Professional
Added to YB: 2026-02-26
Pitch date: 2026-02-25
EDU [neutral]
New Oriental Education & Technology Group Inc.
Author Info
Hayden Capital is an investment firm that follows a research-intensive, concentrated strategy. We travel the world, seeking to invest in growing businesses run by world-class founders. Sign up for the newsletter.
Company Info
New Oriental Education & Technology Group Inc. engages in the provision of private educational services under the New Oriental brand in the People’s Republic of China.
Market Cap
$9.5B
Pitch Price
N/A
Price Target
N/A
Dividend
2.02%
EV/EBITDA
5.19
P/E
24.98
EV/Sales
1.10
Sector
Diversified Consumer Services
Category
N/A
Hayden Capital Sold Portfolio Holding: New Oriental Education & Technology Group Inc.
EDU (exited position): Bought at $24 (~$600M EV, 18% above net cash) in 2022 after 96% crash from tutoring crackdown. Pivoted to non-academic lines + live-streaming hit. Generated $836M FCF in FY24 (37% yield on entry price). Returned $1.3B via buybacks/dividends. +126% return realized. Exiting due to limited growth runway (10% center growth target vs 25% historical), declining birth rates, family spending ceiling.
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