DAO vs STG
Youdao, Inc. and Sunlands Technology Group, side by side — 9 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | DAO | STG |
|---|---|---|
| Revenue | CNY 5.9B | CNY 2.0B |
| Net income | CNY 97.0M | CNY 365.6M |
| Gross margin | 44.3% | 86.9% |
| Net margin | 1.6% | 18.1% |
| Return on equity | · | 47.3% |
| Diluted EPS | CNY 0.90 | CNY 54.28 |
| Dividend / share | · | · |
| Payout ratio | · | 0.0% |
| Free cash flow | CNY 29.6M | CNY 146.6M |
| Equity | · | CNY 945.6M |
| Net debt / equity | · | −0.61× |
| Current ratio | 0.59× | 1.21× |
| Revenue CAGR 5y | 18.5% | −1.7% |
| Profit CAGR 5y | · | · |
DAO bills 2.9× the revenue of STG, and STG keeps more of each dollar of revenue as profit (18.1% against 1.6%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
9 years side by side
| Fiscal year | DAO | STG |
|---|---|---|
| FY2025 | CNY 5.9B | CNY 2.0B |
| FY2024 | CNY 5.6B | CNY 2.0B |
| FY2023 | CNY 5.4B | CNY 2.2B |
| FY2022 | CNY 5.0B | CNY 2.3B |
| FY2021 | CNY 4.0B | CNY 2.5B |
| FY2020 | CNY 2.5B | CNY 2.2B |
| FY2019 | CNY 1.2B | CNY 2.2B |
| FY2018 | CNY 731.6M | CNY 2.0B |
| FY2017 | CNY 455.7M | CNY 974.7M |
Bottom line
| Fiscal year | DAO | STG |
|---|---|---|
| FY2025 | CNY 97.0M | CNY 365.6M |
| FY2024 | CNY 75.2M | CNY 342.1M |
| FY2023 | CNY -550.1M | CNY 640.8M |
| FY2022 | CNY -745.9M | CNY 644.0M |
| FY2021 | CNY -1.0B | CNY 219.1M |
| FY2020 | CNY -1.8B | CNY -430.5M |
| FY2019 | CNY -601.5M | CNY -394.8M |
| FY2018 | CNY -208.9M | CNY -927.0M |
| FY2017 | CNY -133.6M | CNY -918.6M |
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 3,884,253,000 | DAO |
| FY2024 | +CNY 3,631,574,000 | DAO |
| FY2023 | +CNY 3,225,570,000 | DAO |
| FY2022 | +CNY 2,684,364,000 | DAO |
| FY2021 | +CNY 1,505,394,000 | DAO |
| FY2020 | +CNY 322,460,000 | DAO |
| FY2019 | −CNY 993,431,000 | STG |
| FY2018 | −CNY 1,250,907,000 | STG |
| FY2017 | −CNY 518,932,000 | STG |
The higher-revenue side has changed between DAO and STG over this period. The gap has widened since the earliest year compared.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −16.5 pp | STG |
| FY2024 | −15.9 pp | STG |
| FY2023 | −39.9 pp | STG |
| FY2022 | −42.6 pp | STG |
| FY2021 | −34.0 pp | STG |
| FY2020 | −49.8 pp | STG |
| FY2019 | −31.8 pp | STG |
| FY2018 | +18.4 pp | DAO |
| FY2017 | +58.7 pp | DAO |
The higher net margin has changed hands between DAO and STG over this period.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
STG's net margin has been more volatile than DAO's over the 9 comparable fiscal years — 38.8 percentage points of standard deviation against 22.2.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between DAO and STG over these 9 fiscal years — DAO led in 2 and STG in 7.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.