olivLaw · US equity research
Four Seasons Education (Cayman) Inc. FEDU
Services-Educational Services · SIC 8200 · Vertical: Services-Educational Services (SIC 8200)
Four Seasons Education (Cayman) Inc. is a provider of after-school enrichment learning and study tour services in China that refocused after 2021 regulatory restrictions on learning, tourism and learning technology solutions. Revenue returned to about 254.4 mn RMB in fiscal 2026, so the company's trajectory now depends on whether its new offerings can grow within a regulatory framework that remains uncertain.
At the close of 04 Nov 2026, Four Seasons Education (Cayman) Inc. (FEDU) stock was 9.31 USD (−8.28% on the day), with market capitalisation 210.5 m USD, P/E 46.6 on diluted EPS of 0.20 USD over the last 12 months, dividend yield 2.28%, beta 0.42, 52-week range 6.91–14.49 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)
- 43.4
- weak (30–45)
- Bollinger (20, 2)
- 9.23 – 11.78
- in the lower half of the band · %B 0.03 · band width 24.3%
- SMA 50 / 200
- 9.79 / 10.64
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / 0.13
- 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 | −5.8% | −1.1% | −4.7 pp | — |
| 3 months | +12.3% | −0.5% | +12.8 pp | — |
| 6 months | −11.3% | +4.4% | −15.7 pp | — |
| Year to date | −22.1% | +12.3% | −34.4 pp | — |
| 1 year | −35.7% | +13.5% | −49.3 pp | −30.6% |
| 3 years | +19.4% | +76.4% | −57.1 pp | −18.2% |
| 5 years | −67.2% | +63.7% | −130.9 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.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 50.5, median 419.7, max 823.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 50.2 m | 55.7 m | 43.3 m | 39.7 m | 4.9 m | 17.4 m | 34.5 m | 37.1 m |
| Revenue YoY | +5.6% | +10.9% | −22.2% | −8.4% | −87.6% | +253.1% | +97.8% | +7.6% |
| Net income | -90.0 k | -15.7 m | -4.4 m | -18.0 m | -4.3 m | 690.0 k | 111.0 k | 4.5 m |
| Net income YoY | −101.3% | unavailable | unavailable | unavailable | unavailable | unavailable | −83.9% | +3,942.3% |
| Diluted EPS | -0.00 | -0.66 | -0.19 | -0.80 | -0.20 | 0.03 | 0.01 | 0.20 |
| Diluted EPS YoY | −101.3% | unavailable | unavailable | unavailable | unavailable | unavailable | −66.7% | +1,900.0% |
| net % | -0.2% | -28.1% | -10.1% | -45.3% | -86.7% | 4.0% | 0.3% | 12.1% |
| Free cash flow | 5.3 m | 10.4 m | 3.2 m | -16.0 m | -4.9 m | -5.6 m | -5.1 m | 3.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 28 Feb 2026
- Cash
- 19.9 m USD
- Financial debt
- 13.1 m USD
- Net debt
- -6.7 m USD
- Equity
- 75.1 m USD
- Total assets
- 107.8 m USD
- Debt / equity
- 0.17x
- Current ratio
- 1.85x
- ROE
- 6.2%
- ROA
- 4.3%
- FCF margin
- 9.3%
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 | 43.3 m | 39.7 m | 4.9 m | 17.4 m | 34.5 m | 37.1 m | SEC (XBRL)· 17 Jun 2026verified |
| Cost of revenue | 26.1 m | 23.7 m | 2.9 m | 11.1 m | 28.0 m | 27.5 m | SEC (XBRL)· 17 Jun 2026verified |
| Gross profit | 17.2 m | 15.9 m | 2.1 m | 6.3 m | 6.5 m | 9.6 m | SEC (XBRL)· 17 Jun 2026verified |
| Operating income | -5.6 m | -10.5 m | -5.1 m | -1.3 m | -2.2 m | 983.0 k | SEC (XBRL)· 17 Jun 2026verified |
| Pre-tax income | -3.0 m | -9.5 m | -4.7 m | 539.0 k | 14.0 k | 4.3 m | SEC (XBRL)· 17 Jun 2026verified |
| Income tax | 735.0 k | 3.5 m | 143.0 k | 153.0 k | 99.0 k | 93.0 k | SEC (XBRL)· 17 Jun 2026verified |
| Net income | -4.4 m | -18.0 m | -4.3 m | 690.0 k | 111.0 k | 4.5 m | SEC (XBRL)· 17 Jun 2026verified |
| Diluted EPS | -0.19 | -0.80 | -0.20 | 0.03 | 0.01 | 0.20 | SEC (XBRL)· 17 Jun 2026verified |
| Weighted average diluted shares | 23.1 m | 22.5 m | 21.2 m | 23.6 m | 22.1 m | 22.9 m | SEC (XBRL)· 17 Jun 2026verified |
| Dividend per share | — | — | — | — | 0.21 | — | SEC (XBRL)· 26 Jun 2025derived |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 58.5 m | 41.6 m | 25.3 m | 25.0 m | 28.9 m | 19.9 m | SEC (XBRL)· 17 Jun 2026verified |
| Receivables | — | — | 128.0 k | 451.0 k | 281.0 k | 463.0 k | SEC (XBRL)· 17 Jun 2026verified |
| Current assets | 79.8 m | 83.4 m | 73.7 m | 44.8 m | 40.8 m | 36.8 m | SEC (XBRL)· 17 Jun 2026verified |
| Property, plant & equipment, net | 2.4 m | 1.4 m | 2.0 m | 9.2 m | 17.2 m | 17.6 m | SEC (XBRL)· 17 Jun 2026verified |
| Goodwill | 5.9 m | — | — | 156.0 k | 154.0 k | 164.0 k | SEC (XBRL)· 17 Jun 2026verified |
| Intangibles (excl. goodwill) | 1.1 m | 518.0 k | 357.0 k | 258.0 k | 197.0 k | 326.0 k | SEC (XBRL)· 17 Jun 2026verified |
| Total assets | 149.4 m | 95.5 m | 86.7 m | 93.7 m | 100.4 m | 107.8 m | SEC (XBRL)· 17 Jun 2026verified |
| Accounts payable | — | — | — | — | 514.0 k | 439.0 k | SEC (XBRL)· 17 Jun 2026verified |
| Short-term debt | — | — | — | — | — | 1.3 m | SEC (XBRL)· 17 Jun 2026verified |
| Long-term debt | — | — | — | 5.6 m | 11.3 m | 11.8 m | SEC (XBRL)· 17 Jun 2026verified |
| Current liabilities | 35.1 m | 14.8 m | 12.6 m | 14.8 m | 18.6 m | 19.9 m | SEC (XBRL)· 17 Jun 2026verified |
| Total liabilities | 49.6 m | 15.9 m | 12.9 m | 20.6 m | 31.0 m | 32.8 m | SEC (XBRL)· 17 Jun 2026verified |
| Equity | 99.9 m | 79.7 m | 73.8 m | 73.1 m | 69.4 m | 75.1 m | SEC (XBRL)· 17 Jun 2026verified |
| Shares outstanding at year end | 23.1 m | 21.2 m | 21.2 m | 21.2 m | 22.6 m | 22.6 m | SEC (XBRL)· 17 Jun 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.8 m | -14.5 m | -3.7 m | 2.3 m | 2.7 m | 4.4 m | SEC (XBRL)· 17 Jun 2026verified |
| Capex | 1.6 m | 1.6 m | 1.2 m | 7.9 m | 7.9 m | 912.0 k | SEC (XBRL)· 17 Jun 2026verified |
| Free cash flow | 3.2 m ≈ | -16.0 m ≈ | -4.9 m ≈ | -5.6 m ≈ | -5.1 m ≈ | 3.5 m ≈ | SEC (XBRL)· 17 Jun 2026derived |
| Investing cash flow | -10.5 m | 682.0 k | -13.9 m | 9.9 m | 346.0 k | -15.8 m | SEC (XBRL)· 17 Jun 2026verified |
| Financing cash flow | 30.0 k | -4.1 m | -121.0 k | 5.7 m | 1.7 m | 1.3 m | SEC (XBRL)· 17 Jun 2026verified |
| Dividends paid | — | — | — | — | 4.8 m | — | SEC (XBRL)· 26 Jun 2025verified |
≈ 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: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 210.5 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation15
- Returns20
- Quality59
- Balance sheet87
- 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: 1.60 – 3.75 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.60 – 3.42 (Mid 2.53)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)2.79 – 3.75 (Mid 3.19)
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
Unattractive profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.6% | 44 (vs peers) | 16% |
| Net margin · Quality | 12.1% | 76 (vs peers) | 10% |
| FCF conversion · Quality | 77.2% | 67 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 95.9% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 46.6x | 11 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.6% | 21 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 138.2% | 0 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial87/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality59/100 · 3/3 factors with a value
- Returns20/100 · 2/2 factors with a value
- Valuation15/100 · 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
Four Seasons Education (Cayman) Inc. (FEDU). Latest full fiscal year: 2026; data up to 2026-02-28.
Figures computed from the financial statements: revenue 37.1 m USD in 2026; YoY growth 7.6%; net margin 12.1%; ROE 6.8%.
The estimated value range is 2.19–3.58 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2.86 USD, the price of 9.31 USD leaves a potential of -69.3% (value / price − 1) and a margin of safety of -225.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.1%
- Revenue CAGR 3Y: 95.9%
- Current ratio: 1.8x
What contradicts it
- P/E (TTM): 46.5x
- FCF yield: 1.6%
- Payout ratio (FCF): 138.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% | +2% / −36% |
| 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% | −36% / +19% |
| 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 FEDU 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 | 6.04 Total return -33% · Per year -33% | 10.62 Total return 17% · Per year 17% | 15.93 Total return 74% · Per year 74% |
| 3 years | 7.16 Total return -17% · Per year -6% | 14.05 Total return 59% · Per year 17% | 22.94 Total return 157% · Per year 37% |
| 5 years | 8.49 Total return 2% · Per year 0% | 18.58 Total return 116% · Per year 17% | 33.04 Total return 277% · Per year 30% |
- Exit P/E± 3.51
- Net margin± 2.46
- Annual revenue growth± 1.83
- Annual dilution± 0.21
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.
In brief
Four Seasons Education (Cayman) Inc. is a provider of after-school enrichment learning and study tour services in China that refocused after 2021 regulatory restrictions on learning, tourism and learning technology solutions. Revenue returned to about 254.4 mn RMB in fiscal 2026, so the company's trajectory now depends on whether its new offerings can grow within a regulatory framework that remains uncertain. 1
SWOT
Strengths
- The company has more than fifteen years of operating history in Shanghai education and owns proprietary content protected by copyrights and patents. Teachers are selectively recruited and receive continuous in-house training. 1
- Its offering combines education with tourism, which differentiates it from purely academic or purely travel providers. The company has shown a recovery in revenue after the 2021 restrictions. 1
- It has a base of learners and partner schools that use its courses, and its relationships with travel partners provide a platform for diversification. 1
Weaknesses
- Revenue is highly sensitive to season and travel demand, and the tourism segment declined after its fiscal 2025 peak. 1
- Some new initiatives have not yet generated significant profit, and the operating history of the newer business lines is short. 1
- Insurance coverage is limited and does not include certain operating and liability risks. 1
Opportunities
- Demand for enrichment learning and immersive experiences could support growth in learning services if the new programs gain market acceptance. 1
- Expanding study camps to new geographic locations could increase capacity in both the tourism and education segments. 1
- Technology and content solutions for schools could become a larger segment if relationships with schools deepen. 1
Threats
- Regulatory changes could impose new licence requirements or restrict existing activities, affecting operational continuity. 1
- Competition is intense, and better-resourced rivals could quickly copy the company's initiatives. 1
- Travel disruptions such as epidemics or geopolitical tensions could reduce demand for travel packages. 1
Risks
- Licensing and permit regulatory riskhigh
Failure to obtain or renew licences for private schools, tourism or online publishing could lead to fines or suspension of operations. 1
- Risk related to school profit distributionhigh
Service arrangements between a school and the company's operating entity could be regarded as a way around restrictions on profit distribution, which could lead to confiscation of payments. 1
- Seasonality dependencemedium
Demand concentrated in particular periods of the year makes quarterly results volatile and difficult to forecast. 1
- Growth strategy execution riskmedium
If new initiatives are not accepted by the market or cannot be replicated efficiently in other cities, growth could be slower than planned. 1
- Data privacy and cybersecurity riskmedium
PRC rules on personal data are evolving, and cybersecurity incidents could bring penalties and damage the brand. 1
Investment thesis
What would need to be true (bull case)
- If enrichment services and content solutions expand, the company could diversify its revenue away from the more volatile tourism segment. 1
- A return to profitability after the fiscal 2025 loss could suggest the business model has stabilised after restructuring. 1
- The content portfolio, trademarks and patents could give an edge if they are used in new products and school partnerships. 1
What would break the thesis
- Dependence on regulatory approvals and licences could limit the company's ability to expand its offerings predictably. 1
- The tourism segment declined after its fiscal 2025 peak, and travel demand can be hit quickly by external factors. 1
- Intense competition and the ease with which new initiatives can be copied could compress margins over the long term. 1
What to watch
- Trend in tourism revenue and the summer season resultsQ2 2027
- Results of the new enrichment programs and the Jiangxi study camp2027
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.
The business
The company was founded in 2007 in Shanghai and started as a provider of math education for elementary school students, with the Cayman holding company established in 2014. In 2021 it ceased K-9 academic services in mainland China and focused on enrichment learning, tourism services and learning technology and content solutions for schools. 1
The offering falls into three areas: learning services (science, creativity, humanities and aesthetics, coding), tourism services (travel agency, study tours and study camps, with a new site in Jiangxi opened in 2025) and learning technology and content solutions sold to schools through a lump sum cooperation fee and hourly service fees. 1
The company had 95 teachers as of February 28, 2026, about 91% of whom held at least a bachelor's degree, and reported 20 registered trademarks, 21 copyrights and 13 patents. Its insurance covers liability and employee medical costs but not property, business interruption or product liability. 1
Segments
Learning services
This is the largest segment, with revenue of 130.8 mn RMB in fiscal 2026, or 51.4% of the total, up from 108.0 mn RMB in fiscal 2025. Enrichment programs are built on in-house content, and performance depends on course quality and teacher recruitment. 1
Tourism services
This segment generated 118.4 mn RMB in fiscal 2026, after a peak of 138.3 mn RMB in fiscal 2025 when its share was 55.1%. It covers travel agency services, study tours and study camps, and demand is concentrated in the summer season, which typically brings the largest part of annual sales. 1
Market context
The company describes the China after-school learning and enrichment activity market as rapidly evolving, highly fragmented and competitive, with existing players and new entrants. Demand depends on disposable income, urbanization, the regulatory policy landscape and general economic conditions. 1
China's travel market is also highly competitive, and demand for travel services depends on economic growth and willingness to pay for them. Disruptions such as epidemics, geopolitical tensions or natural disasters can directly affect tourism revenue. 1
Trends
- Shift toward enrichment learningmixed
After ceasing K-9 academic services, the company is building growth on science, creativity and coding programs that fall outside those restrictions. The strategy is not yet proven over the long term, since many new initiatives have not generated significant profit so far. 1
- Integration of education with travelmixed
Demand for immersive learning, study camps and educational trips could support the tourism segment, but the same products are easy for competitors to replicate. If travel demand falls, revenue could be hit quickly. 1
- Pronounced seasonalitymixed
The second quarter of each fiscal year generates the largest share of revenue, tied to summer leisure travel and summer and winter study breaks. Quarterly results can therefore vary widely and are hard to compare directly. 1
- Ongoing regulatory pressureheadwind
Permits for private schools, travel agency licences and a possible requirement for an online publishing licence could change costs and operating capacity. The lack of clear guidance on which activities need licences keeps uncertainty high. 1
Competitive position
The company faces competition from other major players in the learning and enrichment market, from traditional travel agencies, from domestic and foreign hotel and airline ticket consolidators, and from internet platforms moving into travel. Its stated competitive factors are reputation, technology and content, learner experience, product quality, tailoring of offerings and the ability to attract and keep faculty. 1
The company acknowledges that some competitors have greater access to financing and resources and a longer operating history. New initiatives can be copied quickly by others, which limits the advantage it gains from product innovation. 1
- Other major learning and enrichment providers in China
The source mentions these players without naming them, and no verifiable US ticker is given in the text.
- Traditional travel agencies in China
Direct competition for the tourism segment, without named companies in the source.
- Domestic and foreign hotel and airline ticket consolidators
Named by the company as travel competitors, with no names or tickers given.
- Internet platforms and social networks entering travel
A possible source of new entry, not named in the source.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Annual report (foreign issuer)17 Jun 2026
- Current report (foreign issuer)12 Feb 2026
- Current report (foreign issuer)02 Dec 2025
- Annual report (foreign issuer)26 Jun 2025
- Current report (foreign issuer)03 Feb 2025
- Current report (foreign issuer)20 Dec 2024
- Current report (foreign issuer)14 Aug 2024
- Annual report (foreign issuer)27 Jun 2024
- Current report (foreign issuer)22 Nov 2023
- Annual report (foreign issuer)28 Jun 2023
Sources
- [1] Form 20-F, fiscal year ended 2026-02-28 · SEC / Four Seasons Education (Cayman) Inc. · 17 Jun 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.