olivLaw · US equity research
EpicQuest Education Group International Limited EEIQ
Services-Educational Services · SIC 8200 · Vertical: Services-Educational Services (SIC 8200)
EpicQuest Education Group International Limited is a British Virgin Islands holding company that, through Ohio and Canadian subsidiaries, provides language education, two-year university programs and professional training to international students, with a focus on students from China. Revenue edged up in fiscal 2025, but the company still reported a net loss and flagged a significant going-concern risk, making its future funding a central issue.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, EpicQuest Education Group International Limited (EEIQ) stock was 4.00 USD (−2.44% on the day), with market capitalisation 93.6 m USD, beta 0.31, 52-week range 1.91–10.58 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.2
- weak (30–45)
- Bollinger (20, 2)
- 3.94 – 5.11
- in the lower half of the band · %B 0.05 · band width 25.8%
- SMA 50 / 200
- 4.11 / 3.52
- mixed trend
- MACD (12, 26, 9)
- -0.05 / 0.06
- 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 | −21.1% | −1.1% | −20.0 pp | — |
| 3 months | +64.6% | −0.5% | +65.1 pp | — |
| 6 months | +32.9% | +4.4% | +28.5 pp | — |
| Year to date | +13.1% | +12.3% | +0.8 pp | — |
| 1 year | −32.1% | +13.5% | −45.6 pp | −30.6% |
| 3 years | −72.2% | +76.4% | −148.6 pp | −13.1% |
| 5 years | −93.9% | +63.7% | −157.5 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 |
|---|---|---|---|---|---|---|---|
| Revenue | 8.7 m | 9.1 m | 5.3 m | 6.3 m | 5.7 m | 8.2 m | 8.9 m |
| Revenue YoY | unavailable | +4.2% | −41.1% | +18.5% | −9.8% | +42.7% | +9.6% |
| Net income | 2.1 m | 1.0 m | -1.1 m | -6.0 m | -6.7 m | -6.0 m | -2.4 m |
| Net income YoY | unavailable | −50.8% | −207.2% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | 0.13 | -0.12 | -0.54 | -0.57 | -0.47 | -0.16 |
| Diluted EPS YoY | unavailable | unavailable | −192.3% | unavailable | unavailable | unavailable | unavailable |
| net % | 23.6% | 11.2% | -20.3% | -94.2% | -116.6% | -73.5% | -27.2% |
| Free cash flow | 4.5 m | -432.6 k | -296.3 k | -4.7 m | -5.3 m | -9.5 m | -3.2 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 4.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 14.4 m USD
- Total assets
- 25.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.83x
- ROE
- -19.2%
- ROA
- -9.9%
- FCF margin
- -36.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 9.1 m | 5.3 m | 6.3 m | 5.7 m | 8.2 m | 8.9 m | SEC (XBRL)· 28 Jan 2026verified |
| Cost of revenue | 2.3 m | 1.9 m | 2.0 m | 1.5 m | 2.8 m | 3.0 m | SEC (XBRL)· 28 Jan 2026verified |
| Gross profit | 6.7 m | 3.4 m | 4.3 m | 4.2 m | 5.3 m | 5.9 m | SEC (XBRL)· 28 Jan 2026verified |
| SG&A | — | — | — | 8.8 m | 10.3 m | 8.7 m | SEC (XBRL)· 28 Jan 2026verified |
| Operating income | 1.3 m | -1.5 m | -7.2 m | -7.0 m | -7.4 m | -4.2 m | SEC (XBRL)· 28 Jan 2026verified |
| Depreciation & amortisation | 87.6 k | 126.2 k | 252.1 k | 407.0 k | 425.8 k | 409.9 k | SEC (XBRL)· 28 Jan 2026verified |
| EBITDA | 1.4 m ≈ | -1.3 m ≈ | -6.9 m ≈ | -6.6 m ≈ | -7.0 m ≈ | -3.8 m ≈ | SEC (XBRL)· 28 Jan 2026derived |
| Pre-tax income | 1.4 m | -1.4 m | -6.3 m | -6.8 m | -6.9 m | -2.5 m | SEC (XBRL)· 28 Jan 2026verified |
| Income tax | 397.6 k | -307.2 k | -191.0 k | 289.5 k | -335.8 k | 3.4 k | SEC (XBRL)· 28 Jan 2026verified |
| Net income | 1.0 m | -1.1 m | -6.0 m | -6.7 m | -6.0 m | -2.4 m | SEC (XBRL)· 28 Jan 2026verified |
| Diluted EPS | 0.13 | -0.12 | -0.54 | -0.57 | -0.47 | -0.16 | SEC (XBRL)· 28 Jan 2026verified |
| Weighted average diluted shares | 7.9 m | 9.2 m | 11.0 m | 11.7 m | 12.6 m | 15.5 m | SEC (XBRL)· 28 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.4 m | 16.5 m | 11.4 m | 5.0 m | 1.2 m | 4.8 m | SEC (XBRL)· 28 Jan 2026verified |
| Receivables | — | 154.5 k | 47.6 k | 36.5 k | 85.3 k | — | SEC (XBRL)· 31 Jan 2025verified |
| Inventories | — | — | — | 41.2 k | 48.5 k | 46.4 k | SEC (XBRL)· 28 Jan 2026verified |
| Current assets | 10.6 m | 19.6 m | 14.1 m | 8.7 m | 4.3 m | 16.3 m | SEC (XBRL)· 28 Jan 2026verified |
| Property, plant & equipment, net | 3.1 m | 3.5 m | 2.2 m | 2.0 m | 1.6 m | 433.7 k | SEC (XBRL)· 28 Jan 2026verified |
| Goodwill | — | — | 854.9 k | 2.7 m | 2.7 m | 2.7 m | SEC (XBRL)· 28 Jan 2026verified |
| Intangibles (excl. goodwill) | — | — | 398.8 k | 4.7 m | 4.5 m | 4.2 m | SEC (XBRL)· 28 Jan 2026verified |
| Total assets | 14.2 m | 24.0 m | 24.0 m | 19.2 m | 23.3 m | 25.8 m | SEC (XBRL)· 28 Jan 2026verified |
| Accounts payable | 2.0 m | 3.0 m | 91.1 k | 210.1 k | 1.2 m | 1.1 m | SEC (XBRL)· 28 Jan 2026verified |
| Current liabilities | 6.7 m | 8.6 m | 6.1 m | 6.9 m | 9.8 m | 8.9 m | SEC (XBRL)· 28 Jan 2026verified |
| Total liabilities | 6.7 m | 9.1 m | 6.6 m | 8.3 m | 12.4 m | 11.4 m | SEC (XBRL)· 28 Jan 2026verified |
| Equity | 7.5 m | 14.9 m | 16.1 m | 10.9 m | 10.9 m | 14.4 m | SEC (XBRL)· 28 Jan 2026verified |
| Shares outstanding at year end | — | — | — | 12.0 m | 13.1 m | 23.4 m | SEC (XBRL)· 28 Jan 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -144.0 k | 322.2 k | -4.6 m | -5.3 m | -9.5 m | -2.9 m | SEC (XBRL)· 28 Jan 2026verified |
| Capex | 288.6 k | 618.5 k | 51.4 k | 14.2 k | 40.3 k | 292.8 k | SEC (XBRL)· 28 Jan 2026verified |
| Free cash flow | -432.6 k ≈ | -296.3 k ≈ | -4.7 m ≈ | -5.3 m ≈ | -9.5 m ≈ | -3.2 m ≈ | SEC (XBRL)· 28 Jan 2026derived |
| Investing cash flow | -288.6 k | -514.5 k | -651.5 k | -877.6 k | 716.8 k | 1.5 m | SEC (XBRL)· 28 Jan 2026verified |
| Financing cash flow | -432.0 k | 9.3 m | 200.0 k | — | 4.9 m | 5.1 m | SEC (XBRL)· 28 Jan 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
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 93.6 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -27.2% | 13 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 12.2% | 100 (on a fixed band) | 31% |
| 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 | 86 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.5% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial86/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
EpicQuest Education Group International Limited (EEIQ). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 8.9 m USD in 2025; YoY growth 9.6%; net margin -27.2%; ROE -34.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 12.2%
- Current ratio: 1.8x
What contradicts it
- Net margin: -27.2%
- FCF yield: -3.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
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% | −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% | −32% / −72% |
| 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 EEIQ 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 28 Jan 2026; since then the company filed 6-K (27 Oct 2026), 6-K (25 Jun 2026), 6-K (08 May 2026), 6-K (28 Apr 2026), 6-K (27 Mar 2026), 6-K (04 Mar 2026).
In brief
EpicQuest Education Group International Limited is a British Virgin Islands holding company that, through Ohio and Canadian subsidiaries, provides language education, two-year university programs and professional training to international students, with a focus on students from China. Revenue edged up in fiscal 2025, but the company still reported a net loss and flagged a significant going-concern risk, making its future funding a central issue.
SWOT
Strengths
- The group has a holding structure with subsidiaries in Ohio and Canada and partnerships with recognized universities, which supports its program offering 1.
- Rising revenue in professional training programs shows the ability to launch in-demand new programs 1.
- The company raised capital through private placements and a registered offering in 2025, which improved its liquidity 1.
Weaknesses
- The company has reported repeated net losses and negative operating cash flow, and the accumulated deficit remains significant 1.
- Dependence on one market segment and on enrollment of Chinese students makes revenue sensitive to external changes 1.
- General and administrative costs are high relative to revenue, and some depend on management fees paid to business partners 1.
Opportunities
- If enrollment in professional programs keeps rising, revenue could grow and margins could hold steady 1.
- Expansion into Southeast Asia and the Middle East through the Sri Lanka recruiting office could diversify the student base 1.
- New agreements with international universities could broaden the study pathways offered to students 1.
Threats
- Chinese regulations can change quickly, and tighter oversight of overseas offerings could limit access to investors 1.
- Delisting risk from Nasdaq, if the minimum bid price requirement is not met, could affect share liquidity 1.
- Uncertainty about going-concern status could restrict access to additional financing 1.
Risks
- Going-concern uncertaintyhigh
The independent auditor included an explanatory paragraph on the company's ability to continue as a going concern, which could imply curtailing or ceasing operations if financing is not obtained 1.
- Net losses and negative cash flowhigh
The company cannot guarantee a return to profitability, and revenue may not grow enough to cover expenses 1.
- Chinese regulationhigh
Chinese authorities can intervene in operations and impose compliance requirements that could materially affect the business and the value of its securities 1.
- Nasdaq listing compliancemedium
The company was not in compliance with the minimum bid price requirement, and a reverse share split may be needed 1.
- Dependence on student enrollmentmedium
Revenue depends on continued recruitment of students, and falling enrollment in language programs has already affected results 1.
Investment thesis
What would need to be true (bull case)
- If the professional training segment keeps growing and costs stabilize, the company could gradually return to profitability 1.
- Geographic expansion and new university partnerships could diversify revenue sources and reduce dependence on a single segment 1.
- The improvement in gross margin over the last year shows that pricing and program structure can support better results 1.
What would break the thesis
- If regulation in China tightens, the core business could be restricted and revenue could decline 1.
- The lack of profitability and the need for further financing could lead to dilution for shareholders or scaled-back operations 1.
- Delisting risk and going-concern uncertainty could reduce investor interest 1.
What to watch
- Trend in international enrollment at Davis Universitynext 10-K
- Compliance with the Nasdaq minimum bid price requirement and any reverse share split2026
- Evidence of additional financing and the going-concern plan2026
- QHI segment results after the enrollment declinenext 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 28 Jan 2026; since then the company filed 6-K (27 Oct 2026), 6-K (25 Jun 2026), 6-K (08 May 2026), 6-K (28 Apr 2026), 6-K (27 Mar 2026), 6-K (04 Mar 2026).
The business
EpicQuest Education Group International Limited (formerly Elite Education Group International Limited) is a holding company registered in the British Virgin Islands that operates through subsidiaries. These include Quest Holding International LLC, which facilitates study-abroad programs for Chinese students, and Davis University in Toledo, Ohio, a career college with transfer pathways to universities. The group also operates in Canada through EduGlobal College in Vancouver, of which it acquired full ownership in March 2023. Per the annual report, revenue in fiscal 2025 was 8.94 million USD 1 and the net loss was 2.53 million USD 1.
The group structure also includes Ameri-Can Education Group Corp., which owns Davis University, and Study Up Center LLC, which provides academic support to international students. The company set up a recruiting office in Sri Lanka focused on Southeast Asia and the Middle East. It is listed on the Nasdaq Capital Market and reports as a foreign private issuer on Form 20-F 1.
The majority of revenue comes from China through Davis University, and partnerships with Chinese universities and recruiting agents are central to the business model. The company has said that it depends on the number of enrolled students and that a decline in enrollment directly affects revenue 1.
Segments
Davis University (DU)
The DU segment, made up of professional education and training programs, generated the largest share of group revenue in fiscal 2025, rising by 2.7 million USD year on year on the launch of new programs and higher enrollment 1.
Quest Holding International (QHI)
QHI, which offers English language programs for Chinese students in partnership with Miami University, declined in fiscal 2025 because of a significant fall in enrollment, with revenue down 2.3 million USD 1.
EduGlobal College (DC)
EduGlobal College in Vancouver, Canada, contributed lower revenue in fiscal 2025, and its acquisition agreements tie a potential sale back to the attainment of enrollment and financial metrics 1.
Market context
The company operates in the international education market, particularly for students choosing to study in the United States or Canada. The market is strongly influenced by Chinese regulation, which can change the conditions under which education services are offered 1.
Chinese government policies on education and foreign investment could reshape the competitive landscape. The company has said it could diversify its markets, emphasizing Southeast Asia, if regulation in China tightens further 1.
Trends
- Growth in professional training programstailwind
The launch of new professional education programs lifted DU revenue in fiscal 2025, indicating demand for career-focused training 1.
- Chinese regulationheadwind
Chinese authorities have signaled an intent to oversee overseas offerings and foreign investment in China-based issuers more closely, which could limit operations 1.
- Lower enrollment in language programsheadwind
Lower enrollment in English language programs reduced QHI revenue, and the company noted that fluctuations are tied to external factors such as the pandemic and economic conditions 1.
- Geographic diversificationmixed
Expansion into Canada and Southeast Asia through recruiting offices could reduce dependence on one regulatory environment, although the outcome of these efforts is not yet certain 1.
Competitive position
The provided sources do not name direct competitors in detail. The company operates in a fragmented sector where partnerships with universities and recruiting agents matter greatly for attracting students 1.
Relationships with recruiting agents, and competition for Chinese students, affect acquisition costs and margins. The company reported that its commission regime for new enrollments reduced selling expenses 1.
- Miami University (partner)
Public university in Ohio with which QHI has agreements for English language programs; a partner rather than a direct competitor 1.
- Peking University (partner)
Chinese university with which Davis University runs a continuing education program; the source describes this as a partnership 1.
- Shanghai Jiao Tong University (partner)
Partner for Davis University foundational programs as stated in the source; not presented as a competitor 1.
- Other career colleges and recruiting agents
The source does not name direct competitors but indicates that other colleges and agents recruit international students in the same markets 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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)08 May 2026
- Current report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)27 Mar 2026
- Current report (foreign issuer)04 Mar 2026
- Current report (foreign issuer)17 Feb 2026
- Annual report (foreign issuer)28 Jan 2026
- Current report (foreign issuer)09 Oct 2025
- Current report (foreign issuer)03 Sept 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / EpicQuest Education Group International Limited · 28 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.