LRN · Stride, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.41B | $2.04B | $1.84B | $1.04B | - | - |
| Cost of Revenue | $1.46B | $1.28B | $1.19B | $1.09B | $1.00B | $693.23M |
| Gross Profit | $943.92M | $763.60M | $647.07M | $596.48M | $534.90M | $347.53M |
| R&D | $16.60M | $16.70M | $15.50M | $7.50M | $3.70M | $9.70M |
| SG&A | $524.35M | $514.00M | $481.57M | $439.85M | $424.44M | $315.08M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $114.67M | $109.68M | $110.36M | $97.91M | $90.08M | $72.09M |
| Operating Income | $360.09M | $249.60M | $165.50M | $156.63M | $110.46M | $32.46M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $93.01M | $64.48M | $45.35M | $40.09M | $24.54M | $8.54M |
| Net Income | $287.94M | $204.18M | $126.87M | $107.13M | $71.45M | $24.51M |
| EPS - Basic | $6.69 | $4.79 | $3.00 | $2.58 | $1.78 | $0.62 |
| EPS - Diluted | $5.95 | $4.69 | $2.97 | $2.52 | $1.71 | $0.60 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $782.50M | $500.61M | $410.81M | $389.40M | $386.08M | $212.30M |
| Accounts Receivable | $559.65M | $472.75M | $463.72M | $418.56M | $369.30M | $236.13M |
| Inventory | $37.57M | $36.75M | $36.72M | $36.00M | $39.69M | $28.30M |
| Accounts Payable | $43.96M | $40.97M | $48.85M | $62.00M | $62.14M | $40.43M |
| Current Assets | $1.63B | $1.25B | $1.07B | $950.53M | $857.53M | $501.27M |
| Total Assets | $2.29B | $1.92B | $1.76B | $1.64B | $1.58B | $1.07B |
| Current Liabilities | $302.88M | $244.28M | $309.13M | $302.07M | $306.24M | $273.42M |
| Long-term Debt | $416.32M | $414.68M | $413.04M | $411.44M | $299.27M | - |
| Total Liabilities | $814.34M | $744.44M | $813.37M | $830.96M | $772.65M | $397.93M |
| Stockholders' Equity | $1.48B | $1.18B | $947.30M | $812.58M | $804.65M | $675.33M |
| Retained Earnings | $846.45M | $558.51M | $354.33M | $227.46M | $112.15M | $46.95M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $432.82M | $278.80M | $203.15M | $206.88M | $134.15M | $80.42M |
| Investing Cash Flow | ($88.00M) | ($139.87M) | ($118.24M) | ($110.76M) | ($165.44M) | ($217.37M) |
| Financing Cash Flow | ($62.94M) | ($49.12M) | ($63.50M) | ($93.31M) | $204.58M | $65.63M |
| CapEx | $1.78M | $2.27M | $4.34M | $9.75M | $3.57M | $1.68M |
| Free Cash Flow | $431.04M | $276.53M | $198.81M | $197.14M | $130.58M | $78.74M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 39.2% | 37.4% | 35.2% | 57.3% | - | - |
| Operating margin | 15.0% | 12.2% | 9.0% | 15.0% | - | - |
| EBITDA margin | 19.7% | 17.6% | 15.0% | 24.5% | - | - |
| Net margin | 12.0% | 10.0% | 6.9% | 10.3% | - | - |
| Free cash flow margin | 17.9% | 13.6% | 10.8% | 18.9% | - | - |
| FCF / Net income | 1.50 | 1.35 | 1.57 | 1.84 | 1.83 | 3.21 |
| R&D / Revenue | 0.7% | 0.8% | 0.8% | 0.7% | - | - |
| SG&A / Revenue | 21.8% | 25.2% | 26.2% | 42.3% | - | - |
| Effective tax rate | 24.4% | 24.0% | 26.3% | 27.2% | 25.6% | 25.8% |
| Return on assets | 12.6% | 10.6% | 7.2% | 6.5% | 4.5% | 2.3% |
| Return on equity | 19.5% | 17.4% | 13.4% | 13.2% | 8.9% | 3.6% |
| Return on invested capital | 14.4% | 11.9% | 9.0% | 9.3% | 7.4% | - |
| Liquidity | ||||||
| Current ratio | 5.39 | 5.10 | 3.45 | 3.15 | 2.80 | 1.83 |
| Quick ratio | 5.27 | 4.95 | 3.33 | 3.03 | 2.67 | 1.73 |
| Cash ratio | 2.58 | 2.05 | 1.33 | 1.29 | 1.26 | 0.78 |
| Leverage | ||||||
| Debt / Equity | 0.28 | 0.35 | 0.44 | 0.51 | 0.37 | - |
| Debt / Assets | 0.18 | 0.22 | 0.23 | 0.25 | 0.19 | - |
| Debt / EBITDA | 0.88 | 1.15 | 1.50 | 1.62 | 1.49 | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.55 | 1.63 | 1.86 | 2.02 | 1.96 | 1.59 |
| Liabilities / Assets | 0.35 | 0.39 | 0.46 | 0.51 | 0.49 | 0.37 |
| Efficiency | ||||||
| Asset turnover | 1.05 | 1.06 | 1.04 | 0.63 | - | - |
| Inventory turnover | 38.90 | 34.74 | 32.42 | 30.28 | 25.24 | 24.50 |
| Days sales outstanding | 85d | 85d | 92d | 147d | - | - |
| Days inventory outstanding | 9d | 11d | 11d | 12d | 14d | 15d |
| Days payable outstanding | 11d | 12d | 15d | 21d | 23d | 21d |
| Cash conversion cycle | 83d | 83d | 88d | 138d | - | - |
| Valuation | ||||||
| P / E | 24.4x | 15.0x | 12.5x | 16.2x | 18.8x | 45.4x |
| P / B | 4.8x | 2.6x | 1.7x | 2.1x | 1.7x | 1.6x |
| P / S | 2.9x | 1.5x | 0.9x | 1.7x | - | - |
| EV / EBITDA | 14.0x | 8.3x | 5.8x | 6.9x | 6.3x | 8.6x |
| Growth | ||||||
| Revenue growth (YoY) | 17.9% | 11.0% | 76.5% | - | - | - |
| Revenue CAGR (3y) | 32.2% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | 14.9% | 3.2% | - | - |
| Gross profit growth (YoY) | 23.6% | 18.0% | 8.5% | 11.5% | 53.9% | - |
| Operating income growth (YoY) | 44.3% | 50.8% | 5.7% | 41.8% | 240.3% | -28.6% |
| Net income growth (YoY) | 41.0% | 60.9% | 18.4% | 49.9% | 191.6% | -34.1% |
| EPS growth (YoY) | 26.9% | 57.9% | 17.9% | 47.4% | 185.0% | -34.1% |
| EPS CAGR (3y) | 33.2% | 40.0% | 70.4% | 40.4% | 36.0% | 291.5% |
| EPS CAGR (5y) | 58.2% | 38.8% | 34.3% | 202.2% | 49.4% | 15.7% |
| FCF growth (YoY) | 55.9% | 39.1% | 0.9% | 51.0% | 65.8% | -42.2% |
| FCF CAGR (5y) | 40.5% | 15.2% | 15.9% | 10.5% | 2.3% | -6.5% |
| Book value growth (YoY) | 25.8% | 24.1% | 16.6% | 1.0% | 19.1% | 6.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-06-30.
Product / service
$4.02B totalGeneral Education$1.45B · 36.0%
Career Learning$956.64M · 23.8%
Middle High School$876.29M · 21.8%
Primary Obligor$662.60M · 16.5%
Adult$80.35M · 2.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
3.03
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Educational Services
Comparing Stride against the 5 most active filers in the same SIC group.