51Talk (COE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the COE SEC filings page.
51Talk (COE) reported $95.6M in revenue for fiscal year 2025, up 88.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rapid revenue scaling is accompanied by margin compression, persistent operating losses, and a balance sheet increasingly financed by liabilities.
Between FY2023 and FY2025, gross margin narrowed by 2.8 percentage points even as revenue more than tripled, indicating that scale did not improve the reported cost structure. Meanwhile, operating cash flow rose to$11.8M in FY2025 while net loss deepened to-$16.8M , a gap suggesting cash conversion was helped by non-earnings items rather than profitability.
Operating margins remained near -15% in both FY2024 and FY2025 despite the larger revenue base, meaning added volume mostly funded a larger cost base instead of producing operating profit. The smaller gap between operating cash flow and free cash flow—
Liabilities reached
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of 51Talk's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
51Talk held $38.9M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $11.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and 51Talk scores 85/100 among other emerging companies.
51Talk had 359M shares outstanding at the end of fiscal year 2025, against 351M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and 51Talk scores 63/100 among other emerging companies.
51Talk spent $5.5M on research and development in fiscal year 2025, which was 5.0% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and 51Talk scores 23/100 among other emerging companies.
51Talk reported revenue of $95.6M in fiscal year 2025, against $50.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and 51Talk scores 84/100 among other emerging companies.
Not available for 51Talk, and counted as zero in the overall score.
51Talk's cash, cash equivalents and investments came to $38.9M at the end of fiscal year 2025, against $97.3M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and 51Talk scores 39/100 among other emerging companies.
51Talk scores -7.20, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($89.4M) relative to total liabilities ($97.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
51Talk passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
51Talk reported a net loss of $16.8M while generating $11.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
51Talk held $38.9M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
COE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
COE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2420-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $66.1M+50.4% | $43.9M+41.0% | $31.2M+12.7% | $27.6M-85.2% | $187.1M-44.8% | $338.6M+68.2% | $201.4M+37.0% | $146.9M+22.0% |
| Current Assets | $60.4M+50.6% | $40.1M+34.6% | $29.8M+12.1% | $26.6M-82.4% | $151.2M-39.0% | $247.9M+45.0% | $171.0M+23.2% | $138.8M+27.5% |
| Cash & Equivalents | $38.9M+40.0% | $27.8M+30.3% | $21.3M+17.1% | $18.2M-26.1% | $24.6M-52.0% | $51.3M-2.5% | $52.6M-12.5% | $60.1M+22.2% |
| Short-Term Investments | $0 | $0 | $0 | $0-100.0% | $90.7M+16.1% | $78.1M+20.1% | $65.1M+228.2% | $19.8M+28.1% |
| Inventory | N/A | N/A | N/A | N/A | $169K-43.1% | $297K+575.0% | $44K | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $647K+6.6% | $607K-1.1% | $614K-5.4% |
| Total Liabilities | $97.3M+66.0% | $58.7M+49.1% | $39.3M+86.9% | $21.1M-93.0% | $300.5M-36.3% | $471.5M+34.1% | $351.7M+22.6% | $286.9M+28.6% |
| Current Liabilities | $95.4M+67.6% | $56.9M+45.4% | $39.1M+90.8% | $20.5M-93.1% | $297.0M-35.8% | $462.5M+33.1% | $347.4M+26.7% | $274.3M+25.3% |
| Non-Current Liabilities | $2.0M+13.6% | $1.8M+706.9% | $217K-60.3% | $547K-84.2% | $3.5M-61.4% | $8.9M+108.1% | $4.3M-66.1% | $12.7M+199.1% |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $10.0M |
| Total Equity | -$31.4M-109.0% | -$15.0M-79.9% | -$8.3M-226.8% | $6.6M+105.8% | -$113.4M+14.6% | -$132.9M+11.4% | -$150.0M-7.2% | -$140.0M-36.3% |
| Retained Earnings | -$370.4M-4.8% | -$353.6M-2.1% | -$346.4M-4.6% | -$331.2M-14.7% | -$288.6M+8.2% | -$314.5M+0.4% | -$315.9M-3.7% | -$304.6M-13.0% |
Not reported in any period shown, so not listed: Accounts Receivable.
COE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
COE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Note: Shareholder equity is negative (-$31.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.63), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| 51Talk COE | FY2025 | $95.6M | -$16.8M | -17.6% | $89.4M | 49/100 |
| Franklin Covey Co FC | FY2025 | $267.1M | $3.1M | 1.1% | $213.1M | 44/100 |
| Chegg Inc CHGG | FY2025 | $376.9M | -$103.0M | -27.3% | $91.9M | 21/100 |
| Ihuman Inc IH | FY2025 | $115.4M | $13.6M | 11.8% | $63.9M | 54/100 |
| Sunlands Tech STG | FY2025 | $288.8M | $52.3M | 18.1% | $37.0M | 61/100 |
| Legacy Education Inc LGCY | FY2025 | $64.2M | $7.5M | 11.7% | $136.4M | 81/100 |
Where 51Talk Ranks
Frequently Asked Questions
What is 51Talk's annual revenue?
51Talk (COE) reported $95.6M in total revenue for fiscal year 2025. This represents a 88.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is 51Talk's revenue growing?
51Talk (COE) revenue grew by 88.6% year-over-year, from $50.7M to $95.6M in fiscal year 2025.
Is 51Talk profitable?
No, 51Talk (COE) reported a net income of -$16.8M in fiscal year 2025, with a net profit margin of -17.6%.
What is 51Talk's EBITDA?
51Talk (COE) had EBITDA of -$14.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is 51Talk's gross margin?
51Talk (COE) had a gross margin of 73.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is 51Talk's operating margin?
51Talk (COE) had an operating margin of -15.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is 51Talk's net profit margin?
51Talk (COE) had a net profit margin of -17.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is 51Talk's free cash flow?
51Talk (COE) generated $9.5M in free cash flow during fiscal year 2025. This represents a 72.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is 51Talk's operating cash flow?
51Talk (COE) generated $11.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are 51Talk's total assets?
51Talk (COE) had $66.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are 51Talk's capital expenditures?
51Talk (COE) invested $2.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does 51Talk spend on research and development?
51Talk (COE) invested $5.5M in research and development during fiscal year 2025.
What is 51Talk's current ratio?
51Talk (COE) had a current ratio of 0.63 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is 51Talk's return on assets (ROA)?
51Talk (COE) had a return on assets of -25.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is 51Talk's P/E ratio?
51Talk (COE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $89.4M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is 51Talk's price-to-sales ratio?
51Talk (COE) trades at 0.9x sales, its market capitalization divided by revenue of $95.6M revenue, FY2025. The market capitalization is $89.4M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is 51Talk's debt-to-equity ratio negative or not reported?
51Talk (COE) has negative shareholder equity of -$31.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is 51Talk's Altman Z-Score?
51Talk (COE) has an Altman Z-Score of -7.20, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is 51Talk's Piotroski F-Score?
51Talk (COE) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are 51Talk's earnings high quality?
51Talk (COE) reported a net loss of $16.8M while generating $11.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is 51Talk?
51Talk (COE) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.