Sunlands Technology Group (STG) Cash Flow Statement
Where STG’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥142.8M −27.0% vs 2024
- Capital expenditures
- CN¥207,162 0.0% of revenue
- Free cash flow
- CN¥142.6M 7.1% margin
- Returned to shareholders
- CN¥6.0M 4% of free cash flow
- Change in cash
- CN¥91.2M cash at year-end CN¥577.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
STG operating cash flow, capex and free cash flow
STG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥89.3M2016 | CN¥142.8M2025 | +5.4%/yr | |
| Capital expenditures | CN¥16.7M2016 | CN¥207,1622025 | −38.6%/yr | |
| Free cash flow | CN¥72.6M2016 | CN¥142.6M2025 | +7.8%/yr | |
| Free cash flow margin | 17.3%2016 | 7.1%2025 | −10.3 pts | |
| Operating cash flow / net income | −1.762021 | 0.402025 | +2.16 | |
| Stock-based compensation | CN¥288.8M2017 | CN¥02024 | −100.0% | |
| Dividends paid | CN¥12016 | CN¥02025 | −100.0% | |
| Share buybacks (net) | CN¥02016 | CN¥6.0M2025 | — | |
| Capex / revenue | 4.0%2016 | 0.0%2025 | −4.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STG cash flow by activity
STG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
STG cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥355.7M | CN¥342.1M | CN¥640.8M | CN¥643.0M | CN¥212.4M | −CN¥431.0M | −CN¥395.2M | −CN¥927.0M | −CN¥918.7M | −CN¥253.6M |
| Depreciation & amortization | CN¥28.8M | CN¥29.5M | CN¥30.6M | CN¥46.7M | CN¥37.9M | CN¥40.3M | CN¥37.2M | CN¥25.8M | CN¥8.1M | CN¥5.5M |
| Stock-based compensation | — | CN¥0 | CN¥0 | CN¥7.2M | CN¥768,000 | CN¥29.7M | CN¥3.0M | CN¥3.9M | CN¥288.8M | — |
| Change in working capital | −CN¥326.6M | −CN¥209.7M | −CN¥492.9M | −CN¥682.4M | −CN¥595.7M | CN¥165.2M | −CN¥180.5M | CN¥1.08B | CN¥1.44B | CN¥337.4M |
| Other non-cash items | CN¥85.0M | CN¥33.7M | −CN¥37.7M | −CN¥5.3M | −CN¥28.6M | CN¥7.2M | CN¥2.0M | −CN¥1.7M | CN¥5.0M | CN¥0 |
| Cash from operating activities | CN¥142.8M | CN¥195.5M | CN¥140.8M | CN¥9.1M | −CN¥373.3M | −CN¥188.6M | −CN¥533.5M | CN¥180.5M | CN¥819.5M | CN¥89.3M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥207,162 | −CN¥406,000 | −CN¥6.4M | −CN¥3.2M | −CN¥16.5M | −CN¥27.0M | −CN¥25.5M | −CN¥518.4M | −CN¥398.9M | −CN¥16.7M |
| Investments (net) | −CN¥16.1M | −CN¥358.9M | −CN¥71.8M | CN¥96.2M | CN¥342.7M | −CN¥323.3M | CN¥729.5M | −CN¥1.19B | −CN¥615.9M | −CN¥117.7M |
| Acquisitions & other investing | CN¥3.9M | CN¥406,000 | CN¥6.4M | CN¥566.1M | CN¥16.5M | CN¥928,000 | CN¥25.5M | CN¥518.4M | CN¥398.9M | CN¥16.7M |
| Cash from investing activities | −CN¥12.4M | −CN¥358.9M | −CN¥71.8M | CN¥659.0M | CN¥342.7M | −CN¥349.3M | CN¥729.5M | −CN¥1.19B | −CN¥615.9M | −CN¥117.7M |
| Financing activities | ||||||||||
| Dividends paid | CN¥0 | CN¥0 | −CN¥31.3M | −CN¥32.6M | CN¥0 | CN¥0 | CN¥0 | −CN¥260.0M | −CN¥43.0M | −CN¥1 |
| Share repurchases & issuance (net) | −CN¥6.0M | −CN¥10.9M | −CN¥4.8M | −CN¥6.7M | −CN¥4.9M | −CN¥26.6M | −CN¥31.6M | −CN¥34.0M | −CN¥71.3M | CN¥365.0M |
| Net borrowing (repayment) | −CN¥41.5M | −CN¥101.8M | −CN¥38.7M | −CN¥38.7M | CN¥27.5M | −CN¥32.5M | −CN¥32.5M | CN¥258.1M | CN¥258.1M | −CN¥24.0M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥1.11B | CN¥0 | CN¥0 |
| Other financing | CN¥1.1M | CN¥0 | CN¥0 | CN¥10.0M | −CN¥61.5M | CN¥0 | CN¥0 | CN¥513.7M | CN¥197.7M | −CN¥293.9M |
| Cash from financing activities | −CN¥46.4M | −CN¥112.7M | −CN¥74.7M | −CN¥67.9M | −CN¥38.9M | −CN¥59.1M | −CN¥64.2M | CN¥1.59B | CN¥341.5M | CN¥47.1M |
| Summary | ||||||||||
| Net change in cash | CN¥91.2M | −CN¥259.1M | CN¥9.0M | CN¥80.7M | −CN¥84.0M | −CN¥641.5M | CN¥153.4M | CN¥689.4M | CN¥536.4M | CN¥18.7M |
| Cash at end of period | CN¥577.1M | CN¥507.2M | CN¥766.4M | CN¥757.4M | CN¥676.7M | CN¥760.7M | CN¥1.40B | CN¥1.25B | CN¥559.5M | CN¥23.1M |
| Free cash flow | CN¥142.6M | CN¥195.1M | CN¥134.4M | CN¥5.9M | −CN¥389.8M | −CN¥215.6M | −CN¥559.1M | −CN¥337.9M | CN¥420.6M | CN¥72.6M |
| Free cash flow margin | 7.1% | 9.8% | 6.2% | 0.3% | −15.5% | −9.8% | −25.5% | −17.1% | 43.4% | 17.3% |
| Capex / revenue | 0.0% | 0.0% | 0.3% | 0.1% | 0.7% | 1.2% | 1.2% | 26.3% | 41.1% | 4.0% |
| Operating cash flow / net income | 0.40 | 0.57 | 0.22 | 0.01 | −1.76 | — | — | — | — | — |
| Mar '26 | Sep '23 | |
|---|---|---|
| Operating activities | ||
| Net income | CN¥76.8M | CN¥132.7M |
| Depreciation & amortization | CN¥28.0M | CN¥7.7M |
| Change in working capital | −CN¥326.6M | — |
| Other non-cash items | CN¥364.6M | −CN¥122.4M |
| Cash from operating activities | CN¥142.8M | CN¥18.0M |
| Investing activities | ||
| Capital expenditures | −CN¥207,162 | CN¥0 |
| Acquisitions & other investing | −CN¥12.2M | — |
| Cash from investing activities | −CN¥12.4M | — |
| Financing activities | ||
| Share repurchases & issuance (net) | −CN¥6.0M | — |
| Shares issued | CN¥0 | CN¥0 |
| Other financing | −CN¥40.4M | — |
| Cash from financing activities | −CN¥46.4M | — |
| Summary | ||
| Net change in cash | CN¥577.1M | −CN¥252,468 |
| Cash at end of period | CN¥577.1M | CN¥751.7M |
| Free cash flow | CN¥142.6M | CN¥18.0M |
| Free cash flow margin | 32.4% | 3.4% |
| Capex / revenue | 0.0% | 0.0% |
| Operating cash flow / net income | 1.86 | 0.14 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
STG cash generation
In fiscal 2025 (ended December 31, 2025), Sunlands Technology generated CN¥142.8 million of cash from operations (down 27.0%) and spent CN¥0.2 million on capital expenditures, leaving free cash flow of CN¥142.6 million, 7.1% of revenue. It returned CN¥6.0 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥6.0 million). Cash and equivalents rose by CN¥91.2 million over the year.
Related: STG income statement. See the STG stock overview for the latest quote and news.
STG cash flow FAQ
What is Sunlands Technology's free cash flow?
Sunlands Technology's free cash flow was CN¥142.6 million in fiscal 2025: CN¥142.8 million of operating cash flow minus CN¥0.2 million of capital expenditures It was CN¥195.1 million a year earlier..
How much cash does Sunlands Technology generate from operations?
Sunlands Technology generated CN¥142.8 million of cash from operating activities in fiscal 2025, 0.40 times its net income of CN¥355.7 million.
How much does Sunlands Technology spend on capital expenditures?
Sunlands Technology spent CN¥0.2 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with CN¥0.4 million the year before.
How much stock does Sunlands Technology buy back?
Sunlands Technology spent CN¥6.0 million on net share repurchases in fiscal 2025.