China Online Education Group (COE) Balance Sheet
COE balance sheet, 2025
December 31, 2025 · U.S. dollars$66.1M assets = $97.3M liabilities + −$31.3M equity
Liabilities exceed assets: shareholders’ equity is negative (−$31.3M).
Both columns are drawn to the same scale: what COE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
COE financial health
Descriptive bands, not a rating. Fiscal 2025.
COE balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $31.2M2023 | $66.1M2025 | +45.6%/yr | |
| Total liabilities | $39.3M2023 | $97.3M2025 | +57.3%/yr | |
| Shareholders’ equity | −$8.3M2023 | −$31.4M2025 | — | |
| Cash & short-term investments | $23.4M2023 | $39.0M2025 | +29.1%/yr | |
| Total debt | $631,0002023 | $2.9M2025 | +115.9%/yr | |
| Net cash (debt) | $22.8M2023 | $36.0M2025 | +$13.3M | |
| Working capital | −$9.3M2023 | −$35.0M2025 | −$25.6M | |
| Current ratio | 0.762023 | 0.632025 | −0.13 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COE assets
COE liabilities and equity
COE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
COE balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $39.0M | $29.2M | $23.4M |
| Cash & equivalents | $38.9M | $27.8M | $21.3M |
| Short-term investments | $93,000 | $1.4M | $2.1M |
| Receivables | $11.5M | $706,000 | $530,000 |
| Inventory | $0 | $0 | $5.3M |
| Other current assets | $10.0M | $10.2M | $570,000 |
| Total current assets | $60.4M | $40.1M | $29.8M |
| Property, plant & equipment (net) | $5.2M | $3.3M | $861,000 |
| Goodwill & intangible assets | $136,000 | $80,000 | $92,000 |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $350,002 | $517,000 | $420,000 |
| Total assets | $66.1M | $43.9M | $31.2M |
| Liabilities | |||
| Accounts payable | — | — | $11.1M |
| Short-term debt | $1.8M | $1.2M | $590,000 |
| Deferred revenue | $76.6M | $45.1M | $27.2M |
| Total current liabilities | $95.4M | $56.9M | $39.1M |
| Long-term debt | $0 | $0 | $0 |
| Lease obligations | $2.9M | $2.7M | $631,000 |
| Other long-term liabilities | $2.0M | $1.8M | $217,000 |
| Total liabilities | $97.3M | $58.7M | $39.3M |
| Shareholders' equity | |||
| Common stock & paid-in capital | $36,000 | $35,000 | $34,000 |
| Retained earnings (deficit) | −$370.4M | −$353.6M | −$346.4M |
| Accumulated other comprehensive income | −$1.9M | −$684,000 | −$325,000 |
| Minority interest | $104,000 | $288,000 | $149,000 |
| Total shareholders' equity | −$31.4M | −$15.0M | −$8.3M |
| Key figures | |||
| Total debt | $2.9M | $2.7M | $631,000 |
| Net cash (debt) | $36.0M | $26.5M | $22.8M |
| Working capital | −$35.0M | −$16.8M | −$9.3M |
| Tangible book value | −$31.5M | −$15.1M | −$8.4M |
| Current ratio | 0.63 | 0.70 | 0.76 |
| Quick ratio | 0.53 | 0.53 | 0.61 |
| Equity / assets | −47.4% | −34.1% | −26.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $40.1M | $35.5M | $39.0M | $36.6M | $30.9M | $29.5M | $29.2M | $25.6M | $21.0M | $21.7M | $23.4M | $22.9M |
| Cash & equivalents | $40.0M | $35.4M | $38.9M | $33.5M | $27.8M | $29.4M | $27.8M | $22.2M | $16.7M | $17.4M | $21.3M | $20.0M |
| Short-term investments | $93,000 | $93,000 | $93,000 | $3.1M | $3.1M | $90,000 | $1.4M | $3.4M | $4.3M | $4.3M | $2.1M | $2.9M |
| Receivables | $0 | $11.5M | $0 | $0 | $0 | $706,000 | $0 | $0 | $1 | $530,000 | $0 | $3.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $31,000 | $29,000 | $29,000 | $0 | $0 |
| Other current assets | $24.5M | $12.8M | $21.4M | $22.6M | $18.8M | $11.8M | $10.9M | $11.0M | $10.4M | $7.3M | $6.4M | $2.8M |
| Total current assets | $64.5M | $59.8M | $60.4M | $59.2M | $49.7M | $42.0M | $40.1M | $36.7M | $31.4M | $29.6M | $29.8M | $28.6M |
| Property, plant & equipment (net) | $4.6M | $5.0M | $5.2M | $5.0M | $2.7M | $2.9M | $3.3M | $1.7M | $1.6M | $835,000 | $861,000 | $721,000 |
| Goodwill & intangible assets | $62,000 | $133,000 | $136,000 | $71,000 | $74,000 | $154,000 | $80,000 | $83,000 | $86,000 | $89,000 | $92,000 | $95,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $423,017 | $418,000 | $350,002 | $537,000 | $501,000 | $412,000 | $517,000 | $497,000 | $409,000 | $320,000 | $420,000 | $383,000 |
| Total assets | $69.6M | $65.3M | $66.1M | $64.9M | $52.9M | $45.5M | $43.9M | $38.9M | $33.5M | $30.8M | $31.2M | $29.8M |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | $741,001 | $1.2M | — | $301,000 |
| Short-term debt | $1.6M | $1.7M | $1.8M | $1.6M | $1.1M | $1.0M | — | $810,000 | $820,000 | $488,000 | — | $569,000 |
| Deferred revenue | $86.7M | $78.9M | $76.6M | $70.7M | $56.4M | $47.9M | — | $39.7M | $34.5M | $30.1M | — | $23.7M |
| Total current liabilities | $104.7M | $96.8M | $95.4M | $86.6M | $70.2M | $60.2M | $56.9M | $51.6M | $46.0M | $42.5M | $39.1M | $32.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.5M | $2.9M | $2.9M | $3.3M | $2.0M | $2.2M | $2.7M | $1.2M | $1.3M | $507,000 | $631,000 | $615,000 |
| Other long-term liabilities | $1.8M | $2.0M | $2.0M | $2.1M | $1.2M | $1.5M | $1.8M | $703,000 | $793,000 | $297,000 | $217,000 | $228,000 |
| Total liabilities | $106.4M | $98.8M | $97.3M | $88.7M | $71.4M | $61.6M | $58.7M | $52.3M | $46.8M | $42.8M | $39.3M | $32.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | −$36.9M | $36,000 | — | — | — | $35,000 | — | −$96.0M | — | $34,000 | — | $34,000 |
| Retained earnings (deficit) | −$36.9M | −$370.4M | −$370.4M | — | — | −$353.6M | −$353.6M | — | — | −$346.4M | −$346.4M | −$346.4M |
| Accumulated other comprehensive income | — | −$1.9M | — | — | — | −$684,000 | — | — | — | −$325,000 | — | −$325,000 |
| Minority interest | $129,000 | $97,000 | $104,000 | $110,000 | $119,000 | — | — | — | — | — | — | — |
| Total shareholders' equity | −$36.9M | −$33.6M | −$31.4M | −$23.9M | −$18.6M | −$16.4M | −$15.0M | −$13.7M | −$13.6M | −$12.3M | −$8.3M | −$2.6M |
| Key figures | ||||||||||||
| Total debt | $2.5M | $2.9M | $2.9M | $3.3M | $2.0M | $2.2M | — | $1.2M | $1.3M | $507,000 | — | $615,000 |
| Net cash (debt) | $37.5M | $32.6M | $36.0M | $33.3M | $28.9M | $27.3M | — | $24.4M | $19.7M | $21.2M | — | $22.2M |
| Working capital | −$40.2M | −$37.0M | −$35.0M | −$27.4M | −$20.5M | −$18.1M | −$16.8M | −$14.9M | −$14.6M | −$12.9M | −$9.3M | −$3.6M |
| Tangible book value | −$37.0M | −$33.7M | −$31.5M | −$24.0M | −$18.6M | −$16.6M | −$15.1M | −$13.8M | −$13.7M | −$12.4M | −$8.4M | −$2.7M |
| Current ratio | 0.62 | 0.62 | 0.63 | 0.68 | 0.71 | 0.70 | 0.70 | 0.71 | 0.68 | 0.70 | 0.76 | 0.89 |
| Quick ratio | 0.38 | 0.49 | 0.41 | 0.42 | 0.44 | 0.50 | 0.51 | 0.50 | 0.46 | 0.52 | 0.60 | 0.80 |
| Equity / assets | −53.1% | −51.4% | −47.4% | −36.9% | −35.1% | −36.1% | −34.1% | −35.1% | −40.6% | −40.0% | −26.8% | −8.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 23, 2026); data from EODHD.
COE financial position
At the end of fiscal 2025 (December 31, 2025), China Online Education had total assets of $66.1 million (up 50.4% from a year earlier), total liabilities of $97.3 million and shareholders' equity of -$31.4 million. It held $39.0 million in cash and short-term investments against $2.9 million of debt, a net cash position of $36.0 million. Its current ratio was 0.63. In the latest quarter (ended June 30, 2026) total assets were $69.6 million and equity -$36.9 million.
Related: COE income statement, COE cash flow statement, COE key metrics. See the COE stock overview for the latest quote and news.
COE balance sheet FAQ
What are China Online Education's total assets?
China Online Education reported total assets of $66.1 million at the end of fiscal 2025 (December 31, 2025), compared with $43.9 million a year earlier.
How much debt does China Online Education have?
China Online Education had $2.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does China Online Education have?
China Online Education held $39.0 million in cash and short-term investments at the end of fiscal 2025; with $2.9 million of debt that is net cash of $36.0 million.
What is China Online Education's book value?
China Online Education's shareholders' equity (book value) was -$31.4 million at the end of fiscal 2025.
What is China Online Education's current ratio?
China Online Education had current assets of $60.4 million and current liabilities of $95.4 million, a current ratio of 0.63 (current liabilities exceed current assets).
How much goodwill does China Online Education have?
China Online Education carried $0.1 million of goodwill and intangible assets, 0.2% of total assets, at the end of fiscal 2025.