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Data as of Q3 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
A reverse DCF cannot be solved for STG: its net cash ($82.3M) exceeds its market value, so enterprise value is negative. Discounting a positive cash-flow stream always gives a positive number, so no growth rate reaches that target. This is common for banks, brokers and payment companies, where customer balances sit in the cash line and are not the company's to spend.
Default is 8.8% — this company's computed cost of capital, the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt -$82.3M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 711.0% · volatility σ 1215% · implied rate exceeded in 3/3 yrs
Central path = implied -60.0%/yr growth; shaded band = ±1σ (1215%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EDU | $7.5B | — | 7.0× | 1.3× | 15.5% | 54.6% | 8.4% | 11.9% | 11.9% | -2.2× | — |
| TAL | $5.5B | 3.6× | 11.5× | 1.8× | 33.7% | 55.4% | 17.6% | 14.1% | 14.1% | -4.4× | 29 |
| GHC | $4.9B | 17.6× | 17.4× | 1.0× | 2.5% | — | 6.0% | 6.1% | 5.2% | 1.9× | 69 |
| LAUR | $4.5B | 17.6× | 8.9× | 2.6× | 8.6% | 28.3% | 16.5% | 23.7% | 21.4% | -0.0× | 68 |
| CVSA | $4.2B | 17.7× | 10.4× | 2.1× | 9.3% | 57.3% | 12.9% | 17.4% | 11.9% | 0.6× | — |
| LOPE | $3.9B | 19.2× | 12.6× | 3.5× | 7.1% | — | 19.5% | 28.9% | 28.9% | -0.4× | 90 |
| LRN | $3.3B | 11.0× | 5.1× | 1.3× | 4.7% | 37.8% | 13.4% | 20.7% | 16.5% | -0.6× | 69 |
| DAO | $2.4B | 154.5× | — | 2.9× | 9.6% | 44.3% | 1.6% | -5.0% | -5.0% | — | 3 |
| PRDO | $1.9B | 12.3× | 7.4× | 2.2× | 24.2% | — | 18.9% | 16.4% | 16.4% | -0.5× | 62 |
| STRA | $1.6B | 13.5× | 6.7× | 1.3× | 4.0% | — | 10.0% | 7.7% | 7.7% | -0.6× | 59 |
| UTI | $1.2B | 20.0× | 10.4× | 1.5× | 14.0% | — | 7.5% | 19.2% | 15.2% | -0.3× | 37 |
| APEI | $742M | 29.8× | 10.3× | 1.1× | 3.9% | 54.2% | 4.9% | 10.7% | 8.1% | -1.2× | 30 |
| LINC | $656M | 32.3× | 12.7× | 1.3× | 17.8% | 60.4% | 3.9% | 10.0% | 10.0% | -0.6× | 24 |
| LGCY | $123M | 14.5× | 8.0× | 1.5× | 24.8% | — | 11.4% | 17.3% | 17.3% | -1.8× | 9 |
| STG | $29M | 0.3× | — | 0.1× | 5.9% | 86.9% | 18.1% | 38.7% | 38.7% | -1.4× | 1 |
Peers = companies sharing STG's sector (Services-Educational Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $21.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 8 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 39%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $288.8M 100.0% | $1.99B 100.0% | $2.16B 100.0% | $2.32B 100.0% | $2.51B 100.0% | $2.20B 100.0% | $2.19B 100.0% | $1.97B 100.0% |
| Cost of Revenue | $37.8M 13.1% | $317.6M 16.0% | $265.5M 12.3% | $348.1M 15.0% | $376.2M 15.0% | $387.3M 17.6% | $396.3M 18.1% | $330.4M 16.7% |
| Gross Profit | $251.0M 86.9% | $1.67B 84.0% | $1.89B 87.7% | $1.97B 85.0% | $2.13B 85.0% | $1.82B 82.4% | $1.80B 81.9% | $1.64B 83.3% |
| Research & Development | $4.2M 1.5% | $25.0M 1.3% | $33.7M 1.6% | $42.8M 1.8% | $61.3M 2.4% | $66.5M 3.0% | $101.7M 4.6% | $76.0M 3.9% |
| Selling, General & Admin | $20.6M 7.1% | $132.8M 6.7% | $143.3M 6.6% | $185.7M 8.0% | $207.6M 8.3% | $275.4M 12.5% | $363.3M 16.6% | $443.7M 22.5% |
| Total Operating Expenses | $197.2M 68.3% | $1.37B 69.1% | $1.32B 61.1% | $1.36B 58.5% | $2.02B 80.4% | $2.47B 111.9% | $2.26B 102.9% | $2.67B 135.4% |
| Operating Income | $53.8M 18.6% | $297.9M 15.0% | $574.9M 26.6% | $616.9M 26.6% | $114.3M 4.6% | -$649.0M -29.5% | -$459.7M -21.0% | -$1.03B -52.1% |
| Interest Expense | $122K 0.0% | $5.3M 0.3% | $7.7M 0.4% | $10.1M 0.4% | $10.9M 0.4% | $11.7M 0.5% | $14.3M 0.7% | $2.2M 0.1% |
| Interest & Investment Income | $3.4M 1.2% | $38.8M 2.0% | $31.1M 1.4% | $16.2M 0.7% | $16.2M 0.6% | $25.8M 1.2% | $60.2M 2.7% | $70.4M 3.6% |
| Other Income (Expense), net | $4.3M 1.5% | $26.3M 1.3% | $34.1M 1.6% | $24.5M 1.1% | $39.2M 1.6% | $203.2M 9.2% | $21.3M 1.0% | $32.1M 1.6% |
| Pretax Income | $61.4M 21.3% | $356.9M 17.9% | $676.1M 31.3% | $648.5M 27.9% | $197.6M 7.9% | -$432.6M -19.6% | -$392.6M -17.9% | -$928.7M -47.0% |
| Income Tax Expense | $8.5M 2.9% | $1.3M 0.1% | $25.2M 1.2% | $12.0M 0.5% | -$19.6M -0.8% | -$236K -0.0% | $2.4M 0.1% | $0 0.0% |
| Net Income | $52.3M 18.1% | $342.1M 17.2% | $640.8M 29.7% | $644.0M 27.7% | $219.1M 8.7% | -$430.5M -19.5% | -$394.8M -18.0% | -$927.0M -47.0% |
| Per Share | ||||||||
| EPS (Basic) | $7.76 | $50.12 | $92.88 | $94.14 | $32.56 | -$63.74 | — | — |
| EPS (Diluted) | $7.76 | $50.12 | $92.88 | $94.14 | $32.56 | -$63.74 | — | — |
| Weighted Avg Shares (Basic) | 6.7M | 6.8M | 6.9M | 6.8M | 6.7M | 6.8M | — | — |
| Weighted Avg Shares (Diluted) | 6.7M | 6.8M | 6.9M | 6.8M | 6.7M | 6.8M | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash of $82.3M fully covers short-term debt of $0.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 1 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 8-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 39% against ROIC 39% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 48.1% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 5.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 16.7 | 18.1 | 17.6 | 15.0 | 15.0 | 12.3 | 16.0 | 13.1 |
| Gross Profit | 83.3 | 81.9 | 82.4 | 85.0 | 85.0 | 87.7 | 84.0 | 86.9 |
| R&D | 3.9 | 4.6 | 3.0 | 2.4 | 1.8 | 1.6 | 1.3 | 1.5 |
| SG&A | 22.5 | 16.6 | 12.5 | 8.3 | 8.0 | 6.6 | 6.7 | 7.1 |
| Operating Income | -52.1 | -21.0 | -29.5 | 4.6 | 26.6 | 26.6 | 15.0 | 18.6 |
| Income Tax | 0.0 | 0.1 | -0.0 | -0.8 | 0.5 | 1.2 | 0.1 | 2.9 |
| Net Income | -47.0 | -18.0 | -19.5 | 8.7 | 27.7 | 29.7 | 17.2 | 18.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on STG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 55.72pts above its cost of capital, but net margin has stepped down from 2772.06% to 1810.14% over 3 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2024 | 87.3% | 14.7% | 72.7pts |
| FY2025 | 64.5% | 7.7% | 56.8pts |
| Now | 38.7% | 8.8% | 29.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 83.3% | -52.1% | -47.0% |
| FY2019 | 81.9% | -21.0% | -18.0% |
| FY2020 | 82.4% | -29.5% | -19.5% |
| FY2021 | 85.0% | 4.6% | 8.7% |
| FY2022 | 85.0% | 26.6% | 27.7% |
| FY2023 | 87.7% | 26.6% | 29.7% |
| FY2024 | 84.0% | 15.0% | 17.2% |
| FY2025 | 86.9% | 18.6% | 18.1% |
Return on equity (39%) and return on invested capital (39%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
Net margin is 1810.14% against 2772.06% 3 years ago — a step down the business has not recovered, whatever the spread says today.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Capex has been below depreciation for 7 consecutive years (0.13x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 308.9x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 441.35x |
| 5% | 419.28x |
| 10% | 397.22x |
| 15% | 375.15x |
| 20% | 353.08x |
| 25% | 331.01x |
| 30% | 308.95x |
| 35% | 286.88x |
| 40% | 264.81x |
| 45% | 242.74x |
| 50% | 220.68x |
| 55% | 198.61x |
| 60% | 176.54x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $19,829,000 of the $19,829,000 total — a fixed obligation that does not appear in a headline debt figure.
No growth rate within the range this model can express reaches the current price, so the requirement cannot be stated as a number.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: implied_growth.
| Step | Amount | Running total |
|---|---|---|
| Net income | $52M | $52M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$31M | $21M |
| Operating cash flow | $21M | $21M |
| Capex | −$30,000 | $21M |
| Free cash flow | $21M | $21M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 7.2% | not reported | not reported |
| FY2021 | 16.5% | not reported | not reported |
| FY2022 | -14.4% | not reported | not reported |
| FY2023 | -9.7% | not reported | not reported |
| FY2024 | -10.4% | not reported | not reported |
| FY2025 | 5.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 3.5 percent |
| FY2020 | -7.4 percent |
| FY2021 | 22.9 percent |
| FY2022 | 27.9 percent |
| FY2023 | 23.6 percent |
| FY2024 | 6.9 percent |
| FY2025 | 10.7 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.