Youdao, Inc. (NYSE: DAO), an SEC filer in Services-Educational Services, closed at $16.65, +1.3%, on 2026-08-28, with a net margin of 1.6% and 3-year sales growth of 5.1%. Institutional ownership, earnings history and filed financials are on the tabs below.
| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | CNY 5.91B | +5.0% |
| Gross Profit | CNY 2.62B | −4.8% |
| EBITDA | CNY 244.7M | +37.7% |
| Net Income | CNY 107.3M | +30.6% |
| Diluted EPS | CNY 0.90 | +28.6% |
| Free Cash Flow | CNY 29.6M | — |
Bars are the value as filed for every stored fiscal year (oldest → newest, the latest bar solid); a year the store has no value for is left EMPTY. Free cash flow is operating cash flow less capital expenditures for the same year — the only figure here computed from two lines, and a year missing either one is a gap. The 3y/5y/10y CAGRs are the analytics core’s own (positive-base only); no rate is recomputed on this strip, and no rate is shown for a series the core doesn’t publish one for. Diluted EPS is drawn on ONE share basis: as-filed per-share figures from before a split are stated on the old basis, so where the implied share count breaks (net income ÷ EPS, ±1.45× band — the same acceptance band the API’s own classifier uses) the earlier bars are left undrawn and any CAGR horizon reaching past the break is suppressed rather than shown as a rate across two different bases.
Every bar is a figure as filed. Anything a filed line doesn’t explain is drawn as a residual, never absorbed into a neighbouring step.
This filer skips: net income.
Reconciliation.
| Step | Applied | Running level | % of revenue | 2024 |
|---|---|---|---|---|
| Revenue · reported | CNY 5.91B | CNY 5.91B | 100.0% | CNY 5.63B |
| Cost of revenue | -CNY 3.29B | CNY 2.62B | −55.7% | CNY 2.88B |
| Gross profit · reported | CNY 2.62B | CNY 2.62B | 44.3% | CNY 2.75B |
| R&D | -CNY 514.2M | CNY 2.10B | −8.7% | CNY 540.0M |
| Selling & marketing | -CNY 1.68B | CNY 418.3M | −28.5% | CNY 1.87B |
| SG&A | -CNY 197.0M | CNY 221.3M | −3.3% | CNY 187.1M |
| Operating income · reported | CNY 221.3M | CNY 221.3M | 3.7% | CNY 148.8M |
| Interest expense | -CNY 63.0M | CNY 158.3M | −1.1% | CNY 73.1M |
| Other non-operating | -CNY 47.1M | CNY 111.2M | −0.8% | CNY 1.6M |
| Other (residual) · residual | CNY 2.4M | CNY 113.6M | 0.0% | — |
| Pretax income · reported | CNY 113.6M | CNY 113.6M | 1.9% | CNY 81.2M |
Cumulative operating cash flow over FY2020–FY2025 is -CNY 2.72B — not positive, so there is no operating-cash pool to allocate and no bridge is drawn. Lenders and other balance-sheet businesses routinely report negative operating cash flow (loan originations run through it); read the cash-flow statement directly below.
None of the three composites is computable for this filer — each needs two consecutive fiscal years of specific lines (COGS, PP&E, receivables), which many financials and asset-light names legitimately never tag. The trend below is what the store does serve.
| Quality trend | 2025 | Δ vs 2020 | Trend · 6y | vs own | vs sector |
|---|---|---|---|---|---|
| Gross Margin | 44.3% | +0.5pp | p42 | p38 | |
| Operating Margin | 3.7% | +37.4pp | p92 | p52 | |
| Net Margin | 1.8% | +71.2pp | p92 | p49 |
Three scores, kept separate. They are not averaged into one “quality” number. They point in different directions (F is a 0–9 count, higher-better; Z is a distress distance, higher-safer; M is a manipulation screen, lower-cleaner) and were fitted on different samples for different questions — a blended figure would be ours, not theirs, and would hide exactly the disagreement that is worth reading.
Sector context. The percentile columns on the trend rows are the ones this payload serves: “vs own” ranks the latest value inside this company’s own served history, “vs sector” inside its sector pool. A blank sector cell means the pool was too thin to rank honestly (or the metric is a currency level, where a cross-currency rank would be meaningless). The three SCORES carry no sector percentile: the payload’s percentile block covers the served ratios only, so “is this Z good for Services?” is a question we cannot answer from what is served, and we don’t pretend to.
Latest vintage only. A 12-year F-Score / Z-Score strip is not drawn. The point-in-time factor store carries valuation, returns, margin, momentum and growth factors — not these composites — and recomputing them here from the annual columns would produce a series that disagrees with the headline above (different vintage of facts, different restatement handling). A score that disagrees with itself is a wrong number, so the history is omitted rather than approximated.
The nine named F-Score checks, the Merton distance-to-default / default probability, ROIIC and the growth-durability CAGRs live on FS · Financial Strength; the full ratio grid — every served ratio, with its own trend and both percentiles — is the Ratios section below.
| Line | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|
| Revenue | CNY 2.53B | CNY 4.02B | CNY 1.01B | CNY 5.39B | CNY 5.63B | CNY 5.91B |
| YoY % | +58.9% | -74.8% | +431.8% | +4.4% | +5.0% | |
| Cost of Revenue | CNY 1.42B | CNY 2.03B | CNY 2.43B | CNY 2.62B | CNY 2.88B | CNY 3.29B |
| YoY % | +42.8% | +19.7% | +8.0% | +9.8% | +14.4% | |
| Gross Profit | CNY 1.11B | CNY 1.99B | CNY 2.59B | CNY 2.77B | CNY 2.75B | CNY 2.62B |
| YoY % | +79.6% | +30.0% | +7.0% | -0.7% | -4.8% | |
| R&D Expense | CNY 372.2M | CNY 607.4M | CNY 803.8M | CNY 743.4M | CNY 540.0M | CNY 514.2M |
| YoY % | +63.2% | +32.3% | -7.5% | -27.4% | -4.8% | |
| Selling & Marketing Expense | CNY 1.47B | CNY 2.08B | CNY 2.33B | CNY 2.27B | CNY 1.87B | CNY 1.68B |
| YoY % | +41.0% | +12.1% | -2.6% | -17.5% | -10.1% | |
| SG&A Expense | CNY 113.1M | CNY 190.3M | CNY 229.2M | CNY 222.0M | CNY 187.1M | CNY 197.0M |
| YoY % | +68.2% | +20.4% | -3.1% | -15.7% | +5.3% | |
| Total Operating Expenses | CNY 1.96B | CNY 2.93B | CNY 3.36B | CNY 3.23B | CNY 2.60B | CNY 2.40B |
| YoY % | +49.7% | +14.6% | -3.8% | -19.6% | -7.9% | |
| Operating Income | -CNY 851.5M | -CNY 943.2M | -CNY 774.7M | -CNY 466.3M | CNY 148.8M | CNY 221.3M |
| YoY % | +48.7% | |||||
| Interest Expense | CNY 31.2M | CNY 31.6M | CNY 45.6M | CNY 69.5M | CNY 73.1M | CNY 63.0M |
| YoY % | +1.4% | +44.1% | +52.3% | +5.2% | -13.8% | |
| Interest & Investment Income | CNY 25.5M | CNY 18.8M | CNY 12.9M | CNY 8.3M | CNY 3.9M | CNY 2.4M |
| YoY % | -26.4% | -31.3% | -35.3% | -53.1% | -38.0% | |
| Other Non-Operating Income | CNY 61.1M | CNY 36.7M | CNY 81.4M | -CNY 11.6M | CNY 1.6M | -CNY 47.1M |
| YoY % | -39.9% | +122.1% | ||||
| Equity Method Income | — | — | CNY 462,000 | -CNY 3.1M | -CNY 11.2M | -CNY 19.4M |
| Impairment of Real Estate | — | — | — | CNY 0 | CNY 0 | CNY 0 |
| Pretax Income | -CNY 796.1M | -CNY 919.4M | -CNY 725.9M | -CNY 539.0M | CNY 81.2M | CNY 113.6M |
| YoY % | +39.9% | |||||
| Income Tax | CNY 2.9M | CNY 6.6M | CNY 13.8M | CNY 11.1M | CNY 6.0M | CNY 16.6M |
| YoY % | +127.0% | +108.2% | -19.9% | -45.8% | +176.1% | |
| Income from Discontinued Operations | -CNY 954.3M | -CNY 100.3M | -CNY 6.1M | — | — | — |
| Net Income (incl. NCI) | -CNY 1.75B | -CNY 1.03B | -CNY 745.9M | -CNY 550.1M | CNY 75.2M | CNY 97.0M |
| YoY % | +29.0% | |||||
| Minority Interest (P&L) | -CNY 563,000 | -CNY 30.7M | -CNY 18.9M | -CNY 182,000 | -CNY 7.0M | -CNY 10.3M |
| Net Income | -CNY 1.75B | -CNY 995.7M | — | — | — | — |
| Net Income to Common | -CNY 1.75B | -CNY 995.7M | -CNY 727.0M | -CNY 549.9M | CNY 82.2M | CNY 107.3M |
| YoY % | +30.6% | |||||
| EPS (Basic) | -CNY 15.53 | -CNY 8.18 | -CNY 5.88 | -CNY 4.53 | CNY 0.70 | CNY 0.91 |
| YoY % | +30.0% | |||||
| EPS (Diluted) | -CNY 15.53 | -CNY 8.18 | -CNY 5.88 | -CNY 4.53 | CNY 0.70 | CNY 0.90 |
| YoY % | +28.6% | |||||
| Weighted Avg Shares (Basic) | 112.9M | 121.7M | 123.6M | 121.4M | 117.4M | 118.1M |
| YoY % | +7.8% | +1.6% | -1.8% | -3.3% | +0.6% | |
| Weighted Avg Shares (Diluted) | 112.9M | 121.7M | 123.6M | 121.4M | 118.2M | 119.9M |
| YoY % | +7.8% | +1.6% | -1.8% | -2.6% | +1.4% |
Sector is SIC-based, not GICS. A blank cell means the figure wasn't filed.
