17 Education & Technology Group Inc. key statistics and ratios

In fiscal 2025, 17 Education & Technology Group Inc. had return on equity of -45.3%, an operating margin of -154.3%, debt equal to 0.0% of equity and a current ratio of 1.87. 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.

17 Education & Technology Group Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	66.2%	57.3%	61.7%	59.8%	61.2%	47.2%	36.6%	47.8%
Operating margin	−225.1%	−246.2%	−103.1%	−67.5%	−39.8%	−200.5%	−113.0%	−154.3%
Net margin	−211.2%	−237.2%	−103.5%	−66.0%	−33.5%	−182.4%	−102.0%	−145.6%
Free-cash-flow margin	−145.7%	−167.4%	−47.3%	−74.9%	−87.9%	−139.6%	−78.5%	28.7%
Return on equity	—	—	—	−101.3%	−22.5%	−49.1%	−43.4%	−45.3%
Return on assets	—	−105.8%	−59.6%	−58.3%	−13.6%	−36.9%	−31.2%	−26.9%
Asset turnover	—	0.45	0.58	0.88	0.41	0.20	0.31	0.18
Current ratio	—	1.11	2.53	1.97	4.27	3.49	3.36	1.87
Debt to equity	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	—	n/m	n/m	—	—	—	—	—
R&D as % of revenue	128.3%	120.9%	47.5%	36.6%	44.4%	98.2%	38.1%	53.0%
Capital spending as % of revenue	10.9%	12.0%	6.9%	5.9%	0.5%	15.6%	5.0%	6.5%

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

2 of 2 checks passed · December 31, 2025

What it owns · $84m

Short-term assets $79mLonger-term assets $6m

What it owes, and who funded it · $84m

Short-term liabilities $42mLonger-term liabilities $1mShareholders' equity $41m

Short-term assets cover short-term liabilities $79m of assets due within a year against $42m of liabilities due within a year.
Short-term assets cover long-term liabilities $79m short-term assets against $1m 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 Interest not separately reported. Not assessable.

From 17 Education & Technology Group Inc.'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 17 Education & Technology Group Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to 17 Education & Technology Group Inc.