STG

MKT CAP:$45M

Sunlands Technology Group

Market Cap

$45M

Consumer Defensive·Education & Training Services·🇨🇳 China·NYSE

Consumer Def.·Education·🇨🇳·NYSE

Stock Price

$3.54-$2.38 (-40.20%)

Apr 23, 2026

Company Details

Sunlands Technology Group, through its subsidiaries, provides online education services in the People's Republic of China. It offers various degree- and diploma-oriented post-secondary courses, including preparation courses for the self-tau...

CEO

Tongbo Liu

IPO Date

Mar 23, 2018

Website

www.sunlands.com

Key Metrics TTM

Revenue

$294M

+1.2% YoY

Net Income

$53M

EPS (Diluted)

$3.95

Free Cash Flow

$0

Revenue / Share

$21.94

Gross Margin

86.9%

Operating Margin

22.0%

Net Margin

18.1%

FCF Margin

0.0%

P/S

0.2x

P/E

0.9x

Earnings Reports

FY 2025

Dec 30, 2025

$287M-1.3%EPS $3.86

Q4 2025

Mar 19, 2026

$68M-4.1%EPS $0.41

Q3 2025

Nov 20, 2025

$76M+6.5%EPS $1.36

Q2 2025

Aug 14, 2025

$79M+9.5%EPS $1.37

Q1 2025

Mar 31, 2025

$71M-6.8%EPS $0.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$85M	$71M	-$27M
Q1 21	$101M	$86M	-$12M
Q2 21	$92M	$78M	$2M
Q3 21	$87M	$75M	$12M
Q1 22	$90M	$75M	$25M
Q2 22	$81M	$68M	$16M
Q1 23	$83M	$73M	$26M
Q4 23	$79M	$68M	$17M
Q1 24	$76M	$65M	$15M
Q2 24	$72M	$61M	$11M
Q3 24	$72M	$60M	$10M
Q4 24	$71M	$59M	$7M
Q1 25	$71M	$61M	$11M
Q2 25	$79M	$69M	$19M
Q3 25	$76M	$68M	$20M
Q4 25	$68M	$59M	$15M

Valuation

Quarter	P/S	P/E
Q4 20	0.6x	—
Q1 21	0.5x	—
Q2 21	0.4x	—
Q3 21	0.2x	—
Q1 22	0.2x	2.1x
Q2 22	0.2x	1.4x
Q1 23	0.4x	1.5x
Q4 23	0.4x	1.3x
Q1 24	0.4x	1.6x
Q2 24	0.3x	1.4x
Q3 24	0.4x	1.6x
Q4 24	0.3x	1.6x
Q1 25	0.3x	1.7x
Q2 25	0.3x	1.5x
Q3 25	0.4x	1.9x
Q4 25	0.3x	1.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	$81M	$23M
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	-$108M	-$51M
Q1 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q4 17	$58M
Q2 20	$0
Q3 20	$0
Q4 20	$58M
Q1 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+6.3%	+10.1%
Q1 21	+22.9%	+16.3%
Q2 21	+22.8%	-6.5%
Q3 21	+9.9%	-32.1%
Q1 22	+4.9%	-42.6%
Q2 22	-20.1%	-42.8%
Q1 23	-9.9%	-37.0%
Q4 23	-9.0%	-17.7%
Q1 24	-14.7%	-5.5%
Q2 24	-11.3%	-6.1%
Q3 24	-13.3%	+9.4%
Q4 24	-10.8%	+2.4%
Q1 25	-6.8%	-1.2%
Q2 25	+9.5%	-0.8%
Q3 25	+6.5%	-9.6%
Q4 25	-4.1%	-16.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$4M	5.1%
Q1 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 20	$2M	$8M	$89M	—
Q1 21	$3M	$6M	$89M	—
Q2 21	$3M	$8M	$66M	—
Q3 21	$2M	$9M	$52M	—
Q1 22	$2M	$6M	$43M	—
Q2 22	$2M	$7M	$43M	—
Q1 23	$1M	$6M	$40M	—
Q4 23	$1M	$82M	—	—
Q1 24	$1M	$5M	$44M	—
Q2 24	$1M	$5M	$43M	—
Q3 24	$854.6K	$5M	$44M	—
Q4 24	$656.4K	$87M	—	—
Q1 25	$912.1K	$5M	$44M	—
Q2 25	$1M	$5M	$44M	—
Q3 25	$1M	$5M	$41M	—
Q4 25	$1M	—	—	$43M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$93M	$32M	$125M
Q2 22	$106M	$20M	$127M
Q3 22	$99M	$25M	$124M
Q4 22	$110M	$10M	$120M
Q1 23	$105M	$13M	$118M
Q2 23	$109M	$9M	$118M
Q3 23	$109M	$18M	$127M
Q4 23	$112M	$21M	$132M
Q1 24	$117M	$26M	$143M
Q2 24	$110M	$36M	$146M
Q3 24	$78M	$38M	$116M
Q4 24	$74M	$40M	$114M
Q1 25	$87M	$29M	$116M
Q2 25	$86M	$24M	$110M
Q3 25	$88M	$26M	$113M
Q4 25	$84M	$34M	$119M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	13M	0.0%	-1.3%
Q1 21	13M	0.0%	-1.2%
Q2 21	13M	0.0%	-0.3%
Q3 21	13M	0.0%	0.0%
Q1 22	13M	-1.2%	-1.2%
Q2 22	14M	+2.0%	+0.8%
Q1 23	14M	+2.1%	+2.9%
Q4 23	14M	-0.8%	+2.1%
Q1 24	14M	-0.2%	+3.1%
Q2 24	14M	-0.1%	+1.0%
Q3 24	14M	0.0%	-1.1%
Q4 24	14M	-0.4%	-0.7%
Q1 25	14M	-1.0%	-1.4%
Q2 25	14M	-0.1%	-1.4%
Q3 25	13M	-0.4%	-1.8%
Q4 25	13M	-0.4%	-1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$11.6K	7K
Q1 21	$13.8K	7K
Q2 21	$12.5K	7K
Q3 21	$11.8K	7K
Q1 22	$30.6K	3K
Q2 22	$27.7K	3K
Q1 23	$35.7K	2K
Q4 23	$37.5K	2K
Q1 24	$36.2K	2K
Q2 24	$34.0K	2K
Q3 24	$34.0K	2K
Q4 24	$34.1K	2K
Q1 25	$34.4K	2K
Q2 25	$38.0K	2K
Q3 25	$36.9K	2K
Q4 25	$32.7K	2K

Revenue / Employee