Stride (LRN) Financials

$165.38 -2.40 (-1.43%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$165.72 +0.35 (+0.21%)

As of 08/22/2025 07:58 PM Eastern

Annual Income Statements for Stride

This table shows Stride's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Net Income / (Loss) Attributable to Common Shareholders	11	9.04	0.45	28	37	25	71	107	127	204
Consolidated Net Income / (Loss)	9.33	8.55	-0.46	27	37	25	71	107	127	204
Net Income / (Loss) Continuing Operations	9.33	8.55	-0.46	27	37	25	71	107	127	204
Total Pre-Tax Income	15	13	4.94	27	48	33	95	147	173	268
Total Operating Income	18	14	13	26	45	32	110	157	165	250
Total Gross Profit	341	326	331	325	352	348	535	596	647	764
Total Revenue	948	873	889	918	1,016	1,041	1,537	1,687	1,837	2,040
Operating Revenue	948	873	889	918	1,016	1,041	1,537	1,687	1,837	2,040
Total Cost of Revenue	608	547	557	592	663	693	1,002	1,090	1,190	1,276
Operating Cost of Revenue	608	547	557	592	663	693	1,002	1,090	1,190	1,276
Total Operating Expenses	322	312	318	300	307	315	424	440	482	514
Selling, General & Admin Expense	308	302	306	300	307	315	424	440	482	514
Total Other Income / (Expense), net	-3.29	-0.62	-8.19	0.97	2.88	0.97	-15	-9.55	7.05	18
Interest & Investment Income	-	-	1.81	0.97	2.76	0.70	-18	-8.28	-8.40	-8.81
Other Income / (Expense), net	-3.20	-	-10	0.00	0.11	0.27	2.83	-1.28	15	27
Income Tax Expense	5.81	4.75	5.40	-0.91	11	8.54	25	40	45	64
Other Gains / (Losses), net	-	-	-	0.00	-0.63	-0.38	0.68	0.14	-0.33	0.98
Basic Earnings per Share	$0.29	$0.24	$0.01	$0.70	$0.96	$0.62	$1.78	$2.58	$3.00	$4.79
Weighted Average Basic Shares Outstanding	37.33M	37.61M	38.30M	39.28M	38.85M	39.48M	40.21M	41.45M	42.29M	42.63M
Diluted Earnings per Share	$0.29	$0.23	$0.01	$0.68	$0.91	$0.60	$1.71	$2.52	$2.97	$4.69
Weighted Average Diluted Shares Outstanding	37.63M	38.85M	39.50M	40.64M	40.94M	40.66M	41.87M	42.44M	42.73M	43.54M
Weighted Average Basic & Diluted Shares Outstanding	37.90M	37.60M	45.10M	39.50M	38.80M	40.66M	41.87M	42.44M	42.99M	43.28M

This table shows Stride's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-23	51	55	43	4.88	67	70	63	41	96	99
Consolidated Net Income / (Loss)	-23	51	55	43	4.88	67	70	63	41	96	99
Net Income / (Loss) Continuing Operations	-23	51	55	43	4.88	67	70	63	41	96	99
Total Pre-Tax Income	-30	70	75	58	6.42	89	94	79	54	130	135
Total Operating Income	-29	68	72	54	3.32	84	88	74	47	125	131
Total Gross Profit	130	170	175	172	173	201	201	188	216	240	249
Total Revenue	425	458	470	483	480	505	521	534	551	587	613
Operating Revenue	425	458	470	483	480	505	521	534	551	587	613
Total Cost of Revenue	296	288	295	311	307	304	320	346	335	347	364
Operating Cost of Revenue	296	288	295	311	307	304	320	346	335	347	364
Total Operating Expenses	158	102	103	118	170	117	113	115	169	115	119
Selling, General & Admin Expense	158	102	103	118	170	117	113	115	169	115	119
Total Other Income / (Expense), net	-1.01	1.89	2.38	3.79	3.10	4.52	5.27	5.20	6.43	4.66	4.57
Interest & Investment Income	-2.05	-2.08	-2.21	-2.07	-2.07	-2.02	-2.40	-2.32	-2.35	-2.67	-2.79
Other Income / (Expense), net	1.04	3.97	4.59	5.86	5.17	6.54	7.68	7.52	8.78	7.33	7.36
Income Tax Expense	-7.51	19	20	14	1.54	22	25	16	11	33	35
Other Gains / (Losses), net	-0.45	-0.40	0.41	0.11	-0.00	0.22	0.76	0.00	-1.61	-0.01	-0.56
Basic Earnings per Share	($0.54)	$1.20	$1.31	$1.03	$0.11	$1.57	$1.63	$1.48	$0.95	$2.24	$2.31
Weighted Average Basic Shares Outstanding	42.08M	42.26M	42.38M	42.29M	42.50M	42.56M	42.68M	42.63M	42.87M	43.02M	43.09M
Diluted Earnings per Share	($0.54)	$1.19	$1.30	$1.02	$0.11	$1.54	$1.60	$1.44	$0.94	$2.03	$2.02
Weighted Average Diluted Shares Outstanding	42.08M	42.55M	42.71M	42.73M	42.98M	43.46M	43.66M	43.54M	43.71M	47.46M	49.18M
Weighted Average Basic & Diluted Shares Outstanding	-	-	43.04M	42.99M	43.34M	43.37M	43.25M	43.28M	43.59M	43.55M	43.52M

This table details how cash moves in and out of Stride's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Net Change in Cash & Equivalents	-0.26	18	17	2.25	52	-71	173	2.82	21	90
Net Cash From Operating Activities	120	122	89	105	142	80	134	207	203	279
Net Cash From Continuing Operating Activities	120	122	89	105	142	80	134	207	203	279
Net Income / (Loss) Continuing Operations	9.33	8.55	-0.46	27	37	25	71	107	127	204
Consolidated Net Income / (Loss)	9.33	8.55	-0.46	27	37	25	71	107	127	204
Depreciation Expense	80	68	74	75	71	72	90	98	110	110
Amortization Expense	-	-	-	-	0.00	0.00	13	1.57	1.60	1.64
Non-Cash Adjustments To Reconcile Net Income	38	23	48	-3.59	20	22	26	59	25	60
Changes in Operating Assets and Liabilities, net	-7.70	22	-34	6.35	13	-38	-66	-59	-60	-96
Net Cash From Investing Activities	-68	-83	-57	-50	-61	-217	-165	-111	-118	-140
Net Cash From Continuing Investing Activities	-68	-83	-57	-50	-61	-217	-165	-111	-118	-140
Purchase of Property, Plant & Equipment	-44	-41	-29	-33	-32	-26	-35	-52	-49	-43
Acquisitions	-6.51	-20	-9.06	-7.27	0.00	-168	-71	0.00	-1.41	0.00
Purchase of Investments	-	-	-	-	-13	-4.37	-42	-89	-142	-283
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.00	45	92	204
Other Investing Activities, net	-18	-22	-19	-9.93	-17	-19	-17	-16	-17	-19
Net Cash From Financing Activities	-50	-21	-15	-53	-29	66	205	-93	-64	-49
Net Cash From Continuing Financing Activities	-50	-21	-15	-53	-29	66	205	-93	-64	-49
Repayment of Debt	-22	-17	-16	-13	0.00	-33	-124	0.00	0.00	-41
Repurchase of Preferred Equity	-2.67	-3.39	-6.19	-10	-9.96	-6.76	-9.23	-38	-14	-8.20
Other Financing Activities, net	0.67	0.02	7.24	-1.62	-19	0.06	-70	-55	-50	0.00

This table details how cash moves in and out of Stride's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-195	124	55	37	-156	100	22	124	-183	200	14
Net Cash From Operating Activities	-143	164	85	97	-135	173	69	172	-142	223	53
Net Cash From Continuing Operating Activities	-143	164	85	97	-135	173	69	172	-142	223	53
Net Income / (Loss) Continuing Operations	-23	51	55	43	4.88	67	70	63	41	96	99
Consolidated Net Income / (Loss)	-23	51	55	43	4.88	67	70	63	41	96	99
Depreciation Expense	26	27	27	30	28	26	27	28	28	27	29
Amortization Expense	0.41	0.41	0.38	0.40	0.42	0.42	0.40	0.40	0.42	0.42	0.39
Non-Cash Adjustments To Reconcile Net Income	-24	35	11	2.61	7.82	31	8.31	11	19	9.46	16
Changes in Operating Assets and Liabilities, net	-123	51	-9.14	21	-176	48	-37	70	-230	90	-91
Net Cash From Investing Activities	-26	-29	-16	-47	-7.07	-62	-32	-39	-21	-15	-18
Net Cash From Continuing Investing Activities	-26	-29	-16	-47	-7.07	-62	-32	-39	-21	-15	-18
Purchase of Property, Plant & Equipment	-11	-14	-12	-13	-12	-8.37	-12	-11	-9.46	-10	-10
Purchase of Investments	-20	-36	-30	-56	-32	-89	-43	-120	-61	-86	-83
Sale and/or Maturity of Investments	12	25	29	26	41	40	27	97	54	86	81
Other Investing Activities, net	-6.15	-3.38	-3.27	-4.44	-4.41	-4.32	-4.80	-5.13	-5.32	-4.52	-5.61
Net Cash From Financing Activities	-25	-12	-14	-12	-14	-12	-14	-9.31	-20	-8.73	-22
Net Cash From Continuing Financing Activities	-25	-12	-14	-12	-14	-12	-14	-9.31	-20	-8.73	-22
Repayment of Debt	0.00	-	-	-	-	-	-	-41	-8.75	-7.97	-13
Repurchase of Preferred Equity	-8.91	-1.43	-2.60	-0.61	-2.09	-1.07	-4.44	-0.60	-11	-0.76	-8.71

This table presents Stride's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Total Assets	709	734	735	742	820	1,073	1,577	1,644	1,761	1,920
Total Current Assets	459	446	474	454	530	501	858	951	1,065	1,245
Cash & Equivalents	196	214	231	231	283	212	386	389	411	501
Short-Term Investments	-	-	-	-	-	-	-	-	112	192
Accounts Receivable	188	170	192	176	192	236	369	419	464	473
Inventories, net	30	31	31	26	30	28	40	36	37	37
Prepaid Expenses	11	9.63	8.01	10	13	13	19	26	25	29
Other Current Assets	25	22	12	10	12	11	43	81	17	14
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	250	288	262	288	290	572	720	693	695	675
Goodwill	66	87	87	90	90	175	240	241	247	247
Intangible Assets	21	23	20	18	15	77	157	160	75	142
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	0.00	8.78	7.20
Other Noncurrent Operating Assets	162	178	154	180	185	320	323	292	365	279
Total Liabilities & Shareholders' Equity	709	734	735	742	820	1,073	1,577	1,644	1,761	1,920
Total Liabilities	162	168	160	155	186	398	773	831	813	744
Total Current Liabilities	111	123	118	116	156	273	306	302	309	244
Accounts Payable	30	26	30	29	50	40	62	62	49	41
Accrued Expenses	12	27	22	14	21	27	78	63	77	61
Current Deferred Revenue	25	26	25	23	23	24	38	54	76	36
Current Employee Benefit Liabilities	27	31	29	36	42	47	80	73	57	65
Other Current Liabilities	-	-	-	-	0.00	34	48	50	50	42
Total Noncurrent Liabilities	51	45	42	39	31	125	466	529	504	500
Long-Term Debt	-	-	-	-	-	0.00	299	411	413	415
Noncurrent Deferred & Payable Income Tax Liabilities	22	18	17	13	17	14	32	3.21	0.00	0.00
Other Noncurrent Operating Liabilities	8.23	9.78	12	10	8.92	111	135	114	91	85
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	537	559	574	587	633	675	805	813	947	1,176
Total Preferred & Common Equity	537	559	574	587	633	675	805	813	947	1,176
Preferred Stock	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	537	559	574	587	633	675	805	813	947	1,176
Common Stock	663	675	690	703	713	731	795	687	695	720
Retained Earnings	-50	-41	-41	-13	22	47	112	227	354	559
Treasury Stock	-75	-75	-75	-102	-102	-102	-102	-102	-102	-102
Accumulated Other Comprehensive Income / (Loss)	-1.07	-0.29	-0.17	-0.25	-0.04	0.09	-0.47	0.14	-0.04	-0.04

This table presents Stride's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2022	3/31/2023	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	1,575	1,700	1,768	1,782	1,892	1,972	2,071	2,208
Total Current Assets	872	1,007	1,080	1,089	1,209	1,291	1,388	1,513
Cash & Equivalents	309	374	255	354	377	318	515	529
Short-Term Investments	-	-	-	-	-	204	202	195
Accounts Receivable	423	475	630	510	578	676	583	700
Inventories, net	24	23	22	20	21	22	21	22
Prepaid Expenses	36	39	50	36	40	54	51	50
Other Current Assets	81	97	124	170	194	17	16	17
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	703	693	687	693	683	681	682	695
Goodwill	241	247	247	247	247	247	247	247
Intangible Assets	92	80	72	69	65	58	55	53
Noncurrent Deferred & Refundable Income Taxes	-	-	1.77	9.50	15	0.00	0.00	3.36
Other Noncurrent Operating Assets	370	366	367	368	357	376	380	392
Total Liabilities & Shareholders' Equity	1,575	1,700	1,768	1,782	1,892	1,972	2,071	2,208
Total Liabilities	794	800	809	750	789	758	753	791
Total Current Liabilities	250	284	299	241	282	231	231	270
Accounts Payable	33	35	75	31	37	50	31	40
Accrued Expenses	55	46	51	56	68	56	83	71
Current Deferred Revenue	52	94	84	64	71	32	17	33
Current Employee Benefit Liabilities	60	54	40	43	62	40	45	69
Other Current Liabilities	51	55	50	46	44	52	56	56
Total Noncurrent Liabilities	544	516	510	509	507	527	522	521
Long-Term Debt	411	413	413	414	414	415	416	416
Other Noncurrent Operating Liabilities	124	98	97	95	93	110	106	105
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	781	899	958	1,033	1,103	1,214	1,318	1,417
Total Preferred & Common Equity	781	899	958	1,033	1,103	1,214	1,318	1,417
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	781	899	958	1,033	1,103	1,214	1,318	1,417
Common Stock	684	691	702	709	710	717	725	725
Retained Earnings	199	311	359	426	496	599	696	795
Treasury Stock	-102	-102	-102	-102	-102	-102	-102	-102
Accumulated Other Comprehensive Income / (Loss)	-0.22	0.06	-0.04	-0.04	-0.04	-0.06	-0.04	-0.05

This table displays calculated financial ratios and metrics derived from Stride's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.13%	-7.97%	1.81%	3.29%	10.68%	2.46%	47.66%	9.75%	8.93%	11.03%
EBITDA Growth	-17.33%	-14.00%	-5.76%	30.22%	16.07%	-10.41%	106.05%	17.99%	14.94%	32.41%
EBIT Growth	-47.96%	-8.62%	-77.51%	716.40%	78.51%	-28.23%	246.13%	37.13%	16.48%	52.80%
NOPAT Growth	-19.96%	-21.19%	-113.64%	2,264.62%	34.70%	-32.11%	239.42%	38.92%	7.08%	55.30%
Net Income Growth	-48.52%	-8.31%	-105.37%	6,073.86%	35.70%	-34.14%	191.57%	49.93%	18.42%	60.94%
EPS Growth	-42.00%	-20.69%	-95.65%	6,700.00%	33.82%	-34.07%	185.00%	47.37%	17.86%	57.91%
Operating Cash Flow Growth	-2.27%	1.41%	-27.14%	18.84%	34.29%	-43.21%	66.82%	54.22%	-1.80%	37.24%
Free Cash Flow Firm Growth	-43.31%	-20.74%	-42.14%	29.26%	310.89%	-483.18%	55.61%	96.09%	4,281.82%	8.11%
Invested Capital Growth	-1.61%	-1.31%	-2.47%	4.37%	-1.88%	50.18%	27.50%	16.27%	0.36%	7.26%
Revenue Q/Q Growth	0.38%	-1.62%	-0.62%	2.58%	1.75%	1.23%	48.16%	-15.66%	1.56%	2.55%
EBITDA Q/Q Growth	-18.11%	8.48%	-6.57%	5.06%	-5.33%	6.47%	12.22%	6.04%	9.14%	5.41%
EBIT Q/Q Growth	-68.00%	577.65%	-64.95%	25.34%	-13.44%	18.95%	13.98%	13.59%	11.92%	8.39%
NOPAT Q/Q Growth	-62.00%	538.81%	-123.89%	29.72%	-15.76%	10.51%	12.93%	20.94%	5.85%	10.63%
Net Income Q/Q Growth	-72.45%	331.73%	-107.90%	139.06%	-13.95%	6.85%	8.52%	19.65%	13.70%	10.50%
EPS Q/Q Growth	-68.48%	560.00%	-92.86%	142.86%	-13.33%	1.69%	8.23%	19.43%	14.23%	9.84%
Operating Cash Flow Q/Q Growth	37.86%	-10.11%	-9.49%	-1.07%	14.65%	12.73%	51.56%	1.20%	-12.32%	36.98%
Free Cash Flow Firm Q/Q Growth	236.53%	-75.16%	164.33%	-57.19%	118.70%	4.00%	-10.44%	92.03%	98.37%	510.92%
Invested Capital Q/Q Growth	-14.27%	-2.64%	-9.20%	-4.29%	-11.15%	-8.39%	-4.69%	-5.48%	-10.73%	-21.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.91%	37.38%	37.28%	35.44%	34.69%	33.39%	34.81%	35.36%	35.22%	37.43%
EBITDA Margin	10.07%	9.41%	8.71%	10.98%	11.52%	10.07%	14.05%	15.11%	15.94%	19.01%
Operating Margin	1.94%	1.59%	1.48%	2.78%	4.48%	3.12%	7.19%	9.29%	9.01%	12.23%
EBIT Margin	1.61%	1.59%	0.35%	2.78%	4.49%	3.14%	7.37%	9.21%	9.85%	13.55%
Profit (Net Income) Margin	0.98%	0.98%	-0.05%	2.99%	3.66%	2.35%	4.65%	6.35%	6.90%	10.01%
Tax Burden Percent	61.61%	64.31%	-9.30%	103.43%	76.94%	73.31%	74.97%	72.84%	73.53%	76.28%
Interest Burden Percent	99.40%	95.57%	157.78%	103.78%	106.05%	102.13%	84.13%	94.67%	95.36%	96.81%
Effective Tax Rate	38.39%	35.69%	109.30%	-3.43%	21.75%	25.55%	25.75%	27.26%	26.28%	24.09%
Return on Invested Capital (ROIC)	2.96%	2.37%	-0.33%	7.06%	9.40%	5.15%	12.81%	14.68%	14.59%	21.83%
ROIC Less NNEP Spread (ROIC-NNEP)	4.21%	2.59%	-0.71%	6.58%	8.71%	4.97%	23.42%	35.69%	3.50%	14.23%
Return on Net Nonoperating Assets (RNNOA)	-1.25%	-0.83%	0.25%	-2.34%	-3.31%	-1.41%	-3.15%	-1.43%	-0.17%	-2.60%
Return on Equity (ROE)	1.71%	1.54%	-0.08%	4.72%	6.10%	3.75%	9.66%	13.25%	14.42%	19.23%
Cash Return on Invested Capital (CROIC)	4.58%	3.69%	2.17%	2.78%	11.31%	-34.97%	-11.37%	-0.37%	14.23%	14.82%
Operating Return on Assets (OROA)	2.14%	1.93%	0.43%	3.46%	5.84%	3.46%	8.55%	9.65%	10.63%	15.02%
Return on Assets (ROA)	1.31%	1.19%	-0.06%	3.71%	4.77%	2.59%	5.39%	6.65%	7.45%	11.09%
Return on Common Equity (ROCE)	1.67%	1.51%	-0.08%	4.72%	6.10%	3.75%	9.66%	13.25%	14.42%	19.23%
Return on Equity Simple (ROE_SIMPLE)	1.74%	1.53%	-0.08%	4.67%	5.87%	3.63%	8.88%	13.18%	13.39%	17.36%
Net Operating Profit after Tax (NOPAT)	11	8.95	-1.22	26	36	24	82	114	122	189
NOPAT Margin	1.20%	1.03%	-0.14%	2.88%	3.50%	2.32%	5.34%	6.76%	6.64%	9.29%
Net Nonoperating Expense Percent (NNEP)	-1.25%	-0.22%	0.38%	0.48%	0.70%	0.18%	-10.61%	-21.02%	11.09%	7.60%
Cost of Revenue to Revenue	64.09%	62.62%	62.72%	64.56%	65.31%	66.61%	65.19%	64.64%	64.78%	62.57%
SG&A Expenses to Revenue	32.45%	34.63%	34.40%	32.66%	30.21%	30.27%	27.62%	26.08%	26.21%	25.20%
R&D to Revenue	1.52%	1.15%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.97%	35.78%	35.80%	32.66%	30.21%	30.27%	27.62%	26.08%	26.21%	25.20%
Earnings before Interest and Taxes (EBIT)	15	14	3.13	26	46	33	113	155	181	277
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	96	82	77	101	117	105	216	255	293	388
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.90	0.87	1.27	1.15	1.93	1.65	1.66	2.15	1.69	2.59
Price to Tangible Book Value (P/TBV)	1.08	1.09	1.56	1.41	2.31	2.64	3.28	4.24	2.56	3.51
Price to Revenue (P/Rev)	0.51	0.56	0.82	0.73	1.20	1.07	0.87	1.03	0.87	1.49
Price to Earnings (P/E)	44.17	54.03	1,611.84	24.40	32.86	45.56	18.68	16.28	12.63	14.94
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.26%	1.85%	0.06%	4.10%	3.04%	2.19%	5.35%	6.14%	7.92%	6.70%
Enterprise Value to Invested Capital (EV/IC)	0.86	0.81	1.42	1.23	2.57	1.78	1.74	2.12	1.78	3.09
Enterprise Value to Revenue (EV/Rev)	0.35	0.35	0.58	0.51	0.95	0.97	0.81	1.05	0.81	1.36
Enterprise Value to EBITDA (EV/EBITDA)	3.44	3.71	6.70	4.65	8.24	9.58	5.78	6.93	5.10	7.15
Enterprise Value to EBIT (EV/EBIT)	21.59	21.91	165.77	18.36	21.14	30.69	11.02	11.37	8.25	10.02
Enterprise Value to NOPAT (EV/NOPAT)	28.96	34.07	0.00	17.75	27.09	41.56	15.22	15.50	12.23	14.63
Enterprise Value to Operating Cash Flow (EV/OCF)	2.74	2.50	5.85	4.45	6.81	12.49	9.30	8.54	7.35	9.94
Enterprise Value to Free Cash Flow (EV/FCFF)	18.71	21.89	64.37	45.02	22.53	0.00	0.00	0.00	12.54	21.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.04	0.04	0.04	0.04	0.15	0.37	0.51	0.44	0.35
Long-Term Debt to Equity	0.02	0.02	0.02	0.02	0.01	0.00	0.37	0.51	0.44	0.35
Financial Leverage	-0.30	-0.32	-0.35	-0.36	-0.38	-0.28	-0.13	-0.04	-0.05	-0.18
Leverage Ratio	1.30	1.30	1.29	1.27	1.28	1.45	1.79	1.99	1.93	1.73
Compound Leverage Factor	1.29	1.24	2.03	1.32	1.36	1.48	1.51	1.89	1.84	1.68
Debt to Total Capital	5.15%	3.93%	3.67%	4.24%	3.75%	12.90%	27.11%	33.61%	30.36%	26.07%
Short-Term Debt to Total Capital	2.89%	2.24%	1.99%	2.18%	2.98%	12.90%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	2.26%	1.68%	1.68%	2.07%	0.77%	0.00%	27.11%	33.61%	30.36%	26.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.67%	1.27%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.19%	94.80%	96.21%	95.76%	96.25%	87.10%	72.89%	66.39%	69.64%	73.93%
Debt to EBITDA	0.31	0.28	0.28	0.26	0.21	0.95	1.39	1.61	1.41	1.07
Net Debt to EBITDA	-1.74	-2.32	-2.70	-2.03	-2.21	-1.07	-0.40	0.09	-0.37	-0.72
Long-Term Debt to EBITDA	0.14	0.12	0.13	0.13	0.04	0.00	1.39	1.61	1.41	1.07
Debt to NOPAT	2.61	2.59	-17.95	0.98	0.69	4.14	3.65	3.61	3.39	2.19
Net Debt to NOPAT	-14.64	-21.33	171.19	-7.76	-7.26	-4.65	-1.06	0.19	-0.90	-1.47
Long-Term Debt to NOPAT	1.15	1.11	-8.21	0.48	0.14	0.00	3.65	3.61	3.39	2.19
Altman Z-Score	3.70	3.45	4.45	4.48	5.95	3.07	2.77	3.26	3.36	5.03
Noncontrolling Interest Sharing Ratio	2.42%	1.54%	0.72%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.15	3.62	4.02	3.91	3.40	1.83	2.80	3.15	3.45	5.10
Quick Ratio	3.47	3.12	3.59	3.51	3.05	1.64	2.47	2.67	3.19	4.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	18	14	8.06	10	43	-164	-73	-2.85	119	129
Operating Cash Flow to CapEx	274.90%	295.05%	305.93%	316.88%	450.89%	313.33%	387.63%	398.32%	411.99%	649.53%
Free Cash Flow to Firm to Interest Expense	193.09	22.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1,319.62	197.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	839.58	130.48	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.34	1.21	1.21	1.24	1.30	1.10	1.16	1.05	1.08	1.11
Accounts Receivable Turnover	4.95	4.88	4.91	4.98	5.52	4.87	5.08	4.28	4.17	4.36
Inventory Turnover	19.17	18.16	18.23	21.00	23.75	23.80	29.47	28.81	32.74	34.75
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	19.99	19.61	19.91	19.94	16.62	15.25	19.53	17.56	21.48	28.42
Days Sales Outstanding (DSO)	73.69	74.82	74.30	73.28	66.11	75.01	71.90	85.25	87.63	83.78
Days Inventory Outstanding (DIO)	19.04	20.10	20.02	17.38	15.37	15.33	12.39	12.67	11.15	10.50
Days Payable Outstanding (DPO)	18.26	18.61	18.33	18.30	21.97	23.93	18.68	20.78	17.00	12.84
Cash Conversion Cycle (CCC)	74.48	76.31	76.00	72.36	59.51	66.41	65.60	77.14	81.79	81.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	380	375	366	382	375	563	718	835	838	898
Invested Capital Turnover	2.47	2.31	2.40	2.45	2.68	2.22	2.40	2.17	2.20	2.35
Increase / (Decrease) in Invested Capital	-6.22	-4.98	-9.28	16	-7.20	188	155	117	2.99	61
Enterprise Value (EV)	329	305	519	469	964	1,004	1,248	1,766	1,493	2,772
Market Capitalization	485	488	727	674	1,223	1,117	1,335	1,744	1,602	3,049
Book Value per Share	$13.99	$14.30	$14.16	$14.26	$15.75	$16.47	$19.37	$19.01	$22.01	$27.19
Tangible Book Value per Share	$11.72	$11.47	$11.51	$11.64	$13.14	$10.32	$9.81	$9.62	$14.54	$20.09
Total Capital	576	589	597	613	658	775	1,104	1,224	1,360	1,591
Total Debt	30	23	22	26	25	100	299	411	413	415
Total Long-Term Debt	13	9.92	10	13	5.06	0.00	299	411	413	415
Net Debt	-166	-191	-209	-205	-258	-112	-87	22	-110	-278
Capital Expenditures (CapEx)	44	41	29	33	31	26	35	52	49	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	169	122	137	120	111	116	165	259	233	309
Debt-free Net Working Capital (DFNWC)	365	336	368	351	394	328	551	648	756	1,001
Net Working Capital (NWC)	348	323	356	338	374	228	551	648	756	1,001
Net Nonoperating Expense (NNE)	2.03	0.40	-0.76	-1.00	-1.62	-0.34	11	6.81	-4.86	-15
Net Nonoperating Obligations (NNO)	-166	-191	-209	-205	-258	-112	-87	22	-110	-278
Total Depreciation and Amortization (D&A)	80	68	74	75	71	72	103	99	112	111
Debt-free, Cash-free Net Working Capital to Revenue	17.83%	13.99%	15.40%	13.08%	10.88%	11.10%	10.75%	15.36%	12.70%	15.14%
Debt-free Net Working Capital to Revenue	38.48%	38.51%	41.38%	38.26%	38.76%	31.50%	35.87%	38.45%	41.15%	49.08%
Net Working Capital to Revenue	36.73%	36.99%	40.05%	36.81%	36.83%	21.89%	35.87%	38.45%	41.15%	49.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.29	$0.24	$0.01	$0.70	$0.96	$0.62	$1.78	$2.58	$3.00	$4.79
Adjusted Weighted Average Basic Shares Outstanding	37.33M	37.61M	38.30M	39.28M	38.85M	39.48M	40.21M	41.45M	42.29M	42.63M
Adjusted Diluted Earnings per Share	$0.29	$0.23	$0.01	$0.68	$0.91	$0.60	$1.71	$2.52	$2.97	$4.69
Adjusted Weighted Average Diluted Shares Outstanding	37.63M	38.85M	39.50M	40.64M	40.94M	40.66M	41.87M	42.44M	42.73M	43.54M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	38.30M	39.67M	40.77M	39.57M	40.25M	41.31M	41.59M	42.44M	42.99M	43.28M
Normalized Net Operating Profit after Tax (NOPAT)	11	8.95	9.19	18	36	24	82	114	122	189
Normalized NOPAT Margin	1.20%	1.03%	1.03%	1.95%	3.50%	2.32%	5.34%	6.76%	6.64%	9.29%
Pre Tax Income Margin	1.60%	1.52%	0.56%	2.89%	4.76%	3.21%	6.20%	8.72%	9.39%	13.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	167.33	22.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	124.77	14.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-312.70	-44.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-355.27	-52.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	283.64%	0.00%	0.00%	100.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Stride's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.23%	0.00%	11.52%	6.21%	12.94%	10.13%	10.75%	10.49%	14.77%	16.31%	17.77%
EBITDA Growth	67.39%	-2.07%	28.21%	37.53%	3,715.87%	17.80%	18.51%	22.15%	129.37%	36.14%	35.74%
EBIT Growth	0.00%	0.00%	25.69%	47.56%	130.65%	26.07%	25.01%	35.77%	561.43%	45.80%	43.92%
NOPAT Growth	0.00%	0.00%	22.96%	19.90%	112.56%	27.16%	22.04%	45.05%	1,381.58%	46.99%	48.41%
Net Income Growth	-285.38%	0.00%	29.22%	54.40%	121.52%	31.81%	25.65%	44.75%	738.09%	44.22%	42.56%
EPS Growth	-260.00%	0.00%	27.45%	56.92%	120.37%	29.41%	23.08%	41.18%	754.55%	31.82%	26.25%
Operating Cash Flow Growth	0.00%	7.62%	41.21%	-22.75%	5.48%	5.48%	-19.37%	77.66%	-4.95%	28.86%	-22.51%
Free Cash Flow Firm Growth	422.06%	1,347.47%	97.72%	145.08%	-213.29%	-204.40%	-6,879.12%	-105.79%	104.26%	116.42%	192.95%
Invested Capital Growth	0.00%	0.00%	6.26%	0.36%	0.00%	0.00%	21.59%	7.26%	-0.91%	-6.96%	-2.74%
Revenue Q/Q Growth	-6.60%	7.83%	2.58%	2.81%	-0.68%	5.14%	3.16%	2.56%	3.16%	6.56%	4.46%
EBITDA Q/Q Growth	-101.56%	9,886.29%	4.19%	-13.64%	-58.94%	218.84%	4.82%	-10.99%	-22.89%	89.24%	4.51%
EBIT Q/Q Growth	-168.30%	360.25%	6.58%	-22.12%	-85.81%	970.44%	5.69%	-15.41%	-30.88%	135.97%	4.32%
NOPAT Q/Q Growth	-159.62%	347.33%	7.19%	-24.15%	-93.75%	2,403.75%	2.88%	-9.85%	-36.20%	148.40%	3.87%
Net Income Q/Q Growth	-180.71%	323.65%	9.38%	-21.80%	-88.75%	1,270.15%	4.27%	-9.91%	-34.88%	135.78%	3.06%
EPS Q/Q Growth	-183.08%	320.37%	9.24%	-21.54%	-89.22%	1,300.00%	3.90%	-10.00%	-34.72%	115.96%	-0.49%
Operating Cash Flow Q/Q Growth	-214.08%	214.80%	-48.25%	13.98%	-239.59%	228.11%	-60.44%	151.15%	-182.46%	257.29%	-76.21%
Free Cash Flow Firm Q/Q Growth	1,284.67%	0.16%	-100.20%	1,999.99%	-3,077.37%	7.70%	86.63%	98.42%	2,292.75%	255.51%	-24.34%
Invested Capital Q/Q Growth	-100.00%	0.00%	0.00%	-10.73%	33.39%	-2.25%	4.46%	-21.25%	23.24%	-8.23%	9.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.49%	37.10%	37.27%	35.59%	36.00%	39.85%	38.65%	35.23%	39.17%	40.85%	40.64%
EBITDA Margin	-0.24%	21.80%	22.14%	18.59%	7.69%	23.31%	23.69%	20.56%	15.37%	27.29%	27.30%
Operating Margin	-6.76%	14.85%	15.35%	11.16%	0.69%	16.70%	16.96%	13.79%	8.59%	21.30%	21.32%
EBIT Margin	-6.51%	15.72%	16.33%	12.37%	1.77%	17.99%	18.43%	15.20%	10.18%	22.55%	22.52%
Profit (Net Income) Margin	-5.33%	11.06%	11.79%	8.97%	1.02%	13.24%	13.38%	11.75%	7.42%	16.42%	16.20%
Tax Burden Percent	76.26%	72.48%	74.37%	75.12%	76.02%	75.26%	74.46%	79.59%	76.03%	74.29%	73.39%
Interest Burden Percent	107.39%	97.11%	97.13%	96.54%	75.63%	97.77%	97.50%	97.15%	95.81%	97.98%	97.98%
Effective Tax Rate	0.00%	26.96%	26.18%	25.06%	23.94%	24.99%	26.35%	20.41%	20.97%	25.71%	26.19%
Return on Invested Capital (ROIC)	0.00%	0.00%	22.51%	18.37%	1.78%	44.46%	23.90%	25.80%	12.89%	32.93%	31.97%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	25.57%	11.66%	4.74%	56.60%	36.01%	23.66%	26.30%	30.08%	29.89%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	2.15%	-0.58%	0.79%	3.26%	1.38%	-4.32%	0.63%	-3.10%	-3.20%
Return on Equity (ROE)	0.00%	0.00%	24.67%	17.79%	2.57%	47.72%	25.28%	21.48%	13.51%	29.83%	28.77%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	6.59%	14.23%	-173.86%	-170.79%	-3.01%	14.82%	21.09%	31.33%	28.18%
Operating Return on Assets (OROA)	0.00%	0.00%	18.04%	13.35%	1.89%	19.57%	20.41%	16.85%	11.50%	25.68%	25.11%
Return on Assets (ROA)	0.00%	0.00%	13.03%	9.68%	1.09%	14.40%	14.82%	13.03%	8.38%	18.69%	18.06%
Return on Common Equity (ROCE)	0.00%	0.00%	24.67%	17.79%	2.57%	47.72%	25.28%	21.48%	13.51%	29.83%	28.77%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	12.41%	0.00%	16.11%	16.52%	16.75%	0.00%	19.78%	20.46%	21.12%
Net Operating Profit after Tax (NOPAT)	-20	50	53	40	2.53	63	65	59	37	93	97
NOPAT Margin	-4.73%	10.85%	11.33%	8.36%	0.53%	12.52%	12.49%	10.98%	6.79%	15.83%	15.74%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	-3.06%	6.72%	-2.96%	-12.13%	-12.11%	2.14%	-13.42%	2.85%	2.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	4.37%	-	-	-	5.36%	5.27%
Cost of Revenue to Revenue	69.51%	62.90%	62.73%	64.41%	64.00%	60.15%	61.35%	64.77%	60.83%	59.15%	59.36%
SG&A Expenses to Revenue	37.25%	22.25%	21.91%	24.43%	35.31%	23.15%	21.70%	21.44%	30.58%	19.54%	19.32%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.25%	22.25%	21.91%	24.43%	35.31%	23.15%	21.70%	21.44%	30.58%	19.54%	19.32%
Earnings before Interest and Taxes (EBIT)	-28	72	77	60	8.49	91	96	81	56	132	138
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.02	100	104	90	37	118	123	110	85	160	167
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.88	1.69	2.02	2.49	2.48	2.59	3.04	3.44	3.89
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.96	2.56	3.02	3.59	3.45	3.51	4.06	4.46	4.93
Price to Revenue (P/Rev)	1.05	0.76	0.94	0.87	1.02	1.33	1.37	1.49	1.75	2.07	2.41
Price to Earnings (P/E)	19.90	13.59	15.16	12.63	12.54	15.09	14.80	14.94	15.37	16.80	18.40
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.03%	7.36%	6.59%	7.92%	7.98%	6.63%	6.76%	6.70%	6.51%	5.95%	5.44%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.84	1.78	1.87	2.41	2.43	3.09	3.24	4.16	4.69
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.96	0.81	1.11	1.36	1.39	1.36	1.70	1.93	2.28
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	6.45	5.10	6.33	7.55	7.54	7.15	8.23	8.84	9.96
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	10.71	8.25	9.65	11.16	10.87	10.02	11.06	11.56	12.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	15.02	12.23	14.34	16.50	16.19	14.63	15.97	16.63	18.20
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	7.47	7.35	9.93	11.97	13.62	9.94	13.18	13.13	16.96
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	28.85	12.54	0.00	0.00	0.00	21.54	15.28	12.80	16.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.46	0.44	0.43	0.40	0.38	0.35	0.34	0.32	0.29
Long-Term Debt to Equity	0.00	0.00	0.46	0.44	0.43	0.40	0.38	0.35	0.34	0.32	0.29
Financial Leverage	0.00	0.00	0.08	-0.05	0.17	0.06	0.04	-0.18	0.02	-0.10	-0.11
Leverage Ratio	0.00	0.00	1.95	1.93	1.84	1.73	1.79	1.73	1.72	1.64	1.63
Compound Leverage Factor	0.00	0.00	1.89	1.87	1.39	1.69	1.75	1.68	1.65	1.61	1.59
Debt to Total Capital	0.00%	0.00%	31.45%	30.36%	30.14%	28.61%	27.30%	26.07%	25.47%	23.97%	22.69%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	31.45%	30.36%	30.14%	28.61%	27.30%	26.07%	25.47%	23.97%	22.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	68.55%	69.64%	69.86%	71.39%	72.70%	73.93%	74.53%	76.03%	77.31%
Debt to EBITDA	0.00	0.00	1.54	1.41	1.25	1.19	1.13	1.07	0.95	0.87	0.80
Net Debt to EBITDA	0.00	0.00	0.15	-0.37	0.48	0.17	0.10	-0.72	-0.25	-0.63	-0.59
Long-Term Debt to EBITDA	0.00	0.00	1.54	1.41	1.25	1.19	1.13	1.07	0.95	0.87	0.80
Debt to NOPAT	0.00	0.00	3.58	3.39	2.83	2.59	2.42	2.19	1.85	1.63	1.46
Net Debt to NOPAT	0.00	0.00	0.34	-0.90	1.09	0.37	0.22	-1.47	-0.48	-1.19	-1.08
Long-Term Debt to NOPAT	0.00	0.00	3.58	3.39	2.83	2.59	2.42	2.19	1.85	1.63	1.46
Altman Z-Score	0.00	0.00	3.25	3.13	3.34	4.22	4.25	4.69	5.16	6.02	6.60
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	3.54	3.45	3.61	4.52	4.29	5.10	5.60	6.02	5.61
Quick Ratio	0.00	0.00	2.98	3.19	2.96	3.59	3.38	4.77	5.19	5.64	5.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	984	986	-1.97	37	-1,115	-1,029	-138	-2.17	48	169	128
Operating Cash Flow to CapEx	-1,337.06%	1,215.80%	712.75%	736.77%	-1,153.00%	2,070.90%	594.93%	1,524.86%	-1,500.78%	2,170.27%	520.85%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	1.11	1.08	1.07	1.09	1.11	1.11	1.13	1.14	1.12
Accounts Receivable Turnover	0.00	0.00	4.03	4.17	3.01	3.80	3.78	4.36	3.23	4.02	3.58
Inventory Turnover	0.00	0.00	49.77	32.74	55.26	62.41	56.55	34.75	59.20	67.05	64.16
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	34.26	21.48	16.12	38.87	34.30	28.42	20.93	43.34	36.00
Days Sales Outstanding (DSO)	0.00	0.00	90.52	87.63	121.44	95.94	96.55	83.78	112.85	90.88	102.00
Days Inventory Outstanding (DIO)	0.00	0.00	7.33	11.15	6.60	5.85	6.45	10.50	6.17	5.44	5.69
Days Payable Outstanding (DPO)	0.00	0.00	10.66	17.00	22.65	9.39	10.64	12.84	17.44	8.42	10.14
Cash Conversion Cycle (CCC)	0.00	0.00	87.20	81.79	105.39	92.40	92.36	81.44	101.58	87.90	97.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	938	838	1,117	1,092	1,141	898	1,107	1,016	1,110
Invested Capital Turnover	0.00	0.00	1.99	2.20	3.39	3.55	1.91	2.35	1.90	2.08	2.03
Increase / (Decrease) in Invested Capital	-1,004	-936	55	2.99	1,117	1,092	203	61	-10	-76	-31
Enterprise Value (EV)	0.00	0.00	1,731	1,493	2,095	2,633	2,772	2,772	3,585	4,229	5,201
Market Capitalization	1,798	1,346	1,692	1,602	1,936	2,573	2,735	3,049	3,692	4,531	5,509
Book Value per Share	$0.00	$0.00	$20.86	$22.01	$22.29	$23.83	$25.44	$27.19	$28.06	$30.24	$32.55
Tangible Book Value per Share	$0.00	$0.00	$13.28	$14.54	$14.89	$16.55	$18.26	$20.09	$21.03	$23.31	$25.67
Total Capital	0.00	0.00	1,312	1,360	1,372	1,447	1,517	1,591	1,629	1,734	1,833
Total Debt	0.00	0.00	413	413	413	414	414	415	415	416	416
Total Long-Term Debt	0.00	0.00	413	413	413	414	414	415	415	416	416
Net Debt	0.00	0.00	39	-110	159	59	38	-278	-107	-302	-308
Capital Expenditures (CapEx)	11	14	12	13	12	8.37	12	11	9.46	10	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	349	233	527	494	551	309	538	440	520
Debt-free Net Working Capital (DFNWC)	0.00	0.00	723	756	781	848	927	1,001	1,061	1,158	1,243
Net Working Capital (NWC)	0.00	0.00	723	756	781	848	927	1,001	1,061	1,158	1,243
Net Nonoperating Expense (NNE)	2.57	-0.98	-2.16	-2.94	-2.35	-3.61	-4.64	-4.14	-3.47	-3.46	-2.81
Net Nonoperating Obligations (NNO)	0.00	0.00	39	-110	159	59	38	-278	-107	-302	-308
Total Depreciation and Amortization (D&A)	27	28	27	30	28	27	27	29	29	28	29
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	19.29%	12.70%	27.82%	25.46%	27.67%	15.14%	25.51%	20.08%	22.74%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	39.94%	41.15%	41.28%	43.74%	46.60%	49.08%	50.25%	52.79%	54.40%
Net Working Capital to Revenue	0.00%	0.00%	39.94%	41.15%	41.28%	43.74%	46.60%	49.08%	50.25%	52.79%	54.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.31	$1.03	$0.11	$1.57	$1.63	$1.48	$0.95	$2.24	$2.31
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	42.38M	42.29M	42.50M	42.56M	42.68M	42.63M	42.87M	43.02M	43.09M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.30	$1.02	$0.11	$1.54	$1.60	$1.44	$0.94	$2.03	$2.02
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	42.71M	42.73M	42.98M	43.46M	43.66M	43.54M	43.71M	47.46M	49.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	43.04M	42.99M	43.34M	43.37M	43.25M	43.28M	43.59M	43.55M	43.52M
Normalized Net Operating Profit after Tax (NOPAT)	-20	50	53	40	2.53	63	65	59	37	93	97
Normalized NOPAT Margin	-4.73%	10.85%	11.33%	8.36%	0.53%	12.52%	12.49%	10.98%	6.79%	15.83%	15.74%
Pre Tax Income Margin	-6.99%	15.26%	15.86%	11.94%	1.34%	17.59%	17.97%	14.77%	9.76%	22.10%	22.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Stride (NYSE: LRN) has shown solid financial performance over the last several quarters and years through Q3 2025. Here is an analysis of key financial trends and metrics based on its income statements, cash flow statements, and balance sheets over the past four years:

Revenue Growth: Operating revenue increased steadily from $421.7 million in Q3 2022 to $613.4 million in Q3 2025, marking approximately a 45% growth over three years, indicating healthy top-line expansion.
Net Income Improvement: Stride reversed earlier losses in 2023Q1 to steady profits, reaching nearly $99.3 million net income in Q3 2025 with consistent growth in quarterly earnings per share (diluted EPS of $2.02 in Q3 2025 vs. $1.30 in Q3 2023).
Gross Profit Expansion: Total gross profit rose from around $175 million in Q3 2022 to $249 million in Q3 2025, reflecting improved cost controls and scalability.
Operating Income Growth: Operating income increased from $60.6 million in Q3 2022 to $130.8 million in Q3 2025, more than doubling, which confirms operating leverage benefits.
Strong Cash Generation: The company generated increasing net cash from operating activities, with $53.1 million in Q3 2025 vs. $85 million in Q3 2023, indicating robust cash flow from core operations.
Debt Management: Long-term debt has been fairly stable around $410-415 million over the recent years, helping maintain manageable leverage levels relative to equity, which grew to $1.42 billion by Q3 2025.

Investment Activities: Stride consistently invests in property, plant, equipment, and investments, typically spending $10-$16 million on PPE and tens of millions on investments each quarter, impacting free cash flow but supporting growth initiatives.
Capital Structure: The company has maintained no preferred equities over the last years and common equity increased steadily, while treasury stock remained steady, indicating no major dilution or buybacks recently.
Accounts Receivable Growth: Accounts receivable rose from $422.6 million in Q3 2022 to nearly $700 million in Q3 2025, consistent with revenue growth but warranting monitoring for collection efficiency.

Fluctuating Operating Expenses: Selling, General & Administrative (SG&A) expenses have fluctuated, with a spike in early 2025 before stabilizing around $118 million, which could pressure margins if not controlled.
Working Capital Volatility: Large swings in changes in operating assets and liabilities have affected operating cash flows, including significant oscillations in operating capital from large positive to negative impacts over quarters.
Negative Net Income in Early 2023: The company experienced losses in Q1 2023 (-$22.7 million), pointing to past challenges before its recent turnaround.

Summary: Overall, Stride has demonstrated significant top-line growth, improved profitability, and strong operating cash flow generation over recent years. The company's management of debt and equity structure appears prudent, and investments suggest ongoing support for future expansion. Key risks include controlling SG&A expenses and managing working capital efficiently as receivables rise alongside revenue. Retail investors should watch for continuing margin improvements and cash flow stability in upcoming quarters.

08/24/25 09:02 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Stride's Financials

When does Stride's fiscal year end?

According to the most recent income statement we have on file, Stride's financial year ends in June. Their financial year 2024 ended on June 30, 2024.

How has Stride's net income changed over the last 9 years?

Stride's net income appears to be on an upward trend, with a most recent value of $204.18 million in 2024, rising from $9.33 million in 2015. The previous period was $126.87 million in 2023. View Stride's forecast to see where analysts expect Stride to go next.

What is Stride's operating income?

Stride's total operating income in 2024 was $249.60 million, based on the following breakdown:

Total Gross Profit: $763.60 million
Total Operating Expenses: $514.00 million

How has Stride's revenue changed over the last 9 years?

Over the last 9 years, Stride's total revenue changed from $948.29 million in 2015 to $2.04 billion in 2024, a change of 115.1%.

How much debt does Stride have?

Stride's total liabilities were at $744.44 million at the end of 2024, a 8.5% decrease from 2023, and a 359.4% increase since 2015.

How much cash does Stride have?

In the past 9 years, Stride's cash and equivalents has ranged from $195.85 million in 2015 to $500.61 million in 2024, and is currently $500.61 million as of their latest financial filing in 2024.

How has Stride's book value per share changed over the last 9 years?

Over the last 9 years, Stride's book value per share changed from 13.99 in 2015 to 27.19 in 2024, a change of 94.3%.

Related Companies

This page (NYSE:LRN) was last updated on 8/24/2025 by MarketBeat.com Staff

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Stride (LRN) Financials

Key Financial Trends

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Stride (LRN) Financials

Annual Income Statements for Stride

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