Youdao, Inc. (DAO) intrinsic value & 10-year financials
Youdao, Inc. (DAO) has a Graham intrinsic value of $29.89 per share. Over the last 10 fiscal years revenue grew 37.8% a year to $5.9B, with an average return on invested capital of -5.6%.
- Graham intrinsic value
- $29.89
- Revenue (FY2025)
- $5.9B
- Revenue growth (10-yr CAGR)
- 37.8%
- ROIC (10-yr avg)
- -5.6%
- Free cash flow (FY2025)
- $29.6M
DAO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.9B | $97.0M | $0.90 | $29.6M | 3.7% | -7.5% |
| FY2024 | $5.6B | $75.2M | $0.70 | -$79.7M | 2.6% | -5.3% |
| FY2023 | $5.4B | -$550.1M | -$4.53 | -$456.0M | -8.7% | 19.2% |
| FY2022 | $5.0B | -$745.9M | -$5.88 | -$671.8M | -15.5% | 46.4% |
| FY2021 | $4.0B | -$995.7M | -$8.18 | -$1.4B | -23.5% | 63.0% |
| FY2020 | $3.2B | -$1.8B | -$15.53 | -$358.4M | -57.0% | 202.0% |
| FY2019 | $1.3B | -$601.5M | -$6.68 | -$390.4M | -46.1% | -403.6% |
| FY2018 | $731.6M | -$208.9M | -$2.80 | -$114.0M | -30.0% | 20.9% |
| FY2017 | $455.7M | -$133.6M | -$2.04 | -$97.8M | -28.5% | 14.4% |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Youdao, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Youdao, Inc. has earned high returns on invested capital, averaging 16.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Youdao, Inc. 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, Youdao, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $29.89 per share.