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China's largest private education company, now also a major livestream e-commerce operator (Dongfang Zhenxuan).
China's largest private education company, now also a major livestream e-commerce operator (Dongfang Zhenxuan).
Students pay course fees, mostly in advance, so revenue follows enrolment in test-preparation and study-abroad programmes. After China banned for-profit tutoring in school subjects in 2021, it shifted toward overseas study, adult learning and non-academic programmes for children. Its primary listing is in New York; these are the Hong Kong shares.
In one line: A Chinese tutoring company that pivoted into live-streamed e-commerce.
Moat: narrow (brand, distribution). Trusted decades-old education brand, now leveraged into a livestream retail following.
Headquarters: Beijing, China · Founded: 1993 · Employees: 88,372
Size New Oriental Education & Technology (9901.HK) is a Hong Kong Consumer Discretionary company (Other Consumer Services) with a market value of $7.58B, the 204th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$42.46 on 6 Nov 2026.
Performance Over six months the shares fell 2.5%, against +4.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 20.8% over the last twelve months (peer median +11.2%); the operating margin is 11.8% (peer median 15.8%).
Valuation It trades at 12.8× forward earnings against a peer median of 17.5× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 109.4 points above its cost of capital (7.9% WACC).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$47.0B | HK$44.2B | HK$38.2B | HK$33.7B | HK$23.5B |
| Revenue growth | — | +16% | +13% | +44% | — |
| Gross profit | HK$25.5B | HK$24.2B | HK$21.2B | HK$17.7B | HK$12.4B |
| EBITDA | n/a | HK$6.42B | HK$4.94B | HK$3.58B | HK$2.45B |
| Net income | HK$3.97B | HK$3.71B | HK$2.89B | HK$2.42B | HK$1.39B |
| Free cash flow | n/a | HK$6.10B | HK$5.10B | HK$6.83B | HK$6.49B |
| Capital expenditure | n/a | HK$1.93B | HK$2.02B | HK$2.22B | HK$1.12B |
| Total debt | HK$6.77B | HK$6.65B | HK$6.30B | HK$5.18B | HK$3.59B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| New Oriental Education & Technology 9901.HK | $7.58B | -3% | +21% | 12% | 12.8× | -16.4% |
| TAL Education Group Sponsored ADR TAL | $4.77B | -8% | +26% | 16% | 9.8× | n/a |
| Gaotu Techedu, Inc. Sponsored ADR GOTU | $552M | +18% | +25% | -7% | 386.9× | -11.9% |
| Youdao, Inc. Sponsored ADR DAO | $2.50B | +59% | +10% | 4% | 59.4× | 33.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9901.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.8% | +9.8% | 4th lowest of 21 |
| 6-month return | -2.5% | +4.2% | 8th lowest of 21 |
| Distance from 52-week high | -16.8% | -18.4% | 10th highest of 21 |
| Revenue growth (TTM) | +20.8% | +11.2% | 2nd highest of 21 |
| Operating margin | 11.8% | 15.8% | 9th lowest of 21 |
| Forward P/E | 12.8× | 17.5× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -16.4% | 6.5% | 2nd least demanding of 18 |
| Growth delivered (Del g) | +5.9% | +16.0% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | -22.3 pp | -17.7 pp | 6th least demanding of 18 |
| ROIC minus cost of capital | +109.4 pp | +4.3 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| New Oriental Education & Technology 9901.HK | Hong Kong | $7.58B | -3% | +21% | 12% | 12.8× | -16.4% | +5.9% |
| Andersen ANDG | United States | $7.34B | +78% | +18% | 14% | 32.4× | 29.0% | +18.0% |
| H&R Block HRB | United States | $6.45B | +43% | +5% | 24% | 8.4× | -15.4% | +2.9% |
| Service Corporation International SCI | United States | $10.0B | -5% | +3% | 22% | 17.5× | 3.4% | +4.2% |
| Life Time LTH | United States | $10.6B | +48% | +13% | 17% | 26.7× | n/a | n/a |
| Graham GHC | United States | $5.05B | +7% | +4% | 6% | 16.4× | 8.6% | +11.2% |
| Kakaku.com 2371.T | Japan | $4.63B | +42% | +17% | 27% | 31.3× | 4.6% | +13.0% |
| Planet Fitness PLNT | United States | $4.56B | +31% | +13% | 31% | 17.3× | 4.8% | +26.6% |
| Valvoline VVV | United States | $4.44B | -2% | +16% | 18% | 19.4× | 10.3% | -6.2% |
| Tui TUI1.DE | Germany | $4.31B | +17% | -2% | 4% | 7.4× | -2.0% | +24.9% |
| Indian Railway Catering & Tourism IRCTC.NS | India | $3.87B | -20% | +15% | 30% | 24.2× | 28.7% | +46.4% |
| Marriott Vacations Worldwide VAC | United States | $3.80B | +43% | +5% | 11% | 11.4× | 7.7% | +11.8% |
| Covista CVSA | United States | $3.67B | -18% | +9% | 20% | 12.0× | -3.7% | +16.6% |
| Jet2 JET2.L | United Kingdom | $3.61B | +34% | +4% | 6% | 11.1× | n/a | n/a |
| Tongcheng Travel 0780.HK | Hong Kong | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% | +25.8% |
| Ferrotec (An Hui) Technology Development 301297.SZ | China | $3.21B | -30% | +37% | 10% | n/a | n/a | n/a |
| Stride LRN | United States | $3.15B | -15% | +2% | 19% | 9.5× | -19.1% | +10.4% |
| OneSpaWorld OSW | United States | $3.12B | +25% | +10% | 10% | 24.5× | 19.5% | +51.4% |
| Peloton Interactive PTON | United States | $2.50B | -1% | -2% | 9% | 18.7× | 7.2% | -9.5% |
| Boyd Group Services BYD.TO | Canada | $2.48B | -24% | +16% | 5% | 22.1× | 9.4% | +16.0% |
| Basic-Fit BFIT.AS | Netherlands | $2.23B | +2% | +18% | 12% | 22.0× | 6.5% | +30.4% |