Saturday 17 October 2026 Export DAO’s income statement to Excel — free account

Youdao, Inc. Unsponsored ADR

DAO Consumer Defensive Education & Training Services

Youdao, Inc. Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $845.0 million, up 9.63% from fiscal 2024. In the quarter to June 2026, revenue grew 9.25%, EPS grew 550.0%, free cash flow grew 147.2% and total debt fell 1.93%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

18.16 0.35 −1.89%

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Market cap: $604.4M
P/E: 90.8×
Fwd P/E: 57.2×
Dividend yield: —
F-score: 5/9
Altman Z: −0.18
Beneish M: −2.43
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	1	1	—	1	3	—

Insider Ownership 74.98%

Capital & Financial Ratios $m

Market Cap 604.35

Revenue 879.80

Net Income 13.88

Free Cash Flow (67.64)

Net Debt 123.65

Current Ratio 0.58

Debt/Equity (0.93)

P/E ratio 90.80

Fwd P/E 57.20

P/S ratio 2.45

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 81.92%

Next Y EPS Growth 55.42%

Next Y revenue growth 13.77%

Next 5Y EPS Growth 58.69%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 80.73%

10-year low 10-year high

EV/Sales against its own 10 years 82.44%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	74	90	106	125
Receivables	50	57	55	49
Inventory	31	24	20	17
Other	4	11	46	38
	183	204	246	250

	2023	2024	2025	Q'26
Payables	22	20	16	10
ST’ Debt	124	120	126	129
Other	160	135	124	126
	437	404	420	427

Compound Annual Growth %

	10y	5y	3y
Sales	—	11.72%	5.15%
Cash Flow	—	0.00%	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	195	216	—	—	—
’25	179	198	229	239	845
’24	193	182	224	172	771
’23	169	166	211	212	759
’22	189	143	197	198	727
’21	205	200	215	10	630
’20	76	88	132	189	485

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	—	—	8	8
’24	—	—	—	(9)	(9)
’23	—	—	—	—	(62)
’22	—	—	—	—	(87)
’21	—	—	—	—	(211)
’20	—	—	(66)	17	(49)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	—	—	5	5
’24	—	—	—	(11)	(11)
’23	—	—	—	(2)	(64)
’22	—	—	—	(10)	(97)
’21	—	—	—	(10)	(221)
’20	—	—	(69)	15	(55)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.05	0.09	—	—	—
’25	0.09	(0.02)	0.00	0.06	0.13
’24	0.02	(0.12)	0.11	0.10	0.10
’23	(0.24)	(0.34)	(0.12)	0.07	(0.64)
’22	(0.13)	(0.55)	(0.21)	0.01	(0.87)
’21	(0.42)	(0.66)	(0.16)	(0.02)	(1.28)
’20	(0.21)	(0.33)	(1.14)	(0.60)	(2.38)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	12.01	14.07	7.02	3.03	3.38	2.86	6.30	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	15.49	47.70	42.17	14.88	10.00	8.01	11.82
People
People	Employees	—	—	1,142	1,699	4,949	6,096	5,068	4,364	3,750	3,595
	Revenue/emp, $m	—	0.00	0.09	0.11	0.10	0.10	0.14	0.17	0.21	0.24
Income, $m
Income, $m	Revenue	—	67	107	187	485	630	727	759	771	845
	Gross margin, %	—	35.53	29.59	28.40	45.91	49.53	51.59	51.35	48.85	44.29
	EBT	—	(23)	(29)	(86)	(268)	(144)	(105)	(76)	11	16
	EBT margin, %	—	(34.84)	(27.06)	(45.91)	(55.26)	(22.90)	(14.48)	(10.00)	1.44	1.92
	Net income	—	0	(30)	(86)	(269)	(145)	(107)	(77)	10	14
	Depreciation	—	0	1	2	2	5	6	4	4	3
Per share, $
Per share, $	Revenue	—	0.60	1.25	1.96	4.30	5.18	5.88	6.25	6.56	7.16
	Earnings	—	(0.18)	(0.36)	(0.94)	(2.38)	(1.28)	(0.87)	(0.64)	0.10	0.13
	Cash flow	—	(0.11)	(0.17)	(0.56)	(0.44)	(1.74)	(0.71)	(0.51)	(0.08)	0.07
	Capex	—	0.00	(0.02)	(0.02)	(0.05)	(0.08)	(0.08)	(0.02)	(0.01)	(0.03)
	Free cash flow	—	(0.11)	(0.19)	(0.58)	(0.49)	(1.82)	(0.79)	(0.53)	(0.09)	0.04
	Book value	—	(0.97)	(1.95)	0.45	(1.91)	(1.04)	(1.81)	(2.51)	(2.44)	(2.34)
	Shares, m	—	113	85	95	113	122	124	121	117	118
Valuation, ×
Valuation, ×	P/E	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	69.16	77.54
	P/S	—	0.00	0.00	0.00	6.17	2.41	0.98	0.60	1.13	1.41
	P/B	—	0.00	0.00	30.07	0.00	0.00	0.00	0.00	0.00	0.00
	EV/Sales	—	0.00	0.00	0.00	6.09	2.30	1.05	0.78	1.33	1.59
	EV/FCF	—	0.00	0.00	0.00	0.00	(4.96)	(2.05)	(1.61)	(10.62)	(19.85)
Cash, $m
Cash, $m	Operating cash flow	—	(13)	(15)	(53)	(49)	(211)	(87)	(62)	(9)	8
	Capex	—	(2)	(2)	(2)	(6)	(10)	(10)	(2)	(2)	(3)
	Free cash flow	—	(13)	(16)	(56)	(55)	(221)	(97)	(64)	(11)	5
Balance, $m
Balance, $m	Working capital	—	(153)	(103)	39	(236)	(120)	(190)	(253)	(200)	(173)
	Total debt	—	135	128	129	147	178	203	212	245	258
	Net debt	—	129	64	(104)	(36)	(70)	56	138	155	152
	Shareholders’ equity	—	(110)	(166)	43	(216)	(127)	(224)	(305)	(286)	(277)
Returns, %
Returns, %	ROA	—	(34.34)	(77.21)	(46.96)	(87.08)	(42.77)	(28.36)	(27.43)	4.66	5.78
	ROIC	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	ROE	—	14.31	25.25	148.84	311.62	91.21	60.15	29.30	(3.81)	(5.45)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
COUR Coursera, Inc.	$1.4B	— (loss-making)	— (loss-making)	+59.59% (above 0%: growing)	n/m	−190.46% (below 0%: shrinking)	58.07%	(28.37%)	Compare
AFYA Afya Limited	$1.3B	8.8×	7.7×	+18.55% (above 0%: growing)	+29.41% (above 0%: growing)	+59.54% (above 0%: growing)	61.59%	30.64%	Compare
UTI Universal Technical Institute Inc	$1.1B	32.8×	56.3×	+7.15% (above 0%: growing)	−80.00% (below 0%: shrinking)	−408.92% (below 0%: shrinking)	45.94%	1.48%	Compare
APEI American Public Education, Inc.	$899.2M	19.6×	20.9×	+5.51% (above 0%: growing)	n/m	−77.96% (below 0%: shrinking)	55.37%	7.88%	Compare
PXED Phoenix Education Partners, Inc.	$864.4M	10.2×	10.5×	+0.04% (above 0%: growing)	−29.07% (below 0%: shrinking)	+31.81% (above 0%: growing)	100.00%	19.07%	Compare
LINC Lincoln Educational Services Corporation	$715.6M	30.4×	61.4×	+22.40% (above 0%: growing)	+20.00% (above 0%: growing)	+129.40% (above 0%: growing)	58.17%	2.32%	Compare
DAO Youdao, Inc. Unsponsored ADR	$604.4M	90.8×	57.2×	+9.25% (above 0%: growing)	n/m	+147.18% (above 0%: growing)	48.87%	7.60%
GOTU Gaotu Techedu Inc.	$334.0M	— (loss-making)	171×	+26.91% (above 0%: growing)	n/m	+129.63% (above 0%: growing)	66.51%	(8.97%)	Compare
KLC KinderCare Learning Companies, Inc.	$216.9M	— (loss-making)	— (loss-making)	−0.37% (below 0%: shrinking)	n/m	+6,646.66% (above 0%: growing)	18.65%	0.34%	Compare
Median of peers	$881.8M	19.6×	38.6×	+12.85%	−4.53%	+45.68%	58.12%	1.90%

All 46 Education & Training Services stocks →

Youdao, Inc. Unsponsored ADR (DAO) key facts

Strength: Youdao, Inc. Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $845.0 million, up 9.63% from fiscal 2024.
Youdao, Inc. Unsponsored ADR (DAO) is an Education & Training Services company in the Consumer Defensive sector, traded in the US as an ADR.
As of October 16, 2026, DAO traded at $18.16, a market capitalization of $604.4 million.
Return on equity was −5.45% and debt-to-equity -0.93.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is −0.18 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.