Ambow Education Holding Ltd. key statistics and ratios

In fiscal 2025, Ambow Education Holding Ltd. had return on equity of 18.1%, an operating margin of 1.2%, debt equal to 38.8% of equity and a current ratio of 2.20. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ambow Education Holding Ltd.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	51.6%	57.0%	56.6%	36.2%	34.9%	33.5%	37.8%	42.1%	42.2%	36.4%	33.4%	27.2%	13.6%	1.9%	27.2%	53.1%	54.8%
Operating margin	13.4%	18.7%	12.6%	−127.6%	−55.7%	−183.4%	−90.0%	−10.7%	0.5%	2.9%	−16.7%	−23.4%	−48.5%	−63.9%	−47.0%	−7.7%	1.2%
Net margin	18.8%	19.4%	1.3%	−120.6%	−79.5%	−261.4%	16.1%	−8.7%	10.5%	8.5%	−17.1%	−11.8%	2.6%	−94.8%	−34.7%	3.3%	14.4%
Free-cash-flow margin	59.5%	30.3%	0.8%	−17.6%	−16.1%	−40.5%	−10.1%	−13.0%	4.6%	4.8%	—	—	—	—	—	4.6%	−4.9%
Return on equity	—	—	—	−148.0%	−124.1%	—	142.0%	−27.6%	32.4%	20.4%	−46.3%	−42.2%	2.1%	−91.4%	−44.4%	4.7%	18.1%
Return on assets	—	—	—	−51.0%	−36.0%	−61.4%	5.1%	−3.6%	4.7%	4.6%	−10.3%	−6.3%	0.3%	−15.8%	−13.8%	1.6%	7.1%
Asset turnover	—	—	—	0.42	0.45	0.23	0.32	0.42	0.45	0.55	0.60	0.53	0.11	0.17	0.40	0.50	0.50
Current ratio	—	—	—	0.76	0.47	0.68	0.81	0.74	0.75	0.86	0.66	0.66	0.74	1.33	1.28	1.70	2.20
Debt to equity	—	—	—	16.5%	50.8%	—	1.6%	0.0%	23.4%	15.6%	—	13.7%	6.9%	38.5%	61.3%	40.1%	38.8%
Interest cover (operating income ÷ interest)	—	—	—	—	—	n/m	n/m	—	—	—	—	—	—	n/m	n/m	n/m	—
Effective tax rate	—	—	—	—	—	—	—	—	17.3%	7.2%	—	—	—	—	—	—	0.4%
R&D as % of revenue	—	—	—	2.4%	1.7%	3.0%	1.8%	1.8%	1.5%	0.3%	0.6%	1.1%	12.8%	—	5.3%	4.7%	6.6%
Capital spending as % of revenue	11.5%	10.7%	18.1%	15.2%	2.0%	1.6%	0.0%	17.2%	0.0%	0.0%	—	—	—	—	—	12.8%	6.3%
Free cash flow ÷ net income	317.2%	156.2%	56.1%	—	—	—	−62.9%	—	43.5%	56.5%	—	—	—	—	—	140.8%	−34.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Ambow Education Holding Ltd.: financial ratios, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	57.7%	53.3%	60.2%	51.4%
Operating margin	6.0%	11.9%	15.8%	−5.3%
Net margin	4.7%	64.2%	15.1%	−6.1%
Current ratio	—	—	2.53	2.44
Debt to equity	—	—	36.8%	37.2%
R&D as % of revenue	4.4%	3.7%	5.6%	9.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 5 checks passed · June 30, 2026

What it owns · $19m

Short-term assets $9mLonger-term assets $10m

What it owes, and who funded it · $19m

Short-term liabilities $4mLonger-term liabilities $7mShareholders' equity $9m

Short-term assets cover short-term liabilities $9m of assets due within a year against $4m of liabilities due within a year.
Short-term assets cover long-term liabilities $9m short-term assets against $7m of longer-dated liabilities.
More cash than debt $4m of cash against $3m of debt.
Debt below 40% of shareholders' equity Debt is 37% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over No material interest expense reported.

From Ambow Education Holding Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Ambow Education Holding Ltd.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ambow Education Holding Ltd.