Youdao, Inc. (DAO) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q4'21 | Q4'20 | Q3'20 | Q2'20 | Q4'19 | Q3'19 |
|---|
| Total Current Assets | 1.72B | 1.49B | 1.57B | 1.23B | 1.49B | 1.32B | 1.4B | 1.12B | 1.3B | 1.13B | 1.44B | 1.26B | 1.87B | 1.68B | 2.27B | 1.85B | 1.77B | 2.24B | 2.03B | 498.8M |
| Cash & Short-Term Investments | 738.02M | 552.18M | 610.92M | 418.28M | 655.78M | 484.13M | 563.59M | 325.41M | 526.66M | 359.81M | 679.71M | 601.03M | 1.02B | 733.6M | 826.88M | 1.19B | 1.13B | 1.79B | 1.62B | 160.3M |
| Cash Only | 439.73M | 410.24M | 536.23M | 335.89M | 592.72M | 421.06M | 500.81M | 262.92M | 454.54M | 337.86M | 657.88M | 579.28M | 783.61M | 712.12M | 322.78M | 609.2M | 77.97M | 125.55M | 173.33M | 54.89M |
| Short-Term Investments | 298.29M | 141.94M | 74.69M | 82.38M | 63.06M | 63.07M | 62.78M | 62.49M | 72.13M | 21.95M | 21.83M | 21.75M | 232.43M | 21.49M | 504.1M | 585.26M | 1.05B | 1.67B | 1.45B | 105.41M |
| Accounts Receivable | 702.6M | 616.48M | 651.95M | 480.81M | 503.38M | 496.18M | 461.21M | 412.65M | 380.12M | 360.75M | 386.68M | 267.68M | 413.03M | 339.72M | 254.53M | 308.2M | 340.06M | 236.65M | 215.6M | 180.43M |
| Days Sales Outstanding | 38.78 | 35.83 | 36.36 | 34.11 | 34.32 | 28.01 | 30.08 | 25.92 | 23.02 | 22.34 | 24.67 | 26.33 | 23.81 | 19.33 | 97.92 | 26.94 | 29.61 | 33.11 | 44.39 | 190.39 |
| Inventory | 140.78M | 146.29M | 166.29M | 155.65M | 174.74M | 178.56M | 195.73M | 189.53M | 217.07M | 177.64M | 182.71M | 219.32M | 232.26M | 170.39M | 255.41M | 148.66M | 91.94M | 92.84M | 73.22M | 52.81M |
| Days Inventory Outstanding | 15.37 | 15.29 | 18.12 | 21.74 | 23.25 | 21.99 | 25.59 | 26.04 | 24.48 | 24.41 | 28.61 | 36.2 | 27.27 | 30.25 | 122.19 | 19.04 | 17.54 | 22.17 | 20.13 | 75.1 |
| Other Current Assets | 141.11M | 170.23M | 144.12M | 173.47M | 53.43M | 165.19M | 178.6M | 196.21M | 112.47M | 232.94M | 193.69M | 176.36M | 141.66M | 432.06M | 871.1M | 207.06M | 150.36M | 0 | 90.11M | 0 |
| Total Non-Current Assets | 252.54M | 250.12M | 267.79M | 311.01M | 327.63M | 359.67M | 382.37M | 370.11M | 366.24M | 394.1M | 403.28M | 393.93M | 406.18M | 400.97M | 364.4M | 218.68M | 149.73M | 102.62M | 56.55M | 45.03M |
| Property, Plant & Equipment | 91.55M | 89.68M | 94.98M | 101.73M | 115.22M | 132.02M | 148.76M | 155.3M | 159.93M | 173.11M | 167.48M | 159.43M | 170.52M | 185.71M | 198.42M | 151.5M | 122.95M | 80.59M | 48.42M | 39.56M |
| Fixed Asset Turnover | 17.27x | 17.64x | 14.41x | 11.97x | 10.84x | 11.20x | 8.69x | 8.83x | 8.89x | 9.04x | 7.38x | 7.05x | 8.16x | 7.30x | 5.99x | 8.07x | 8.80x | 9.66x | 9.33x | 8.74x |
| Goodwill | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 109.94M | 6.94M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 19.81M | 28.43M | 31.79M | 68.86M | 72.38M | 74.6M | 77.47M | 49.44M | 51.4M | 64.5M | 87.44M | 90.69M | 90.7M | 67.03M | 32.52M | 42.48M | 0 | 0 | 2M | 0 |
| Other Non-Current Assets | 31.24M | 22.06M | 31.09M | 30.48M | 30.08M | 43.11M | 46.2M | 55.43M | 44.98M | 46.55M | 38.42M | 33.86M | 35.02M | 38.29M | 165.99M | 24.7M | 26.78M | 22.03M | 6.13M | 5.48M |
| Total Assets | 1.98B | 1.74B | 1.84B | 1.54B | 1.81B | 1.68B | 1.78B | 1.49B | 1.67B | 1.53B | 1.85B | 1.66B | 2.28B | 2.08B | 2.63B | 2.07B | 1.92B | 2.34B | 2.09B | 543.83M |
| Asset Turnover | 0.84x | 0.91x | 0.84x | 0.77x | 0.77x | 0.91x | 0.81x | 0.88x | 0.93x | 0.91x | 0.69x | 0.59x | 0.67x | 0.60x | 0.45x | 0.56x | 0.42x | 0.28x | 0.31x | 0.64x |
| Asset Growth % | 8.85% | 3.06% | 3.34% | 3.03% | 8.89% | 10.39% | -3.5% | -9.91% | -26.8% | -26.56% | - | - | -13.59% | - | 27.23% | -0.78% | 252.16% | - | - | - |
| Total Current Liabilities | 2.93B | 2.76B | 2.88B | 2.58B | 2.95B | 2.9B | 3.09B | 2.69B | 3.1B | 3B | 3.82B | 3.3B | 3.18B | 2.98B | 3.03B | 3.39B | 2.82B | 2.37B | 1.76B | 1.53B |
| Accounts Payable | 110M | 128.7M | 99.66M | 102.12M | 145.15M | 170.77M | 184.81M | 192.74M | 159M | 233.73M | 193.03M | 211.1M | 282.35M | 254.23M | 161.01M | 141.3M | 119.17M | 166.41M | 62.67M | 87.61M |
| Days Payables Outstanding | 12.78 | 11.17 | 11.36 | 16.27 | 20.79 | 20.89 | 25.08 | 22.53 | 24.36 | 28.91 | 28.76 | 39.55 | 36.34 | 29.5 | 91.42 | 20.61 | 27.11 | 30.58 | 24 | 124.58 |
| Short-Term Debt | 878M | 878M | 878M | 878M | 878M | 878M | 878M | 878M | 878M | 878M | 1.46B | 1.43B | 878M | 878M | 878M | 878M | 878M | 878M | 878M | 878M |
| Deferred Revenue (Current) | 847.71M | 751.08M | 856.68M | 711.22M | 961.02M | 839.67M | 1.04B | 769.14M | 1.05B | 931.61M | 1.21B | 832.24M | 1.07B | 996.53M | 1.08B | 915.59M | 1.09B | 711.52M | 456.81M | 343.62M |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 326.66M | 0 | 47.48M | 54.89M | 0 | 67.13M | 58.19M | 63.59M | 0 | 52.89M | 0 | 546.27M | 0 | 69.97M | 0 | 22.85M |
| Current Ratio | 0.59x | 0.54x | 0.55x | 0.48x | 0.50x | 0.46x | 0.45x | 0.42x | 0.42x | 0.38x | 0.38x | 0.38x | 0.59x | 0.56x | 0.75x | 0.55x | 0.63x | 0.94x | 1.15x | 0.33x |
| Quick Ratio | 0.54x | 0.49x | 0.49x | 0.42x | 0.45x | 0.39x | 0.39x | 0.35x | 0.35x | 0.32x | 0.33x | 0.32x | 0.52x | 0.50x | 0.66x | 0.50x | 0.59x | 0.91x | 1.11x | 0.29x |
| Cash Conversion Cycle | 41.37 | 39.95 | 43.12 | 39.58 | 36.78 | 29.1 | 30.59 | 29.43 | 23.14 | 17.85 | 24.53 | 22.98 | 14.75 | 20.08 | 128.69 | 25.37 | 20.04 | 24.69 | 40.52 | 140.92 |
| Total Non-Current Liabilities | 974.23M | 963.14M | 969.8M | 965.61M | 956.75M | 952.88M | 964.7M | 946.18M | 696.01M | 675.3M | 58.27M | 51.73M | 574.81M | 558.07M | 330.51M | 83.79M | 69.67M | 43.19M | 26.72M | 506.41M |
| Long-Term Debt | 926.59M | 932.15M | 936M | 926.65M | 913M | 900.51M | 905.55M | 881.12M | 630.36M | 603.1M | 0 | 0 | 522.35M | 496.99M | 255.03M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 18.84M | 10.12M | 14.69M | 18.83M | 25.57M | 34.42M | 42.27M | 47.69M | 49.34M | 55.69M | 46.26M | 40.44M | 43.63M | 43.48M | 73.07M | 79.75M | 65.28M | 38.41M | 21.21M | 13.55M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 28.8M | 20.88M | 19.12M | 20.13M | 18.19M | 17.94M | 16.88M | 17.37M | 16.31M | 16.51M | 12.01M | 11.29M | 8.83M | 17.6M | 2.41M | 4.04M | 4.39M | 4.78M | 5.52M | 492.86M |
| Total Liabilities | 3.91B | 3.72B | 3.85B | 3.54B | 3.9B | 3.85B | 4.05B | 3.64B | 3.8B | 3.68B | 3.88B | 3.35B | 3.75B | 3.54B | 3.36B | 3.48B | 2.89B | 2.41B | 1.79B | 2.04B |
| Total Debt | 1.85B | 1.82B | 1.83B | 1.82B | 1.85B | 1.81B | 1.83B | 1.81B | 1.6B | 1.54B | 1.5B | 1.47B | 1.48B | 1.42B | 1.25B | 987.73M | 962.74M | 916.41M | 899.21M | 891.55M |
| Net Debt | 1.41B | 1.41B | 1.29B | 1.49B | 1.26B | 1.39B | 1.33B | 1.54B | 1.14B | 1.2B | 844.44M | 888.9M | 695.93M | 706.35M | 930.01M | 378.53M | 884.76M | 790.86M | 725.88M | 836.66M |
| Debt / Equity | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.99x | - |
| Debt / EBITDA | 36.65x | 81.51x | 5918.07x | 17.60x | 21.38x | 17.05x | - | 53.47x | 21.17x | - | - | - | 46.95x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 27.92x | 63.14x | 4182.71x | 14.36x | 14.55x | 13.09x | - | 45.69x | 15.14x | - | - | - | 22.09x | - | - | - | - | - | - | - |
| Interest Coverage | 3.42x | 1.46x | 0.02x | 6.45x | 5.08x | 7.19x | -3.47x | 1.65x | 4.08x | -4.28x | -15.95x | -11.82x | 2.23x | -13.67x | -27.76x | -56.90x | -727.94x | -592.31x | -120.16x | -56.74x |
| Total Equity | -1.93B | -1.98B | -2.01B | -2B | -2.09B | -2.17B | -2.27B | -2.15B | -2.13B | -2.15B | -2.04B | -1.69B | -1.48B | -1.47B | -730.4M | -1.41B | -971.4M | -71.41M | 301.03M | -1.5B |
| Equity Growth % | 7.43% | 8.6% | 11.45% | 6.72% | 1.87% | -0.76% | -11.53% | -26.85% | -44.12% | -47.03% | - | - | -102.26% | - | 48.09% | -567.44% | 35.11% | - | - | - |
| Book Value per Share | -16.08 | -16.54 | -17.06 | -16.76 | -17.60 | -18.41 | -19.38 | -18.05 | -17.68 | -17.76 | -16.65 | -13.84 | -11.88 | -11.84 | -5.93 | -12.35 | -8.56 | -0.64 | 2.85 | -13.37 |
| Total Shareholders' Equity | -1.97B | -2.04B | -2.06B | -2.05B | -2.14B | -2.23B | -2.33B | -2.21B | -2.19B | -2.21B | -2.09B | -1.75B | -1.54B | -1.53B | -807.07M | -1.41B | -972.57M | -72.89M | 300.09M | -1.5B |
| Common Stock | -1.97B | -2.04B | -2.06B | -2.05B | 80K | -2.23B | -2.33B | -2.21B | 80K | 0 | 0 | 0 | 80K | 0 | 80K | 74K | 73K | 0 | 72K | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 | -5.86B | 0 | 0 | 0 | -5.95B | 0 | 0 | 0 | -5.4B | 0 | -4.67B | -3.67B | -3.23B | 0 | -1.92B | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | -210.79M | 0 | 0 | 0 | -171.99M | 0 | 0 | 0 | -42.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -111.54M | 0 | 0 | 0 | -100.54M | 0 | 0 | 0 | -87.44M | 0 | -49.9M | -44.11M | -32.21M | 0 | -12.74M | 0 |
| Minority Interest | 39.96M | 52.63M | 48.73M | 51.5M | 50.65M | 61.35M | 58.75M | 59.69M | 57.63M | 58M | 52.02M | 56.09M | 57.81M | 67.08M | 76.67M | 997K | 1.18M | 1.48M | 936K | 1.82M |