Youdao, Inc. is a US-listed company in the education services industry. Its financial year ends in December.
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Youdao, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $822m, up 5.2% on a year earlier, faster than the 2.7% growth a quarter earlier. Free-cash-flow margin rose to 0.5% from -35.1% a year earlier. Operating margin widened to 3.7% from -23.5%. It passes 1 of our 3 financial-health checks.
Our model value for Youdao is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Youdao, Inc.'s trailing-twelve-month revenue grew 5.2% year on year, with a free-cash-flow margin of 0.5%.
Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 277% in the quarter to 2026-06-30, the 2nd beat in the last four quarters.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Youdao, Inc.'s latest figures clears our strength thresholds.
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The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Youdao, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$0.4 ~$1.2–$2.0 | Left out: out of range vs price (0.02x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$1.3 ~$3.5–$13 | Left out: out of range vs price (0.06x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Youdao, Inc. with Education Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 19, 2026, before the open.
No analyst estimates are published for Youdao, Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.16 | $0.61 | +276.8% |
| Mar 2026 | $0.32 | $0.32 | −0.4% |
| Dec 2025 | $0.25 | $0.40 | +57.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $67.5M |
| FY18 Q4 | $110.9M |
| FY19 Q4 | $174.9M |
| FY20 Q4 | $366.2M |
| FY21 Q4 | $622.6M |
| FY22 Q4 | $746.5M |
| FY23 Q4 | $761.6M |
| FY24 Q4 | $781.9M |
| FY25 Q4 | $822.2M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY18 Q4 | 64.3% |
| FY19 Q4 | 57.7% |
| FY20 Q4 | 109.4% |
| FY21 Q4 | 70.0% |
| FY22 Q4 | 19.9% |
| FY23 Q4 | 2.0% |
| FY24 Q4 | 2.7% |
| FY25 Q4 | 5.2% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY17 Q4 | -28.5% |
| FY18 Q4 | -30.0% |
| FY19 Q4 | -38.1% |
| FY20 Q4 | -33.7% |
| FY21 Q4 | -23.5% |
| FY22 Q4 | -15.5% |
| FY23 Q4 | -8.7% |
| FY24 Q4 | 2.6% |
| FY25 Q4 | 3.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY17 Q4 | -21.5% |
| FY18 Q4 | -15.6% |
| FY19 Q4 | -32.3% |
| FY20 Q4 | -13.9% |
| FY21 Q4 | -35.1% |
| FY22 Q4 | -13.4% |
| FY23 Q4 | -8.5% |
| FY24 Q4 | -1.4% |
| FY25 Q4 | 0.5% |
Each dollar Youdao took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $822M | |
|---|---|---|
| Cost of revenue | $458M | 55.7% of revenue |
| Gross profit | $364M | 44.3% of revenue |
| Research and development | $71.6M | 8.7% of revenue |
| Selling, general and admin | $262M | 31.8% of revenue |
| Operating income | $30.8M | 3.7% of revenue |
| Interest and other | $13.5M | 1.6% of revenue |
| Net income | $14.9M | 1.8% of revenue |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 67 | 111 | 175 | 366 | 623 | 747 | 762 | 782 | 822 |
| Gross profit | 24 | 33 | 49 | 161 | 308 | 385 | 391 | 382 | 364 |
| EBITDA | −19 | −32 | −65 | −121 | −142 | −109 | −62 | 25 | 34 |
| Operating income | −19 | −33 | −67 | −123 | −146 | −115 | −66 | 21 | 31 |
| Net income | −20 | −32 | −87 | −254 | −154 | −108 | −78 | 11 | 15 |
| Diluted EPS | −$0.30 | −$0.42 | −$0.97 | −$2.25 | −$1.27 | −$0.88 | −$0.64 | $0.10 | $0.13 |
| Growth (year on year) | |||||||||
| Revenue | — | +64.3% | +57.7% | +109.4% | +70.0% | +19.9% | +2.0% | +2.7% | +5.2% |
| EBITDA | — | — | — | — | — | — | — | — | +37.8% |
| Operating income | — | — | — | — | — | — | — | — | +48.9% |
| Margins | |||||||||
| Gross margin | 35.5% | 29.6% | 27.7% | 43.8% | 49.5% | 51.6% | 51.4% | 48.9% | 44.3% |
| EBITDA margin | −27.8% | −29.1% | −37.2% | −33.1% | −22.7% | −14.6% | −8.1% | 3.2% | 4.1% |
| Operating margin | −28.5% | −30.0% | −38.1% | −33.7% | −23.5% | −15.5% | −8.7% | 2.6% | 3.7% |
| Net margin | −29.3% | −28.6% | −49.8% | −69.4% | −24.8% | −14.5% | −10.2% | 1.5% | 1.8% |
| Free-cash-flow margin | −21.5% | −15.6% | −32.3% | −13.9% | −35.1% | −13.4% | −8.5% | −1.4% | 0.5% |
| Cash flow | |||||||||
| Cash from operations | −13 | −15 | −54 | −47 | −209 | −90 | −62 | −9 | 8 |
| Capital spending | 2 | 2 | 3 | 4 | 10 | 10 | 3 | 2 | 4 |
| Free cash flow | −14 | −17 | −57 | −51 | −219 | −100 | −64 | −11 | 4 |
| Stock-based pay | 1 | 1 | 3 | 5 | 11 | 11 | 4 | 3 | 5 |
| Free cash flow after stock pay | −15 | −18 | −60 | −56 | −230 | −111 | −69 | −14 | −1 |
| Balance sheet | |||||||||
| Cash | 6 | 6 | 25 | 93 | 51 | 114 | 64 | 81 | 63 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −6 | −6 | −25 | −93 | −51 | −114 | −64 | −81 | −63 |
| Diluted shares | 65m | 85m | 95m | 113m | 122m | 124m | 121m | 118m | 120m |
| Returned to shareholders | |||||||||
| Buybacks | — | — | — | — | — | 8 | 18 | 9 | — |
| Total returned | — | — | — | — | — | 8 | 18 | 9 | — |
| Last 12 months unless stated | DAO | PRDO | UTI | AFYA | LOPE | LINC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $822m | $859m | $884m | $662m | $1.1bn | $571m | $418m |
| Revenue growth, last 12 months | 5.2% | 11.7% | 9.1% | 7.5% | 7.0% | 22.0% | 7.2% |
| Revenue growth, 3-year average | — | 5.7% | 17.3% | — | 7.2% | 16.7% | 10.3% |
| Revenue growth, latest quarter | — | 1.8% | 7.2% | — | 6.7% | 22.4% | 5.8% |
| Gross margin | 44.3% | — | — | 64.5% | — | 59.8% | 51.6% |
| Operating margin | 3.7% | 24.6% | 5.0% | 32.8% | 24.5% | 5.9% | 4.4% |
| Operating margin, 3-year average | −16.1% | 23.8% | 7.2% | 27.1% | 26.0% | 4.4% | 4.5% |
| Net margin | 1.8% | 20.6% | 3.9% | 20.4% | 19.6% | 4.0% | 3.1% |
| Cash from operations / revenue | 0.9% | 26.2% | 8.4% | 41.4% | 24.4% | 16.5% | 8.0% |
| Free-cash-flow margin | 0.5% | 25.4% | −2.6% | 36.9% | 21.2% | 4.3% | 5.0% |
| Free-cash-flow margin, 3-year average | −18.7% | 24.1% | 4.5% | 25.7% | 22.7% | −5.8% | 5.3% |
| Stock pay / revenue | 0.6% | 1.5% | 1.4% | 0.4% | 1.2% | 1.1% | 1.4% |
| Change in share count | 1.4% | −3.8% | 0.3% | 0.1% | −5.3% | 15.0% | 1.1% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Orbis Allan Gray Ltd | $80.7M | 6.6M | 57.8% | ▼ 2.6% |
| Netease, Inc. | $35.6M | 2.9M | 25.5% | 0.0% |
| Vanguard Capital Management LLC | $10.3M | 840K | 7.4% | ▲ 0.9% |
| Acadian Asset Management LLC | $2.8M | 227K | 2.0% | ▼ 23.1% |
| Vanguard Fiduciary Trust Co | $2.6M | 212K | 1.9% | 0.0% |
| Connor, Clark & Lunn Investment Management Ltd. | $2.6M | 211K | 1.9% | ▼ 6.6% |
| UBS Group AG | $807,422 | 66K | 0.6% | ▲ 19.5% |
| Gsa Capital Partners LLP | $774,000 | 63K | 0.6% | ▼ 8.7% |
| Citadel Advisors LLC | $728,738 | 59K | 0.5% | ▲ 17.0% |
| Renaissance Technologies LLC | $720,780 | 59K | 0.5% | ▼ 7.7% |
| Qube Research & Technologies Ltd | $571,667 | 46K | 0.4% | ▼ 23.2% |
| California Public Employees Retirement System | $443,378 | 36K | 0.3% | ▼ 2.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Youdao, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Peng Su Senior Vice President | September 9, 2026 | Sell | 6,750 | — | $0 |
| Wu Yinghui Senior Vice President | September 9, 2026 | Sell | 6,750 | — | $0 |
| Jin Lei president | September 9, 2026 | Sell | 70,047 | — | $0 |
| Shum Heung Yeung Director | September 1, 2026 | Sell | 4,012 | — | $0 |
| Shum Heung Yeung Director | August 31, 2026 | Sell | 4,000 | — | $0 |
| Shum Heung Yeung Director | August 31, 2026 | Sell | 9,189 | — | $0 |
| Shum Heung Yeung Director | August 31, 2026 | Sell | 3,997 | — | $0 |
| Li Yongwei Vice President | June 30, 2026 | Sell | 2,300 | — | $0 |
| Li Yongwei Vice President | June 29, 2026 | Sell | 4,000 | — | $0 |
| Lai Jimmy Y. Director | May 28, 2026 | Sell | 3,997 | — | $0 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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