Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE N/A. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2M | $3M | $2M | $760770 | $587368 | $457027 | $10M | $3M | $2M | $4M | — |
| Enterprise Value | $-34322568 | $-32779504 | $-23098349 | $-19906230 | $-16864632 | $-22521973 | $-24933452 | $-35407156 | $-47578410 | $-44831400 | — |
| P/E Ratio → | -0.09 | — | — | — | — | 0.03 | 0.46 | — | — | — | — |
| P/S Ratio | 0.02 | 0.03 | 0.04 | 0.03 | 0.04 | 0.58 | 0.03 | 0.02 | 0.01 | 0.03 | — |
| P/B Ratio | — | — | — | — | 0.09 | — | — | — | — | — | — |
| P/FCF | 0.17 | 0.33 | 0.36 | 2.80 | — | — | 0.10 | 0.06 | 2.05 | 2.54 | — |
| P/OCF | 0.14 | 0.27 | 0.34 | 1.36 | — | — | 0.09 | 0.06 | 0.56 | 0.50 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.34 | -0.46 | -0.73 | -1.12 | -28.58 | -0.08 | -0.17 | -0.29 | -0.35 | — |
| EV / EBITDA | — | — | — | — | — | — | -1.32 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | -3.44 | -4.18 | -73.18 | — | — | -0.24 | -0.64 | -39.85 | -27.23 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.9% | 73.9% | 78.0% | 76.7% | 78.8% | 83.5% | 71.7% | 70.2% | 64.1% | 63.0% | 64.8% |
| Operating Margin | -15.1% | -15.1% | -15.9% | -50.4% | -82.1% | -582.7% | 5.1% | -7.3% | -35.3% | -67.3% | -122.4% |
| Net Profit Margin | -17.6% | -17.6% | -14.3% | -55.4% | -282.8% | 2377.9% | 6.8% | -7.1% | -36.4% | -68.5% | -123.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -647.0% | — | — | — | — | — | — |
| ROA | -30.6% | -30.6% | -19.3% | -51.1% | -39.6% | 7.1% | 7.9% | -8.6% | -45.4% | -76.8% | -94.7% |
| ROIC | — | — | — | — | — | — | — | — | — | — | — |
| ROCE | — | — | — | — | -173.5% | — | — | — | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.11 | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | 0.78 | — | — | — | — |
| Net Debt / Equity | — | — | — | — | -2.65 | — | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | -1.87 | — | — | — | — |
| Debt / FCF | — | -3.77 | -4.54 | -75.98 | — | — | -0.33 | -0.70 | -41.89 | -29.78 | — |
| Interest Coverage | — | — | — | — | — | — | 1582.12 | -9.51 | -40.55 | — | — |
Net cash position: cash ($39M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 0.70 | 0.76 | 1.30 | 0.51 | 0.54 | 0.49 | 0.51 | 0.50 | 0.85 |
| Quick Ratio | 0.63 | 0.63 | 0.70 | 0.76 | 1.30 | 0.51 | 0.54 | 0.49 | 0.51 | 0.50 | 0.85 |
| Cash Ratio | 0.41 | 0.41 | 0.51 | 0.60 | 1.12 | 0.10 | 0.44 | 0.39 | 0.38 | 0.44 | 0.77 |
| Asset Turnover | — | 1.45 | 1.15 | 0.87 | 0.54 | 0.00 | 0.93 | 1.05 | 1.13 | 1.08 | 0.54 |
| Inventory Turnover | — | — | — | — | — | — | 299.96 | 1428.33 | — | — | — |
| Days Sales Outstanding | — | 43.72 | 5.08 | 7.14 | — | 104.68 | 1.82 | 0.60 | 1.02 | 0.89 | 8.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 3619.8% | 218.6% | — | — | — | — |
| FCF Yield | 100.0% | 302.4% | 279.5% | 35.8% | — | — | 1026.9% | 1643.1% | 48.9% | 39.3% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 34.4% | 25.5% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 34.4% | 25.5% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $98611 | $96422 | $94741 | $93233 | $94427 | $94861 | $85656 | $84595 | $83780 | $0 |
High Customer Acquisition Costs
According to current market data, 51Talk trades at a price-to-sales multiple of 0.02, a valuation level that suggests investors are heavily discounting the company's future earnings potential due to the persistent negative operating margins and the significant risks associated with its international market pivot.
The lack of meaningful P/E or EV/EBITDA multiples indicates that the market is currently valuing the firm strictly as a distressed asset rather than a growth-stage technology company. Investors should monitor whether this valuation gap narrows as the company demonstrates a clearer path to operating leverage in its new Southeast Asian markets.
As reported in recent financial statements, 51Talk maintains a robust gross margin of 72.4% as of 2025Q4, yet this figure fails to translate into bottom-line profitability, with net margins remaining deeply negative at -21.1% due to excessive sales and marketing expenditures required for growth.
The persistent spread between high gross margins and negative operating margins suggests that the company's core unit economics are sound, but the current customer acquisition strategy is structurally inefficient. This divergence warrants further investigation into whether the company can achieve scale without continuing to burn cash at current rates.
Based on the latest quarterly filings, the company's asset turnover ratio of 0.47 reflects a business model that is currently struggling to generate sufficient revenue relative to its asset base, highlighting the challenges of scaling an international service platform in a highly competitive educational landscape.
The reliance on prepaid lesson packages creates a unique working capital profile where cash inflows precede revenue recognition, effectively masking the underlying operational burn. Investors should monitor the cash conversion cycle closely, as any slowdown in new student billings could rapidly exacerbate the company's existing liquidity constraints.
According to the 2025Q4 balance sheet, 51Talk's current ratio of 0.63 indicates a precarious liquidity position, where the company's short-term obligations, primarily deferred revenue, significantly exceed its available liquid assets, leaving little margin for error in its ongoing international expansion efforts.
This liquidity mismatch suggests that the company is essentially operating on the float provided by its students, which creates a structural vulnerability to any sudden decline in new enrollments. The current ratio appears strained compared to historical levels, suggesting that the firm may face refinancing or capital-raising risks if the pivot does not reach break-even soon.
The most commonly misapplied metric for 51Talk is the year-over-year revenue growth rate, which, at 89%, obscures the underlying reality that the company is currently trading future cash flow for market share in a highly uncertain international environment.
Analysts often over-rely on top-line growth to justify the company's valuation, ignoring the fact that this growth is heavily subsidized by high customer acquisition costs. A more appropriate metric for this business model would be the ratio of lifetime value to customer acquisition cost, which would provide a clearer picture of the long-term sustainability of the international pivot.
Includes 30+ ratios · 13 years · Updated daily
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51Talk Online Education Group's current P/E ratio is -0.1x. The historical average is 0.2x.
Based on historical data, 51Talk Online Education Group is trading at a P/E of -0.1x. Compare with industry peers and growth rates for a complete picture.
51Talk Online Education Group has 73.9% gross margin and -15.1% operating margin.