olivLaw · US equity research
New Oriental Education & Technology Group Inc. EDU
Services-Educational Services · SIC 8200 · Vertical: Services-Educational Services (SIC 8200)
New Oriental is a Chinese educational services provider offering test preparation courses, non-academic tutoring, intelligent learning systems and overseas study consulting, complemented by private label products and livestreaming e-commerce through East Buy. For the fiscal year ended May 31, 2026, total net revenues reached US$5,661.3 million, and the company remains a benchmark of private education in a strictly regulated environment.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, New Oriental Education & Technology Group Inc. (EDU) stock was 52.07 USD (+3.46% on the day), with market capitalisation 80.7 bn USD, P/E 61.3 on diluted EPS of 0.85 USD over the last 12 months, dividend yield 0.12%, beta 0.48, 52-week range 44.44–63.51 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.8
- weak (30–45)
- Bollinger (20, 2)
- 47.77 – 64.90
- in the lower half of the band · %B 0.25 · band width 30.4%
- SMA 50 / 200
- 56.50 / 54.13
- mixed trend
- MACD (12, 26, 9)
- -1.76 / -0.80
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.5% | −1.1% | −6.4 pp | — |
| 3 months | −8.5% | −0.5% | −8.1 pp | — |
| 6 months | −7.5% | +4.4% | −11.9 pp | — |
| Year to date | −5.4% | +12.3% | −17.7 pp | — |
| 1 year | −9.9% | +13.5% | −23.4 pp | −30.6% |
| 3 years | −21.6% | +76.4% | −98.0 pp | −13.1% |
| 5 years | +155.2% | +63.7% | +91.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 3.6 bn | 4.3 bn | 3.1 bn | 3.0 bn | 4.3 bn | 4.9 bn | 5.7 bn |
| Revenue YoY | +26.5% | +15.6% | +19.5% | −27.4% | −3.5% | +43.9% | +13.6% | +15.5% |
| Net income | 238.1 m | 413.3 m | 334.4 m | -1.2 bn | 177.3 m | 309.6 m | 371.7 m | 475.2 m |
| Net income YoY | −19.6% | +73.6% | −19.1% | −455.2% | unavailable | +74.6% | +20.1% | +27.8% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 7.7% | 11.5% | 7.8% | -38.2% | 5.9% | 7.2% | 7.6% | 8.4% |
| Free cash flow | 536.5 m | 494.9 m | 700.9 m | -1.4 bn | 828.0 m | 873.3 m | 654.7 m | 780.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 May 2026
- Cash
- 1.8 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 4.3 bn USD
- Total assets
- 8.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.50x
- ROE
- 11.5%
- ROA
- 5.7%
- FCF margin
- 13.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.3 bn | 3.1 bn | 3.0 bn | 4.3 bn | 4.9 bn | 5.7 bn | SEC (XBRL)· 22 Sept 2026verified |
| Cost of revenue | 2.0 bn | 1.8 bn | 1.4 bn | 2.1 bn | 2.2 bn | 2.6 bn | SEC (XBRL)· 22 Sept 2026verified |
| Gross profit | 2.2 bn ≈ | 1.4 bn ≈ | 1.6 bn ≈ | 2.3 bn ≈ | 2.7 bn ≈ | 3.1 bn ≈ | SEC (XBRL)· 22 Sept 2026derived |
| Operating income | 117.3 m | -982.5 m | 190.0 m | 350.4 m | 428.3 m | 643.3 m | SEC (XBRL)· 22 Sept 2026verified |
| Depreciation & amortisation | 225.7 m | 192.3 m | 117.0 m | 100.6 m | 139.8 m | 171.7 m | SEC (XBRL)· 22 Sept 2026verified |
| EBITDA | 342.9 m ≈ | -790.2 m ≈ | 307.1 m ≈ | 451.1 m ≈ | 568.1 m ≈ | 815.0 m ≈ | SEC (XBRL)· 22 Sept 2026derived |
| Interest expense | 6.7 m | 4.1 m | 707.0 k | 298.0 k | 311.0 k | 28.0 k | SEC (XBRL)· 22 Sept 2026verified |
| Pre-tax income | 315.0 m | -1.0 bn | 308.5 m | 493.8 m | 536.4 m | 730.5 m | SEC (XBRL)· 22 Sept 2026verified |
| Income tax | 83.6 m | 136.3 m | 66.1 m | 109.7 m | 146.3 m | 196.1 m | SEC (XBRL)· 22 Sept 2026verified |
| Net income | 334.4 m | -1.2 bn | 177.3 m | 309.6 m | 371.7 m | 475.2 m | SEC (XBRL)· 22 Sept 2026verified |
| Weighted average diluted shares | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 22 Sept 2026verified |
| Dividend per share | — | — | — | — | 0.06 | 0.06 | SEC (XBRL)· 22 Sept 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.6 bn | 1.1 bn | 1.7 bn | 1.4 bn | 1.6 bn | 1.8 bn | SEC (XBRL)· 22 Sept 2026verified |
| Receivables | 8.7 m | 16.4 m | 33.1 m | 29.7 m | 33.6 m | 37.0 m | SEC (XBRL)· 22 Sept 2026verified |
| Inventories | 31.2 m | 27.9 m | 52.7 m | 92.8 m | 80.9 m | 105.8 m | SEC (XBRL)· 22 Sept 2026verified |
| Current assets | 6.6 bn | 4.5 bn | 4.4 bn | 5.4 bn | 5.2 bn | 5.8 bn | SEC (XBRL)· 22 Sept 2026verified |
| Property, plant & equipment, net | 865.0 m | 402.7 m | 359.8 m | 508.0 m | 767.3 m | 880.1 m | SEC (XBRL)· 22 Sept 2026verified |
| Goodwill | 73.3 m | 70.8 m | 105.5 m | 104.0 m | 43.8 m | 46.6 m | SEC (XBRL)· 22 Sept 2026verified |
| Intangibles (excl. goodwill) | 4.8 m | 2.8 m | 25.2 m | 18.7 m | 13.0 m | 7.8 m | SEC (XBRL)· 22 Sept 2026verified |
| Total assets | 10.2 bn | 6.0 bn | 6.4 bn | 7.5 bn | 7.8 bn | 8.8 bn | SEC (XBRL)· 22 Sept 2026verified |
| Accounts payable | 38.4 m | 22.3 m | 69.8 m | 105.7 m | 80.5 m | 126.9 m | SEC (XBRL)· 22 Sept 2026verified |
| Long-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 24 Sept 2021verified |
| Current liabilities | 3.5 bn | 1.7 bn | 2.3 bn | 3.0 bn | 3.3 bn | 3.9 bn | SEC (XBRL)· 22 Sept 2026verified |
| Total liabilities | 5.1 bn | 2.2 bn | 2.6 bn | 3.5 bn | 3.9 bn | 4.5 bn | SEC (XBRL)· 22 Sept 2026verified |
| Equity | 5.0 bn | 3.8 bn | 3.8 bn | 4.0 bn | 4.0 bn | 4.3 bn | SEC (XBRL)· 22 Sept 2026verified |
| Shares outstanding at year end | 1.7 bn | 1.7 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 22 Sept 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | -1.3 bn | 971.0 m | 1.1 bn | 896.6 m | 1.0 bn | SEC (XBRL)· 22 Sept 2026verified |
| Capex | 429.2 m | 150.7 m | 143.0 m | 249.4 m | 241.9 m | 246.9 m | SEC (XBRL)· 22 Sept 2026verified |
| Free cash flow | 700.9 m ≈ | -1.4 bn ≈ | 828.0 m ≈ | 873.3 m ≈ | 654.7 m ≈ | 780.2 m ≈ | SEC (XBRL)· 22 Sept 2026derived |
| Investing cash flow | -2.2 bn | 1.2 bn | -37.4 m | -1.2 bn | -93.4 m | -457.7 m | SEC (XBRL)· 22 Sept 2026verified |
| Financing cash flow | 1.7 bn | -230.9 m | -246.9 m | -160.4 m | -585.0 m | -380.2 m | SEC (XBRL)· 22 Sept 2026verified |
| Dividends paid | — | — | — | — | 98.2 m | 96.4 m | SEC (XBRL)· 22 Sept 2026verified |
| Share repurchases | — | — | 191.6 m | 62.9 m | 445.5 m | 230.9 m | SEC (XBRL)· 22 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 80.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation5
- Returns43
- Quality80
- Balance sheet83
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.82 – 5.24 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.45 – 5.24 (Mid 3.88)16 companies used · median multiple 12.6x · quartiles 8.0x – 17.1xAPEI, CVSA, IH, LAUR, LFS, LGCY, LINC, LOPE, LRN, PRDO, PXED, STG, STRA, TAL, VSA, YOUL
- Dividend discount (DDM)0.82 – 1.10 (Mid 0.94)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.4% | 61 (vs peers) | 10% |
| FCF conversion · Quality | 164.2% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 23.6% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 22,973.3x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.5x | 58 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 169.7x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.0% | 12 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 12.4% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet83/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns43/100 · 2/2 factors with a value
- Valuation5/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. (EDU). Latest full fiscal year: 2026; data up to 2026-05-31.
Figures computed from the financial statements: revenue 5.7 bn USD in 2026; YoY growth 15.5%; net margin 8.4%; ROE 12.4%.
The estimated value range is 1.63–3.17 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.41 USD, the price of 52.07 USD leaves a potential of -95.4% (value / price − 1) and a margin of safety of -2,063.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 164.2%
- Revenue CAGR 3Y: 23.6%
- Interest coverage: 22,973.2x
- Payout ratio (FCF): 12.4%
What contradicts it
- P/E (TTM): 169.7x
- FCF yield: 1.0%
- Shareholder yield (distributions): 0.4%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Services-Educational Services (SIC 8200) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EDUNew Oriental Education & Technology Group Inc. | 80.7 bn | 169.7 | 12.4% | 8.4% | +15.5% | −10% / −22% |
| LAURLaureate Education, Inc. | 4.8 bn | 12.9 | 34.1% | 20.3% | +8.6% | +14% / +168% |
| CVSACovista Inc. | 4.1 bn | 17.0 | 17.9% | 12.8% | +9.3% | +34% / +118% |
| COE51Talk Online Education Group | 4.1 bn | — | — | -17.6% | +88.6% | −73% / +43% |
| LOPEGrand Canyon Education, Inc. | 3.8 bn | 16.1 | 35.9% | 21.9% | +7.1% | −4% / +10% |
| LRNStride, Inc. | 3.3 bn | 10.9 | 20.9% | 13.2% | +4.7% | +25% / +31% |
| NAMIJinxin Technology Holding Company | 2.6 bn | — | -89.7% | -22.8% | +6.1% | −89% / unavailable |
| DAOYoudao, Inc. | 2.5 bn | 159.2 | — | 1.6% | +9.6% | +105% / +397% |
| PRDOPerdoceo Education Corp | 1.9 bn | 10.9 | 17.6% | 20.6% | +24.2% | +7% / +72% |
| STRAStrategic Education, Inc. | 1.7 bn | 12.4 | 8.2% | 10.5% | +4.0% | −5% / −16% |
| YQ17 Education & Technology Group Inc. | 1.5 bn | — | -46.5% | -145.6% | −41.5% | −41% / +14% |
| UTIUniversal Technical Institute, Inc | 1.2 bn | 36.3 | 10.5% | 3.9% | +14.0% | −3% / +91% |
| PXEDPhoenix Education Partners, Inc. | 794.4 m | 9.5 | 30.1% | 8.7% | +1.0% | −36% / unavailable |
| APEIAmerican Public Education, Inc. | 776.2 m | 17.5 | 15.6% | 6.8% | +3.9% | +22% / +439% |
| LINCLincoln Educational Services Corporation | 637.9 m | 28.0 | 11.9% | 4.0% | +17.8% | −2% / +117% |
| JZJianzhi Education Technology Group Company Limited | 522.3 m | — | -44.4% | -22.4% | −70.6% | −98% / −100% |
| GOTUGaotu Techedu Inc. | 373.9 m | — | -20.8% | -5.3% | +40.9% | −0% / −9% |
| IHiHuman Inc. | 245.2 m | 22.8 | 10.0% | 11.8% | −8.7% | −60% / −59% |
| FEDUFour Seasons Education (Cayman) Inc. | 210.5 m | 46.6 | 6.8% | 12.1% | +7.6% | −30% / +13% |
| LXEHLixiang Education Holding Co. Ltd. | 155.2 m | — | -83.1% | -395.4% | −1.9% | −63% / −99% |
| LGCYLegacy Education Inc. | 118.1 m | 14.0 | 19.5% | 11.4% | +24.8% | −12% / unavailable |
| EEIQEpicQuest Education Group International Limited | 93.6 m | — | -34.8% | -27.2% | +9.6% | −23% / −81% |
| VSAVisionSys AI Inc | 81.8 m | 0.3 | — | 164,963.8% | −99.9% | −97% / −100% |
| CHGGChegg, Inc | 71.1 m | — | -30.7% | -17.2% | −39.0% | −34% / −94% |
| AMBOAmbow Education Holding Ltd. | 62.3 m | — | -2.9% | -2.6% | +0.8% | −61% / −10% |
1- and 3-year price returns: for EDU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 34.03 Total return -35% · Per year -35% | 59.88 Total return 15% · Per year 15% | 89.82 Total return 73% · Per year 73% |
| 3 years | 40.36 Total return -22% · Per year -8% | 79.19 Total return 52% · Per year 15% | 129.34 Total return 148% · Per year 35% |
| 5 years | 47.87 Total return -8% · Per year -2% | 104.73 Total return 101% · Per year 15% | 186.25 Total return 258% · Per year 29% |
- Exit P/E± 19.80
- Net margin± 13.86
- Annual revenue growth± 10.34
- Annual dilution± 1.16
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Sept 2026; since then the company filed 6-K (28 Oct 2026), 6-K (13 Oct 2026), 6-K (08 Oct 2026).
In brief
New Oriental is a Chinese educational services provider offering test preparation courses, non-academic tutoring, intelligent learning systems and overseas study consulting, complemented by private label products and livestreaming e-commerce through East Buy. For the fiscal year ended May 31, 2026, total net revenues reached US$5,661.3 million, and the company remains a benchmark of private education in a strictly regulated environment.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Private education regulationhigh
The interpretation and implementation of PRC rules can change quickly, and adjustments may restrict academic services 1.
- Variable interest entity structurehigh
Operational control relies on contractual arrangements, and authorities could challenge their compliance, which could affect the group 1.
- Dependence on the brandmedium
The company's value depends on maintaining the New Oriental brand, and a failure in quality or reputation could reduce enrollments 1.
- Course fee pressuremedium
If attracting students requires significant fee reductions, revenues and profitability could decline 1.
- Listing and share price volatilitylow
The company's securities may experience large price swings, and negative analyst reports could influence trading 1.
Investment thesis
What would need to be true (bull case)
- If revenue growth continues and diversification into online and private label products deepens, the company could recover from losses caused by regulation.
- The physical network and strong brand could offer an advantage over smaller competitors, especially if the OMO model lowers costs.
- Growth in e-commerce and private label products could add revenues that are independent of education.
What would break the thesis
- Regulation could keep evolving and restrict academic services again, which would weigh on revenues.
- The variable interest entity structure could be challenged, and a compliance failure could have severe effects.
- Competitive pressure and dependence on the Chinese market could limit long-term growth.
What to watch
- Trend in education and test preparation revenuesnext 10-K
- East Buy division results and GMVQ1 2027
- New private education regulations in China2027
- Non-academic tutoring enrollments and smart device active usersnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Sept 2026; since then the company filed 6-K (28 Oct 2026), 6-K (13 Oct 2026), 6-K (08 Oct 2026).
The business
The company delivers a wide range of educational programs through a physical network of 75 schools and 1,459 learning centers in 69 cities in China, as well as through online platforms including Koolearn.com 1. Its OMO model combines classroom teaching with online components, and in lower-tier cities courses taught by teachers from top-tier cities are broadcast locally with on-site assistant lecturers 1. It also operates eight bookstores and works with 350 third-party distributors, with about 44,200 teachers 1.
In March 2024 the acquisition of East Buy's online education business was completed, and online test preparation is now recorded directly by New Oriental 1. The company ceased its K-9 Academic AST Services at the end of 2021 in compliance with regulations and closed some units, which changed the shape of the business 1.
The East Buy e-commerce division sells agricultural and other products through livestreaming, Taobao, its own app and shops on several platforms, and includes private label products under the East Buy brand 1. It is a smaller activity than education but has grown visibly within the company's revenues 1.
Segments
Education and test preparation
Educational services and test preparation generated US$4,006.8 million in fiscal 2026, or 70.8% of total net revenues, with about 1,173,000 test preparation enrollments, of which 601,000 were for overseas tests 1.
Private label products and livestreaming e-commerce
Private label products brought in US$684.9 million in fiscal 2026, while total East Buy GMV reached RMB10.2 billion across all sales channels 1.
Non-academic tutoring and intelligent learning
Non-academic tutoring recorded about 3,117,000 enrollments, and intelligent learning devices had 598,000 active paid users in fiscal 2026 1.
Market context
According to the company, demand for private education in China is supported by rising disposable income, urbanization and the need for education beyond the school curriculum 1. Revenues of US$5,661.3 million in fiscal 2026 indicate the size of the market in which the company operates 1.
The market is strongly shaped by government regulation, notably the Alleviating Burden Opinion, which prohibits academic institutions from raising funds through listings and bars foreign control of them 1.
Trends
- Growth in education and online servicestailwind
Total net revenues rose from US$4,313.6 million in fiscal 2024 to US$5,661.3 million in fiscal 2026, suggesting solid demand for services, with the East Buy online acquisition adding volume 1.
- Regulation of academic educationheadwind
The Alleviating Burden Opinion forced the company to cease K-9 academic services and close units, and regulations may be reinterpreted or changed 1.
- OMO model and digital learningtailwind
Combining the physical network with online platforms and smart devices could extend access to courses in smaller cities and lower long-term operating costs 1.
- Volatility of e-commerce and consumer spendingmixed
Livestreaming depends on consumer growth, the popularity of online shopping and the supply chain, factors that can vary and affect the division's results 1.
Competitive position
The company competes on course fees, brand reputation and teaching quality, and fees are also set relative to competitors' charges for similar courses 1. Competition is most felt in test preparation and non-academic tutoring 1.
The market is fragmented, and local firms and online providers can pressure prices and enrollments, especially in large cities where there are more options 1.
- Local test preparation providers
Compete on test preparation courses and on course fee levels, a factor the company itself highlights 1.
- Online education platforms
Compete through online courses and digital models that can attract the same students 1.
- Overseas study consulting firms
Compete in admissions and counseling services for studying abroad, a relevant area for the company 1.
- Livestreaming e-commerce platforms
Compete with East Buy for consumer attention and for sales through livestreaming and online shops 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)22 Sept 2026
- Annual report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)07 Jul 2026
- Current report (foreign issuer)22 Apr 2026
- Current report (foreign issuer)10 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-05-31 · SEC / New Oriental Education & Technology Group Inc. · 22 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.