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An industry chapter · Education Services

Education Services

25 members, AACG to YQ, A to Z by ticker.

Gross profitability: median 30% — gross profit as a share of total assets, each member's median across its readable years; read on 17 of 25 members
Capital intensity: median 2.7% — capital expenditure as a share of revenue, each member's median across its readable years; read on 25 of 25 members
Net cash: 18 of the 25 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of August 17, 2026.

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AACG ATA Creativity Global

Revenue is Overseas Art Study Services (91%) and Other Educational Services (9%).

Owner earnings 2016–2025 CN¥61MCN¥58M(CN¥320M)(CN¥59M)(CN¥33M)(CN¥36M)(CN¥16M)CN¥7M(CN¥23M)(CN¥17M)

Retained capital not read

Balance sheet Net cash, +CN¥69M

AFYA Afya Limited Class A

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2025 R$36MR$71MR$242MR$282MR$505MR$676MR$925MR$1.3BR$1.4B

Retained capital Retained R$2.6B of earnings over 2017–2025; annual owner earnings grew R$1.1B, R$0.41 per R$1 retained.

Balance sheet Modest net debt, R$929M · dividend paid 9 of 9 yrs, cut at least once

APEI American Public Education Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2016–2025 $40M$33M$35M$31M$40M$4M$13M$32M$28M$46M

Retained capital Paid out $81M more than it earned over 2016–2025; annual owner earnings fell $668K.

Balance sheet Net cash, +$79M · buybacks at an average near $2.00

BFAM Bright Horizons Family Solutions Inc.

We are a leading provider of high-quality early education and child care, comprehensive back-up care solutions and educational advisory services.

Owner earnings 2016–2025 $138M$160M$202M$219M$125M$164M$118M$165M$240M$259M

Retained capital Retained $3M of earnings over 2016–2025; annual owner earnings grew $55M.

Balance sheet Modest net debt, $608M · buybacks at an average near $112

COE 51Talk Online Education Group

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2016–2025 $2M$3M$2M$56M$101M($105M)($46M)$460K$6M$11M

Retained capital Paid out $287M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, +$141M

COUR Coursera Inc.

We use data-driven marketing to efficiently attract learners to a wide range of paid offerings, including standalone courses, multi-course specializations, industry certificate programs, and university degrees.

Owner earnings 2019–2025 ($26M)($18M)$192K($40M)$29M$94M$107M

Retained capital Paid out $776M more than it earned over 2019–2025; annual owner earnings grew $91M.

Balance sheet Net cash, debt-free, +$793M · buybacks at an average near $12.01

CVSA Covista Inc.

Revenue is Walden (41%), Chamberlain (38%) and Medical and Veterinary (20%).

Owner earnings 2017–2026 $188M$206M$171M$68M$152M($20M)$166M$247M$288M$427M

Retained capital Paid out $379M more than it earned over 2017–2026; annual owner earnings grew $132M.

Balance sheet Modest net debt, $257M · buybacks at an average near $40.56 · dividend paid 1 of 10 yrs, cut at least once

DAO Youdao Inc.

Revenue is led by Online Marketing Services (43%) and Tutoring Services (35%), with 2 more lines behind.

Owner earnings 2017–2025 (CN¥90M)(CN¥107M)(CN¥383M)(CN¥337M)(CN¥1.4B)(CN¥645M)(CN¥456M)(CN¥80M)CN¥30M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥738M

DUOL Duolingo Inc.

Revenue is led by Subscription (84%) and Advertising (8%), with 2 more lines behind.

Owner earnings 2020–2025 $15M$6M$48M$150M$273M$373M

Retained capital Retained $382M of earnings over 2020–2025; annual owner earnings grew $242M, $0.63 per $1 retained.

Balance sheet Net cash, debt-free, +$1.0B

EDU NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

We provide a wide variety of educational programs, services and products.

Owner earnings 2016–2025 $477M$569M$704M$696M$658M$904M($1.4B)$828M$1.0B$757M

Retained capital Retained $340M of earnings over 2016–2025; annual owner earnings grew $286M, $0.84 per $1 retained.

Balance sheet Net cash, debt-free, +$1.9B · dividend paid 3 of 10 yrs, never cut

GHC Graham Holdings Company

Graham Holdings Company is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses.

Owner earnings 2016–2025 $195M$208M$230M$106M$141M$131M$153M$166M$324M$275M

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $44M, $0.02 per $1 retained.

Balance sheet Meaningful net debt, $614M · dividend paid 10 of 10 yrs, never cut

GNS Genius Group Limited

Revenue is Academy (56%), Resorts (26%) and School (17%).

Owner earnings 2020–2025 ($2M)($3M)($8M)($13M)($46M)($13M)

Retained capital not read

Balance sheet Net debt against an operating loss, $6M

GOTU Gaotu Techedu Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2025 (CN¥50M)CN¥238MCN¥1.3BCN¥548M(CN¥4.3B)CN¥36MCN¥313MCN¥197MCN¥312M

Retained capital not read

Balance sheet Net cash, +CN¥3.3B

KLC KinderCare Learning Companies Inc.

KinderCare Learning Companies Inc. is a leading private provider of high-quality early education and child care services in the United States.

Owner earnings 2022–2025 $202M$174M($16M)$110M

Retained capital Retained $43M of earnings over 2022–2025; annual owner earnings fell $31M, $-0.71 per $1 retained.

Balance sheet Net debt against an operating loss, $794M

LAUR Laureate Education Inc.

Our institutions in Mexico and Peru operate within scaled country networks, which provide advantages in terms of shared infrastructure, technology, curricula and operational best practices.

Owner earnings 2016–2025 $48M$46M$347M$287M$215M($207M)$125M$194M$161M$292M

Retained capital Retained $763M of earnings over 2016–2025; annual owner earnings grew $69M, $0.09 per $1 retained.

Balance sheet Net cash, +$18M

LFS LEIFRAS Co. Ltd.

Revenue is School Business (73%) and Social Business (27%).

Owner earnings 2023–2025 ¥674M¥192M¥426M

Retained capital not read

Balance sheet Modest net debt, ¥170M

LINC Lincoln Educational Services Corporation

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ($10M)($16M)($6M)($4M)$18M$20M($5M)$19M$18M$40M

Retained capital Retained $92M of earnings over 2016–2025; annual owner earnings grew $36M, $0.39 per $1 retained.

Balance sheet Net cash, debt-free, +$29M · buybacks at an average near $5.95 · no dividend paid

LOPE Grand Canyon Education Inc.

GCE is an education services company with 20 university partners as of December 31, 2025.

Owner earnings 2016–2025 $193M$251M$164M$284M$288M$292M$199M$221M$262M$239M

Retained capital Paid out $28M more than it earned over 2016–2025; annual owner earnings grew $38M.

Balance sheet Net cash, +$4M

LRN Stride Inc.

We are a technology company providing an educational platform to deliver online learning to students throughout the U.S.

Owner earnings 2017–2026 $87M$97M$136M$79M$131M$197M$199M$277M$431M$433M

Retained capital Retained $1.0B of earnings over 2017–2026; annual owner earnings grew $274M, $0.27 per $1 retained.

Balance sheet Net cash, +$540M · buybacks at an average near $81.50

PRDO Perdoceo Education Corporation

Perdoceo's accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs.

Owner earnings 2016–2025 $2M($28M)$50M$68M$170M$181M$136M$106M$157M$217M

Retained capital Retained $639M of earnings over 2016–2025; annual owner earnings grew $152M, $0.24 per $1 retained.

Balance sheet Net cash, debt-free, +$111M · buybacks at an average near $18.89 · dividend paid 1 of 10 yrs, never cut

STRA Strategic Education Inc.

Revenue is U.S. Higher Education (68%), Australia / New Zealand (20%) and Education Technology Services (12%).

Owner earnings 2016–2025 $31M$38M$19M$163M$96M$131M$83M$80M$129M$154M

Retained capital Paid out $24M more than it earned over 2016–2025; annual owner earnings grew $91M.

Balance sheet Net cash, +$128M · dividend paid 9 of 10 yrs, never cut

TAL TAL Education Group

Revenue is Learning Services and Others (65%) and Learning Content Solutions (35%).

Owner earnings 2017–2026 $350M$634M$118M$756M$818M($1.1B)($28M)$282M$352M$533M

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $22M.

Balance sheet Net cash, +$2.7B · dividend paid 1 of 10 yrs, cut at least once

UTI Universal Technical Institute Inc

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ($111K)($7M)($26M)$15M$2M$41M$29M$24M$62M$64M

Retained capital Retained $68M of earnings over 2016–2025; annual owner earnings grew $61M, $0.90 per $1 retained.

Balance sheet Net cash, +$40M · dividend paid 1 of 10 yrs, cut at least once

YOUL Youlife Group Inc.

We are a leading blue-collar lifetime service platform in China, dedicating to serve the needs throughout the entire life cycle of the blue-collar talent.

Owner earnings 2023–2025 CN¥3MCN¥5MCN¥12M

Retained capital not read

Balance sheet Net cash, +CN¥18M

YQ 17 Education & Technology Group Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2018–2025 (CN¥453M)(CN¥680M)(CN¥612M)(CN¥1.6B)(CN¥467M)(CN¥239M)(CN¥149M)CN¥30M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥407M

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The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.