TAL Education Group (TAL) Balance Sheet
TAL balance sheet, FY2026
February 28, 2026 · U.S. dollars$5.94B assets = $2.16B liabilities + $3.77B equity
Both columns are drawn to the same scale: what TAL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TAL financial health
Current ratio2.17
Comfortable · current assets cover current liabilities 2.17×
Debt / equity0.10
Low leverage · $0.10 of debt for each $1 of equity
Equity / assets63.6%
Equity-funded · of assets funded by shareholders
Cash / debt836.0%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles4.7%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
TAL balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.83BFY2017 | $5.94BFY2026 | +14.0%/yr | |
| Total liabilities | $1.15BFY2017 | $2.16BFY2026 | +7.3%/yr | |
| Shareholders’ equity | $678.8MFY2017 | $3.77BFY2026 | +21.0%/yr | |
| Cash & short-term investments | $699.7MFY2017 | $3.24BFY2026 | +18.6%/yr | |
| Total debt | $590.4MFY2017 | $387.5MFY2026 | −4.6%/yr | |
| Net cash (debt) | $109.3MFY2017 | $2.85BFY2026 | +$2.7B | |
| Working capital | $201.9MFY2017 | $2.08BFY2026 | +$1.9B | |
| Book value per share | $1.20FY2017 | $19.56FY2026 | +36.4%/yr | |
| Current ratio | 1.30FY2017 | 2.17FY2026 | +0.87 | |
| Debt / equity | 0.87FY2017 | 0.10FY2026 | −0.77 | |
| Shares outstanding | 565.6MFY2017 | 192.9MFY2026 | −11.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TAL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
TAL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
TAL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TAL balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.24B | $3.62B | $3.30B | $3.17B | $2.71B | $5.94B | $2.22B | $1.52B | $1.50B | $699.7M |
| Cash & equivalents | $1.52B | $1.77B | $2.21B | $2.02B | $1.64B | $3.24B | $1.87B | $1.25B | $711.5M | $470.2M |
| Short-term investments | $1.72B | $1.85B | $1.09B | $1.15B | $1.07B | $2.69B | $345.5M | $268.4M | $787.4M | $229.5M |
| Receivables | $83.1M | $105.9M | $80.7M | $44.8M | $25.6M | $25.9M | $42.7M | $50.2M | $18.3M | $3.6M |
| Inventory | $143.3M | $104.9M | $68.3M | $39.0M | $21.8M | $38.7M | $25.8M | $7.8M | $5.3M | $2.8M |
| Other current assets | $377.4M | $297.8M | $246.8M | $213.0M | $875.3M | $2.15B | $208.0M | $172.2M | $139.5M | $163.0M |
| Total current assets | $3.84B | $4.13B | $3.70B | $3.47B | $3.63B | $8.16B | $2.50B | $1.75B | $1.66B | $869.0M |
| Property, plant & equipment (net) | $880.4M | $801.4M | $636.4M | $437.9M | $508.3M | $2.06B | $1.61B | $287.9M | $247.3M | $154.3M |
| Goodwill & intangible assets | $281.3M | $183.0M | $191.0M | $194.5M | $219.4M | $737.2M | $642.8M | $489.0M | $334.9M | $305.1M |
| Long-term investments | $756.3M | $293.7M | $264.8M | $453.4M | $412.5M | $667.6M | $564.3M | $850.7M | $597.6M | $347.7M |
| Other non-current assets | $175.1M | $98.0M | $136.5M | $170.2M | $311.0M | $493.5M | $258.0M | $361.8M | $212.8M | $150.6M |
| Total assets | $5.94B | $5.50B | $4.93B | $4.72B | $5.08B | $12.11B | $5.57B | $3.74B | $3.05B | $1.83B |
| Liabilities | ||||||||||
| Accounts payable | $152.5M | $146.3M | $127.3M | $60.0M | $89.8M | $353.8M | $117.8M | $106.5M | $57.6M | $22.6M |
| Short-term debt | $109.4M | $176.9M | $125.2M | $42.2M | $132.2M | $652.7M | $305.0M | $215.3M | $36.5M | $140.3M |
| Deferred revenue | $832.8M | $624.3M | $400.3M | $234.9M | $187.7M | $1.39B | $780.2M | $433.6M | $824.3M | $504.1M |
| Total current liabilities | $1.77B | $1.44B | $1.08B | $783.9M | $902.6M | $3.37B | $1.81B | $1.18B | $1.13B | $667.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $2.30B | $261.9M | $0 | $236.1M | $450.1M |
| Lease obligations | $387.5M | $333.3M | $239.2M | $157.7M | $242.1M | $1.58B | $1.25B | — | — | — |
| Other long-term liabilities | $395.4M | $295.3M | $207.0M | $119.6M | $177.7M | $1.23B | $958.5M | $20.9M | $44.6M | $30.8M |
| Total liabilities | $2.16B | $1.74B | $1.29B | $903.4M | $1.08B | $6.91B | $3.03B | $1.20B | $1.41B | $1.15B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $205,000 | $203,000 | $201,000 | $218,000 | $216,000 | $215,000 | $200,000 | $198,000 | $188,958 | $164,587 |
| Retained earnings (deficit) | −$130.4M | −$624.1M | −$694.3M | −$685.9M | −$544.3M | $624.9M | $786.1M | $920.3M | $565.2M | $415.7M |
| Accumulated other comprehensive income | $210.3M | $95.6M | $99.2M | $129.7M | $216.0M | $207.6M | $53.8M | $75.7M | $170.6M | $84.3M |
| Minority interest | −$751,000 | −$169,000 | −$23.3M | −$23.7M | — | — | — | — | — | — |
| Total shareholders' equity | $3.77B | $3.77B | $3.64B | $3.82B | $4.00B | $5.20B | $2.54B | $2.53B | $1.64B | $678.8M |
| Key figures | ||||||||||
| Total debt | $387.5M | $333.3M | $239.2M | $157.7M | $242.1M | $4.15B | $1.52B | $215.3M | $272.6M | $590.4M |
| Net cash (debt) | $2.85B | $3.29B | $3.06B | $3.01B | $2.47B | $1.79B | $702.5M | $1.30B | $1.23B | $109.3M |
| Working capital | $2.08B | $2.69B | $2.62B | $2.68B | $2.73B | $4.78B | $689.2M | $562.0M | $528.6M | $201.9M |
| Tangible book value | $3.49B | $3.58B | $3.45B | $3.63B | $3.78B | $4.47B | $1.90B | $2.04B | $1.31B | $373.6M |
| Book value per share | $19.56 | $6.18 | $6.03 | $6.05 | $6.27 | $8.61 | $4.32 | $4.26 | $2.81 | $1.20 |
| Shares outstanding | 192.9M | 609.5M | 603.8M | 631.4M | 638.0M | 604.7M | 588.6M | 594.7M | 583.1M | 565.6M |
| Current ratio | 2.17 | 2.86 | 3.42 | 4.42 | 4.02 | 2.42 | 1.38 | 1.47 | 1.47 | 1.30 |
| Quick ratio | 1.88 | 2.58 | 3.13 | 4.10 | 3.03 | 1.77 | 1.25 | 1.32 | 1.34 | 1.05 |
| Debt / equity | 0.10 | 0.09 | 0.07 | 0.04 | 0.06 | 0.80 | 0.60 | 0.09 | 0.17 | 0.87 |
| Equity / assets | 63.6% | 68.4% | 73.8% | 80.9% | 78.7% | 43.0% | 45.7% | 67.7% | 53.7% | 37.2% |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.87B | $3.24B | $3.62B | $3.25B | $3.73B | $3.81B | $3.84B | $3.45B | $3.42B | $3.30B | $3.17B | $2.96B |
| Cash & equivalents | $1.64B | $1.52B | $2.15B | $1.54B | $1.53B | $1.96B | $2.24B | $2.09B | $2.50B | $2.21B | $2.19B | $2.20B |
| Short-term investments | $1.23B | $1.72B | $1.47B | $1.71B | $2.21B | $1.85B | $1.60B | $1.37B | $1.20B | $1.09B | $974.2M | $767.6M |
| Receivables | $30,000 | $83.1M | $25,000 | $28,000 | $25,999 | $37,000 | $387,000 | $394,000 | $1.9M | $80.7M | $404,000 | $401,000 |
| Inventory | $184.8M | $143.3M | $137.0M | $133.0M | $137.0M | $104.9M | $98.0M | $82.4M | $81.0M | $68.3M | $59.0M | $65.5M |
| Other current assets | $630.4M | $377.4M | $557.2M | $470.3M | $231.7M | $215.8M | $514.5M | $418.6M | $429.1M | $246.8M | $416.8M | $341.3M |
| Total current assets | $3.69B | $3.84B | $4.31B | $3.85B | $4.10B | $4.13B | $4.45B | $3.96B | $3.93B | $3.70B | $3.64B | $3.37B |
| Property, plant & equipment (net) | $907.9M | $880.4M | $866.0M | $866.1M | $874.3M | $801.4M | $783.1M | $800.2M | $778.9M | $636.4M | $583.2M | $483.0M |
| Goodwill & intangible assets | $281.7M | $281.3M | $277.9M | $278.7M | $94.3M | $183.0M | $185.9M | $381.4M | $188.5M | $189.0M | $187.7M | $185.9M |
| Long-term investments | $1.74B | $756.3M | $371.9M | $367.1M | $375.0M | $293.7M | $276.3M | $299.3M | $279.9M | $264.8M | $374.4M | $418.6M |
| Other non-current assets | $151.8M | $175.1M | $92.1M | $88.5M | $271.5M | $98.0M | $95.0M | $0 | $125.0M | $138.5M | $124.2M | $124.3M |
| Total assets | $6.77B | $5.94B | $5.92B | $5.45B | $5.72B | $5.50B | $5.79B | $5.34B | $5.30B | $4.93B | $4.91B | $4.58B |
| Liabilities | ||||||||||||
| Accounts payable | $139.3M | $152.5M | $161.1M | $157.4M | $160.4M | $146.3M | $189.3M | $167.3M | $132.3M | $127.3M | $110.6M | $73.4M |
| Short-term debt | $118.8M | $109.4M | $104.3M | $207.6M | $196.9M | $88.5M | $137.7M | $85.9M | $144.5M | $125.2M | $116.4M | $47.6M |
| Deferred revenue | $1.18B | $832.8M | $1.11B | $777.7M | $929.9M | $624.3M | $780.9M | $485.4M | $613.5M | $400.3M | $482.4M | $313.6M |
| Total current liabilities | $2.18B | $1.77B | $2.08B | $1.69B | $1.83B | $1.44B | $1.73B | $1.29B | $1.34B | $1.08B | $1.13B | $861.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $405.5M | $387.5M | $377.4M | $373.3M | $373.8M | $333.3M | $325.9M | $341.9M | $345.7M | $239.2M | $214.5M | $172.6M |
| Other long-term liabilities | $507.6M | $395.4M | $339.0M | $328.3M | $318.8M | $295.3M | $292.1M | $298.2M | $304.2M | $207.0M | $183.7M | $138.8M |
| Total liabilities | $2.69B | $2.16B | $2.42B | $2.02B | $2.14B | $1.74B | $2.03B | $1.59B | $1.64B | $1.29B | $1.31B | $1.00B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $190,000 | $205,000 | $205,000 | $203,000 | $202,998 | $203,000 | $203,000 | $202,000 | $202,000 | $201,000 | $201,000 | $212,000 |
| Retained earnings (deficit) | $281.6M | −$130.4M | −$334.5M | −$466.4M | −$591.2M | −$624.1M | −$601.6M | −$624.8M | −$682.8M | −$694.3M | −$714.1M | −$691.3M |
| Accumulated other comprehensive income | $232.5M | $210.3M | $129.8M | $120.6M | $110.0M | $95.6M | $93.9M | $117.9M | $91.4M | $99.2M | $99.8M | $82.2M |
| Minority interest | −$832,000 | −$751,000 | −$364,000 | −$289,000 | −$236,000 | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.08B | $3.77B | $3.50B | $3.44B | $3.57B | $3.77B | $3.77B | $3.76B | $3.68B | $3.66B | $3.62B | $3.60B |
| Key figures | ||||||||||||
| Total debt | $405.5M | $387.5M | $377.4M | $373.3M | $373.8M | $333.3M | $381.1M | $348.3M | $345.7M | $239.2M | $214.5M | $172.6M |
| Net cash (debt) | $2.47B | $2.85B | $3.24B | $2.88B | $3.36B | $3.47B | $3.45B | $3.11B | $3.07B | $3.06B | $2.95B | $2.79B |
| Working capital | $1.51B | $2.08B | $2.23B | $2.16B | $2.27B | $2.69B | $2.72B | $2.66B | $2.59B | $2.62B | $2.51B | $2.51B |
| Tangible book value | $3.80B | $3.49B | $3.22B | $3.16B | $3.48B | $3.58B | $3.59B | $3.38B | $3.50B | $3.47B | $3.43B | $3.42B |
| Book value per share | $21.90 | $20.22 | $18.66 | $5.95 | $5.81 | $6.20 | $6.20 | $6.17 | $6.04 | $6.01 | $6.09 | $5.95 |
| Shares outstanding | 186.3M | 186.6M | 187.5M | 577.5M | 614.6M | 607.9M | 608.7M | 608.7M | 610.0M | 609.3M | 594.4M | 605.5M |
| Current ratio | 1.69 | 2.17 | 2.07 | 2.28 | 2.25 | 2.86 | 2.57 | 3.06 | 2.94 | 3.42 | 3.22 | 3.91 |
| Quick ratio | 1.32 | 1.88 | 1.74 | 1.92 | 2.04 | 2.64 | 2.21 | 2.67 | 2.56 | 3.13 | 2.80 | 3.44 |
| Debt / equity | 0.10 | 0.10 | 0.11 | 0.11 | 0.10 | 0.09 | 0.10 | 0.09 | 0.09 | 0.07 | 0.06 | 0.05 |
| Equity / assets | 60.3% | 63.6% | 59.1% | 63.0% | 62.5% | 68.4% | 65.2% | 70.4% | 69.5% | 74.3% | 73.7% | 78.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed June 12, 2026); data from EODHD.
TAL financial position
At the end of fiscal 2026 (February 28, 2026), TAL Education had total assets of $5.9 billion (up 7.9% from a year earlier), total liabilities of $2.2 billion and shareholders' equity of $3.8 billion. It held $3.2 billion in cash and short-term investments against $387.5 million of debt, a net cash position of $2.9 billion. Its current ratio was 2.17. In the latest quarter (ended May 31, 2026) total assets were $6.8 billion and equity $4.1 billion.
Related: TAL income statement, TAL cash flow statement, TAL key metrics. See the TAL stock overview for the latest quote and news.
TAL balance sheet FAQ
What are TAL Education's total assets?
TAL Education reported total assets of $5.9 billion at the end of fiscal 2026 (February 28, 2026), compared with $5.5 billion a year earlier.
How much debt does TAL Education have?
TAL Education had $387.5 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.10.
How much cash does TAL Education have?
TAL Education held $3.2 billion in cash and short-term investments at the end of fiscal 2026; with $387.5 million of debt that is net cash of $2.9 billion.
What is TAL Education's book value?
TAL Education's shareholders' equity (book value) was $3.8 billion at the end of fiscal 2026, or $19.56 per share.
What is TAL Education's current ratio?
TAL Education had current assets of $3.8 billion and current liabilities of $1.8 billion, a current ratio of 2.17 (it can cover its short-term obligations).
How much goodwill does TAL Education have?
TAL Education carried $281.3 million of goodwill and intangible assets, 4.7% of total assets, at the end of fiscal 2026.