New Oriental Education & Technology Group Inc. (EDU) intrinsic value & 10-year financials
New Oriental Education & Technology Group Inc. (EDU) has a Graham intrinsic value of $3.76 per share. Over the last 10 fiscal years revenue grew 14.2% a year to $4.9B, with an average return on invested capital of 8.9%.
- Graham intrinsic value
- $3.76
- Revenue (FY2025)
- $4.9B
- Revenue growth (10-yr CAGR)
- 14.2%
- ROIC (10-yr avg)
- 8.9%
- Free cash flow (FY2025)
- $654.7M
EDU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.9B | $371.7M | — | $654.7M | 8.7% | 11.3% |
| FY2024 | $4.3B | $309.6M | — | $873.2M | 8.1% | 10.2% |
| FY2023 | $3.0B | $177.3M | — | $828.0M | 6.3% | 5.3% |
| FY2022 | $3.1B | -$1.2B | — | -$1.4B | -31.6% | -25.7% |
| FY2021 | $4.3B | $334.4M | — | $700.9M | 2.7% | 2.4% |
| FY2020 | $3.6B | $413.3M | — | $494.9M | 11.1% | 14.8% |
| FY2019 | $3.1B | $238.1M | — | $536.5M | 9.9% | 21.9% |
| FY2018 | $2.4B | $296.1M | — | $566.9M | 10.7% | 21.7% |
| FY2017 | $1.8B | $274.5M | — | $512.4M | 14.6% | 14.3% |
| FY2016 | $1.5B | $224.9M | — | $453.5M | 13.4% | 12.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
New Oriental Education & Technology Group Inc. is a consistent compounder, expanding top-line revenue at 14.2% annually over the past decade.
New Oriental Education & Technology Group Inc. has historically struggled to out-earn its cost of capital, averaging just 7.8% ROIC.
New Oriental Education & Technology Group Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, New Oriental Education & Technology Group Inc. is modeled at 5.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.76 per share.