STG on NYSE

Sunlands Technology Group

Sunlands Technology Group is an educational services company, Cayman Islands, active since 2015.2 It is headquartered in 北京市, China.2 Its shares trade on NYSE under the symbol STG.2

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Last updated Oct 20, 2026.

Overview

$288.8MRevenue, fiscal 20253
$52.3MNet income, fiscal 20253

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  • TickerSTG on NYSE2
  • IndustryServices-Educational Services2
  • Headquarters北京市, China2
  • Incorporated inCayman Islands4
  • Business addressBuilding 4-6, Chaolai Science Park, No. 36 Chuangyuan Rd, Chaoyang District, Beijing4
  • Filer categoryNon-accelerated filer4
  • Legal formexempt company2
  • LEI5493002CCRMUVK0L16522
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressP. O. Box 309, KY1-1104 George Town, Cayman Islands2
  • Registered withGeneral Registry, 3041182

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The Group commenced education service business in August 2003. The Group remained an offline, classroom-based education service provider until the Group transitioned to an exclusively online education model in 2014.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

86.9%Gross margin3
18.6%Operating margin3
18.1%Net margin3
5.9%Revenue growth, 20253
38.7%Return on equity3
0.00×Debt to equity3
$21.0MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue13¢$37.8M
  • Research and development1¢$4.2M
  • Other costs64¢$185.9M
  • Interest0¢$122.0K
  • Income tax3¢$8.5M
  • Profit18¢$52.3M

Out of $288.8M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending0¢$30.0K
  • Kept or used elsewhere100¢$21.0M

Out of $21.0M of cash from operations.3

Financial statements

Revenue67891011123$288.8M in 2025+1% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $287.1M$287.1M20182019: $315.1M$315.1M2019+10%2020: $337.7M$337.7M2020+7%2021: $393.5M$393.5M2021+17%2022: $336.8M$336.8M2022−14%2023: $304.2M$304.2M2023−10%2024: $272.7M$272.7M2024−10%2025: $288.8M$288.8M2025+6%
Gross profit67891011123$251.0M in 2025+5% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $239.1M$239.1M20182019: $258.2M$258.2M2019+8%2020: $278.4M$278.4M2020+8%2021: $334.5M$334.5M2021+20%2022: $286.3M$286.3M2022−14%2023: $266.8M$266.8M2023−7%2024: $229.2M$229.2M2024−14%2025: $251.0M$251.0M2025+10%
Operating income67891011123$53.8M in 2025
-$200.0M-$100.0M0$100.0M2018: -$149.7M-$149.7M20182019: -$66.0M-$66.0M2019−56%2020: -$99.5M-$99.5M2020+51%2021: $17.9M$17.9M20212022: $89.4M$89.4M2022+399%2023: $81.0M$81.0M2023−9%2024: $40.8M$40.8M2024−50%2025: $53.8M$53.8M2025+32%
Net income67891011123$52.3M in 2025
-$200.0M-$100.0M0$100.0M2018: -$134.8M-$134.8M20182019: -$56.7M-$56.7M2019−58%2020: -$66.0M-$66.0M2020+16%2021: $34.4M$34.4M20212022: $93.4M$93.4M2022+172%2023: $90.3M$90.3M2023−3%2024: $46.9M$46.9M2024−48%2025: $52.3M$52.3M2025+12%
Fiscal year20182019202020212022202320242025
Revenue$287.1M6$315.1M7$337.7M8$393.5M9$336.8M10$304.2M11$272.7M12$288.8M3
Cost of revenue$48.1M6$56.9M7$59.4M8$59.0M9$50.5M10$37.4M11$43.5M12$37.8M3
Gross profit$239.1M6$258.2M7$278.4M8$334.5M9$286.3M10$266.8M11$229.2M12$251.0M3
Research and development$11.1M6$14.6M7$10.2M8$9.6M9$6.2M10$4.8M11$3.4M12$4.2M3
Operating expenses$316.6M9$196.9M10$185.8M11$188.3M12$197.2M3
Operating income-$149.7M6-$66.0M7-$99.5M8$17.9M9$89.4M10$81.0M11$40.8M12$53.8M3
Interest$316.0K6$2.1M7$1.8M8$1.7M9$1.5M10$1.1M11$725.0K12$122.0K3
Income before tax$31.0M9$94.0M10$95.2M11$48.9M12$61.4M3
Income tax$06$350.0K7-$36.0K8-$3.1M9$1.7M10$3.5M11$178.0K12$8.5M3
Net income-$134.8M6-$56.7M7-$66.0M8$34.4M9$93.4M10$90.3M11$46.9M12$52.3M3
Earnings per share$13.6510$13.0811$6.8712$7.763
Earnings per share (diluted)$13.6510$13.0811$6.8712$7.763
Shares (weighted, basic)6.7M shares116.8M shares126.9M shares36.8M shares36.7M shares3
Shares (weighted, diluted)6.7M shares116.8M shares126.9M shares36.8M shares36.7M shares3

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Corporate structure

Sunlands Technology Group sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Sunlands Technology Group

  • AREO HOLDINGS LTD Filed SCHEDULE 13G/A on Sunlands Technology Group, latest Jan 15, 2025 (4 filings since Feb 8, 2022)
  • Liu Tongbo Filed SC 13G/A on Sunlands Technology Group, latest Mar 7, 2024 (3 filings since Feb 11, 2022)
  • Ou Peng Filed SC 13G/A on Sunlands Technology Group, latest Mar 7, 2024 (3 filings since Feb 11, 2022)
  • Dragoneer Investment Group, LLC Filed SC 13G/A on Sunlands Technology Group, latest Feb 14, 2022
  • Sunlands Technology Group 北京市, China

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Sunlands Technology Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation973.4M CNY3 Dec 31, 2025974.3M CNY3 Dec 31, 2024−0.1%
Accumulated depreciation243.3M CNY3 Dec 31, 2025216.1M CNY3 Dec 31, 2024+12.6%
Property and equipment, net$94.7M3 Dec 31, 2025$103.9M12 Dec 31, 2024−8.8%
Operating-lease assets (leased space)$14.2M3 Dec 31, 2025$15.1M12 Dec 31, 2024−6.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$82.3M3 Dec 31, 2025$69.5M12 Dec 31, 2024+18.5%
Marketable securities, current$33.7M3 Dec 31, 2025$37.8M12 Dec 31, 2024−10.8%
Debt securities available for sale193.1M CNY3 Dec 31, 2025189.4M CNY3 Dec 31, 2024+2.0%
Debt securities held to maturity71.1M CNY3 Dec 31, 202520.7M CNY3 Dec 31, 2024+243.7%
Stakes in other companies (equity method)22.9M CNY3 Dec 31, 202530.3M CNY3 Dec 31, 2024−24.3%
Long-term investments$45.6M3 Dec 31, 2025$35.6M12 Dec 31, 2024+27.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Accumulated amortization8.9M CNY3 Dec 31, 20258.4M CNY3 Dec 31, 2024+5.6%
Finite-lived intangibles, net$36.0K3 Dec 31, 2025$99.0K12 Dec 31, 2024−63.6%

Inventory

ItemLatestA year beforeChange
Inventory, total17.9M CNY3 Dec 31, 202519.7M CNY3 Dec 31, 2024−8.8%

Leadership

Who has led Sunlands Technology Group, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Liu Tongbo2026–now
Board members and other officers (4)

Former names

  • Sunlands Online Education GroupDec 13, 2017 to Nov 23, 20184

Timeline

  1. Apr 1, 2026New chief executive Liu Tongbo becomes CEO13
  2. Sep 18, 2015Founded Sunlands Technology Group is founded2

Calendar

Coming up

  1. Nov 19, 2026Reports results for the quarter ending Sep/202617

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

69 filings to the SEC since October 2021: 5 annual reports, 4 insider forms, 11 large holders, 49 other. The latest 20:

  1. Aug 20, 20266-K EDGAR
  2. May 29, 20266-K EDGAR
  3. May 26, 20266-K EDGAR
  4. Apr 24, 202620-F EDGAR
  5. Apr 24, 20266-K EDGAR
  6. Apr 2, 20263 EDGAR
  7. Apr 1, 20263 EDGAR
  8. Apr 1, 20263 EDGAR
  9. Apr 1, 20263 EDGAR
  10. Mar 19, 20266-K EDGAR
  11. Nov 20, 20256-K EDGAR
  12. Nov 14, 20256-K EDGAR
  13. Aug 14, 20256-K EDGAR
  14. May 22, 20256-K EDGAR
  15. Apr 25, 202520-F EDGAR
  16. Apr 25, 20256-K EDGAR
  17. Mar 21, 20256-K EDGAR
  18. Jan 15, 2025SCHEDULE 13G/A EDGAR
  19. Nov 22, 20246-K EDGAR
  20. Oct 17, 20246-K EDGAR

The 69 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Primavera Capital Management Ltd1,652,778$6.5M1.1%New
Citadel Advisors LLC29,937$117.4K0.0%+16,775
UBS Group AG1,052$4.1K0.0%+855
Morgan Stanley532$2.1K0.0%−324
SBI Securities Co., Ltd.110$4310.0%No change
Hrt Financial LP44,902$1760.0%New
Rhumbline Advisers41$1600.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Sunlands Technology Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSunlands Technology Group1
  • CIK0001723935
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)8200 Services-Educational Services1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressBuilding 4-6, Chaolai Science Park, No. 36 Chuangyuan Rd, Chaoyang District, Beijing, China1
  • Phone86 10 524137381
  • Shares outstanding2,538,047 Common Class A shares; 5,200 Depositary Shares shares; 826,389 Common Class B shares; 3,332,062 Common Class C shares as of Dec 31, 20255
  • AuditorDeloitte Touche Tohmatsu Certified Public Accountants LLP, Beijing, the People's Republic of China PCAOB ID 1113; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceDec 13, 20171
  • Filings143 in all: 6-K (69), SC 13G/A (15), CORRESP (13), SC 13G (10), UPLOAD (9), 20-F (8), 3 (4), F-1/A (3)1
    All 19 form types

    DRSLTR (2), 144 (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), EFFECT (1), F-1 (1), S-8 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 24, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each two ADSs represent one Class A ordinary share*STGNew York Stock Exchange
Class A ordinary shares, par value US$0.00005 per shareThe New York Stock Exchange

From the cover page of the 20-F filed Apr 24, 2026 (Section 12(b) of the Exchange Act).5

Sources

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