51Talk Online Education Group (COE) intrinsic value & 10-year financials
51Talk Online Education Group (COE) has a Graham intrinsic value of $0.98 per share. Over the last 10 fiscal years revenue grew 5.3% a year to $95.6M, with an average return on invested capital of 82.3%.
- Graham intrinsic value
- $0.98
- Revenue (FY2025)
- $95.6M
- Revenue growth (10-yr CAGR)
- 5.3%
- ROIC (10-yr avg)
- 82.3%
- Free cash flow (FY2025)
- $9.5M
COE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $95.6M | -$16.8M | -$0.05 | $9.5M | -15.1% | 26.1% |
| FY2024 | $50.7M | -$7.2M | -$0.02 | $5.5M | -15.9% | 22.7% |
| FY2023 | $27.1M | -$15.0M | -$0.04 | $272.0K | -50.4% | 66.8% |
| FY2022 | $15.0M | -$42.6M | — | -$45.7M | -82.1% | 15.1% |
| FY2021 | $788.0K | $18.9M | $0.06 | -$109.9M | 981.7% | -4.7% |
| FY2020 | $314.8M | $21.2M | $0.07 | $106.9M | 5.1% | -8.7% |
| FY2019 | $212.4M | -$15.0M | — | $55.8M | -7.3% | 8.0% |
| FY2018 | $166.6M | -$60.6M | — | $1.8M | -35.3% | 31.0% |
| FY2017 | $130.3M | -$89.3M | — | $3.0M | -67.3% | 149.9% |
| FY2016 | $60.2M | -$74.1M | — | -$1.2M | -122.4% | 516.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
51Talk Online Education Group has demonstrated mature, steady growth, with revenue compounding at 5.3% annually over the past decade.
51Talk Online Education Group has earned high returns on invested capital, averaging 31.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
51Talk Online Education Group capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, 51Talk Online Education Group is modeled at 5.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.98 per share.