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Sunlands Technology Group

STG Clue Score68
Cayman Islands Fiscal year ends December CIK 0001723935
$2.71 +1.12% Close, 12 Oct 2026
Alert on the numbers Alert on insider trades
Price $2.71 −41.84% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 23 Mar 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue418.9Operating income−259.0Net income−253.6Fiscal year 2017Revenue970.2 +131.6%Operating income−927.7Net income−918.6Fiscal year 2018Revenue1,974.0 +103.5%Operating income−1,028.9Net income−927.0Fiscal year 2019Revenue2,193.9 +11.1%Operating income−459.7Net income−394.8Fiscal year 2020Revenue2,203.8 +0.5%Operating income−649.0Net income−430.5EPS, diluted−63.74Fiscal year 2021Revenue2,507.8 +13.8%Operating income114.3Net income219.1EPS, diluted32.56Fiscal year 2022Revenue2,323.1 −7.4%Operating income616.9Net income644.0 +194.0%EPS, diluted94.14 +189.1%Fiscal year 2023Revenue2,159.6 −7.0%Operating income574.9Net income640.8 −0.5%EPS, diluted92.88 −1.3%Fiscal year 2024Revenue1,990.2 −7.8%Operating income297.9Net income342.1 −46.6%EPS, diluted50.12 −46.0%Fiscal year 2025Revenue2,019.9 +1.5%Operating income376.5Net income365.6 +6.9%EPS, diluted54.28 +8.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 418.9 970.2 1,974.0 2,193.9 2,203.8 2,507.8 2,323.1 2,159.6 1,990.2 2,019.9
Growth +131.6% +103.5% +11.1% +0.5% +13.8% −7.4% −7.0% −7.8% +1.5%
Operating income −259.0 −927.7 −1,028.9 −459.7 −649.0 114.3 616.9 574.9 297.9 376.5
Net income −253.6 −918.6 −927.0 −394.8 −430.5 219.1 644.0 640.8 342.1 365.6
Growth +194.0% −0.5% −46.6% +6.9%
EPS, diluted n/a n/a n/a n/a −63.74 32.56 94.14 92.88 50.12 54.28
Growth +189.1% −1.3% −46.0% +8.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin83.1%Operating margin−61.8%Net margin−60.5%Free cash flow margin17.5%Fiscal year 2017Gross margin82.5%Operating margin−95.6%Net margin−94.7%Free cash flow margin43.4%Fiscal year 2018Gross margin83.3%Operating margin−52.1%Net margin−47.0%Free cash flow margin−17.1%Fiscal year 2019Gross margin81.9%Operating margin−21.0%Net margin−18.0%Free cash flow margin−25.4%Fiscal year 2020Gross margin82.4%Operating margin−29.5%Net margin−19.5%Free cash flow margin−9.1%Fiscal year 2021Gross margin85.0%Operating margin4.6%Net margin8.7%Free cash flow margin−15.4%Fiscal year 2022Gross margin85.0%Operating margin26.6%Net margin27.7%Free cash flow margin0.3%Fiscal year 2023Gross margin87.7%Operating margin26.6%Net margin29.7%Free cash flow margin6.3%Fiscal year 2024Gross margin84.0%Operating margin15.0%Net margin17.2%Free cash flow margin9.8%Fiscal year 2025Gross margin86.9%Operating margin18.6%Net margin18.1%Free cash flow margin7.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 83.1% 82.5% 83.3% 81.9% 82.4% 85.0% 85.0% 87.7% 84.0% 86.9%
Operating margin −61.8% −95.6% −52.1% −21.0% −29.5% 4.6% 26.6% 26.6% 15.0% 18.6%
Net margin −60.5% −94.7% −47.0% −18.0% −19.5% 8.7% 27.7% 29.7% 17.2% 18.1%
Free cash flow margin 17.5% 43.4% −17.1% −25.4% −9.1% −15.4% 0.3% 6.3% 9.8% 7.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow89.3Capital expenditure−15.9Free cash flow73.4Fiscal year 2017Operating cash flow819.5Capital expenditure−398.2Free cash flow421.3 +474.0%Fiscal year 2018Operating cash flow180.5Capital expenditure−517.8Free cash flow−337.2 −180.0%Fiscal year 2019Operating cash flow−533.5Capital expenditure−24.8Free cash flow−558.3Fiscal year 2020Operating cash flow−188.6Capital expenditure−12.4Free cash flow−201.1Fiscal year 2021Operating cash flow−373.3Capital expenditure−13.7Free cash flow−386.9Fiscal year 2022Operating cash flow9.1Capital expenditure−3.2Free cash flow5.9Dividends paid−32.6Fiscal year 2023Operating cash flow140.8Capital expenditure−5.8Free cash flow135.0 +2,188.3%Dividends paid−31.3Fiscal year 2024Operating cash flow195.5Capital expenditure−0.3Free cash flow195.3 +44.6%Dividends paid0.0Fiscal year 2025Operating cash flow146.8Capital expenditure−0.2Free cash flow146.6 −24.9%Dividends paid0.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 89.3 819.5 180.5 −533.5 −188.6 −373.3 9.1 140.8 195.5 146.8
Capital expenditure −15.9 −398.2 −517.8 −24.8 −12.4 −13.7 −3.2 −5.8 −0.3 −0.2
Free cash flow 73.4 421.3 −337.2 −558.3 −201.1 −386.9 5.9 135.0 195.3 146.6
Growth +474.0% −180.0% +2,188.3% +44.6% −24.9%
Dividends paid n/a n/a n/a n/a n/a n/a −32.6 −31.3 0.0 0.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Shareholders’ equity−889.0Fiscal year 2017Cash559.5Shareholders’ equity−1,641.8Fiscal year 2018Cash1,248.8Total debt258.1Net cash (debt)990.7Shareholders’ equity−339.1Fiscal year 2019Cash1,402.2Total debt225.6Net cash (debt)1,176.6Shareholders’ equity−738.2Fiscal year 2020Cash760.7Total debt193.1Net cash (debt)567.6Shareholders’ equity−1,211.5Fiscal year 2021Cash626.7Total debt220.6Net cash (debt)406.1Shareholders’ equity−1,009.2Fiscal year 2022Cash753.6Total debt182.0Net cash (debt)571.7Shareholders’ equity−374.5Fiscal year 2023Cash763.8Total debt143.3Net cash (debt)620.5Shareholders’ equity277.0Debt to equity0.52Fiscal year 2024Cash507.2Total debt41.5Net cash (debt)465.7Shareholders’ equity601.3Debt to equity0.07Fiscal year 2025Cash575.7Total debt0.0Net cash (debt)575.7Shareholders’ equity945.6Debt to equity0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a 559.5 1,248.8 1,402.2 760.7 626.7 753.6 763.8 507.2 575.7
Total debt n/a n/a 258.1 225.6 193.1 220.6 182.0 143.3 41.5 0.0
Net cash (debt) n/a n/a 990.7 1,176.6 567.6 406.1 571.7 620.5 465.7 575.7
Shareholders’ equity −889.0 −1,641.8 −339.1 −738.2 −1,211.5 −1,009.2 −374.5 277.0 601.3 945.6
Debt to equity n/a n/a n/a n/a n/a n/a n/a 0.52 0.07 0.00

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
418.9 970.2 1,974.0 2,193.9 2,203.8 2,507.8 2,323.1 2,159.6 1,990.2 2,019.9
Growth +131.6% +103.5% +11.1% +0.5% +13.8% −7.4% −7.0% −7.8% +1.5%
71.0 170.3 330.4 396.3 387.3 376.2 348.2 265.5 317.6 264.4
347.9 799.9 1,643.6 1,797.6 1,816.5 2,131.6 1,975.0 1,894.1 1,672.6 1,755.5
Growth +129.9% +105.5% +9.4% +1.1% +17.3% −7.4% −4.1% −11.7% +5.0%
13.9 32.9 76.0 101.7 66.5 61.3 42.8 33.7 25.0 29.6
89.4 342.9 443.7 363.3 275.4 207.6 185.7 143.3 132.8 143.8
−259.0 −927.7 −1,028.9 −459.7 −649.0 114.3 616.9 574.9 297.9 376.5
Growth +439.9% −6.8% −48.2% +26.4%
−253.6 −913.8 −928.7 −392.6 −432.6 197.6 648.5 676.1 356.9 429.5
0.0 0.0 0.0 2.4 −0.2 −19.6 12.0 25.2 1.3 59.3
−253.6 −918.6 −927.0 −394.8 −430.5 219.1 644.0 640.8 342.1 365.6
Growth +194.0% −0.5% −46.6% +6.9%
Per share
n/a n/a n/a n/a −63.74 32.56 94.14 92.88 50.12 54.28
n/a n/a n/a n/a −63.74 32.56 94.14 92.88 50.12 54.28
Growth +189.1% −1.3% −46.0% +8.3%
n/a n/a n/a n/a 6.8 6.7 6.8 6.9 6.8 6.7
n/a n/a n/a n/a 6.8 6.7 6.8 6.9 6.8 6.7
Growth −0.4% +1.7% +0.9% −1.1% −1.3%

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 1.7% a year over five years.
  • The share count barely moved in five years.
  • Operating margin is up 48.1 points on five years ago, at 18.6%.
  • A net loss in 5 of 10 years on file.