MeritValue

17 Education & Technology Group Inc.

YQdata completeness 88%6 fiscal years on file
The thesis, from the filings

17 Education & Technology Group Inc. earns about -202% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$342.8M1$77M2$24.1M3$25.9M4$15.2M5
Net income−$226.3M6−$25.8M7−$43.9M8−$26.4M9−$22.1M10
Operating cash flow−$236.4M11−$67.3M12−$29.9M13−$19.1M14$5.34M15
Capital expenditure$20.3M16$401,00017$3.75M18$1.28M19$981,00020
Free cash flow (derived)−$256.7M11,16−$67.7M12,17−$33.6M13,18−$20.4M14,19$4.36M15,20
Total debt—————
Cash & equivalents$185.3M21$102.6M22$43.2M23$32.1M24$35.2M25
Diluted shares494.1M502.8M458.6M401.9M501.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.82
your share of equity
Profit it earned you last year
−$0.44
Free cash flow it threw off
$0.09
Debt you’d be carrying
—

10 shares is a claim on $0.82 of net worth that earned you −$0.44 and generated $0.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-202% avg · 5y
FY21 —FY22 -276%FY23 -131%FY24 -96%FY25 -304%

It earned an average -202% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F filed 2022-04-27 · period ending 2021-12-31 · accession 0001564590-22-016093 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F filed 2023-04-26 · period ending 2022-12-31 · accession 0000950170-23-014550 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0000950170-24-047905 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F filed 2025-04-25 · period ending 2024-12-31 · accession 0000950170-25-058824 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F filed 2026-04-29 · period ending 2025-12-31 · accession 0001193125-26-191472 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F filed 2022-04-27 · period ending 2021-12-31 · accession 0001564590-22-016093 (NetIncomeLoss)
  7. 20-F filed 2023-04-26 · period ending 2022-12-31 · accession 0000950170-23-014550 (NetIncomeLoss)
  8. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0000950170-24-047905 (NetIncomeLoss)
  9. 20-F filed 2025-04-25 · period ending 2024-12-31 · accession 0000950170-25-058824 (NetIncomeLoss)
  10. 20-F filed 2026-04-29 · period ending 2025-12-31 · accession 0001193125-26-191472 (NetIncomeLoss)
  11. 20-F filed 2022-04-27 · period ending 2021-12-31 · accession 0001564590-22-016093 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F filed 2023-04-26 · period ending 2022-12-31 · accession 0000950170-23-014550 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0000950170-24-047905 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F filed 2025-04-25 · period ending 2024-12-31 · accession 0000950170-25-058824 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F filed 2026-04-29 · period ending 2025-12-31 · accession 0001193125-26-191472 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F filed 2022-04-27 · period ending 2021-12-31 · accession 0001564590-22-016093 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F filed 2023-04-26 · period ending 2022-12-31 · accession 0000950170-23-014550 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0000950170-24-047905 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F filed 2025-04-25 · period ending 2024-12-31 · accession 0000950170-25-058824 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F filed 2026-04-29 · period ending 2025-12-31 · accession 0001193125-26-191472 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F filed 2022-04-27 · period ending 2021-12-31 · accession 0001564590-22-016093 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F filed 2023-04-26 · period ending 2022-12-31 · accession 0000950170-23-014550 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F filed 2024-04-25 · period ending 2023-12-31 · accession 0000950170-24-047905 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F filed 2025-04-25 · period ending 2024-12-31 · accession 0000950170-25-058824 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F filed 2026-04-29 · period ending 2025-12-31 · accession 0001193125-26-191472 (CashAndCashEquivalentsAtCarryingValue)