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Youdao (DAO)
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Youdao Balance Sheet 2025-2011 | DAO
Brief overview of Youdao's balance sheet strength
The review uses the five latest available annual reports between 2021 and 2025.
Assets fell from 2.6 billion CNY to 2 billion CNY. This may reflect either deliberate optimization or a reduction in business scale.
Liabilities expanded faster than the asset base, +16.2% versus -25%. Debt-service capacity deserves attention.
Negative shareholders' equity signals an accumulated net asset deficit and calls for particular caution.
The balance sheet holds more cash than interest-bearing debt; net debt is -398.5 million CNY, indicating minimal leverage.
What the balance sheet shows
Youdao's balance sheet profile remains vulnerable. Lower liabilities and capital accumulation are the main routes to improvement.
Annual Balance Sheet Youdao
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-398 M | -529 M | -366 M | -704 M | - | - | - | - | 838 M | - | - | - | - | - | - |
Long Term Debt |
18.8 M | 25.6 M | 49.3 M | 43.6 M | - | - | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
22.4 M | 38.1 M | 38.8 M | 35.6 M | - | 30 M | 4.17 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
974 M | 957 M | 696 M | 575 M | 331 M | 83.8 M | 26.7 M | 461 M | - | - | - | - | - | - | - |
Total Current Liabilities |
2.93 B | 2.95 B | 3.1 B | 3.18 B | 3.03 B | 3.39 B | 1.76 B | 1.3 B | - | - | - | - | - | - | - |
Total Liabilities |
3.91 B | 3.9 B | 3.8 B | 3.75 B | 3.36 B | 3.48 B | 1.79 B | 1.3 B | 1.12 B | - | - | - | - | - | - |
Deferred Revenue |
848 M | 961 M | 1.05 B | 1.07 B | - | 1.44 B | 457 M | 178 M | 94.5 M | - | - | - | - | - | - |
Retained Earnings |
- | - | - | - | - | - | -1.92 B | -1.28 B | -798 M | - | - | - | - | - | - |
Total Assets |
1.98 B | 1.81 B | 1.67 B | 2.28 B | 2.63 B | 2.07 B | 2.09 B | 620 M | 162 M | - | - | - | - | - | - |
Cash and Cash Equivalents |
440 M | 593 M | 455 M | 784 M | - | 609 M | 173 M | 41.7 M | 39.8 M | - | - | - | - | - | - |
Book Value |
-1.93 B | -2.09 B | -2.13 B | -1.48 B | -730 M | -1.41 B | 301 M | -681 M | -958 M | - | - | - | - | - | - |
Total Shareholders Equity |
-1.93 B | -2.09 B | -2.17 B | -1.54 B | - | -1.41 B | 301 M | -1.14 B | -958 M | - | - | - | - | - | - |
Annual performance
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All numbers in CNY currency
Quarterly Balance Sheet Youdao
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
- | - | - | - | - | - | - | 73.1 M | - | - | - | 79.7 M | 65.3 M | - | - | 21.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
974 M | 957 M | 696 M | 575 M | - | - | - | 331 M | - | - | - | 83.8 M | 69.7 M | - | - | 26.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
3.91 B | 3.9 B | 3.8 B | 3.75 B | - | - | - | 3.36 B | - | - | - | 3.48 B | 2.89 B | - | - | 1.79 B | - | - | - | 1.3 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | - | 1.07 B | - | - | - | 894 M | 1.07 B | - | - | 457 M | - | - | - | 178 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
1.98 B | 1.81 B | 1.67 B | 2.28 B | - | - | - | 2.63 B | - | - | - | 2.07 B | 1.92 B | - | - | 2.09 B | - | - | - | 620 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
- | - | - | - | - | - | - | 323 M | - | - | - | 609 M | 78 M | - | - | 173 M | 54.9 M | - | - | 41.7 M | - | - | - | 39.8 M | - | - | - | 30 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
-1.93 B | -2.09 B | -2.13 B | -1.48 B | - | - | - | -730 M | - | - | - | -1.41 B | -971 M | - | - | 301 M | - | - | - | -681 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
- | - | - | - | - | - | - | -809 M | - | - | - | -1.41 B | -971 M | - | - | 301 M | -1.5 B | - | - | -1.14 B | - | - | - | -958 M | - | - | - | -850 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in CNY currency
Balance Sheet is a fundamental financial report of Youdao, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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AutoWeb
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|
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|
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|
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HHRU
|
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Expedia Group
EXPE
|
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Royal Caribbean Group
RCL
|
$ 339.85 | 0.85 % | $ 92.1 B | USA |
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Snap
SNAP
|
$ 5.0 | -1.09 % | $ 8.47 B | USA |
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Sohu.com Limited
SOHU
|
$ 12.3 | -2.54 % | $ 347 M | China |
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TuanChe Limited
TC
|
$ 0.88 | 0.02 % | $ 501 M | China |
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Thryv Holdings
THRY
|
$ 1.07 | -16.8 % | $ 46.7 M | USA |
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Tuniu Corporation
TOUR
|
$ 4.73 | -1.46 % | $ 1.61 B | China |
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TripAdvisor
TRIP
|
$ 7.08 | -0.56 % | $ 882 M | USA |
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Светофор Групп
SVET
|
- | - | - | Russia |
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Циан
CNRU
|
- | - | - | Russia |
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Twilio
TWLO
|
$ 214.24 | 3.68 % | $ 32.8 B | USA |
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B2B-РТС
BTBR
|
- | - | - | Russia |
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Yelp
YELP
|
$ 20.14 | 2.86 % | $ 1.28 B | USA |
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Zillow Group
Z
|
$ 29.0 | -5.45 % | $ 7.02 B | USA |
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Zillow Group
ZG
|
$ 29.5 | -5.69 % | $ 7.14 B | USA |
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Fiverr International Ltd.
FVRR
|
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DESP
|
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LKCO
|
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LTRPA
|
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Spark Networks SE
LOV
|
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Twitter
TWTR
|
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|
Remark Holdings
MARK
|
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Points International Ltd.
PCOM
|
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Booking Holdings
BKNG
|
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DoorDash
DASH
|
$ 178.29 | -1.48 % | $ 76.1 B | USA |
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Meta (Facebook)
META
|
$ 641.65 | 0.04 % | $ 1.62 T | USA |
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Baidu
BIDU
|
$ 79.68 | -1.67 % | $ 27.2 B | China |
 |
ANGI Homeservices
ANGI
|
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Autohome
ATHM
|
$ 22.46 | 0.49 % | $ 10.6 B | - |
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CarGurus
CARG
|
$ 34.65 | 0.29 % | $ 3.3 B | USA |
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Cardlytics
CDLX
|
$ 1.63 | -10.44 % | $ 86.6 M | USA |
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Gaia
GAIA
|
$ 1.26 | -1.56 % | $ 31.3 M | USA |
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Cango
CANG
|
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Tencent Music Entertainment Group
TME
|
$ 9.32 | -0.69 % | $ 28.7 B | - |
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Lindblad Expeditions Holdings
LIND
|
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Leaf Group Ltd.
LEAF
|
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IZEA Worldwide
IZEA
|
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