $1.4b | $760.7m | $626.7m | $753.6m | $763.8m | $507.2m | $575.7m | |
| Prepaid expenses and other current assets | $49.0m | $124.9m | $180.9m | $117.6m | $176.3m | $98.3m | $109.0m | $96.9m | $82.6m | |
| Accrued Interest Receivable | — | — | — | — | — | $6.9m | $12.2m | $10.5m | $4.7m | |
| Cash Cash Equivalents And Short Term Investments | — | — | — | — | — | $824.2m | $905.9m | $783.3m | $811.7m | |
| Non Current Prepaid Assets | — | — | — | — | — | $2.8m | $3.9m | $3.8m | $3.7m | |
| Other Current Assets | — | — | — | — | — | $3.1m | $3.7m | $5.2m | $3.1m | |
| Other Receivables | — | — | — | — | — | $19.9m | $17.1m | $14.0m | $14.8m | |
| Other Short Term Investments | — | — | — | — | — | $70.5m | $142.1m | $276.0m | $235.9m | |
| Prepaid Assets | — | — | — | — | — | $54.2m | $61.7m | $47.5m | $42.0m | |
| Receivables | — | — | — | — | — | $26.8m | $29.3m | $24.5m | $19.5m | |
| Inventory, Net | — | — | — | — | — | $14.2m | $14.2m | $19.7m | $17.9m | |
| Assets, Current | $1.3b | $375.7m | $293.6m | $238.2m | $176.8m | $140.5m | $145.3m | $121.2m | $131.2m | |
| Total current assets | $1.3b | $2.6b | $2.0b | $1.6b | $1.1b | $969.1m | $1.0b | $884.3m | $917.4m | |
| Long-term investments (including available-for-sale investments of RMB189,422 and RMB193,148 as of December 31, 2024 and 2025, respectively) | $3.3m | $30.0m | $40.0m | $64.1m | $54.8m | $73.5m | $61.4m | $260.1m | $318.8m | |
| Property, Plant and Equipment, Net | $525.3m | $81.4m | $78.4m | $78.3m | $134.6m | $118.0m | $110.8m | $103.9m | $94.7m | |
| Intangible assets, net | $1.6m | $1.4m | $1.2m | $1.2m | $2.8m | $1.5m | $975k | $723k | $250k | |
| Goodwill And Other Intangible Assets | — | — | — | — | — | $1.5m | $975k | $723k | $250k | |
| Other Intangible Assets | — | — | — | — | — | $1.5m | $975k | $723k | $250k | |
| Operating Lease, Right-of-Use Asset | — | — | $86.0m | $74.9m | $56.9m | $39.8m | $19.1m | $15.1m | $14.2m | |
| Other Assets, Noncurrent | $129.6m | $60.9m | $64.3m | $68.1m | $6.3m | $5.5m | $4.7m | $3.6m | $2.8m | |
| Right-of-use assets | — | $0 | $599.0m | $488.9m | $362.3m | $274.6m | $135.8m | $110.2m | $99.1m | |
| Additional Financial Items | ||||||||||
| Accrued Liabilities, Current | $235.9m | $66.2m | $62.5m | $93.1m | $92.0m | $63.3m | $57.7m | $55.5m | $52.3m | |
| Restricted cash | — | — | — | — | $50.0m | $3.8m | $2.6m | $0 | $1.0m | |
| Deferred costs, current | $55.1m | $180.7m | $243.4m | $158.1m | $89.4m | $42.9m | $14.3m | $4.1m | $22.1m | |
| Deferred costs, non-current | $43.2m | $146.6m | $205.5m | $170.2m | $109.0m | $78.8m | $68.8m | $56.7m | $10.6m | |
| Deferred tax assets | — | — | $85.5m | $13.0m | $39.3m | $26.8m | $0 | $24.7m | $19.1m | |
| Other non-current assets | $129.6m | $418.7m | $447.6m | $444.6m | $40.2m | $37.9m | $33.2m | $26.3m | $19.8m | |
| Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to Sunlands Technology Group of RMB228,825 and RMB102,424 as of December 31, 2024 and 2025, respectively) | $235.9m | $455.3m | $435.2m | $607.8m | $586.0m | $436.3m | $409.7m | $404.9m | $366.0m | |
| Lease liabilities, current (including lease liabilities, current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB7,780 and RMB354 as of December 31, 2024 and 2025, respectively) | — | — | $40.2m | $30.7m | $14.3m | $17.1m | $8.0m | $8.3m | $9.1m | |
| Lease liabilities, non-current (including lease liabilities, non-current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB133,994 and RMB1,085 as of December 31, 2024 and 2025, respectively) | — | — | $616.2m | $532.5m | $404.1m | $316.8m | $157.3m | $137.0m | $129.6m | |
| Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Sunlands Technology Group of RMB1,415 and RMB100 as of December 31, 2024 and 2025, respectively) | $0 | $17.1m | $11.5m | $7.7m | $11.7m | $6.8m | $7.0m | $7.3m | $7.4m | |
| Ordinary shares | $1k | $2k | $2k | $2k | $2k | $2k | $2k | $2k | $2k | |
| Statutory reserves | — | — | — | — | — | — | $0 | $11.1m | $22.4m | |
| Non-controlling interest | $64k | $136k | ($212k) | ($658k) | ($4.9m) | ($5.4m) | ($1.5m) | ($1.5m) | ($1.5m) | |
| Accumulated Depreciation | — | — | — | — | — | ($159.8m) | ($187.7m) | ($216.1m) | ($311.2m) | |
| Available For Sale Securities | — | — | — | — | — | $12.6m | $16.5m | $209.1m | $224.8m | |
| Buildings And Improvements | — | — | — | — | — | $865.4m | $865.4m | $865.4m | $865.4m | |
| Capital Lease Obligations | — | — | — | — | — | $333.9m | $165.3m | $145.4m | $138.7m | |
| Current Accrued Expenses | — | — | — | — | — | $41.9m | $57.6m | $52.1m | $38.3m | |
| Current Capital Lease Obligation | — | — | — | — | — | $17.1m | $8.0m | $8.3m | $9.1m | |
| Current Debt | — | — | — | — | $38.7m | $38.7m | $38.7m | $6.2m | — | |
| Current Debt And Capital Lease Obligation | — | — | — | — | — | $55.7m | $46.7m | $14.5m | $9.1m | |
| Current Deferred Assets | — | — | — | — | — | $42.9m | $14.3m | $4.1m | $22.1m | |
| Current Deferred Liabilities | — | — | — | — | — | $1.0b | $584.5m | $410.9m | $415.0m | |
| Gross PPE | — | — | — | — | — | $1.2b | $1.1b | $1.1b | $1.1b | |
| Held To Maturity Securities | — | — | — | — | — | — | $0 | $20.7m | $71.1m | |
| Invested Capital | — | — | — | — | — | ($192.5m) | $420.4m | $642.9m | $945.6m | |
| Investmentin Financial Assets | — | — | — | — | — | $12.6m | $16.5m | $229.8m | $295.9m | |
| Investments And Advances | — | — | — | — | — | $73.5m | $61.4m | $260.1m | $318.8m | |
| Leases | — | — | — | — | — | $69.7m | $71.5m | $71.8m | $72.0m | |
| Long Term Capital Lease Obligation | — | — | — | — | — | $316.8m | $157.3m | $137.0m | $129.6m | |
| Long Term Equity Investment | — | — | — | — | — | $60.9m | $44.8m | $30.3m | $22.9m | |
| Machinery Furniture Equipment | — | — | — | — | — | $38.5m | $37.4m | $37.1m | $36.0m | |
| Net PPE | — | — | — | — | — | $1.1b | $922.5m | $868.4m | $761.3m | |
| Net Tangible Assets | — | — | — | — | — | ($376.0m) | $276.1m | $600.6m | $945.3m | |
| Non Current Deferred Assets | — | — | — | — | — | $105.6m | $68.8m | $81.4m | $29.7m | |
| Non Current Deferred Liabilities | — | — | — | — | — | $710.8m | $563.9m | $540.2m | $206.7m | |
| Non Current Deferred Taxes Assets | — | — | — | — | — | $26.8m | $0 | $24.7m | $19.1m | |
| Non Current Note Receivables | — | — | — | — | — | $29.9m | $28.2m | $21.7m | $16.0m | |
| Ordinary Shares Number | — | — | — | — | — | $6.9m | $6.9m | $6.8m | $6.7m | |
| Other Current Borrowings | — | — | — | — | $38.7m | $38.7m | $38.7m | $6.2m | — | |
| Other Current Liabilities | — | — | — | — | — | $133.1m | $143.7m | $112.3m | $64.4m | |
| Other Equity Adjustments | — | — | — | — | — | $127.9m | $143.3m | $147.2m | $144.0m | |
| Other Non Current Liabilities | — | — | — | — | — | $6.8m | $7.0m | $7.3m | $7.4m | |
| Other Payable | — | — | — | — | — | $161.8m | $150.7m | $174.8m | $176.5m | |
| Other Properties | — | — | — | — | — | $274.6m | $135.8m | $110.2m | $99.1m | |
| Payables | — | — | — | — | — | $232.6m | $177.6m | $211.6m | $232.6m | |
| Properties | — | — | — | — | — | $0 | $0 | $0 | $0 | |
| Share Issued | — | — | — | — | — | $7.3m | $7.3m | $7.3m | $7.3m | |
| Tangible Book Value | — | — | — | — | — | ($376.0m) | $276.1m | $600.6m | $945.3m | |
| Treasury Shares Number | — | — | — | — | — | $364k | $424k | $531k | $594k | |
| Working Capital | — | — | — | — | — | ($509.0m) | $21.6m | $82.9m | $157.9m | |
| Total non-current assets | $703.0m | $1.2b | $1.9b | $1.7b | $1.5b | $1.3b | $1.1b | $1.2b | $1.1b | |
| Total non-current liabilities | $784.5m | $1.8b | $2.5b | $2.3b | $1.7b | $1.2b | $832.8m | $719.9m | $343.7m | |
| Total Sunlands Technology Group shareholders' equity | ($1.6b) | ($339.1m) | ($738.2m) | ($1.2b) | ($1.0b) | ($374.5m) | $277.0m | $601.3m | $945.6m | |
| TOTAL SHAREHOLDERS' EQUITY | ($1.6b) | ($339.0m) | ($738.4m) | ($1.2b) | ($1.0b) | ($379.9m) | $275.5m | $599.9m | $944.1m | |
| Total Capitalization | — | — | — | — | — | ($231.2m) | $381.7m | $636.7m | $945.6m | |
| Total Debt | — | — | — | — | — | $515.9m | $308.6m | $186.9m | $138.7m | |
| Total Tax Payable | — | — | — | — | — | $39.5m | $27.0m | $36.7m | $56.1m | |
| Assets | $2.0b | $543.8m | $570.1m | $499.8m | $406.8m | $330.0m | $298.4m | $290.6m | $292.8m | |
| TOTAL ASSETS | $2.0b | $3.7b | $4.0b | $3.3b | $2.6b | $2.3b | $2.1b | $2.1b | $2.0b | |
| LIABILITIES AND EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Operating Lease, Liability, Current | — | — | $5.8m | $4.7m | $2.2m | $2.5m | $1.1m | $1.1m | $1.3m | |
| Operating Lease, Liability, Noncurrent | — | — | $88.5m | $81.6m | $63.4m | $45.9m | $22.2m | $18.8m | $18.5m | |
| Dividends Payable, Current | — | — | — | — | — | $31 | — | — | — | |
| Long-term Debt, Current Maturities | — | $4.7m | $4.7m | $5.0m | $6.1m | $5.6m | $5.4m | $843k | $0 | |
| Long-term Debt, Excluding Current Maturities | — | $32.8m | $27.7m | $24.6m | $28.6m | $20.8m | $14.7m | $4.8m | $0 | |
| Deferred revenue, current (including deferred revenue, current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB281,776 and RMB92,472 as of December 31, 2024 and 2025, respectively) | $1.3b | $1.8b | $1.7b | $1.5b | $1.3b | $986.1m | $553.8m | $382.0m | $384.3m | |
| Long-term debt, current portion | — | $32.5m | $32.5m | $32.5m | $38.7m | $38.7m | $38.7m | $6.2m | $0 | |
| Long-term debt, non-current portion | — | $225.6m | $193.1m | $160.6m | $182.0m | $143.3m | $104.7m | $35.4m | $0 | |
| Dividends Payable | — | — | — | — | $0 | $31.3m | $0 | — | — | |
| Payables And Accrued Expenses | — | — | — | — | — | $274.5m | $235.3m | $263.7m | $271.0m | |
| Liabilities, Current | $1.8b | $336.6m | $321.7m | $336.5m | $299.1m | $214.3m | $142.3m | $109.8m | $108.6m | |
| Total current liabilities | $1.8b | $2.3b | $2.2b | $2.2b | $1.9b | $1.5b | $1.0b | $801.4m | $759.4m | |
| Deferred Income Tax Liabilities, Net | — | — | $12.6m | $2.3m | $3.4m | $868k | $527k | $784k | $827k | |
| Other Liabilities, Noncurrent | — | — | $1.6m | $1.2m | $1.8m | $982k | $985k | $1.0m | $1.1m | |
| Deferred tax liabilities | — | — | $88.0m | $15.2m | $21.8m | $6.0m | $3.7m | $5.7m | $5.8m | |
| Long Term Debt And Capital Lease Obligation | — | — | — | — | — | $460.2m | $261.9m | $172.4m | $129.6m | |
| Non Current Deferred Taxes Liabilities | — | — | — | — | — | $6.0m | $3.7m | $5.7m | $5.8m | |
| Liabilities | $2.6b | $593.1m | $676.1m | $685.5m | $566.0m | $385.1m | $259.6m | $208.4m | $157.8m | |
| TOTAL LIABILITIES | $2.6b | $4.1b | $4.7b | $4.5b | $3.6b | $2.7b | $1.8b | $1.5b | $1.1b | |
| Stockholders’ equity: | ||||||||||
| Common Stock, Value, Issued | $1k | — | — | — | — | — | — | — | — | |
| Retained Earnings (Accumulated Deficit) | ($1.9b) | ($414.5m) | ($466.1m) | ($563.2m) | ($542.3m) | ($407.7m) | ($305.8m) | ($252.1m) | ($212.5m) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | ($8.8m) | $17.3m | $20.5m | $14.8m | $13.0m | $18.5m | $20.2m | $18.7m | $17.4m | |
| Additional Paid in Capital, Common Stock | $289.7m | $347.9m | $339.6m | $362.8m | $371.0m | $334.9m | $324.7m | $314.3m | $327.1m | |
| Treasury stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Additional paid-in capital | $289.7m | $2.4b | $2.4b | $2.4b | $2.4b | $2.3b | $2.3b | $2.3b | $2.3b | |
| Accumulated other comprehensive income | ($8.8m) | $118.8m | $142.4m | $96.5m | $82.5m | $127.9m | $143.3m | $136.2m | $121.6m | |
| Accumulated deficit | ($1.9b) | ($2.8b) | ($3.2b) | ($3.7b) | ($3.5b) | ($2.8b) | ($2.2b) | ($1.8b) | ($1.5b) | |
| Capital Stock | — | — | — | — | — | $2k | $2k | $2k | $2k | |
| Gains Losses Not Affecting Retained Earnings | — | — | — | — | — | $127.9m | $143.3m | $147.2m | $144.0m | |
| Stockholders' Equity Attributable to Parent | ($1.6b) | ($49.3m) | ($106.0m) | ($185.7m) | ($158.4m) | ($54.3m) | $39.0m | $82.4m | $135.2m | |
| Stockholders' Equity Attributable to Noncontrolling Interest | $64k | $20k | ($30k) | ($101k) | ($773k) | ($778k) | ($209k) | ($204k) | ($213k) | |
| Minority Interest | — | — | — | — | — | ($5.4m) | ($1.5m) | ($1.5m) | ($1.5m) | |
| Total Equity Gross Minority Interest | — | — | — | — | — | ($379.9m) | $275.5m | $599.9m | $944.1m | |
| Total Non Current Liabilities Net Minority Interest | — | — | — | — | — | $1.2b | $832.8m | $719.9m | $343.7m | |
| Liabilities and Equity | $2.0b | $543.8m | $570.1m | $499.8m | $406.8m | $330.0m | $298.4m | $290.6m | $292.8m | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2.0b | $3.7b | $4.0b | $3.3b | $2.6b | $2.3b | $2.1b | $2.1b | $2.0b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.