51Talk Online Education Group Sponsored ADR
COE Consumer Defensive Education & Training Services
51Talk Online Education Group Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $95.6 million, up 88.6% from fiscal 2024. In the quarter to June 2026, revenue grew 58.8%, EPS grew 1.92% and free cash flow grew 314.7%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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51Talk Online Education Group Sponsored ADR (COE) Altman Z-score
51Talk Online Education Group Sponsored ADR's Altman Z-score for fiscal 2025 is −6.59, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −6.59 | 3.37 |
| FY2024 | −9.96 | 5.84 |
| FY2023 | −15.80 | 0.64 |
| FY2022 | −16.44 | (13.32) |
| FY2021 | −3.12 | (2.88) |
| FY2020 | −0.24 | 1.86 |
| FY2019 | −2.10 | 1.79 |
| FY2018 | −3.89 | 0.99 |
| FY2017 | −4.88 | (1.91) |
| FY2016 | −2.97 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.53) | — | −0.63 | |
| Retained earnings / total assets | (5.60) | — | −7.85 | |
| EBIT / total assets | (0.22) | — | −0.72 | |
| Market value of equity / total liabilities | 1.94 | — | 1.16 | |
| Sales / total assets | 1.45 | — | 1.45 | |
| Altman Z-score | Distress zone | −6.59 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −23.54 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IH iHuman Inc. Sponsored ADR compare | 2.8× |
| JDZG JIADE Limited compare | 1.5× |
| FEDU Four Seasons Education (Cayman) Inc. Unsponsored ADR compare | 0.5× |
| RYET Ruanyun Edai Technology Inc compare | −1.1× |
| GNS Genius Group Limited compare | −1.1× |
| AACG ATA Inc. compare | −1.9× |
| SKIL Skillsoft Corp. compare | −2.1× |
| CHGG Chegg, Inc. compare | −4.7× |
| COE 51Talk Online Education Group Sponsored ADR | −6.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets