TAL Education Group
TAL Consumer Defensive Education & Training Services
TAL Education Group’s revenue for fiscal 2026 (year ended February 2026) was $3.0 billion, up 33.7% from fiscal 2025. In the quarter to May 2026, revenue grew 31.9%, EPS grew 1,380.0% and free cash flow grew 37.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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TAL Education Group (TAL) Piotroski F-score
TAL Education Group's Piotroski F-score for fiscal 2026 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 7 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 8 | 1.00 |
| FY2025 | 7 | 1.00 |
| FY2024 | 6 | (1.00) |
| FY2023 | 7 | 3.00 |
| FY2022 | 4 | 0.00 |
| FY2021 | 4 | 1.00 |
| FY2020 | 3 | (4.00) |
| FY2019 | 7 | 1.00 |
| FY2018 | 6 | 2.00 |
| FY2017 | 4 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 9.28% | 1.62% | Pass | 1 |
| Positive operating cash flow | 601.47m | 397.92m | Pass | 1 |
| Rising return on assets | 9.28% | 1.62% | Pass | 1 |
| Cash flow above net income | 70.72m | 313.33m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 2.17 | 2.86 | Fail | 0 |
| No new shares issued | 571,832,000 | 606,498,000 | Pass | 1 |
| Rising gross margin | 55.35% | 53.34% | Pass | 1 |
| Rising asset turnover | 0.53 | 0.43 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| TAL TAL Education Group | 8 |
| CVSA Covista Inc. compare | 8 |
| LAUR Laureate Education compare | 7 |
| PRDO Perdoceo Education Corporation compare | 7 |
| LOPE Grand Canyon Education, Inc. compare | 7 |
| LRN Stride, Inc. compare | 7 |
| EDU New Oriental Education & Technology Group, Inc. compare | 7 |
| GHC Graham Holdings Company compare | 6 |
| MH McGraw Hill, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover