New Oriental Education & Technology Group Inc. (EDU) — payout ratio, three ways
Fiscal year ending 2025-05-31 · sector Consumer discretionary · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 26.2% | The figure most screeners publish. |
| Operating cash flow | 11.0% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 15.0% | What is left after maintaining the business. |
Spread between highest and lowest: 15 percentage points. Same filings, different denominators.
Coverage rating 70 / 100 — Adequate. ? Peer standing 42/50Direction 18/30Stability 9/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-05-31 | 15.0% |
| 2018-05-31 | 12.6% |
| 2016-05-31 | 13.6% |
| 2014-05-31 | 16.5% |
| 2013-05-31 | 21.2% |
| 2012-05-31 | 28.2% |
Among the 45 consumer discretionary companies here, 84% pay out a larger share on this basis — this is comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $0.06 ÷ diluted EPS $0.23
- Operating cash flow — dividends paid $98.2m ÷ operating cash flow $896.6m
- Free cash flow — dividends paid $98.2m ÷ (operating cash flow $896.6m − capex $241.9m)
Where the figures came from
- 20-F filed 2025-09-25 · accession
0001193125-25-216394
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($0.06); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.