# Education & Training Services — company-by-company sector analysis

> Education & Training Services: New Oriental Education & Technology Group Inc. owns the largest revenue base; TAL Education Group has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Education & Training Services has underperformed S&P 500 by 0.7% over 52 weeks and 9.5% over 13 weeks. 7 of 18 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 18 beat the sector itself. TAL Education Group has the fastest current revenue growth at 33.8%, across 17 of 20 comparable companies.

### Is the Education & Training Services sector outperforming S&P 500?

Education & Training Services has underperformed S&P 500 by 0.7% over 52 weeks and 9.5% over 13 weeks. 7 of 18 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 18 beat the sector itself.

### Which Education & Training Services company is largest by revenue?

New Oriental Education & Technology Group Inc. leads with revenue of $5,374 million, based on 17 of 20 comparable companies through Mar 2026.

### Which Education & Training Services company is growing fastest?

TAL Education Group has the fastest current revenue growth at 33.8%, across 17 of 20 comparable companies.

### Which Education & Training Services company has the strongest 4-Factor Sector Score?

Lincoln Educational Services Corporation ranks first at 59.7/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Education & Training Services company reports the most CAPEX?

New Oriental Education & Technology Group Inc. reports the largest latest CAPEX at $95 million, with 18 of 20 companies comparable.

### Which Education & Training Services company has the least gross debt?

Coursera, Inc. has the lowest comparable gross debt at $0 million. McGraw Hill, Inc. has the highest at $2,640 million.

### Which Education & Training Services company has the lowest comparable PEG?

Graham Holdings Company has the lowest comparable Guarded PEG at 0.29, among 12 of 20 companies that pass the metric’s comparability rules.

### How much history does this Education & Training Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Education & Training Services has underperformed S&P 500 by 0.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.5%. 7 of 18 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Lincoln Educational Services Corporation is the strongest against the sector itself at +16.5%.

13-week sector return versus NIFTY 500: 9.5%
52-week sector return versus NIFTY 500: -0.7%
Stocks leading NIFTY: 7/18
Stocks leading sector: 4/18

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 20
Combined market value: ₹51.0K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Lincoln Educational Services Corporation (LINC): 60/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 25.1/35 | Capital efficiency 8.0/25 | Valuation 9.6/20 | Relative strength 17.0/20
   - Exact sum: 25.1 + 8 + 9.6 + 17 = 59.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Perdoceo Education Corporation (PRDO): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 23.4/35 | Capital efficiency 16.5/25 | Valuation 13.7/20 | Relative strength 4.5/20
   - Exact sum: 23.4 + 16.5 + 13.7 + 4.5 = 58.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13% and the one-year return is 10.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Franklin Covey Co. (FC): 58/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.0/35 | Capital efficiency 14.6/25 | Valuation 7.4/20 | Relative strength 14.6/20
   - Exact sum: 21 + 14.6 + 7.4 + 14.6 = 57.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. American Public Education, Inc. (APEI): 57/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 22.9/35 | Capital efficiency 11.3/25 | Valuation 9.3/20 | Relative strength 13.1/20
   - Exact sum: 22.9 + 11.3 + 9.3 + 13.1 = 56.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Legacy Education Inc. (LGCY): 52/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 17.3/35 | Capital efficiency 15.1/25 | Valuation 10.9/20 | Relative strength 8.6/20
   - Exact sum: 17.3 + 15.1 + 10.9 + 8.6 = 51.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Laureate Education, Inc. (LAUR): 52/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 15.5/35 | Capital efficiency 6.6/25 | Valuation 14.6/20 | Relative strength 15.1/20
   - Exact sum: 15.5 + 6.6 + 14.6 + 15.1 = 51.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Stride, Inc. (LRN): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 14.0/35 | Capital efficiency 15.0/25 | Valuation 13.3/20 | Relative strength 8.7/20
   - Exact sum: 14 + 15 + 13.3 + 8.7 = 51
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8. Strategic Education, Inc. (STRA): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 15.4/35 | Capital efficiency 13.4/25 | Valuation 14.5/20 | Relative strength 6.9/20
   - Exact sum: 15.4 + 13.4 + 14.5 + 6.9 = 50.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. TAL Education Group (TAL): 49/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 24.1/35 | Capital efficiency 11.7/25 | Valuation 11.3/20 | Relative strength 2.1/20
   - Exact sum: 24.1 + 11.7 + 11.3 + 2.1 = 49.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17% and the one-year return is -1.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
10. Graham Holdings Company (GHC): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.8/35 | Capital efficiency 11.0/25 | Valuation 15.4/20 | Relative strength 9.3/20
   - Exact sum: 12.8 + 11 + 15.4 + 9.3 = 48.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11. Grand Canyon Education, Inc. (LOPE): 48/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.8/35 | Capital efficiency 19.2/25 | Valuation 7.5/20 | Relative strength 2.2/20
   - Exact sum: 18.8 + 19.2 + 7.5 + 2.2 = 47.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Universal Technical Institute, Inc. (UTI): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.5/35 | Capital efficiency 8.7/25 | Valuation 13.3/20 | Relative strength 15.0/20
   - Exact sum: 9.5 + 8.7 + 13.3 + 15 = 46.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 11.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Covista Inc. (CVSA): 46/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.6/35 | Capital efficiency 13.2/25 | Valuation 5.7/20 | Relative strength 10.5/20
   - Exact sum: 16.6 + 13.2 + 5.7 + 10.5 = 46
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Chegg, Inc. (CHGG): 43/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.2/35 | Capital efficiency 7.2/25 | Valuation 11.5/20 | Relative strength 4.6/20
   - Exact sum: 19.2 + 7.2 + 11.5 + 4.6 = 42.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. New Oriental Education & Technology Group Inc. (EDU): 41/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 20.1/35 | Capital efficiency 13.3/25 | Valuation 4.6/20 | Relative strength 3.1/20
   - Exact sum: 20.1 + 13.3 + 4.6 + 3.1 = 41.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. KinderCare Learning Companies, Inc. (KLC): 39/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 10.7/35 | Capital efficiency 3.8/25 | Valuation 10.0/20 | Relative strength 14.3/20
   - Exact sum: 10.7 + 3.8 + 10 + 14.3 = 38.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Coursera, Inc. (COUR): 34/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 12.2/35 | Capital efficiency 8.6/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 12.2 + 8.6 + 10 + 3 = 33.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. McGraw Hill, Inc. (MH): 27/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 10.6/35 | Capital efficiency 4.5/25 | Valuation 8.7/20 | Relative strength 3.5/20
   - Exact sum: 10.6 + 4.5 + 8.7 + 3.5 = 27.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Neucleus Group Limited (NEUC): 54/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 16.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 16.8 + 10 + 10 = 54.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Phoenix Education Partners, Inc. (PXED): 52/100 — Thin evidence · provisional; evidence 37%
   - Growth & earnings 13.5/35 | Capital efficiency 17.5/25 | Valuation 10.9/20 | Relative strength 10.0/20
   - Exact sum: 13.5 + 17.5 + 10.9 + 10 = 51.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: New Oriental Education & Technology Group Inc. is the scale leader at $5,374 million, 7.9% ahead of Graham Holdings Company. TAL Education Group's growth is 33.8% from a $3,008 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: New Oriental Education & Technology Group Inc. is the scale benchmark; TAL Education Group is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: New Oriental Education & Technology Group Inc.'s growth falls below TAL Education Group's for two consecutive comparable reports while operating margin also compresses.

Evidence: New Oriental Education & Technology Group Inc. · $5,374 million | 7.9% versus #2 · Graham Holdings Company | 7/8 recent comparable periods | 17/20 companies · 345 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. New Oriental Education & Technology Group Inc. (EDU): ₹5.4K Cr
2. Graham Holdings Company (GHC): ₹5.0K Cr
3. TAL Education Group (TAL): ₹3.0K Cr
4. Stride, Inc. (LRN): ₹2.5K Cr
5. McGraw Hill, Inc. (MH): ₹2.1K Cr

### Revenue growth — fastest growers
1. TAL Education Group (TAL): 34%
2. Legacy Education Inc. (LGCY): 28%
3. Lincoln Educational Services Corporation (LINC): 20%
4. Perdoceo Education Corporation (PRDO): 18%
5. Laureate Education, Inc. (LAUR): 14%

### 20-quarter Revenue history
- EDU: Sep 2021 ₹1.3K Cr | Dec 2021 ₹658 Cr | Mar 2022 ₹614 Cr | Jun 2022 ₹524 Cr | Sep 2022 ₹745 Cr | Dec 2022 ₹638 Cr | Mar 2023 ₹754 Cr | Jun 2023 ₹861 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹870 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- TAL: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹541 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹275 Cr | Sep 2023 ₹412 Cr | Dec 2023 ₹374 Cr | Mar 2024 ₹430 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹619 Cr | Dec 2024 ₹606 Cr | Mar 2025 ₹610 Cr | Jun 2025 ₹575 Cr | Sep 2025 ₹861 Cr | Dec 2025 ₹770 Cr | Mar 2026 ₹802 Cr | Jun 2026 —
- LAUR: Sep 2021 ₹268 Cr | Dec 2021 ₹297 Cr | Mar 2022 ₹210 Cr | Jun 2022 ₹385 Cr | Sep 2022 ₹301 Cr | Dec 2022 ₹346 Cr | Mar 2023 ₹251 Cr | Jun 2023 ₹462 Cr | Sep 2023 ₹362 Cr | Dec 2023 ₹409 Cr | Mar 2024 ₹275 Cr | Jun 2024 ₹499 Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹423 Cr | Mar 2025 ₹236 Cr | Jun 2025 ₹524 Cr | Sep 2025 ₹400 Cr | Dec 2025 ₹541 Cr | Mar 2026 ₹273 Cr | Jun 2026 —
- GHC: Sep 2021 ₹809 Cr | Dec 2021 ₹863 Cr | Mar 2022 ₹915 Cr | Jun 2022 ₹933 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- CVSA: Sep 2021 ₹289 Cr | Dec 2021 ₹371 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹361 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹363 Cr | Mar 2023 ₹369 Cr | Jun 2023 ₹365 Cr | Sep 2023 ₹369 Cr | Dec 2023 ₹393 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹410 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹448 Cr | Mar 2025 ₹466 Cr | Jun 2025 ₹457 Cr | Sep 2025 ₹462 Cr | Dec 2025 ₹503 Cr | Mar 2026 ₹487 Cr | Jun 2026 —
- LRN: Sep 2021 ₹400 Cr | Dec 2021 ₹410 Cr | Mar 2022 ₹422 Cr | Jun 2022 ₹455 Cr | Sep 2022 ₹425 Cr | Dec 2022 ₹458 Cr | Mar 2023 ₹470 Cr | Jun 2023 ₹483 Cr | Sep 2023 ₹480 Cr | Dec 2023 ₹505 Cr | Mar 2024 ₹521 Cr | Jun 2024 ₹534 Cr | Sep 2024 ₹551 Cr | Dec 2024 ₹587 Cr | Mar 2025 ₹613 Cr | Jun 2025 ₹654 Cr | Sep 2025 ₹621 Cr | Dec 2025 ₹631 Cr | Mar 2026 ₹630 Cr | Jun 2026 —
- LOPE: Sep 2021 ₹207 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹244 Cr | Jun 2022 ₹200 Cr | Sep 2022 ₹209 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹211 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹275 Cr | Jun 2024 ₹227 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹293 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹261 Cr | Dec 2025 ₹308 Cr | Mar 2026 ₹309 Cr | Jun 2026 —
- UTI: Sep 2021 ₹97 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹120 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹221 Cr | Mar 2026 ₹221 Cr | Jun 2026 —
- MH: Sep 2021 ₹585 Cr | Dec 2021 ₹403 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹511 Cr | Sep 2022 ₹629 Cr | Dec 2022 ₹407 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹501 Cr | Sep 2023 ₹641 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹419 Cr | Jun 2024 ₹523 Cr | Sep 2024 ₹689 Cr | Dec 2024 ₹416 Cr | Mar 2025 ₹473 Cr | Jun 2025 ₹536 Cr | Sep 2025 ₹669 Cr | Dec 2025 ₹434 Cr | Mar 2026 ₹464 Cr | Jun 2026 —
- PRDO: Sep 2021 ₹174 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹168 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹176 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹167 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹176 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹212 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹222 Cr | Jun 2026 —
- STRA: Sep 2021 ₹270 Cr | Dec 2021 ₹272 Cr | Mar 2022 ₹259 Cr | Jun 2022 ₹274 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹270 Cr | Mar 2023 ₹257 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹286 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹312 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹311 Cr | Mar 2025 ₹304 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹320 Cr | Dec 2025 ₹323 Cr | Mar 2026 ₹306 Cr | Jun 2026 —
- COUR: Sep 2021 ₹110 Cr | Dec 2021 ₹115 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹142 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹169 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹170 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹179 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹196 Cr | Jun 2026 —
- LINC: Sep 2021 ₹89 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹103 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹240 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹223 Cr | Jun 2025 — | Sep 2025 ₹257 Cr | Dec 2025 ₹262 Cr | Mar 2026 ₹222 Cr | Jun 2026 —
- APEI: Sep 2021 ₹98 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹150 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹175 Cr | Jun 2026 —
- KLC: Sep 2021 ₹457 Cr | Dec 2021 ₹475 Cr | Mar 2022 ₹476 Cr | Jun 2022 ₹498 Cr | Sep 2022 ₹545 Cr | Dec 2022 ₹548 Cr | Mar 2023 — | Jun 2023 ₹613 Cr | Sep 2023 ₹655 Cr | Dec 2023 ₹618 Cr | Mar 2024 ₹655 Cr | Jun 2024 ₹690 Cr | Sep 2024 ₹671 Cr | Dec 2024 ₹647 Cr | Mar 2025 ₹668 Cr | Jun 2025 ₹700 Cr | Sep 2025 ₹677 Cr | Dec 2025 — | Mar 2026 ₹688 Cr | Jun 2026 ₹673 Cr
- FC: Sep 2021 ₹69 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹68 Cr
- LGCY: Sep 2021 ₹7 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- CHGG: Sep 2021 ₹172 Cr | Dec 2021 ₹207 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹205 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹63 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -57% | Sep 2022 -43% | Dec 2022 -3.0% | Mar 2023 23% | Jun 2023 64% | Sep 2023 48% | Dec 2023 36% | Mar 2024 60% | Jun 2024 32% | Sep 2024 30% | Dec 2024 19% | Mar 2025 -2.0% | Jun 2025 9.3% | Sep 2025 6.1% | Dec 2025 15% | Mar 2026 20% | Jun 2026 —
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -84% | Sep 2022 -80% | Dec 2022 -77% | Mar 2023 -50% | Jun 2023 23% | Sep 2023 40% | Dec 2023 61% | Mar 2024 60% | Jun 2024 51% | Sep 2024 50% | Dec 2024 62% | Mar 2025 42% | Jun 2025 39% | Sep 2025 39% | Dec 2025 27% | Mar 2026 31% | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 12% | Dec 2022 17% | Mar 2023 20% | Jun 2023 20% | Sep 2023 20% | Dec 2023 18% | Mar 2024 9.6% | Jun 2024 8.0% | Sep 2024 1.9% | Dec 2024 3.4% | Mar 2025 -14% | Jun 2025 5.0% | Sep 2025 8.4% | Dec 2025 28% | Mar 2026 16% | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 25% | Dec 2022 23% | Mar 2023 13% | Jun 2023 18% | Sep 2023 9.9% | Dec 2023 9.7% | Mar 2024 12% | Jun 2024 7.2% | Sep 2024 8.5% | Dec 2024 6.8% | Mar 2025 1.1% | Jun 2025 2.6% | Sep 2025 6.0% | Dec 2025 0.4% | Mar 2026 6.0% | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 22% | Dec 2022 -2.2% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 4.2% | Dec 2023 8.3% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 14% | Mar 2025 13% | Jun 2025 11% | Sep 2025 11% | Dec 2025 12% | Mar 2026 4.5% | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 6.3% | Dec 2022 12% | Mar 2023 11% | Jun 2023 6.2% | Sep 2023 13% | Dec 2023 10% | Mar 2024 11% | Jun 2024 11% | Sep 2024 15% | Dec 2024 16% | Mar 2025 18% | Jun 2025 22% | Sep 2025 13% | Dec 2025 7.5% | Mar 2026 2.8% | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.5% | Sep 2022 1.0% | Dec 2022 3.2% | Mar 2023 2.5% | Jun 2023 5.5% | Sep 2023 6.2% | Dec 2023 7.3% | Mar 2024 10% | Jun 2024 7.6% | Sep 2024 7.2% | Dec 2024 5.4% | Mar 2025 5.1% | Jun 2025 8.8% | Sep 2025 9.7% | Dec 2025 5.1% | Mar 2026 6.9% | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 14% | Dec 2022 14% | Mar 2023 61% | Jun 2023 51% | Sep 2023 53% | Dec 2023 46% | Mar 2024 12% | Jun 2024 16% | Sep 2024 15% | Dec 2024 15% | Mar 2025 13% | Jun 2025 15% | Sep 2025 13% | Dec 2025 10.0% | Mar 2026 6.8% | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 7.5% | Dec 2022 1.0% | Mar 2023 10% | Jun 2023 -2.0% | Sep 2023 1.9% | Dec 2023 -2.0% | Mar 2024 4.5% | Jun 2024 4.4% | Sep 2024 7.5% | Dec 2024 4.3% | Mar 2025 13% | Jun 2025 2.5% | Sep 2025 -2.9% | Dec 2025 4.3% | Mar 2026 -1.9% | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.6% | Sep 2022 -3.5% | Dec 2022 10% | Mar 2023 7.1% | Jun 2023 11% | Sep 2023 7.1% | Dec 2023 -16% | Mar 2024 -14% | Jun 2024 -11% | Sep 2024 -5.6% | Dec 2024 19% | Mar 2025 27% | Jun 2025 26% | Sep 2025 25% | Dec 2025 20% | Mar 2026 4.2% | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.4% | Sep 2022 -2.6% | Dec 2022 -0.7% | Mar 2023 -0.8% | Jun 2023 5.1% | Sep 2023 8.8% | Dec 2023 12% | Mar 2024 13% | Jun 2024 8.3% | Sep 2024 7.0% | Dec 2024 2.6% | Mar 2025 4.8% | Jun 2025 2.9% | Sep 2025 4.6% | Dec 2025 3.9% | Mar 2026 0.7% | Jun 2026 —
- COUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 24% | Dec 2022 23% | Mar 2023 23% | Jun 2023 23% | Sep 2023 22% | Dec 2023 19% | Mar 2024 14% | Jun 2024 10% | Sep 2024 6.0% | Dec 2024 5.9% | Mar 2025 5.9% | Jun 2025 10% | Sep 2025 10% | Dec 2025 10% | Mar 2026 9.5% | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.5% | Sep 2022 3.4% | Dec 2022 4.6% | Mar 2023 4.8% | Jun 2023 8.5% | Sep 2023 8.7% | Dec 2023 12% | Mar 2024 18% | Jun 2024 16% | Sep 2024 14% | Dec 2024 16% | Mar 2025 15% | Jun 2025 13% | Sep 2025 24% | Dec 2025 20% | Mar 2026 22% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.1% | Dec 2025 2.8% | Mar 2026 -0.5% | Jun 2026 —
- APEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 53% | Dec 2022 -1.3% | Mar 2023 -3.2% | Jun 2023 -2.0% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 2.7% | Jun 2024 4.1% | Sep 2024 1.3% | Dec 2024 7.2% | Mar 2025 7.1% | Jun 2025 6.5% | Sep 2025 6.5% | Dec 2025 -3.7% | Mar 2026 6.1% | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 15% | Mar 2023 — | Jun 2023 23% | Sep 2023 20% | Dec 2023 13% | Mar 2024 — | Jun 2024 13% | Sep 2024 2.4% | Dec 2024 4.7% | Mar 2025 2.0% | Jun 2025 1.5% | Sep 2025 0.9% | Dec 2025 — | Mar 2026 3.0% | Jun 2026 -3.9%
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 13% | Mar 2023 8.8% | Jun 2023 7.6% | Sep 2023 -1.3% | Dec 2023 -1.5% | Mar 2024 -1.6% | Jun 2024 2.8% | Sep 2024 7.7% | Dec 2024 1.5% | Mar 2025 -1.6% | Jun 2025 -8.2% | Sep 2025 -15% | Dec 2025 -7.3% | Mar 2026 0.0% | Jun 2026 1.5%
- LGCY: Sep 2021 40% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11% | Dec 2023 38% | Mar 2024 33% | Jun 2024 30% | Sep 2024 40% | Dec 2024 27% | Mar 2025 58% | Jun 2025 38% | Sep 2025 36% | Dec 2025 36% | Mar 2026 11% | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.5% | Sep 2022 -4.1% | Dec 2022 -1.0% | Mar 2023 -6.9% | Jun 2023 -6.2% | Sep 2023 -4.2% | Dec 2023 -8.3% | Mar 2024 -7.5% | Jun 2024 -11% | Sep 2024 -13% | Dec 2024 -24% | Mar 2025 -30% | Jun 2025 -36% | Sep 2025 -43% | Dec 2025 -49% | Mar 2026 -48% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Grand Canyon Education, Inc. leads opm at 30.9%; Chegg, Inc. leads margin change at +22.3 percentage points.

Investor read: Grand Canyon Education, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Grand Canyon Education, Inc. · 30.9% | 8.4% versus #2 · Perdoceo Education Corporation | 5/8 recent comparable periods | 19/20 companies · 345 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Grand Canyon Education, Inc. (LOPE): 31%
2. Perdoceo Education Corporation (PRDO): 29%
3. Stride, Inc. (LRN): 21%
4. Covista Inc. (CVSA): 19%
5. Legacy Education Inc. (LGCY): 19%

### Margin change — fastest expanders
1. Chegg, Inc. (CHGG): +22.3 pp
2. TAL Education Group (TAL): +11.6 pp
3. Franklin Covey Co. (FC): +9.5 pp
4. American Public Education, Inc. (APEI): +5.0 pp
5. Perdoceo Education Corporation (PRDO): +4.2 pp

### 20-quarter OPM history
- EDU: Sep 2021 2.5% | Dec 2021 -117% | Mar 2022 -23% | Jun 2022 -20% | Sep 2022 11% | Dec 2022 -0.4% | Mar 2023 8.8% | Jun 2023 5.6% | Sep 2023 19% | Dec 2023 2.5% | Mar 2024 9.4% | Jun 2024 0.9% | Sep 2024 20% | Dec 2024 1.9% | Mar 2025 11% | Jun 2025 -0.7% | Sep 2025 20% | Dec 2025 5.6% | Mar 2026 13% | Jun 2026 —
- TAL: Sep 2021 -26% | Dec 2021 -11% | Mar 2022 0.1% | Jun 2022 -13% | Sep 2022 5.1% | Dec 2022 -14% | Mar 2023 -17% | Jun 2023 -21% | Sep 2023 7.7% | Dec 2023 -8.6% | Mar 2024 -2.6% | Jun 2024 -4.2% | Sep 2024 7.7% | Dec 2024 -2.9% | Mar 2025 -2.6% | Jun 2025 2.5% | Sep 2025 11% | Dec 2025 12% | Mar 2026 9.0% | Jun 2026 —
- LAUR: Sep 2021 13% | Dec 2021 -3.7% | Mar 2022 4.3% | Jun 2022 33% | Sep 2022 19% | Dec 2022 23% | Mar 2023 6.2% | Jun 2023 33% | Sep 2023 16% | Dec 2023 27% | Mar 2024 4.0% | Jun 2024 33% | Sep 2024 20% | Dec 2024 29% | Mar 2025 -5.6% | Jun 2025 37% | Sep 2025 18% | Dec 2025 33% | Mar 2026 -10% | Jun 2026 —
- GHC: Sep 2021 -2.1% | Dec 2021 2.6% | Mar 2022 4.4% | Jun 2022 4.2% | Sep 2022 5.9% | Dec 2022 -5.2% | Mar 2023 2.7% | Jun 2023 5.3% | Sep 2023 -5.1% | Dec 2023 3.5% | Mar 2024 3.1% | Jun 2024 2.2% | Sep 2024 6.8% | Dec 2024 5.8% | Mar 2025 4.1% | Jun 2025 6.0% | Sep 2025 5.2% | Dec 2025 3.8% | Mar 2026 4.7% | Jun 2026 —
- CVSA: Sep 2021 -7.6% | Dec 2021 6.7% | Mar 2022 9.0% | Jun 2022 13% | Sep 2022 6.7% | Dec 2022 13% | Mar 2023 16% | Jun 2023 11% | Sep 2023 7.6% | Dec 2023 15% | Mar 2024 15% | Jun 2024 17% | Sep 2024 17% | Dec 2024 23% | Mar 2025 19% | Jun 2025 17% | Sep 2025 19% | Dec 2025 22% | Mar 2026 19% | Jun 2026 —
- LRN: Sep 2021 -1.7% | Dec 2021 14% | Mar 2022 14% | Jun 2022 10% | Sep 2022 -6.8% | Dec 2022 15% | Mar 2023 15% | Jun 2023 11% | Sep 2023 0.7% | Dec 2023 17% | Mar 2024 17% | Jun 2024 14% | Sep 2024 8.6% | Dec 2024 21% | Mar 2025 21% | Jun 2025 8.7% | Sep 2025 11% | Dec 2025 23% | Mar 2026 21% | Jun 2026 —
- LOPE: Sep 2021 22% | Dec 2021 41% | Mar 2022 32% | Jun 2022 17% | Sep 2022 17% | Dec 2022 35% | Mar 2023 30% | Jun 2023 17% | Sep 2023 19% | Dec 2023 35% | Mar 2024 31% | Jun 2024 19% | Sep 2024 20% | Dec 2024 34% | Mar 2025 30% | Jun 2025 21% | Sep 2025 6.9% | Dec 2025 35% | Mar 2026 31% | Jun 2026 —
- UTI: Sep 2021 13% | Dec 2021 13% | Mar 2022 3.3% | Jun 2022 1.9% | Sep 2022 3.1% | Dec 2022 3.7% | Mar 2023 3.6% | Jun 2023 0.4% | Sep 2023 6.1% | Dec 2023 8.1% | Mar 2024 6.1% | Jun 2024 4.2% | Sep 2024 13% | Dec 2024 14% | Mar 2025 8.1% | Jun 2025 6.9% | Sep 2025 11% | Dec 2025 7.1% | Mar 2026 0.2% | Jun 2026 —
- MH: Sep 2021 -0.4% | Dec 2021 -3.0% | Mar 2022 -127% | Jun 2022 11% | Sep 2022 15% | Dec 2022 -71% | Mar 2023 -12% | Jun 2023 9.1% | Sep 2023 22% | Dec 2023 1.7% | Mar 2024 -9.7% | Jun 2024 15% | Sep 2024 26% | Dec 2024 5.8% | Mar 2025 5.9% | Jun 2025 18% | Sep 2025 23% | Dec 2025 7.0% | Mar 2026 -1.4% | Jun 2026 —
- PRDO: Sep 2021 22% | Dec 2021 22% | Mar 2022 24% | Jun 2022 20% | Sep 2022 17% | Dec 2022 13% | Mar 2023 22% | Jun 2023 26% | Sep 2023 24% | Dec 2023 11% | Mar 2024 28% | Jun 2024 28% | Sep 2024 26% | Dec 2024 21% | Mar 2025 24% | Jun 2025 25% | Sep 2025 24% | Dec 2025 20% | Mar 2026 29% | Jun 2026 —
- STRA: Sep 2021 2.7% | Dec 2021 10% | Mar 2022 5.2% | Jun 2022 8.0% | Sep 2022 3.0% | Dec 2022 10% | Mar 2023 -0.5% | Jun 2023 5.8% | Sep 2023 9.0% | Dec 2023 18% | Mar 2024 14% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 13% | Jun 2025 14% | Sep 2025 12% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- COUR: Sep 2021 -29% | Dec 2021 -41% | Mar 2022 -31% | Jun 2022 -38% | Sep 2022 -27% | Dec 2022 -39% | Mar 2023 -27% | Jun 2023 -25% | Sep 2023 -24% | Dec 2023 -17% | Mar 2024 -18% | Jun 2024 -18% | Sep 2024 -12% | Dec 2024 -17% | Mar 2025 -8.0% | Jun 2025 -8.1% | Sep 2025 -8.0% | Dec 2025 -16% | Mar 2026 -13% | Jun 2026 —
- LINC: Sep 2021 6.5% | Dec 2021 39% | Mar 2022 -0.4% | Jun 2022 0.5% | Sep 2022 5.3% | Dec 2022 12% | Mar 2023 -1.3% | Jun 2023 27% | Sep 2023 2.0% | Dec 2023 8.7% | Mar 2024 -0.4% | Jun 2024 -1.1% | Sep 2024 5.1% | Dec 2024 9.2% | Mar 2025 2.9% | Jun 2025 2.5% | Sep 2025 4.4% | Dec 2025 12% | Mar 2026 4.5% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -37% | Dec 2024 -11% | Mar 2025 -34% | Jun 2025 — | Sep 2025 -40% | Dec 2025 -37% | Mar 2026 -40% | Jun 2026 —
- APEI: Sep 2021 1.3% | Dec 2021 11% | Mar 2022 3.4% | Jun 2022 -94% | Sep 2022 -0.7% | Dec 2022 -0.2% | Mar 2023 -3.6% | Jun 2023 -44% | Sep 2023 4.2% | Dec 2023 12% | Mar 2024 3.4% | Jun 2024 1.5% | Sep 2024 2.7% | Dec 2024 13% | Mar 2025 7.4% | Jun 2025 4.3% | Sep 2025 5.9% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- KLC: Sep 2021 14% | Dec 2021 14% | Mar 2022 18% | Jun 2022 23% | Sep 2022 24% | Dec 2022 13% | Mar 2023 — | Jun 2023 12% | Sep 2023 15% | Dec 2023 7.9% | Mar 2024 5.1% | Jun 2024 12% | Sep 2024 8.1% | Dec 2024 -14% | Mar 2025 7.3% | Jun 2025 9.8% | Sep 2025 3.9% | Dec 2025 — | Mar 2026 -24% | Jun 2026 -41%
- FC: Sep 2021 6.3% | Dec 2021 9.1% | Mar 2022 6.2% | Jun 2022 9.0% | Sep 2022 11% | Dec 2022 9.2% | Mar 2023 4.6% | Jun 2023 9.2% | Sep 2023 14% | Dec 2023 7.8% | Mar 2024 2.4% | Jun 2024 11% | Sep 2024 21% | Dec 2024 2.1% | Mar 2025 -2.4% | Jun 2025 -3.3% | Sep 2025 11% | Dec 2025 -5.7% | Mar 2026 -3.4% | Jun 2026 6.2%
- LGCY: Sep 2021 9.1% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 4.5% | Mar 2023 10% | Jun 2023 11% | Sep 2023 13% | Dec 2023 16% | Mar 2024 19% | Jun 2024 6.5% | Sep 2024 19% | Dec 2024 12% | Mar 2025 20% | Jun 2025 11% | Sep 2025 14% | Dec 2025 13% | Mar 2026 19% | Jun 2026 —
- CHGG: Sep 2021 0.2% | Dec 2021 13% | Mar 2022 2.7% | Jun 2022 3.8% | Sep 2022 -6.9% | Dec 2022 3.7% | Mar 2023 -2.4% | Jun 2023 -10% | Sep 2023 -37% | Dec 2023 7.1% | Mar 2024 -1.4% | Jun 2024 -297% | Sep 2024 -163% | Dec 2024 -19% | Mar 2025 -24% | Jun 2025 -35% | Sep 2025 -22% | Dec 2025 -47% | Mar 2026 -1.6% | Jun 2026 —

### 20-quarter Margin change history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −11.8 pp | Sep 2022 +8.0 pp | Dec 2022 +116.3 pp | Mar 2023 +31.8 pp | Jun 2023 +25.8 pp | Sep 2023 +8.1 pp | Dec 2023 +2.9 pp | Mar 2024 +0.6 pp | Jun 2024 −4.7 pp | Sep 2024 +1.8 pp | Dec 2024 −0.6 pp | Mar 2025 +1.1 pp | Jun 2025 −1.6 pp | Sep 2025 0.0 pp | Dec 2025 +3.7 pp | Mar 2026 +2.2 pp | Jun 2026 —
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.4 pp | Sep 2022 +31.4 pp | Dec 2022 −3.5 pp | Mar 2023 −16.6 pp | Jun 2023 −8.4 pp | Sep 2023 +2.6 pp | Dec 2023 +5.5 pp | Mar 2024 +13.9 pp | Jun 2024 +16.8 pp | Sep 2024 0.0 pp | Dec 2024 +5.7 pp | Mar 2025 0.0 pp | Jun 2025 +6.7 pp | Sep 2025 +3.5 pp | Dec 2025 +15.0 pp | Mar 2026 +11.6 pp | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +15.3 pp | Sep 2022 +5.6 pp | Dec 2022 +26.2 pp | Mar 2023 +1.9 pp | Jun 2023 +0.5 pp | Sep 2023 −2.5 pp | Dec 2023 +4.4 pp | Mar 2024 −2.2 pp | Jun 2024 0.0 pp | Sep 2024 +3.3 pp | Dec 2024 +2.4 pp | Mar 2025 −9.6 pp | Jun 2025 +3.5 pp | Sep 2025 −1.6 pp | Dec 2025 +3.9 pp | Mar 2026 −4.5 pp | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +8.0 pp | Dec 2022 −7.8 pp | Mar 2023 −1.7 pp | Jun 2023 +1.1 pp | Sep 2023 −11.0 pp | Dec 2023 +8.7 pp | Mar 2024 +0.4 pp | Jun 2024 −3.1 pp | Sep 2024 +11.9 pp | Dec 2024 +2.3 pp | Mar 2025 +1.0 pp | Jun 2025 +3.8 pp | Sep 2025 −1.6 pp | Dec 2025 −2.0 pp | Mar 2026 +0.6 pp | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.7 pp | Sep 2022 +14.3 pp | Dec 2022 +5.9 pp | Mar 2023 +7.1 pp | Jun 2023 −1.9 pp | Sep 2023 +0.9 pp | Dec 2023 +2.3 pp | Mar 2024 −1.1 pp | Jun 2024 +5.9 pp | Sep 2024 +9.2 pp | Dec 2024 +8.3 pp | Mar 2025 +4.4 pp | Jun 2025 +0.1 pp | Sep 2025 +1.7 pp | Dec 2025 −1.1 pp | Mar 2026 −0.6 pp | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.7 pp | Sep 2022 −5.1 pp | Dec 2022 +0.9 pp | Mar 2023 +1.0 pp | Jun 2023 +1.1 pp | Sep 2023 +7.5 pp | Dec 2023 +1.9 pp | Mar 2024 +1.6 pp | Jun 2024 +2.6 pp | Sep 2024 +7.9 pp | Dec 2024 +4.6 pp | Mar 2025 +4.3 pp | Jun 2025 −5.1 pp | Sep 2025 +2.5 pp | Dec 2025 +2.0 pp | Mar 2026 −0.8 pp | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.0 pp | Sep 2022 −4.9 pp | Dec 2022 −5.6 pp | Mar 2023 −1.9 pp | Jun 2023 −0.1 pp | Sep 2023 +1.7 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.5 pp | Dec 2024 −0.9 pp | Mar 2025 −0.4 pp | Jun 2025 +2.1 pp | Sep 2025 −13.3 pp | Dec 2025 +0.9 pp | Mar 2026 +0.5 pp | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 −10.0 pp | Dec 2022 −9.2 pp | Mar 2023 +0.3 pp | Jun 2023 −1.5 pp | Sep 2023 +3.0 pp | Dec 2023 +4.4 pp | Mar 2024 +2.5 pp | Jun 2024 +3.8 pp | Sep 2024 +7.2 pp | Dec 2024 +5.5 pp | Mar 2025 +2.0 pp | Jun 2025 +2.7 pp | Sep 2025 −2.1 pp | Dec 2025 −6.5 pp | Mar 2026 −7.9 pp | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −18.1 pp | Sep 2022 +15.2 pp | Dec 2022 −67.7 pp | Mar 2023 +115.0 pp | Jun 2023 −1.5 pp | Sep 2023 +7.6 pp | Dec 2023 +72.4 pp | Mar 2024 +2.2 pp | Jun 2024 +5.4 pp | Sep 2024 +3.6 pp | Dec 2024 +4.1 pp | Mar 2025 +15.6 pp | Jun 2025 +3.5 pp | Sep 2025 −2.6 pp | Dec 2025 +1.2 pp | Mar 2026 −7.3 pp | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −4.4 pp | Dec 2022 −8.7 pp | Mar 2023 −1.7 pp | Jun 2023 +5.6 pp | Sep 2023 +6.5 pp | Dec 2023 −2.1 pp | Mar 2024 +5.3 pp | Jun 2024 +1.8 pp | Sep 2024 +2.5 pp | Dec 2024 +10.3 pp | Mar 2025 −3.2 pp | Jun 2025 −3.1 pp | Sep 2025 −2.3 pp | Dec 2025 −1.3 pp | Mar 2026 +4.2 pp | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 +0.3 pp | Dec 2022 0.0 pp | Mar 2023 −5.7 pp | Jun 2023 −2.2 pp | Sep 2023 +6.0 pp | Dec 2023 +7.7 pp | Mar 2024 +14.7 pp | Jun 2024 +7.6 pp | Sep 2024 +2.9 pp | Dec 2024 −6.3 pp | Mar 2025 −1.1 pp | Jun 2025 +0.8 pp | Sep 2025 −0.3 pp | Dec 2025 +4.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- COUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.5 pp | Sep 2022 +1.9 pp | Dec 2022 +1.9 pp | Mar 2023 +4.4 pp | Jun 2023 +13.3 pp | Sep 2023 +2.8 pp | Dec 2023 +22.5 pp | Mar 2024 +8.9 pp | Jun 2024 +6.7 pp | Sep 2024 +11.6 pp | Dec 2024 −0.1 pp | Mar 2025 +9.6 pp | Jun 2025 +10.2 pp | Sep 2025 +4.3 pp | Dec 2025 +0.6 pp | Mar 2026 −4.9 pp | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.8 pp | Sep 2022 −1.2 pp | Dec 2022 −26.5 pp | Mar 2023 −0.9 pp | Jun 2023 +26.0 pp | Sep 2023 −3.3 pp | Dec 2023 −3.6 pp | Mar 2024 +0.9 pp | Jun 2024 −27.6 pp | Sep 2024 +3.1 pp | Dec 2024 +0.5 pp | Mar 2025 +3.3 pp | Jun 2025 +3.6 pp | Sep 2025 −0.7 pp | Dec 2025 +3.2 pp | Mar 2026 +1.6 pp | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −3.2 pp | Dec 2025 −25.8 pp | Mar 2026 −5.7 pp | Jun 2026 —
- APEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −96.9 pp | Sep 2022 −2.0 pp | Dec 2022 −10.9 pp | Mar 2023 −7.0 pp | Jun 2023 +50.1 pp | Sep 2023 +4.9 pp | Dec 2023 +12.2 pp | Mar 2024 +7.0 pp | Jun 2024 +45.8 pp | Sep 2024 −1.5 pp | Dec 2024 +1.1 pp | Mar 2025 +4.0 pp | Jun 2025 +2.8 pp | Sep 2025 +3.2 pp | Dec 2025 −1.2 pp | Mar 2026 +5.0 pp | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.5 pp | Dec 2022 −0.9 pp | Mar 2023 — | Jun 2023 −11.7 pp | Sep 2023 −8.9 pp | Dec 2023 −5.0 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 −6.7 pp | Dec 2024 −21.7 pp | Mar 2025 +2.2 pp | Jun 2025 −1.9 pp | Sep 2025 −4.2 pp | Dec 2025 — | Mar 2026 −31.1 pp | Jun 2026 −50.3 pp
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 +0.1 pp | Mar 2023 −1.6 pp | Jun 2023 +0.2 pp | Sep 2023 +2.6 pp | Dec 2023 −1.4 pp | Mar 2024 −2.2 pp | Jun 2024 +2.2 pp | Sep 2024 +7.7 pp | Dec 2024 −5.7 pp | Mar 2025 −4.8 pp | Jun 2025 −14.7 pp | Sep 2025 −10.2 pp | Dec 2025 −7.8 pp | Mar 2026 −1.0 pp | Jun 2026 +9.5 pp
- LGCY: Sep 2021 −5.8 pp | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.1 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 +11.0 pp | Mar 2024 +8.9 pp | Jun 2024 −4.9 pp | Sep 2024 +5.8 pp | Dec 2024 −3.3 pp | Mar 2025 +0.5 pp | Jun 2025 +4.6 pp | Sep 2025 −5.2 pp | Dec 2025 +1.1 pp | Mar 2026 −1.2 pp | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.7 pp | Sep 2022 −7.1 pp | Dec 2022 −8.9 pp | Mar 2023 −5.1 pp | Jun 2023 −14.0 pp | Sep 2023 −29.8 pp | Dec 2023 +3.4 pp | Mar 2024 +1.0 pp | Jun 2024 −287.1 pp | Sep 2024 −126.0 pp | Dec 2024 −26.1 pp | Mar 2025 −22.5 pp | Jun 2025 +262.6 pp | Sep 2025 +140.7 pp | Dec 2025 −28.2 pp | Mar 2026 +22.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: TAL Education Group leads with $531 million of TTM profit, 14.4% above New Oriental Education & Technology Group Inc.. Lincoln Educational Services Corporation shows 91.7% growth from a $23 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: TAL Education Group sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: TAL Education Group · $531 million | 14.4% versus #2 · New Oriental Education & Technology Group Inc. | 4/5 recent comparable periods | 17/20 companies · 345 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. TAL Education Group (TAL): ₹531 Cr
2. New Oriental Education & Technology Group Inc. (EDU): ₹464 Cr
3. Graham Holdings Company (GHC): ₹308 Cr
4. Stride, Inc. (LRN): ₹308 Cr
5. Laureate Education, Inc. (LAUR): ₹281 Cr

### Profit growth — fastest growers
1. Lincoln Educational Services Corporation (LINC): 92%
2. American Public Education, Inc. (APEI): 64%
3. Strategic Education, Inc. (STRA): 15%
4. Legacy Education Inc. (LGCY): 14%
5. Perdoceo Education Corporation (PRDO): 13%

### 20-quarter Net profit history
- EDU: Sep 2021 ₹49 Cr | Dec 2021 ₹-915 Cr | Mar 2022 ₹-121 Cr | Jun 2022 ₹-181 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹185 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹243 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- TAL: Sep 2021 ₹-843 Cr | Dec 2021 ₹-114 Cr | Mar 2022 ₹-109 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-52 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹-45 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹244 Cr | Jun 2026 —
- LAUR: Sep 2021 ₹360 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹-45 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹-27 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹-22 Cr | Jun 2026 —
- GHC: Sep 2021 ₹40 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹-67 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹-19 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹552 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- CVSA: Sep 2021 ₹-77 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- LRN: Sep 2021 ₹-6 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹89 Cr | Jun 2026 —
- LOPE: Sep 2021 ₹48 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- UTI: Sep 2021 ₹12 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- MH: Sep 2021 ₹-133 Cr | Dec 2021 ₹-61 Cr | Mar 2022 ₹-509 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹-312 Cr | Mar 2023 ₹-107 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹-76 Cr | Mar 2024 ₹-146 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹-53 Cr | Mar 2025 ₹-157 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-50 Cr | Jun 2026 —
- PRDO: Sep 2021 ₹28 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- STRA: Sep 2021 ₹4 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- COUR: Sep 2021 ₹-32 Cr | Dec 2021 ₹-48 Cr | Mar 2022 ₹-38 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹-36 Cr | Dec 2022 ₹-52 Cr | Mar 2023 ₹-32 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-27 Cr | Mar 2026 ₹-21 Cr | Jun 2026 —
- LINC: Sep 2021 ₹4 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹10 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹16 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- APEI: Sep 2021 ₹0 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-110 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-51 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- KLC: Sep 2021 ₹31 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹33 Cr | Mar 2023 — | Jun 2023 ₹29 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹-134 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 ₹-177 Cr | Jun 2026 ₹-290 Cr
- FC: Sep 2021 ₹2 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-2 Cr | Jun 2026 ₹3 Cr
- LGCY: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- CHGG: Sep 2021 ₹7 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-617 Cr | Sep 2024 ₹-213 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Profit growth history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2,111% | Sep 2022 76% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 115% | Dec 2023 145% | Mar 2024 18% | Jun 2024 -1.9% | Sep 2024 31% | Dec 2024 -22% | Mar 2025 2.0% | Jun 2025 -84% | Sep 2025 2.1% | Dec 2025 66% | Mar 2026 44% | Jun 2026 —
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 57% | Dec 2024 — | Mar 2025 -107% | Jun 2025 158% | Sep 2025 116% | Dec 2025 404% | Mar 2026 — | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -91% | Dec 2022 2.6% | Mar 2023 — | Jun 2023 27% | Sep 2023 16% | Dec 2023 177% | Mar 2024 — | Jun 2024 129% | Sep 2024 136% | Dec 2024 -13% | Mar 2025 — | Jun 2025 -24% | Sep 2025 -60% | Dec 2025 83% | Mar 2026 — | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -158% | Sep 2022 -15% | Dec 2022 -92% | Mar 2023 -45% | Jun 2023 — | Sep 2023 -162% | Dec 2023 700% | Mar 2024 136% | Jun 2024 -115% | Sep 2024 — | Dec 2024 886% | Mar 2025 -79% | Jun 2025 — | Sep 2025 68% | Dec 2025 -80% | Mar 2026 19% | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -38% | Mar 2023 1,125% | Jun 2023 2,300% | Sep 2023 100% | Dec 2023 58% | Mar 2024 -24% | Jun 2024 113% | Sep 2024 283% | Dec 2024 87% | Mar 2025 65% | Jun 2025 5.9% | Sep 2025 33% | Dec 2025 7.0% | Mar 2026 -4.9% | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 180% | Sep 2022 — | Dec 2022 21% | Mar 2023 28% | Jun 2023 54% | Sep 2023 — | Dec 2023 31% | Mar 2024 27% | Jun 2024 47% | Sep 2024 720% | Dec 2024 43% | Mar 2025 41% | Jun 2025 -19% | Sep 2025 68% | Dec 2025 3.1% | Mar 2026 -10% | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -47% | Sep 2022 -38% | Dec 2022 -16% | Mar 2023 3.5% | Jun 2023 12% | Sep 2023 20% | Dec 2023 14% | Mar 2024 13% | Jun 2024 21% | Sep 2024 14% | Dec 2024 1.2% | Mar 2025 5.9% | Jun 2025 20% | Sep 2025 -61% | Dec 2025 6.1% | Mar 2026 4.2% | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -75% | Dec 2022 -80% | Mar 2023 -57% | Jun 2023 -200% | Sep 2023 133% | Dec 2023 233% | Mar 2024 167% | Jun 2024 — | Sep 2024 171% | Dec 2024 120% | Mar 2025 38% | Jun 2025 120% | Sep 2025 0.0% | Dec 2025 -41% | Mar 2026 -100% | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -111% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 144% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 118% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -21% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.7% | Sep 2022 -21% | Dec 2022 -33% | Mar 2023 6.3% | Jun 2023 112% | Sep 2023 86% | Dec 2023 6.3% | Mar 2024 15% | Jun 2024 -31% | Sep 2024 -7.3% | Dec 2024 82% | Mar 2025 13% | Jun 2025 7.9% | Sep 2025 5.3% | Dec 2025 13% | Mar 2026 23% | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 50% | Dec 2022 -18% | Mar 2023 -129% | Jun 2023 -6.7% | Sep 2023 200% | Dec 2023 117% | Mar 2024 — | Jun 2024 114% | Sep 2024 56% | Dec 2024 -36% | Mar 2025 0.0% | Jun 2025 6.7% | Sep 2025 -3.6% | Dec 2025 52% | Mar 2026 10% | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 0.0% | Dec 2022 -63% | Mar 2023 — | Jun 2023 — | Sep 2023 -50% | Dec 2023 -22% | Mar 2024 — | Jun 2024 -106% | Sep 2024 100% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 86% | Mar 2026 100% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 80% | Dec 2025 -68% | Mar 2026 -38% | Jun 2026 —
- APEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11,100% | Sep 2022 — | Dec 2022 -178% | Mar 2023 -220% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 125% | Jun 2025 300% | Sep 2025 200% | Dec 2025 0.0% | Mar 2026 100% | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 155% | Dec 2022 10% | Mar 2023 — | Jun 2023 -60% | Sep 2023 -46% | Dec 2023 -9.1% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 -67% | Dec 2024 -547% | Mar 2025 — | Jun 2025 34% | Sep 2025 -64% | Dec 2025 — | Mar 2026 -943% | Jun 2026 -844%
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 200% | Dec 2022 25% | Mar 2023 0.0% | Jun 2023 -29% | Sep 2023 17% | Dec 2023 0.0% | Mar 2024 -50% | Jun 2024 20% | Sep 2024 71% | Dec 2024 -80% | Mar 2025 -200% | Jun 2025 -117% | Sep 2025 -67% | Dec 2025 -400% | Mar 2026 — | Jun 2026 —
- LGCY: Sep 2021 -100% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 100% | Jun 2024 0.0% | Sep 2024 100% | Dec 2024 0.0% | Mar 2025 50% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 100% | Mar 2026 0.0% | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -79% | Sep 2022 3,500% | Dec 2022 -92% | Mar 2023 -67% | Jun 2023 257% | Sep 2023 -107% | Dec 2023 400% | Mar 2024 -150% | Jun 2024 -2,568% | Sep 2024 — | Dec 2024 -160% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: New Oriental Education & Technology Group Inc. reports $95 million of CAPEX; Universal Technical Institute, Inc. has the highest covered intensity at 13.6%. Coverage is only 18 of 20 companies and 304 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: New Oriental Education & Technology Group Inc. · $95 million | 216.7% versus #2 · KinderCare Learning Companies, Inc. | Not enough history | 18/20 companies · 304 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. New Oriental Education & Technology Group Inc. (EDU): ₹95 Cr
2. KinderCare Learning Companies, Inc. (KLC): ₹30 Cr
3. Universal Technical Institute, Inc. (UTI): ₹30 Cr
4. McGraw Hill, Inc. (MH): ₹24 Cr
5. Covista Inc. (CVSA): ₹20 Cr

### CAPEX intensity — highest reinvestment intensity
1. Universal Technical Institute, Inc. (UTI): 14%
2. Lincoln Educational Services Corporation (LINC): 10%
3. Coursera, Inc. (COUR): 6.1%
4. McGraw Hill, Inc. (MH): 5.2%
5. KinderCare Learning Companies, Inc. (KLC): 4.5%

### 20-quarter CAPEX history
- LAUR: Sep 2021 ₹7 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- GHC: Sep 2021 ₹113 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- CVSA: Sep 2021 ₹7 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- LRN: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LOPE: Sep 2021 ₹6 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- UTI: Sep 2021 ₹7 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- MH: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹17 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹20 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- PRDO: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- STRA: Sep 2021 ₹10 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- COUR: Sep 2021 ₹4 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- LINC: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹5 Cr
- APEI: Sep 2021 ₹3 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- KLC: Sep 2021 ₹12 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹17 Cr | Sep 2022 — | Dec 2022 ₹45 Cr | Mar 2023 — | Jun 2023 ₹29 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹38 Cr | Dec 2025 — | Mar 2026 ₹32 Cr | Jun 2026 ₹30 Cr
- FC: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LGCY: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- CHGG: Sep 2021 ₹21 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- LAUR: Sep 2021 2.6% | Dec 2021 7.7% | Mar 2022 0.5% | Jun 2022 1.8% | Sep 2022 3.0% | Dec 2022 10% | Mar 2023 2.4% | Jun 2023 1.9% | Sep 2023 3.3% | Dec 2023 7.3% | Mar 2024 5.8% | Jun 2024 2.2% | Sep 2024 2.2% | Dec 2024 8.7% | Mar 2025 2.1% | Jun 2025 2.5% | Sep 2025 4.5% | Dec 2025 12% | Mar 2026 2.9% | Jun 2026 —
- GHC: Sep 2021 14% | Dec 2021 2.5% | Mar 2022 1.5% | Jun 2022 1.9% | Sep 2022 2.5% | Dec 2022 2.4% | Mar 2023 2.2% | Jun 2023 1.6% | Sep 2023 1.8% | Dec 2023 2.7% | Mar 2024 1.8% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 2.0% | Mar 2025 1.3% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.8% | Mar 2026 1.5% | Jun 2026 —
- CVSA: Sep 2021 2.4% | Dec 2021 2.2% | Mar 2022 1.9% | Jun 2022 2.5% | Sep 2022 1.7% | Dec 2022 1.1% | Mar 2023 2.4% | Jun 2023 4.9% | Sep 2023 2.7% | Dec 2023 2.3% | Mar 2024 3.1% | Jun 2024 4.1% | Sep 2024 2.4% | Dec 2024 2.5% | Mar 2025 2.1% | Jun 2025 4.2% | Sep 2025 3.5% | Dec 2025 3.0% | Mar 2026 4.1% | Jun 2026 —
- LRN: Sep 2021 0.3% | Dec 2021 0.2% | Mar 2022 0.5% | Jun 2022 1.1% | Sep 2022 0.2% | Dec 2022 0.4% | Mar 2023 0.2% | Jun 2023 0.2% | Sep 2023 0.4% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.2% | Jun 2026 —
- LOPE: Sep 2021 2.9% | Dec 2021 3.2% | Mar 2022 2.9% | Jun 2022 4.0% | Sep 2022 5.3% | Dec 2022 3.5% | Mar 2023 3.6% | Jun 2023 4.3% | Sep 2023 7.7% | Dec 2023 3.6% | Mar 2024 3.3% | Jun 2024 4.0% | Sep 2024 4.2% | Dec 2024 3.4% | Mar 2025 3.1% | Jun 2025 3.6% | Sep 2025 3.8% | Dec 2025 2.6% | Mar 2026 2.6% | Jun 2026 —
- UTI: Sep 2021 7.2% | Dec 2021 11% | Mar 2022 41% | Jun 2022 16% | Sep 2022 9.0% | Dec 2022 5.8% | Mar 2023 20% | Jun 2023 6.5% | Sep 2023 4.7% | Dec 2023 2.3% | Mar 2024 3.3% | Jun 2024 4.0% | Sep 2024 4.1% | Dec 2024 1.5% | Mar 2025 5.3% | Jun 2025 5.4% | Sep 2025 7.2% | Dec 2025 10% | Mar 2026 14% | Jun 2026 —
- MH: Sep 2021 1.0% | Dec 2021 1.5% | Mar 2022 2.5% | Jun 2022 2.7% | Sep 2022 2.5% | Dec 2022 4.2% | Mar 2023 5.7% | Jun 2023 3.4% | Sep 2023 — | Dec 2023 — | Mar 2024 4.8% | Jun 2024 3.1% | Sep 2024 1.9% | Dec 2024 3.4% | Mar 2025 5.9% | Jun 2025 3.0% | Sep 2025 3.1% | Dec 2025 5.5% | Mar 2026 5.2% | Jun 2026 —
- PRDO: Sep 2021 1.7% | Dec 2021 2.5% | Mar 2022 2.7% | Jun 2022 1.2% | Sep 2022 1.2% | Dec 2022 2.3% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 0.6% | Dec 2023 1.4% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 1.1% | Mar 2025 0.9% | Jun 2025 1.4% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 0.9% | Jun 2026 —
- STRA: Sep 2021 3.7% | Dec 2021 5.9% | Mar 2022 3.9% | Jun 2022 4.7% | Sep 2022 3.8% | Dec 2022 4.1% | Mar 2023 3.1% | Jun 2023 3.5% | Sep 2023 3.5% | Dec 2023 3.3% | Mar 2024 3.1% | Jun 2024 3.5% | Sep 2024 2.9% | Dec 2024 3.5% | Mar 2025 3.3% | Jun 2025 3.4% | Sep 2025 3.4% | Dec 2025 3.7% | Mar 2026 3.3% | Jun 2026 —
- COUR: Sep 2021 3.6% | Dec 2021 2.6% | Mar 2022 4.2% | Jun 2022 3.2% | Sep 2022 2.9% | Dec 2022 1.4% | Mar 2023 2.7% | Jun 2023 3.9% | Sep 2023 3.6% | Dec 2023 3.6% | Mar 2024 3.6% | Jun 2024 4.1% | Sep 2024 6.3% | Dec 2024 6.7% | Mar 2025 4.5% | Jun 2025 3.7% | Sep 2025 3.6% | Dec 2025 4.1% | Mar 2026 6.1% | Jun 2026 —
- LINC: Sep 2021 2.2% | Dec 2021 2.3% | Mar 2022 1.2% | Jun 2022 3.7% | Sep 2022 3.3% | Dec 2022 2.2% | Mar 2023 3.4% | Jun 2023 9.0% | Sep 2023 18% | Dec 2023 12% | Mar 2024 1.9% | Jun 2024 11% | Sep 2024 17% | Dec 2024 21% | Mar 2025 17% | Jun 2025 22% | Sep 2025 16% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.4% | Mar 2025 2.2% | Jun 2025 — | Sep 2025 2.3% | Dec 2025 1.9% | Mar 2026 2.3% | Jun 2026 —
- APEI: Sep 2021 3.1% | Dec 2021 3.9% | Mar 2022 1.9% | Jun 2022 2.7% | Sep 2022 2.7% | Dec 2022 3.3% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 2.0% | Dec 2023 2.6% | Mar 2024 3.9% | Jun 2024 3.3% | Sep 2024 3.9% | Dec 2024 1.8% | Mar 2025 2.4% | Jun 2025 2.5% | Sep 2025 2.5% | Dec 2025 2.5% | Mar 2026 1.7% | Jun 2026 —
- KLC: Sep 2021 2.6% | Dec 2021 4.0% | Mar 2022 5.3% | Jun 2022 3.4% | Sep 2022 — | Dec 2022 8.2% | Mar 2023 — | Jun 2023 4.7% | Sep 2023 4.4% | Dec 2023 5.3% | Mar 2024 3.7% | Jun 2024 4.2% | Sep 2024 6.3% | Dec 2024 5.9% | Mar 2025 3.4% | Jun 2025 4.9% | Sep 2025 5.6% | Dec 2025 — | Mar 2026 4.7% | Jun 2026 4.5%
- FC: Sep 2021 0.0% | Dec 2021 1.6% | Mar 2022 1.8% | Jun 2022 1.5% | Sep 2022 1.3% | Dec 2022 1.4% | Mar 2023 1.6% | Jun 2023 1.4% | Sep 2023 1.3% | Dec 2023 1.5% | Mar 2024 1.6% | Jun 2024 1.4% | Sep 2024 1.2% | Dec 2024 1.4% | Mar 2025 1.7% | Jun 2025 3.0% | Sep 2025 5.6% | Dec 2025 3.1% | Mar 2026 1.7% | Jun 2026 —
- LGCY: Sep 2021 0.0% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 5.3% | Mar 2026 0.0% | Jun 2026 —
- CHGG: Sep 2021 12% | Dec 2021 13% | Mar 2022 15% | Jun 2022 14% | Sep 2022 13% | Dec 2022 12% | Mar 2023 9.0% | Jun 2023 9.3% | Sep 2023 15% | Dec 2023 14% | Mar 2024 16% | Jun 2024 11% | Sep 2024 12% | Dec 2024 9.1% | Mar 2025 7.4% | Jun 2025 6.7% | Sep 2025 7.7% | Dec 2025 8.2% | Mar 2026 1.6% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: New Oriental Education & Technology Group Inc. has the clearest covered balance-sheet capacity with $3,995 million net cash and gross debt of $807 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Coursera, Inc. · $0 million | null versus #2 · Franklin Covey Co. | 8/8 recent comparable periods | 18/20 companies · 319 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Coursera, Inc. (COUR): ₹0 Cr
2. Franklin Covey Co. (FC): ₹0 Cr
3. Legacy Education Inc. (LGCY): ₹16 Cr
4. Chegg, Inc. (CHGG): ₹47 Cr
5. Phoenix Education Partners, Inc. (PXED): ₹66 Cr

### Net debt — lowest net debt
1. New Oriental Education & Technology Group Inc. (EDU): ₹-4.0K Cr
2. TAL Education Group (TAL): ₹-2.9K Cr
3. Coursera, Inc. (COUR): ₹-790 Cr
4. Perdoceo Education Corporation (PRDO): ₹-563 Cr
5. Stride, Inc. (LRN): ₹-259 Cr

### 20-quarter Gross debt history
- EDU: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹872 Cr | Jun 2022 ₹680 Cr | Sep 2022 ₹572 Cr | Dec 2022 ₹487 Cr | Mar 2023 ₹467 Cr | Jun 2023 ₹459 Cr | Sep 2023 ₹470 Cr | Dec 2023 ₹511 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹662 Cr | Sep 2024 ₹710 Cr | Dec 2024 ₹723 Cr | Mar 2025 ₹739 Cr | Jun 2025 ₹804 Cr | Sep 2025 ₹784 Cr | Dec 2025 ₹780 Cr | Mar 2026 ₹807 Cr | Jun 2026 —
- TAL: Sep 2021 ₹3.8K Cr | Dec 2021 ₹882 Cr | Mar 2022 ₹242 Cr | Jun 2022 ₹178 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹239 Cr | Jun 2024 ₹346 Cr | Sep 2024 ₹348 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹374 Cr | Sep 2025 ₹373 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹387 Cr | Jun 2026 —
- LAUR: Sep 2021 ₹621 Cr | Dec 2021 ₹569 Cr | Mar 2022 ₹565 Cr | Jun 2022 ₹543 Cr | Sep 2022 ₹509 Cr | Dec 2022 ₹648 Cr | Mar 2023 ₹692 Cr | Jun 2023 ₹620 Cr | Sep 2023 ₹525 Cr | Dec 2023 ₹583 Cr | Mar 2024 ₹628 Cr | Jun 2024 ₹603 Cr | Sep 2024 ₹500 Cr | Dec 2024 ₹427 Cr | Mar 2025 ₹434 Cr | Jun 2025 ₹449 Cr | Sep 2025 ₹438 Cr | Dec 2025 ₹515 Cr | Mar 2026 ₹723 Cr | Jun 2026 —
- GHC: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- CVSA: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹957 Cr | Dec 2022 ₹909 Cr | Mar 2023 ₹905 Cr | Jun 2023 ₹896 Cr | Sep 2023 ₹892 Cr | Dec 2023 ₹897 Cr | Mar 2024 ₹840 Cr | Jun 2024 ₹848 Cr | Sep 2024 ₹843 Cr | Dec 2024 ₹865 Cr | Mar 2025 ₹781 Cr | Jun 2025 ₹774 Cr | Sep 2025 ₹776 Cr | Dec 2025 ₹730 Cr | Mar 2026 ₹736 Cr | Jun 2026 —
- LRN: Sep 2021 ₹589 Cr | Dec 2021 ₹586 Cr | Mar 2022 ₹576 Cr | Jun 2022 ₹566 Cr | Sep 2022 ₹572 Cr | Dec 2022 ₹565 Cr | Mar 2023 ₹556 Cr | Jun 2023 ₹544 Cr | Sep 2023 ₹548 Cr | Dec 2023 ₹542 Cr | Mar 2024 ₹536 Cr | Jun 2024 ₹528 Cr | Sep 2024 ₹560 Cr | Dec 2024 ₹561 Cr | Mar 2025 ₹562 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹588 Cr | Dec 2025 ₹556 Cr | Mar 2026 ₹547 Cr | Jun 2026 —
- UTI: Sep 2021 ₹198 Cr | Dec 2021 ₹218 Cr | Mar 2022 ₹199 Cr | Jun 2022 ₹218 Cr | Sep 2022 ₹210 Cr | Dec 2022 ₹383 Cr | Mar 2023 ₹356 Cr | Jun 2023 ₹355 Cr | Sep 2023 ₹350 Cr | Dec 2023 ₹348 Cr | Mar 2024 ₹323 Cr | Jun 2024 ₹313 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹286 Cr | Mar 2025 ₹257 Cr | Jun 2025 ₹261 Cr | Sep 2025 ₹279 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹316 Cr | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 — | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- PRDO: Sep 2021 ₹48 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹117 Cr | Jun 2026 —
- STRA: Sep 2021 ₹306 Cr | Dec 2021 ₹331 Cr | Mar 2022 ₹327 Cr | Jun 2022 ₹312 Cr | Sep 2022 ₹302 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹252 Cr | Sep 2023 ₹206 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- COUR: Sep 2021 ₹21 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- LINC: Sep 2021 ₹75 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹176 Cr | Jun 2025 ₹189 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹207 Cr | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹84 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹68 Cr | Jun 2026 ₹66 Cr
- APEI: Sep 2021 ₹249 Cr | Dec 2021 ₹244 Cr | Mar 2022 ₹270 Cr | Jun 2022 ₹274 Cr | Sep 2022 ₹273 Cr | Dec 2022 ₹209 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹206 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹204 Cr | Jun 2024 ₹205 Cr | Sep 2024 ₹203 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹163 Cr | Mar 2026 ₹153 Cr | Jun 2026 —
- KLC: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 — | Dec 2022 ₹2.8K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 — | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.5K Cr
- FC: Sep 2021 ₹33 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹0 Cr
- LGCY: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- CHGG: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹788 Cr | Sep 2023 ₹619 Cr | Dec 2023 ₹618 Cr | Mar 2024 ₹617 Cr | Jun 2024 ₹617 Cr | Sep 2024 ₹625 Cr | Dec 2024 ₹504 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹47 Cr | Jun 2026 —

### 20-quarter Net debt history
- EDU: Sep 2021 ₹-3.3K Cr | Dec 2021 ₹-3.3K Cr | Mar 2022 ₹-3.5K Cr | Jun 2022 ₹-3.5K Cr | Sep 2022 ₹-3.7K Cr | Dec 2022 ₹-3.7K Cr | Mar 2023 ₹-3.8K Cr | Jun 2023 ₹-3.5K Cr | Sep 2023 ₹-3.6K Cr | Dec 2023 ₹-3.9K Cr | Mar 2024 ₹-4.0K Cr | Jun 2024 ₹-4.1K Cr | Sep 2024 ₹-4.1K Cr | Dec 2024 ₹-4.0K Cr | Mar 2025 ₹-3.6K Cr | Jun 2025 ₹-3.8K Cr | Sep 2025 ₹-3.9K Cr | Dec 2025 ₹-4.2K Cr | Mar 2026 ₹-4.0K Cr | Jun 2026 —
- TAL: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-2.0K Cr | Mar 2022 ₹-2.5K Cr | Jun 2022 ₹-2.7K Cr | Sep 2022 ₹-2.9K Cr | Dec 2022 ₹-2.9K Cr | Mar 2023 ₹-3.0K Cr | Jun 2023 ₹-2.9K Cr | Sep 2023 ₹-2.8K Cr | Dec 2023 ₹-3.0K Cr | Mar 2024 ₹-3.1K Cr | Jun 2024 ₹-3.1K Cr | Sep 2024 ₹-3.1K Cr | Dec 2024 ₹-3.5K Cr | Mar 2025 ₹-3.3K Cr | Jun 2025 ₹-3.1K Cr | Sep 2025 ₹-2.9K Cr | Dec 2025 ₹-3.2K Cr | Mar 2026 ₹-2.9K Cr | Jun 2026 —
- LAUR: Sep 2021 ₹-1.3K Cr | Dec 2021 ₹223 Cr | Mar 2022 ₹251 Cr | Jun 2022 ₹366 Cr | Sep 2022 ₹173 Cr | Dec 2022 ₹554 Cr | Mar 2023 ₹553 Cr | Jun 2023 ₹499 Cr | Sep 2023 ₹387 Cr | Dec 2023 ₹486 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹467 Cr | Sep 2024 ₹359 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹317 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹192 Cr | Dec 2025 ₹363 Cr | Mar 2026 ₹560 Cr | Jun 2026 —
- GHC: Sep 2021 ₹119 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹290 Cr | Sep 2022 ₹407 Cr | Dec 2022 ₹398 Cr | Mar 2023 ₹411 Cr | Jun 2023 ₹387 Cr | Sep 2023 ₹367 Cr | Dec 2023 ₹386 Cr | Mar 2024 ₹309 Cr | Jun 2024 ₹309 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹-23 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹138 Cr | Jun 2026 —
- CVSA: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹677 Cr | Jun 2022 ₹720 Cr | Sep 2022 ₹629 Cr | Dec 2022 ₹701 Cr | Mar 2023 ₹590 Cr | Jun 2023 ₹624 Cr | Sep 2023 ₹630 Cr | Dec 2023 ₹714 Cr | Mar 2024 ₹660 Cr | Jun 2024 ₹629 Cr | Sep 2024 ₹578 Cr | Dec 2024 ₹671 Cr | Mar 2025 ₹562 Cr | Jun 2025 ₹574 Cr | Sep 2025 ₹511 Cr | Dec 2025 ₹674 Cr | Mar 2026 ₹589 Cr | Jun 2026 —
- LRN: Sep 2021 ₹370 Cr | Dec 2021 ₹329 Cr | Mar 2022 ₹267 Cr | Jun 2022 ₹177 Cr | Sep 2022 ₹377 Cr | Dec 2022 ₹247 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹293 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹159 Cr | Jun 2024 ₹-164 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹-156 Cr | Mar 2025 ₹-162 Cr | Jun 2025 ₹-435 Cr | Sep 2025 ₹-127 Cr | Dec 2025 ₹-70 Cr | Mar 2026 ₹-259 Cr | Jun 2026 —
- UTI: Sep 2021 ₹64 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹244 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹204 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹154 Cr | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 — | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- PRDO: Sep 2021 ₹-433 Cr | Dec 2021 ₹-454 Cr | Mar 2022 ₹-457 Cr | Jun 2022 ₹-478 Cr | Sep 2022 ₹-489 Cr | Dec 2022 ₹-484 Cr | Mar 2023 ₹-488 Cr | Jun 2023 ₹-548 Cr | Sep 2023 ₹-575 Cr | Dec 2023 ₹-577 Cr | Mar 2024 ₹-619 Cr | Jun 2024 ₹-651 Cr | Sep 2024 ₹-701 Cr | Dec 2024 ₹-460 Cr | Mar 2025 ₹-484 Cr | Jun 2025 ₹-535 Cr | Sep 2025 ₹-548 Cr | Dec 2025 ₹-525 Cr | Mar 2026 ₹-563 Cr | Jun 2026 —
- STRA: Sep 2021 ₹29 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-58 Cr | Sep 2024 ₹-83 Cr | Dec 2024 ₹-59 Cr | Mar 2025 ₹-64 Cr | Jun 2025 ₹-45 Cr | Sep 2025 ₹-55 Cr | Dec 2025 ₹-39 Cr | Mar 2026 ₹-49 Cr | Jun 2026 —
- COUR: Sep 2021 ₹-795 Cr | Dec 2021 ₹-802 Cr | Mar 2022 ₹-762 Cr | Jun 2022 ₹-766 Cr | Sep 2022 ₹-770 Cr | Dec 2022 ₹-766 Cr | Mar 2023 ₹-767 Cr | Jun 2023 ₹-707 Cr | Sep 2023 ₹-713 Cr | Dec 2023 ₹-715 Cr | Mar 2024 ₹-721 Cr | Jun 2024 ₹-707 Cr | Sep 2024 ₹-715 Cr | Dec 2024 ₹-726 Cr | Mar 2025 ₹-745 Cr | Jun 2025 ₹-775 Cr | Sep 2025 ₹-798 Cr | Dec 2025 ₹-793 Cr | Mar 2026 ₹-790 Cr | Jun 2026 —
- LINC: Sep 2021 ₹28 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹190 Cr | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-272 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-132 Cr | Mar 2026 ₹-170 Cr | Jun 2026 ₹-167 Cr
- APEI: Sep 2021 ₹108 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-68 Cr | Jun 2026 —
- KLC: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 — | Dec 2022 ₹2.5K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 — | Mar 2026 ₹2.4K Cr | Jun 2026 ₹2.4K Cr
- FC: Sep 2021 ₹-14 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹-32 Cr | Jun 2022 ₹-26 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹-36 Cr | Mar 2023 ₹-35 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-21 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹-29 Cr | Sep 2024 ₹-47 Cr | Dec 2024 ₹-48 Cr | Mar 2025 ₹-36 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹-31 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-13 Cr | Jun 2026 ₹-12 Cr
- LGCY: Sep 2021 ₹-8 Cr | Dec 2021 — | Mar 2022 ₹-8 Cr | Jun 2022 ₹-8 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-3 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- CHGG: Sep 2021 ₹-61 Cr | Dec 2021 ₹145 Cr | Mar 2022 ₹509 Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹259 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹654 Cr | Jun 2023 ₹403 Cr | Sep 2023 ₹358 Cr | Dec 2023 ₹288 Cr | Mar 2024 ₹226 Cr | Jun 2024 ₹272 Cr | Sep 2024 ₹264 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-19 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Neucleus Group Limited leads ROCE at 156.9%, 77.6 percentage points above Grand Canyon Education, Inc.. Neucleus Group Limited has the strongest latest improvement at +46.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Neucleus Group Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Neucleus Group Limited · 156.9% | 97.9% versus #2 · Grand Canyon Education, Inc. | Not enough history | 20/20 companies · 340 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Neucleus Group Limited (NEUC): 157%
2. Grand Canyon Education, Inc. (LOPE): 79%
3. Phoenix Education Partners, Inc. (PXED): 25%
4. Legacy Education Inc. (LGCY): 6.8%
5. Stride, Inc. (LRN): 6.3%

### ROCE change — fastest improvers
1. Neucleus Group Limited (NEUC): +46.8 pp
2. Grand Canyon Education, Inc. (LOPE): +27.6 pp
3. Franklin Covey Co. (FC): +8.4 pp
4. Chegg, Inc. (CHGG): +3.4 pp
5. TAL Education Group (TAL): +2.2 pp

### 20-quarter ROCE history
- EDU: Sep 2021 0.7% | Dec 2021 -13% | Mar 2022 -2.5% | Jun 2022 -1.9% | Sep 2022 1.6% | Dec 2022 -0.1% | Mar 2023 1.5% | Jun 2023 1.1% | Sep 2023 4.8% | Dec 2023 0.5% | Mar 2024 2.6% | Jun 2024 0.2% | Sep 2024 6.5% | Dec 2024 0.4% | Mar 2025 2.7% | Jun 2025 -0.2% | Sep 2025 6.5% | Dec 2025 1.4% | Mar 2026 3.8% | Jun 2026 —
- TAL: Sep 2021 -8.1% | Dec 2021 -2.1% | Mar 2022 0.0% | Jun 2022 -0.6% | Sep 2022 0.3% | Dec 2022 -0.8% | Mar 2023 -1.1% | Jun 2023 -1.5% | Sep 2023 0.8% | Dec 2023 -0.8% | Mar 2024 -0.3% | Jun 2024 -0.4% | Sep 2024 1.2% | Dec 2024 -0.4% | Mar 2025 -0.4% | Jun 2025 0.4% | Sep 2025 2.5% | Dec 2025 2.4% | Mar 2026 1.8% | Jun 2026 —
- LAUR: Sep 2021 1.1% | Dec 2021 -0.4% | Mar 2022 0.3% | Jun 2022 5.3% | Sep 2022 3.2% | Dec 2022 4.5% | Mar 2023 0.9% | Jun 2023 8.9% | Sep 2023 3.7% | Dec 2023 6.7% | Mar 2024 0.7% | Jun 2024 9.7% | Sep 2024 4.5% | Dec 2024 7.8% | Mar 2025 -0.8% | Jun 2025 12% | Sep 2025 4.5% | Dec 2025 11% | Mar 2026 -1.7% | Jun 2026 —
- GHC: Sep 2021 -0.3% | Dec 2021 0.4% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 1.0% | Dec 2022 -0.9% | Mar 2023 0.5% | Jun 2023 1.0% | Sep 2023 -1.0% | Dec 2023 0.7% | Mar 2024 0.6% | Jun 2024 0.4% | Sep 2024 1.4% | Dec 2024 1.2% | Mar 2025 0.8% | Jun 2025 1.2% | Sep 2025 1.1% | Dec 2025 0.7% | Mar 2026 0.9% | Jun 2026 —
- CVSA: Sep 2021 -0.9% | Dec 2021 1.0% | Mar 2022 1.2% | Jun 2022 1.7% | Sep 2022 0.8% | Dec 2022 1.6% | Mar 2023 2.2% | Jun 2023 1.6% | Sep 2023 1.2% | Dec 2023 2.5% | Mar 2024 2.7% | Jun 2024 3.0% | Sep 2024 3.1% | Dec 2024 4.5% | Mar 2025 4.1% | Jun 2025 3.4% | Sep 2025 3.8% | Dec 2025 4.9% | Mar 2026 4.1% | Jun 2026 —
- LRN: Sep 2021 -0.6% | Dec 2021 4.5% | Mar 2022 4.7% | Jun 2022 3.5% | Sep 2022 -2.2% | Dec 2022 5.1% | Mar 2023 5.3% | Jun 2023 3.9% | Sep 2023 0.2% | Dec 2023 5.8% | Mar 2024 5.8% | Jun 2024 4.7% | Sep 2024 2.9% | Dec 2024 7.4% | Mar 2025 7.4% | Jun 2025 3.1% | Sep 2025 3.6% | Dec 2025 7.5% | Mar 2026 6.3% | Jun 2026 —
- LOPE: Sep 2021 40% | Dec 2021 24% | Mar 2022 36% | Jun 2022 32% | Sep 2022 70% | Dec 2022 25% | Mar 2023 49% | Jun 2023 25% | Sep 2023 86% | Dec 2023 73% | Mar 2024 56% | Jun 2024 22% | Sep 2024 30% | Dec 2024 43% | Mar 2025 52% | Jun 2025 24% | Sep 2025 10% | Dec 2025 50% | Mar 2026 79% | Jun 2026 —
- UTI: Sep 2021 3.7% | Dec 2021 3.7% | Mar 2022 0.9% | Jun 2022 0.5% | Sep 2022 0.9% | Dec 2022 0.9% | Mar 2023 1.2% | Jun 2023 0.1% | Sep 2023 2.1% | Dec 2023 2.5% | Mar 2024 2.0% | Jun 2024 1.4% | Sep 2024 4.8% | Dec 2024 5.0% | Mar 2025 3.1% | Jun 2025 2.6% | Sep 2025 4.4% | Dec 2025 2.7% | Mar 2026 0.1% | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 -0.4% | Mar 2022 -14% | Jun 2022 — | Sep 2022 — | Dec 2022 -5.6% | Mar 2023 -0.9% | Jun 2023 1.8% | Sep 2023 — | Dec 2023 0.1% | Mar 2024 -0.8% | Jun 2024 3.1% | Sep 2024 — | Dec 2024 0.5% | Mar 2025 0.6% | Jun 2025 4.3% | Sep 2025 6.8% | Dec 2025 0.7% | Mar 2026 -0.1% | Jun 2026 —
- PRDO: Sep 2021 5.9% | Dec 2021 5.2% | Mar 2022 6.3% | Jun 2022 4.8% | Sep 2022 4.0% | Dec 2022 3.0% | Mar 2023 5.6% | Jun 2023 6.0% | Sep 2023 5.2% | Dec 2023 1.9% | Mar 2024 5.3% | Jun 2024 5.1% | Sep 2024 4.8% | Dec 2024 3.7% | Mar 2025 5.1% | Jun 2025 5.0% | Sep 2025 4.8% | Dec 2025 3.8% | Mar 2026 5.6% | Jun 2026 —
- STRA: Sep 2021 0.4% | Dec 2021 1.3% | Mar 2022 0.6% | Jun 2022 1.1% | Sep 2022 0.4% | Dec 2022 1.4% | Mar 2023 -0.1% | Jun 2023 0.9% | Sep 2023 1.3% | Dec 2023 2.8% | Mar 2024 2.2% | Jun 2024 2.2% | Sep 2024 1.9% | Dec 2024 1.9% | Mar 2025 2.1% | Jun 2025 2.4% | Sep 2025 2.0% | Dec 2025 2.8% | Mar 2026 0.0% | Jun 2026 —
- COUR: Sep 2021 -6.1% | Dec 2021 -9.3% | Mar 2022 -7.4% | Jun 2022 -6.4% | Sep 2022 -4.9% | Dec 2022 -7.7% | Mar 2023 -5.5% | Jun 2023 -5.6% | Sep 2023 -5.9% | Dec 2023 -4.3% | Mar 2024 -4.6% | Jun 2024 -5.1% | Sep 2024 -3.6% | Dec 2024 -5.0% | Mar 2025 -2.3% | Jun 2025 -2.5% | Sep 2025 -2.5% | Dec 2025 -5.2% | Mar 2026 -4.0% | Jun 2026 —
- LINC: Sep 2021 3.6% | Dec 2021 17% | Mar 2022 -0.2% | Jun 2022 0.2% | Sep 2022 2.3% | Dec 2022 4.9% | Mar 2023 -0.5% | Jun 2023 10% | Sep 2023 0.8% | Dec 2023 3.5% | Mar 2024 -0.2% | Jun 2024 -0.4% | Sep 2024 2.0% | Dec 2024 3.5% | Mar 2025 1.1% | Jun 2025 0.9% | Sep 2025 1.8% | Dec 2025 4.8% | Mar 2026 1.7% | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 10,550% | Dec 2024 — | Mar 2025 — | Jun 2025 32% | Sep 2025 5,590% | Dec 2025 13% | Mar 2026 7.2% | Jun 2026 25%
- APEI: Sep 2021 0.3% | Dec 2021 3.4% | Mar 2022 1.0% | Jun 2022 -29% | Sep 2022 -0.2% | Dec 2022 0.0% | Mar 2023 -0.9% | Jun 2023 -13% | Sep 2023 1.2% | Dec 2023 3.6% | Mar 2024 1.0% | Jun 2024 0.5% | Sep 2024 0.9% | Dec 2024 4.4% | Mar 2025 2.5% | Jun 2025 1.5% | Sep 2025 2.1% | Dec 2025 4.0% | Mar 2026 4.6% | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 2.2% | Mar 2022 2.8% | Jun 2022 3.8% | Sep 2022 8.8% | Dec 2022 2.3% | Mar 2023 — | Jun 2023 4.5% | Sep 2023 1.8% | Dec 2023 1.5% | Mar 2024 2.1% | Jun 2024 5.0% | Sep 2024 1.7% | Dec 2024 -2.8% | Mar 2025 1.5% | Jun 2025 2.1% | Sep 2025 0.8% | Dec 2025 — | Mar 2026 -5.0% | Jun 2026 -8.7%
- FC: Sep 2021 — | Dec 2021 5.2% | Mar 2022 3.3% | Jun 2022 5.7% | Sep 2022 7.9% | Dec 2022 5.8% | Mar 2023 2.5% | Jun 2023 7.0% | Sep 2023 11% | Dec 2023 5.5% | Mar 2024 1.5% | Jun 2024 9.6% | Sep 2024 18% | Dec 2024 1.6% | Mar 2025 -1.7% | Jun 2025 -2.6% | Sep 2025 8.2% | Dec 2025 -4.3% | Mar 2026 -2.8% | Jun 2026 5.8%
- LGCY: Sep 2021 11% | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 20% | Dec 2022 — | Mar 2023 5.8% | Jun 2023 6.6% | Sep 2023 13% | Dec 2023 16% | Mar 2024 12% | Jun 2024 3.8% | Sep 2024 8.9% | Dec 2024 4.7% | Mar 2025 9.6% | Jun 2025 5.0% | Sep 2025 5.6% | Dec 2025 4.7% | Mar 2026 6.8% | Jun 2026 —
- CHGG: Sep 2021 0.0% | Dec 2021 1.1% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 -0.4% | Dec 2022 0.3% | Mar 2023 -0.2% | Jun 2023 -0.9% | Sep 2023 -3.0% | Dec 2023 0.8% | Mar 2024 -0.1% | Jun 2024 -40% | Sep 2024 -21% | Dec 2024 -3.5% | Mar 2025 -3.9% | Jun 2025 -9.0% | Sep 2025 -5.5% | Dec 2025 -14% | Mar 2026 -0.5% | Jun 2026 —

### 20-quarter ROCE change history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +13.1 pp | Mar 2023 +4.0 pp | Jun 2023 +3.0 pp | Sep 2023 +3.2 pp | Dec 2023 +0.6 pp | Mar 2024 +1.1 pp | Jun 2024 −0.9 pp | Sep 2024 +1.7 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.4 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.1 pp | Jun 2026 —
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.4 pp | Dec 2022 +1.3 pp | Mar 2023 −1.1 pp | Jun 2023 −0.9 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 +0.8 pp | Jun 2024 +1.1 pp | Sep 2024 +0.4 pp | Dec 2024 +0.4 pp | Mar 2025 −0.1 pp | Jun 2025 +0.8 pp | Sep 2025 +1.3 pp | Dec 2025 +2.8 pp | Mar 2026 +2.2 pp | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +4.9 pp | Mar 2023 +0.6 pp | Jun 2023 +3.6 pp | Sep 2023 +0.5 pp | Dec 2023 +2.2 pp | Mar 2024 −0.2 pp | Jun 2024 +0.8 pp | Sep 2024 +0.8 pp | Dec 2024 +1.1 pp | Mar 2025 −1.5 pp | Jun 2025 +2.1 pp | Sep 2025 0.0 pp | Dec 2025 +3.3 pp | Mar 2026 −0.9 pp | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 −1.3 pp | Mar 2023 −0.2 pp | Jun 2023 +0.3 pp | Sep 2023 −2.0 pp | Dec 2023 +1.6 pp | Mar 2024 +0.1 pp | Jun 2024 −0.6 pp | Sep 2024 +2.4 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 +0.8 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 +0.1 pp | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +0.6 pp | Mar 2023 +1.0 pp | Jun 2023 −0.1 pp | Sep 2023 +0.4 pp | Dec 2023 +0.9 pp | Mar 2024 +0.5 pp | Jun 2024 +1.4 pp | Sep 2024 +1.9 pp | Dec 2024 +2.0 pp | Mar 2025 +1.4 pp | Jun 2025 +0.4 pp | Sep 2025 +0.7 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 +0.6 pp | Mar 2023 +0.6 pp | Jun 2023 +0.4 pp | Sep 2023 +2.4 pp | Dec 2023 +0.7 pp | Mar 2024 +0.5 pp | Jun 2024 +0.8 pp | Sep 2024 +2.7 pp | Dec 2024 +1.6 pp | Mar 2025 +1.6 pp | Jun 2025 −1.6 pp | Sep 2025 +0.7 pp | Dec 2025 +0.1 pp | Mar 2026 −1.1 pp | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +30.6 pp | Dec 2022 +0.9 pp | Mar 2023 +12.3 pp | Jun 2023 −7.3 pp | Sep 2023 +15.5 pp | Dec 2023 +48.2 pp | Mar 2024 +7.6 pp | Jun 2024 −2.9 pp | Sep 2024 −55.8 pp | Dec 2024 −30.8 pp | Mar 2025 −4.4 pp | Jun 2025 +1.7 pp | Sep 2025 −20.1 pp | Dec 2025 +7.0 pp | Mar 2026 +27.6 pp | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 −2.8 pp | Mar 2023 +0.3 pp | Jun 2023 −0.4 pp | Sep 2023 +1.2 pp | Dec 2023 +1.6 pp | Mar 2024 +0.8 pp | Jun 2024 +1.3 pp | Sep 2024 +2.7 pp | Dec 2024 +2.5 pp | Mar 2025 +1.1 pp | Jun 2025 +1.2 pp | Sep 2025 −0.4 pp | Dec 2025 −2.3 pp | Mar 2026 −3.0 pp | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.2 pp | Mar 2023 +12.8 pp | Jun 2023 — | Sep 2023 — | Dec 2023 +5.7 pp | Mar 2024 +0.1 pp | Jun 2024 +1.3 pp | Sep 2024 — | Dec 2024 +0.4 pp | Mar 2025 +1.4 pp | Jun 2025 +1.2 pp | Sep 2025 — | Dec 2025 +0.2 pp | Mar 2026 −0.7 pp | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −2.2 pp | Mar 2023 −0.7 pp | Jun 2023 +1.2 pp | Sep 2023 +1.2 pp | Dec 2023 −1.1 pp | Mar 2024 −0.3 pp | Jun 2024 −0.9 pp | Sep 2024 −0.4 pp | Dec 2024 +1.8 pp | Mar 2025 −0.2 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.5 pp | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 −0.7 pp | Jun 2023 −0.2 pp | Sep 2023 +0.9 pp | Dec 2023 +1.4 pp | Mar 2024 +2.3 pp | Jun 2024 +1.3 pp | Sep 2024 +0.6 pp | Dec 2024 −0.9 pp | Mar 2025 −0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.9 pp | Mar 2026 −2.1 pp | Jun 2026 —
- COUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +1.6 pp | Mar 2023 +1.9 pp | Jun 2023 +0.8 pp | Sep 2023 −1.0 pp | Dec 2023 +3.4 pp | Mar 2024 +0.9 pp | Jun 2024 +0.5 pp | Sep 2024 +2.3 pp | Dec 2024 −0.7 pp | Mar 2025 +2.3 pp | Jun 2025 +2.6 pp | Sep 2025 +1.1 pp | Dec 2025 −0.2 pp | Mar 2026 −1.7 pp | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −11.8 pp | Mar 2023 −0.3 pp | Jun 2023 +9.8 pp | Sep 2023 −1.5 pp | Dec 2023 −1.4 pp | Mar 2024 +0.3 pp | Jun 2024 −10.4 pp | Sep 2024 +1.2 pp | Dec 2024 0.0 pp | Mar 2025 +1.3 pp | Jun 2025 +1.3 pp | Sep 2025 −0.2 pp | Dec 2025 +1.3 pp | Mar 2026 +0.6 pp | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +31.9 pp | Sep 2025 −4,960.5 pp | Dec 2025 — | Mar 2026 — | Jun 2026 −7.3 pp
- APEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −3.4 pp | Mar 2023 −1.9 pp | Jun 2023 +16.3 pp | Sep 2023 +1.4 pp | Dec 2023 +3.6 pp | Mar 2024 +1.9 pp | Jun 2024 +13.0 pp | Sep 2024 −0.3 pp | Dec 2024 +0.8 pp | Mar 2025 +1.5 pp | Jun 2025 +1.0 pp | Sep 2025 +1.2 pp | Dec 2025 −0.4 pp | Mar 2026 +2.1 pp | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 — | Jun 2023 +0.7 pp | Sep 2023 −7.0 pp | Dec 2023 −0.8 pp | Mar 2024 — | Jun 2024 +0.5 pp | Sep 2024 −0.1 pp | Dec 2024 −4.3 pp | Mar 2025 −0.6 pp | Jun 2025 −2.9 pp | Sep 2025 −0.9 pp | Dec 2025 — | Mar 2026 −6.5 pp | Jun 2026 −10.8 pp
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 −0.8 pp | Jun 2023 +1.3 pp | Sep 2023 +2.7 pp | Dec 2023 −0.3 pp | Mar 2024 −1.0 pp | Jun 2024 +2.6 pp | Sep 2024 +7.2 pp | Dec 2024 −3.9 pp | Mar 2025 −3.2 pp | Jun 2025 −12.2 pp | Sep 2025 −9.6 pp | Dec 2025 −5.9 pp | Mar 2026 −1.1 pp | Jun 2026 +8.4 pp
- LGCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.7 pp | Dec 2022 — | Mar 2023 +5.8 pp | Jun 2023 +6.6 pp | Sep 2023 −6.3 pp | Dec 2023 — | Mar 2024 +5.7 pp | Jun 2024 −2.8 pp | Sep 2024 −4.3 pp | Dec 2024 −11.0 pp | Mar 2025 −1.9 pp | Jun 2025 +1.2 pp | Sep 2025 −3.3 pp | Dec 2025 0.0 pp | Mar 2026 −2.8 pp | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.8 pp | Mar 2023 −0.4 pp | Jun 2023 −1.2 pp | Sep 2023 −2.6 pp | Dec 2023 +0.5 pp | Mar 2024 +0.1 pp | Jun 2024 −38.6 pp | Sep 2024 −18.1 pp | Dec 2024 −4.3 pp | Mar 2025 −3.8 pp | Jun 2025 +30.5 pp | Sep 2025 +15.6 pp | Dec 2025 −10.8 pp | Mar 2026 +3.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Graham Holdings Company has the lowest comparable Guarded PEG at 0.29×, 23.7% below Laureate Education, Inc.. Only 12 of 20 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Graham Holdings Company · 0.29× | 23.7% versus #2 · Laureate Education, Inc. | 0/8 recent comparable periods | 12/20 companies · 56 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Graham Holdings Company (GHC): 0.3
2. Laureate Education, Inc. (LAUR): 0.4
3. Universal Technical Institute, Inc. (UTI): 0.5
4. Strategic Education, Inc. (STRA): 0.7
5. Perdoceo Education Corporation (PRDO): 0.9

### P/E — lowest P/E
1. Chegg, Inc. (CHGG): 7.7
2. TAL Education Group (TAL): 11.5
3. Stride, Inc. (LRN): 13.6
4. Phoenix Education Partners, Inc. (PXED): 14.1
5. Perdoceo Education Corporation (PRDO): 14.3

### 20-quarter Guarded PEG history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 1.2 | Sep 2025 — | Dec 2025 — | Mar 2026 3.1 | Jun 2026 —
- LAUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.4 | Dec 2025 0.6 | Mar 2026 2.9 | Jun 2026 —
- LRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.4 | Jun 2025 0.8 | Sep 2025 1.3 | Dec 2025 1.0 | Mar 2026 — | Jun 2026 —
- LOPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.0 | Sep 2023 1.2 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.5 | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 1.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- STRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —
- LINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.7 | Sep 2024 0.6 | Dec 2024 1.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LGCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.3 | Mar 2025 0.5 | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- EDU: Sep 2021 7.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 37.7 | Sep 2023 31.9 | Dec 2023 42.8 | Mar 2024 49.2 | Jun 2024 44.4 | Sep 2024 25.6 | Dec 2024 24.3 | Mar 2025 20.2 | Jun 2025 20.6 | Sep 2025 21.1 | Dec 2025 21.6 | Mar 2026 20.6 | Jun 2026 —
- TAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 131.1 | Sep 2024 68.9 | Dec 2024 51.4 | Mar 2025 94.5 | Jun 2025 59.0 | Sep 2025 37.1 | Dec 2025 22.8 | Mar 2026 11.5 | Jun 2026 —
- LAUR: Sep 2021 7.3 | Dec 2021 12.1 | Mar 2022 9.6 | Jun 2022 5.6 | Sep 2022 32.0 | Dec 2022 23.5 | Mar 2023 22.6 | Jun 2023 18.6 | Sep 2023 20.4 | Dec 2023 20.2 | Mar 2024 18.2 | Jun 2024 12.0 | Sep 2024 10.5 | Dec 2024 9.5 | Mar 2025 10.9 | Jun 2025 13.8 | Sep 2025 23.0 | Dec 2025 17.8 | Mar 2026 18.3 | Jun 2026 —
- GHC: Sep 2021 5.9 | Dec 2021 8.9 | Mar 2022 9.1 | Jun 2022 18.6 | Sep 2022 18.3 | Dec 2022 20.0 | Mar 2023 119.9 | Jun 2023 12.8 | Sep 2023 17.7 | Dec 2023 15.9 | Mar 2024 12.7 | Jun 2024 23.6 | Sep 2024 16.1 | Dec 2024 5.3 | Mar 2025 6.7 | Jun 2025 6.1 | Sep 2025 7.0 | Dec 2025 16.5 | Mar 2026 15.7 | Jun 2026 —
- CVSA: Sep 2021 — | Dec 2021 109.5 | Mar 2022 — | Jun 2022 5.6 | Sep 2022 32.0 | Dec 2022 39.9 | Mar 2023 20.8 | Jun 2023 16.8 | Sep 2023 18.3 | Dec 2023 21.1 | Mar 2024 19.3 | Jun 2024 20.1 | Sep 2024 17.3 | Dec 2024 16.9 | Mar 2025 16.7 | Jun 2025 20.6 | Sep 2025 23.2 | Dec 2025 15.2 | Mar 2026 18.0 | Jun 2026 —
- LRN: Sep 2021 28.3 | Dec 2021 20.0 | Mar 2022 17.1 | Jun 2022 16.2 | Sep 2022 19.6 | Dec 2022 13.4 | Mar 2023 15.0 | Jun 2023 12.5 | Sep 2023 12.5 | Dec 2023 15.0 | Mar 2024 14.8 | Jun 2024 15.0 | Sep 2024 15.5 | Dec 2024 17.4 | Mar 2025 19.7 | Jun 2025 24.4 | Sep 2025 23.0 | Dec 2025 9.9 | Mar 2026 13.6 | Jun 2026 —
- LOPE: Sep 2021 15.4 | Dec 2021 14.5 | Mar 2022 16.2 | Jun 2022 16.6 | Sep 2022 14.8 | Dec 2022 18.4 | Mar 2023 19.0 | Jun 2023 16.8 | Sep 2023 18.3 | Dec 2023 19.4 | Mar 2024 19.1 | Jun 2024 19.0 | Sep 2024 18.6 | Dec 2024 21.2 | Mar 2025 21.7 | Jun 2025 22.9 | Sep 2025 29.6 | Dec 2025 21.6 | Mar 2026 21.3 | Jun 2026 —
- UTI: Sep 2021 39.8 | Dec 2021 20.1 | Mar 2022 15.0 | Jun 2022 13.0 | Sep 2022 14.3 | Dec 2022 44.8 | Mar 2023 92.3 | Jun 2023 172.8 | Sep 2023 64.5 | Dec 2023 48.2 | Mar 2024 44.3 | Jun 2024 31.5 | Sep 2024 21.7 | Dec 2024 26.5 | Mar 2025 24.7 | Jun 2025 29.7 | Sep 2025 28.8 | Dec 2025 26.9 | Mar 2026 46.9 | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 72.1 | Jun 2026 —
- PRDO: Sep 2021 6.7 | Dec 2021 7.6 | Mar 2022 7.3 | Jun 2022 7.5 | Sep 2022 6.9 | Dec 2022 10.0 | Mar 2023 9.5 | Jun 2023 6.6 | Sep 2023 8.0 | Dec 2023 8.1 | Mar 2024 7.7 | Jun 2024 10.5 | Sep 2024 11.2 | Dec 2024 12.1 | Mar 2025 11.1 | Jun 2025 14.2 | Sep 2025 16.1 | Dec 2025 12.1 | Mar 2026 14.3 | Jun 2026 —
- STRA: Sep 2021 43.0 | Dec 2021 25.4 | Mar 2022 30.5 | Jun 2022 35.7 | Sep 2022 29.7 | Dec 2022 40.4 | Mar 2023 57.6 | Jun 2023 44.6 | Sep 2023 36.9 | Dec 2023 31.7 | Mar 2024 24.7 | Jun 2024 22.7 | Sep 2024 17.6 | Dec 2024 20.0 | Mar 2025 17.9 | Jun 2025 17.7 | Sep 2025 17.9 | Dec 2025 14.8 | Mar 2026 14.7 | Jun 2026 —
- LINC: Sep 2021 3.8 | Dec 2021 7.2 | Mar 2022 7.9 | Jun 2022 7.5 | Sep 2022 6.6 | Dec 2022 16.1 | Mar 2023 15.3 | Jun 2023 7.2 | Sep 2023 9.3 | Dec 2023 11.8 | Mar 2024 12.2 | Jun 2024 45.6 | Sep 2024 37.3 | Dec 2024 49.4 | Mar 2025 40.7 | Jun 2025 50.1 | Sep 2025 52.2 | Dec 2025 37.7 | Mar 2026 57.3 | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 12.4 | Mar 2026 11.6 | Jun 2026 14.1
- APEI: Sep 2021 26.1 | Dec 2021 22.9 | Mar 2022 26.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 70.3 | Sep 2024 26.3 | Dec 2024 39.2 | Mar 2025 21.9 | Jun 2025 28.7 | Sep 2025 29.9 | Dec 2025 27.8 | Mar 2026 30.1 | Jun 2026 —
- FC: Sep 2021 — | Dec 2021 33.8 | Mar 2022 32.2 | Jun 2022 36.8 | Sep 2022 37.5 | Dec 2022 38.5 | Mar 2023 35.0 | Jun 2023 32.1 | Sep 2023 34.4 | Dec 2023 30.1 | Mar 2024 31.0 | Jun 2024 27.6 | Sep 2024 23.1 | Dec 2024 24.8 | Mar 2025 24.1 | Jun 2025 29.6 | Sep 2025 81.5 | Dec 2025 — | Mar 2026 — | Jun 2026 139.5
- LGCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7.3 | Dec 2024 13.9 | Mar 2025 11.6 | Jun 2025 19.0 | Sep 2025 17.1 | Dec 2025 16.7 | Mar 2026 20.2 | Jun 2026 —
- CHGG: Sep 2021 — | Dec 2021 — | Mar 2022 82.5 | Jun 2022 62.6 | Sep 2022 14.2 | Dec 2022 18.9 | Mar 2023 12.4 | Jun 2023 7.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Stride, Inc. leads ev/ebitda at 6.65×; KinderCare Learning Companies, Inc. leads p/bv at 0.61×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Stride, Inc. · 6.65× | 2.3% versus #2 · Phoenix Education Partners, Inc. | 0/8 recent comparable periods | 18/20 companies · 257 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Stride, Inc. (LRN): 6.7
2. Phoenix Education Partners, Inc. (PXED): 6.8
3. Perdoceo Education Corporation (PRDO): 7.2
4. Covista Inc. (CVSA): 8.1
5. TAL Education Group (TAL): 8.4

### P/BV — lowest P/BV
1. KinderCare Learning Companies, Inc. (KLC): 0.6
2. Chegg, Inc. (CHGG): 0.7
3. Graham Holdings Company (GHC): 1.0
4. Strategic Education, Inc. (STRA): 1.2
5. TAL Education Group (TAL): 1.5

### 20-quarter EV/EBITDA history
- EDU: Sep 2021 — | Dec 2021 — | Mar 2022 0.9 | Jun 2022 1.5 | Sep 2022 — | Dec 2022 — | Mar 2023 79.2 | Jun 2023 9.2 | Sep 2023 17.4 | Dec 2023 28.5 | Mar 2024 30.1 | Jun 2024 20.4 | Sep 2024 14.4 | Dec 2024 13.5 | Mar 2025 10.4 | Jun 2025 7.0 | Sep 2025 9.0 | Dec 2025 8.6 | Mar 2026 9.1 | Jun 2026 —
- TAL: Sep 2021 0.1 | Dec 2021 1.0 | Mar 2022 4.4 | Jun 2022 3.6 | Sep 2022 14.1 | Dec 2022 35.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1,409.8 | Mar 2025 93.1 | Jun 2025 101.0 | Sep 2025 46.6 | Dec 2025 18.4 | Mar 2026 8.4 | Jun 2026 —
- LAUR: Sep 2021 6.0 | Dec 2021 10.4 | Mar 2022 9.9 | Jun 2022 8.0 | Sep 2022 6.6 | Dec 2022 5.8 | Mar 2023 6.5 | Jun 2023 6.0 | Sep 2023 6.4 | Dec 2023 6.0 | Mar 2024 23.4 | Jun 2024 22.9 | Sep 2024 6.0 | Dec 2024 6.3 | Mar 2025 7.4 | Jun 2025 7.9 | Sep 2025 10.1 | Dec 2025 9.6 | Mar 2026 10.2 | Jun 2026 —
- GHC: Sep 2021 9.2 | Dec 2021 10.5 | Mar 2022 9.9 | Jun 2022 9.6 | Sep 2022 8.3 | Dec 2022 8.1 | Mar 2023 8.3 | Jun 2023 7.5 | Sep 2023 7.8 | Dec 2023 9.6 | Mar 2024 7.9 | Jun 2024 7.0 | Sep 2024 9.4 | Dec 2024 8.6 | Mar 2025 8.8 | Jun 2025 8.9 | Sep 2025 11.3 | Dec 2025 11.5 | Mar 2026 10.5 | Jun 2026 —
- CVSA: Sep 2021 18.9 | Dec 2021 14.2 | Mar 2022 8.5 | Jun 2022 8.9 | Sep 2022 7.2 | Dec 2022 7.2 | Mar 2023 6.9 | Jun 2023 6.5 | Sep 2023 7.8 | Dec 2023 9.9 | Mar 2024 8.6 | Jun 2024 9.8 | Sep 2024 9.6 | Dec 2024 10.3 | Mar 2025 10.0 | Jun 2025 9.7 | Sep 2025 11.2 | Dec 2025 7.7 | Mar 2026 8.1 | Jun 2026 —
- LRN: Sep 2021 21.0 | Dec 2021 19.3 | Mar 2022 8.2 | Jun 2022 7.8 | Sep 2022 30.7 | Dec 2022 21.7 | Mar 2023 8.0 | Jun 2023 6.6 | Sep 2023 7.3 | Dec 2023 8.5 | Mar 2024 8.5 | Jun 2024 8.0 | Sep 2024 9.3 | Dec 2024 9.8 | Mar 2025 10.9 | Jun 2025 12.4 | Sep 2025 12.9 | Dec 2025 5.2 | Mar 2026 6.7 | Jun 2026 —
- LOPE: Sep 2021 12.1 | Dec 2021 8.4 | Mar 2022 9.9 | Jun 2022 9.9 | Sep 2022 9.1 | Dec 2022 11.8 | Mar 2023 12.8 | Jun 2023 11.2 | Sep 2023 12.7 | Dec 2023 13.5 | Mar 2024 13.2 | Jun 2024 12.9 | Sep 2024 12.6 | Dec 2024 14.1 | Mar 2025 15.1 | Jun 2025 15.8 | Sep 2025 20.4 | Dec 2025 14.5 | Mar 2026 14.2 | Jun 2026 —
- UTI: Sep 2021 6.4 | Dec 2021 6.5 | Mar 2022 6.7 | Jun 2022 6.1 | Sep 2022 5.4 | Dec 2022 9.5 | Mar 2023 9.0 | Jun 2023 8.5 | Sep 2023 7.2 | Dec 2023 11.0 | Mar 2024 12.5 | Jun 2024 11.2 | Sep 2024 9.2 | Dec 2024 12.2 | Mar 2025 11.6 | Jun 2025 14.2 | Sep 2025 13.4 | Dec 2025 12.0 | Mar 2026 18.6 | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 8.0 | Dec 2025 8.6 | Mar 2026 8.6 | Jun 2026 —
- PRDO: Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 2.0 | Jun 2022 1.9 | Sep 2022 1.3 | Dec 2022 3.0 | Mar 2023 2.8 | Jun 2023 1.6 | Sep 2023 3.1 | Dec 2023 3.4 | Mar 2024 3.2 | Jun 2024 4.6 | Sep 2024 4.6 | Dec 2024 6.8 | Mar 2025 5.7 | Jun 2025 7.4 | Sep 2025 8.2 | Dec 2025 5.5 | Mar 2026 7.2 | Jun 2026 —
- STRA: Sep 2021 10.5 | Dec 2021 8.3 | Mar 2022 10.5 | Jun 2022 12.6 | Sep 2022 11.3 | Dec 2022 14.6 | Mar 2023 19.1 | Jun 2023 15.4 | Sep 2023 14.5 | Dec 2023 14.8 | Mar 2024 13.1 | Jun 2024 12.6 | Sep 2024 10.0 | Dec 2024 11.2 | Mar 2025 9.9 | Jun 2025 9.8 | Sep 2025 9.6 | Dec 2025 8.1 | Mar 2026 38.0 | Jun 2026 —
- LINC: Sep 2021 6.5 | Dec 2021 3.4 | Mar 2022 4.9 | Jun 2022 4.6 | Sep 2022 4.2 | Dec 2022 9.7 | Mar 2023 10.4 | Jun 2023 4.9 | Sep 2023 7.2 | Dec 2023 8.9 | Mar 2024 9.5 | Jun 2024 24.4 | Sep 2024 21.0 | Dec 2024 23.2 | Mar 2025 20.9 | Jun 2025 24.7 | Sep 2025 23.6 | Dec 2025 19.0 | Mar 2026 26.3 | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.7 | Mar 2026 5.8 | Jun 2026 6.8
- APEI: Sep 2021 15.6 | Dec 2021 10.6 | Mar 2022 10.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.2 | Sep 2024 6.7 | Dec 2024 8.9 | Mar 2025 18.5 | Jun 2025 20.1 | Sep 2025 21.0 | Dec 2025 10.5 | Mar 2026 29.7 | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 19.6 | Mar 2025 38.9 | Jun 2025 17.6 | Sep 2025 17.9 | Dec 2025 — | Mar 2026 27.7 | Jun 2026 —
- FC: Sep 2021 — | Dec 2021 21.6 | Mar 2022 20.6 | Jun 2022 15.2 | Sep 2022 16.7 | Dec 2022 18.2 | Mar 2023 16.8 | Jun 2023 12.7 | Sep 2023 14.1 | Dec 2023 13.5 | Mar 2024 13.5 | Jun 2024 12.3 | Sep 2024 10.7 | Dec 2024 10.6 | Mar 2025 9.9 | Jun 2025 9.4 | Sep 2025 11.5 | Dec 2025 12.9 | Mar 2026 10.5 | Jun 2026 39.7
- LGCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.5 | Dec 2024 11.4 | Mar 2025 9.7 | Jun 2025 13.1 | Sep 2025 11.0 | Dec 2025 10.7 | Mar 2026 12.9 | Jun 2026 —
- CHGG: Sep 2021 56.0 | Dec 2021 28.6 | Mar 2022 35.4 | Jun 2022 22.3 | Sep 2022 25.9 | Dec 2022 33.2 | Mar 2023 27.6 | Jun 2023 19.5 | Sep 2023 22.7 | Dec 2023 19.3 | Mar 2024 13.9 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- EDU: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.8 | Jun 2023 1.7 | Sep 2023 2.4 | Dec 2023 3.5 | Mar 2024 4.0 | Jun 2024 3.5 | Sep 2024 2.6 | Dec 2024 2.6 | Mar 2025 2.2 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 2.1 | Mar 2026 2.1 | Jun 2026 —
- TAL: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 1.2 | Jun 2023 1.0 | Sep 2023 1.3 | Dec 2023 2.2 | Mar 2024 2.4 | Jun 2024 1.9 | Sep 2024 1.3 | Dec 2024 1.6 | Mar 2025 2.1 | Jun 2025 1.7 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 1.5 | Jun 2026 —
- LAUR: Sep 2021 2.5 | Dec 2021 1.9 | Mar 2022 2.0 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 2.0 | Mar 2023 2.3 | Jun 2023 2.0 | Sep 2023 2.3 | Dec 2023 2.3 | Mar 2024 2.4 | Jun 2024 2.5 | Sep 2024 2.8 | Dec 2024 2.9 | Mar 2025 3.4 | Jun 2025 3.3 | Sep 2025 4.2 | Dec 2025 4.1 | Mar 2026 4.7 | Jun 2026 —
- GHC: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —
- CVSA: Sep 2021 1.5 | Dec 2021 1.1 | Mar 2022 0.9 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 1.3 | Dec 2023 1.7 | Mar 2024 1.5 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 2.4 | Mar 2025 2.6 | Jun 2025 3.2 | Sep 2025 3.9 | Dec 2025 2.6 | Mar 2026 2.9 | Jun 2026 —
- LRN: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 2.0 | Jun 2022 2.2 | Sep 2022 2.3 | Dec 2022 1.6 | Mar 2023 1.9 | Jun 2023 1.7 | Sep 2023 2.0 | Dec 2023 2.5 | Mar 2024 2.5 | Jun 2024 2.6 | Sep 2024 3.1 | Dec 2024 3.4 | Mar 2025 3.9 | Jun 2025 4.3 | Sep 2025 4.3 | Dec 2025 1.8 | Mar 2026 2.3 | Jun 2026 —
- UTI: Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.3 | Dec 2023 3.0 | Mar 2024 3.7 | Jun 2024 3.5 | Sep 2024 3.4 | Dec 2024 5.0 | Mar 2025 4.8 | Jun 2025 6.0 | Sep 2025 5.4 | Dec 2025 4.3 | Mar 2026 5.9 | Jun 2026 —
- MH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.0 | Dec 2025 4.1 | Mar 2026 3.6 | Jun 2026 —
- PRDO: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 1.2 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.0 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.3 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 2.2 | Sep 2025 2.4 | Dec 2025 1.9 | Mar 2026 2.3 | Jun 2026 —
- STRA: Sep 2021 1.0 | Dec 2021 0.8 | Mar 2022 1.0 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.3 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 —
- COUR: Sep 2021 5.9 | Dec 2021 4.7 | Mar 2022 4.6 | Jun 2022 2.9 | Sep 2022 2.2 | Dec 2022 2.5 | Mar 2023 2.5 | Jun 2023 3.1 | Sep 2023 4.6 | Dec 2023 4.9 | Mar 2024 3.6 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 2.3 | Mar 2025 1.7 | Jun 2025 2.3 | Sep 2025 3.0 | Dec 2025 1.9 | Mar 2026 1.6 | Jun 2026 —
- LINC: Sep 2021 1.8 | Dec 2021 1.3 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 2.0 | Jun 2024 2.3 | Sep 2024 2.2 | Dec 2024 2.8 | Mar 2025 2.8 | Jun 2025 4.0 | Sep 2025 4.0 | Dec 2025 3.8 | Mar 2026 6.5 | Jun 2026 —
- PXED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.3 | Mar 2026 3.6 | Jun 2026 3.4
- APEI: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.6 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 0.9 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 2.0 | Sep 2025 2.6 | Dec 2025 2.3 | Mar 2026 3.4 | Jun 2026 —
- KLC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.4 | Mar 2025 1.6 | Jun 2025 1.3 | Sep 2025 0.9 | Dec 2025 — | Mar 2026 0.7 | Jun 2026 0.6
- FC: Sep 2021 — | Dec 2021 7.7 | Mar 2022 7.7 | Jun 2022 7.1 | Sep 2022 8.0 | Dec 2022 8.1 | Mar 2023 7.1 | Jun 2023 6.5 | Sep 2023 7.1 | Dec 2023 7.3 | Mar 2024 7.2 | Jun 2024 6.7 | Sep 2024 6.3 | Dec 2024 6.0 | Mar 2025 5.7 | Jun 2025 4.5 | Sep 2025 3.7 | Dec 2025 3.5 | Mar 2026 3.8 | Jun 2026 6.2
- LGCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.7 | Dec 2024 2.8 | Mar 2025 2.3 | Jun 2025 3.4 | Sep 2025 2.7 | Dec 2025 2.8 | Mar 2026 3.2 | Jun 2026 —
- CHGG: Sep 2021 7.3 | Dec 2021 3.8 | Mar 2022 5.7 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 2.9 | Mar 2023 1.9 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.4 | Jun 2025 0.8 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —

## Market action

Lincoln Educational Services Corporation has the strongest one-year price move in Education & Training Services at +82.6%. It also leads on Mansfield relative strength against the S&P 500 at +23.9%. 7 of 18 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Lincoln Educational Services Corporation (LINC): 83%
2. American Public Education, Inc. (APEI): 70%
3. Laureate Education, Inc. (LAUR): 65%
4. Graham Holdings Company (GHC): 32%
5. Universal Technical Institute, Inc. (UTI): 22%

### Strongest relative strength versus NIFTY 500
1. Lincoln Educational Services Corporation (LINC): 24%
2. Universal Technical Institute, Inc. (UTI): 12%
3. Laureate Education, Inc. (LAUR): 8.3%
4. Franklin Covey Co. (FC): 7.9%
5. American Public Education, Inc. (APEI): 5.9%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- New Oriental Education & Technology Group Inc. (EDU) — market value ₹8.1K Cr; latest fundamentals Mar 2026
- TAL Education Group (TAL) — market value ₹5.8K Cr; latest fundamentals Mar 2026
- Laureate Education, Inc. (LAUR) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- Graham Holdings Company (GHC) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- Covista Inc. (CVSA) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Stride, Inc. (LRN) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Grand Canyon Education, Inc. (LOPE) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Universal Technical Institute, Inc. (UTI) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- McGraw Hill, Inc. (MH) — market value ₹2.1K Cr; latest fundamentals Mar 2026
- Perdoceo Education Corporation (PRDO) — market value ₹2.1K Cr; latest fundamentals Mar 2026
- Strategic Education, Inc. (STRA) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Coursera, Inc. (COUR) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Lincoln Educational Services Corporation (LINC) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Phoenix Education Partners, Inc. (PXED) — market value ₹1.1K Cr; latest fundamentals Jun 2026
- American Public Education, Inc. (APEI) — market value ₹917 Cr; latest fundamentals Mar 2026
- KinderCare Learning Companies, Inc. (KLC) — market value ₹625 Cr; latest fundamentals Jun 2026
- Franklin Covey Co. (FC) — market value ₹248 Cr; latest fundamentals Jun 2026
- Legacy Education Inc. (LGCY) — market value ₹153 Cr; latest fundamentals Mar 2026
- Neucleus Group Limited (NEUC) — market value ₹117 Cr; latest fundamentals unavailable
- Chegg, Inc. (CHGG) — market value ₹100 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Education & Training Services company is the biggest?

New Oriental Education & Technology Group Inc. is the largest, with trailing-twelve-month revenue of $5,374 million, ahead of Graham Holdings Company at $4,982 million. That covers 17 of 20 companies with comparable reporting through Mar 2026.

### Which Education & Training Services company is growing fastest?

TAL Education Group has the fastest revenue growth at 33.8% year on year, across 17 of 20 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Education & Training Services company has the best profit margins?

Grand Canyon Education, Inc. has the highest operating margin at 30.9%, from 19 of 20 comparable companies. Chegg, Inc. shows the biggest recent improvement, at +22.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Education & Training Services company makes the most profit?

TAL Education Group earns the most, at $531 million of trailing-twelve-month net profit, from 17 of 20 comparable companies. Lincoln Educational Services Corporation has the fastest profit growth at 91.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Education & Training Services company earns the highest return on capital?

Neucleus Group Limited leads on return on capital employed at 156.9%, across 20 of 20 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Education & Training Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Graham Holdings Company screens cheapest at 0.29×. Only 12 of 20 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Education & Training Services company has the strongest balance sheet?

Coursera, Inc. carries the lowest comparable gross debt at $0 million, from 18 of 20 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Education & Training Services company is investing most in new capacity?

New Oriental Education & Technology Group Inc. reports the largest capital spending at $95 million, across 18 of 20 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Education & Training Services sector beating the market?

Education & Training Services has underperformed S&P 500 by 0.7% over the last 52 weeks and 9.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 18 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Education & Training Services stock has the strongest price momentum?

Lincoln Educational Services Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Education & Training Services company scores highest for research priority?

Lincoln Educational Services Corporation scores 59.7 out of 100 with 76% evidence confidence, from 25.1 points on growth and earnings, 8 on capital efficiency, 9.6 on valuation and 17 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Education & Training Services companies does this comparison cover, and over what period?

It compares 20 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Education & Training Services sector?

The 20 Education & Training Services companies on this page carry $51,024 million of combined market value. New Oriental Education & Technology Group Inc. is the largest at $8,083 million, about 16% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Education & Training Services sector's P/E ratio?

The median price-to-earnings ratio across the 20 Education & Training Services companies on this page is 18.3×, measured on the 17 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Education & Training Services sector performing?

7 of the 18 covered Education & Training Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 0.7% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Education & Training Services stocks are listed in the US?

This comparison covers 20 listed Education & Training Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/education-training-services