Lixiang Education Holding Co. Ltd. key statistics and ratios

In fiscal 2025, Lixiang Education Holding Co. Ltd. had return on equity of -80.9%, an operating margin of -118.0%, debt equal to 54.8% of equity and a current ratio of 0.28. 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.

Lixiang Education Holding Co. Ltd.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	37.1%	64.5%	58.2%	49.6%	2.3%	7.8%	−9.3%	−38.7%
Operating margin	17.7%	48.7%	18.8%	−3.8%	−110.3%	−215.1%	−79.1%	−118.0%
Net margin	19.2%	351.7%	130.7%	−708.0%	−18.8%	−249.2%	−75.1%	−395.4%
Free-cash-flow margin	25.8%	437.5%	177.2%	82.3%	95.9%	−120.8%	−56.8%	<−999%
Return on equity	23.1%	32.1%	12.0%	−100.8%	−4.2%	−60.8%	−16.2%	−80.9%
Return on assets	—	15.7%	6.3%	−38.9%	−1.3%	−24.0%	−5.5%	−30.9%
Asset turnover	—	0.04	0.05	0.05	0.07	0.10	0.07	0.08
Current ratio	—	0.46	1.35	0.73	2.46	2.37	2.10	0.28
Debt to equity	0.0%	48.8%	6.8%	129.3%	54.0%	94.8%	115.0%	54.8%
Interest cover (operating income ÷ interest)	5.0x	3.8x	5.4x	n/m	n/m	n/m	n/m	n/m
Effective tax rate	0.0%	0.0%	0.0%	72.9%	—	—	—	—
Capital spending as % of revenue	10.9%	0.1%	15.2%	6.5%	3.1%	4.3%	0.9%	0.4%
Free cash flow ÷ net income	134.2%	124.4%	135.6%	—	—	—	—	—

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

0 of 3 checks passed · December 31, 2025

What it owns · $45m

Short-term assets $5mLonger-term assets $40m

What it owes, and who funded it · $45m

Short-term liabilities $18mLonger-term liabilities $6mShareholders' equity $22m

Short-term assets cover short-term liabilities $5m of assets due within a year against $18m of liabilities due within a year.
Short-term assets cover long-term liabilities $5m short-term assets against $6m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
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 Operating income of −$5m against $480,980 of interest.

From Lixiang Education Holding Co. 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 Lixiang Education Holding Co. Ltd.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Lixiang Education Holding Co. Ltd.