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Education & training · Consumer Defensive · Fiscal year ends May 31
New Oriental Education & Technology reported revenue of $5.7B in the fiscal year ended May 2026, up 15.5% from the year before. Operating income was $643M, an operating margin of 11.4%, and net income was $475M. Operating cash flow of $1B less capital expenditure of $247M left free cash flow of $780M.
Ranks among the 9 education & training companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | 3,105 | 2,998 | 4,314 | 4,900 | 5,661 |
| Cost of revenue | 1,754 | 1,409 | 2,051 | 2,183 | 2,568 |
| Gross profit | 1,351 | 1,588 | 2,263 | 2,717 | 3,093 |
| Selling, general & admin | 2,333 | 1,398 | 1,912 | 2,228 | 2,450 |
| Operating income | −983 | 190 | 350 | 428 | 643 |
| Interest expense | 4.1 | 0.7 | 0.3 | 0.3 | 0.0 |
| Pre-tax income | −1,032 | 309 | 494 | 536 | 731 |
| Income tax | 136 | 66.1 | 110 | 146 | 196 |
| Net income | −1,188 | 177 | 310 | 372 | 475 |
| Diluted shares | 1,696 | 1,686 | 1,669 | 1,631 | 1,596 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,149 | 1,663 | 1,389 | 1,612 | 1,821 |
| Receivables | 16.4 | 33.1 | 29.7 | 33.6 | 37.0 |
| Inventory | 27.9 | 52.7 | 92.8 | 80.9 | 106 |
| Current assets | 4,474 | 4,414 | 5,389 | 5,188 | 5,832 |
| Net PP&E | 403 | 360 | 508 | 767 | 880 |
| Goodwill | 70.8 | 106 | 104 | 43.8 | 46.6 |
| Total assets | 6,035 | 6,392 | 7,532 | 7,805 | 8,792 |
| Payables | 22.3 | 69.8 | 106 | 80.5 | 127 |
| Deferred revenue | 933 | 1,338 | 1,780 | 1,954 | 2,243 |
| Current liabilities | 1,710 | 2,251 | 3,001 | 3,290 | 3,890 |
| Total liabilities | 2,241 | 2,578 | 3,483 | 3,852 | 4,468 |
| Shareholders' equity | 3,706 | 3,604 | 3,776 | 3,662 | 3,986 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −1,280 | 971 | 1,123 | 897 | 1,027 |
| Capital expenditure | 151 | 143 | 249 | 242 | 247 |
| Free cash flow | −1,431 | 828 | 873 | 655 | 780 |
| Depreciation & amortisation | 192 | 117 | 101 | 140 | 172 |
| Stock-based compensation | 133 | 89.8 | 122 | 59.9 | 88.5 |
| Acquisitions | – | −0.9 | – | – | – |
| Share buybacks | – | 192 | 62.9 | 445 | 231 |
| Dividends paid | – | – | – | 98.2 | 96.4 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.5% | 43.9% | 13.6% | 15.5% |
| Operating income growth (YoY) | – | – | 84.4% | 22.2% | 50.2% |
| Gross margin | 43.5% | 53.0% | 52.5% | 55.4% | 54.6% |
| Operating margin | −31.6% | 6.3% | 8.1% | 8.7% | 11.4% |
| Net margin | −38.2% | 5.9% | 7.2% | 7.6% | 8.4% |
| Return on equityBlank when equity is negative | −32.1% | 4.9% | 8.2% | 10.2% | 11.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −22.7% | 4.6% | 7.7% | 9.5% | 13.1% |
| Free cash flow margin | −46.1% | 27.6% | 20.2% | 13.4% | 13.8% |
| Cash conversion (CFO ÷ net income) | 1.08x | 5.48x | 3.63x | 2.41x | 2.16x |
| Receivable days | 2 | 4 | 3 | 3 | 2 |
| Inventory days | 6 | 14 | 17 | 14 | 15 |
| Payable days | 5 | 18 | 19 | 13 | 18 |
| Interest cover | −243x | 269x | 1176x | 1377x | 22973x |
| Current ratio | 2.62x | 1.96x | 1.80x | 1.58x | 1.50x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.