#双减

TAL Education Group: A Cash-Rich Rebuild with a Hardware Question

TAL is a cash-rich China education company rebuilt around legal enrichment classes, learning devices, and content after the 2021 tutoring crackdown. FY2026 revenue reached about US$3.01 billion (up 33.7%) and net cash is roughly US$3.24 billion, but reported earnings are flattered by about US$347 million of non-operating gains and VIEs supplied 78.6% of revenue. Rating Hold: the rebuild is real, yet normalized earnings, device durability, and China-structure risk leave the stock fairly priced rather than compelling.