Detailed financial statements for ATA Creativity Global (AACG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Headquartered in Beijing, China, ATA Creativity Global, founded in 1999, delivers a broad spectrum of educational services to individual students across China and internationally. These services encompass specialized training in portfolio development, research-based learning methodologies, and comprehensive guidance for overseas study.
Analysis Summary
ATA Creativity Global reported revenue of $268.1M in the most recent fiscal year, growing at a 5-year CAGR of 10.6%.
Trailing-twelve-month margins: gross margin 48.6%, operating margin -11.3%, net margin -17.9%.
At the current price of $0.83, AACG has negative trailing earnings (P/E not meaningful) and an ROE of -149.83%. Market capitalisation stands at $13M.
Balance sheet quality for AACG: current ratio of 0.3, net cash position of $39.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $8.8M | $7.5M | $1.3M | $97.8M | $162.2M | $202.2M | $206.8M | $221.6M | $268.1M | $268.1M |
| Cost of Revenue | $239.9M | $5.0M | $4.3M | $79.3M | $104.4M | $97.4M | $104.3M | $107.0M | $126.8M | $137.8M |
| Gross Profit | $232.5M | $2.5M | -$2.9M | $18.4M | $57.7M | $104.8M | $102.5M | $114.7M | $141.3M | $130.3M |
| Research & Development | $43.4M | $47.5M | $19.6M | $11.8M | $8.8M | $11.8M | $6.8M | $4.6M | $3.7M | $3.0M |
| Selling, General & Admin | $116.6M | $157.2M | $49.1M | $116.0M | $153.6M | $159.4M | $152.3M | $151.6M | $180.8M | $140.2M |
| Operating Expenses | $160.7M | $204.7M | $64.9M | $136.2M | $165.2M | $171.2M | $159.1M | $156.2M | $184.3M | $160.5M |
| Operating Income | -$56.8M | $90.1M | -$67.8M | -$117.8M | -$107.5M | -$66.4M | -$56.6M | -$41.5M | -$43.0M | -$30.2M |
| EBITDA | -$46.5M | -$47.2M | -$55.0M | -$91.3M | -$74.4M | -$14.9M | -$31.9M | -$18.5M | -$18.3M | -$30.1M |
| Interest Expense | $75918 | $3.91B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$58.2M | $74.2M | -$68.1M | -$141.3M | -$110.9M | -$37.9M | -$54.5M | -$40.5M | -$42.5M | -$51.6M |
| Income Tax | $1.5M | $19.9M | -$923.0M | -$7.1M | -$10.3M | -$1.5M | -$5.9M | -$6.8M | -$6.4M | -$3.6M |
| Net Income | -$9.7M | -$114.0M | $854.9M | -$122.3M | -$92.2M | -$33.6M | -$47.9M | -$33.7M | -$36.1M | -$48.0M |
| EPS | $-0.84 | $-9.96 | $74.68 | $-10.54 | $-6.28 | $-2.30 | $-3.06 | $-2.16 | $-2.30 | $-2.94 |
| EPS (Diluted) | $-0.84 | $-9.96 | $73.00 | $-10.52 | $-6.28 | $-2.30 | $-3.04 | $-2.16 | $-2.30 | $-2.94 |
| Shares Outstanding (Diluted) | $11.6M | $11.5M | $11.7M | $12.7M | $15.7M | $15.7M | $15.8M | $15.6M | $15.8M | $15.8M |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Revenue | $55.8M | $55.9M | $67.3M | $89.1M |
| Gross Profit | $25.4M | $28.3M | $26.4M | $50.2M |
| Operating Income | -$16.8M | -$13.7M | -$10.6M | $10.9M |
| EBITDA | -$16.7M | -$13.7M | $1.5M | -$8.5M |
| Net Income | -$13.3M | -$10.8M | $2.4M | -$26.3M |
| EPS | $-0.84 | $-0.68 | $0.16 | $-1.68 |
| EPS (Diluted) | $-0.84 | $-0.68 | $0.16 | $-1.68 |
Balance Sheet (10y)
| Year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $222.4M | $352.3M | $190.6M | $22.1M | $112.7M | $71.3M | $55.0M | $60.2M | $36.5M | $85.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $66.2M | $348564 | $439783 | $3.0M | $2.2M | $1.1M | $5.9M | $4.5M | $17.9M | $298563 |
| Inventory | 0 | 0 | -$413393 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $295.9M | $2.42B | $213.4M | $26.4M | $120.9M | $75.4M | $65.3M | $70.4M | $66.6M | $111.4M |
| Property, Plant & Equipment | $51.9M | $278.7M | $37.4M | $11.9M | $79.9M | $78.9M | $70.4M | $53.6M | $74.6M | $62.8M |
| Goodwill | $32.5M | $214.3M | 0 | $28.8M | $194.8M | $194.8M | $196.3M | $196.3M | $196.3M | $162.5M |
| Intangible Assets | $11.3M | $37.9M | $17.1M | $19.5M | $110.6M | $93.4M | $76.1M | $58.9M | $46.2M | $32.5M |
| Total Assets | $519.8M | $575.1M | $335.1M | $97.1M | $575.6M | $507.2M | $474.5M | $448.9M | $456.9M | $408.6M |
| Accounts Payable | $734571 | -$13.91B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $3.4M | $22.7M | 0 | $3.7M | $6.8M | 0 | 0 | 0 | 0 | $16.3M |
| Total Current Liabilities | $103.0M | $934.0M | $19.7M | $38.0M | $274.9M | $268.0M | $292.5M | $314.4M | $354.5M | $344.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $15.0M |
| Total Liabilities | $127.4M | $167.1M | $19.7M | $46.7M | $327.9M | $316.3M | $331.0M | $336.0M | $377.3M | $376.6M |
| Retained Earnings | $38.0M | $170.5M | -$71.9M | -$28.7M | -$298.5M | -$310.2M | -$358.0M | -$391.7M | -$427.8M | -$476.2M |
| Total Equity | $391.4M | $2.40B | $275.8M | $43.1M | $198.4M | $187.8M | $143.1M | $113.0M | $79.7M | $32.1M |
| Total Debt | $3.4M | $22.7M | 0 | $5.5M | $47.8M | $40.7M | $36.4M | $22.6M | $35.2M | $46.0M |
| Net Debt | -$219.0M | -$329.6M | -$190.6M | -$16.7M | -$64.9M | -$30.6M | -$18.5M | -$37.6M | -$1.3M | -$39.3M |
| Working Capital | $192.9M | $1.48B | $193.6M | -$11.7M | -$153.9M | -$192.6M | -$227.3M | -$244.0M | -$287.9M | -$233.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Cash & Equivalents | $39.4M | $34.7M | $96.8M | $85.3M |
| Total Assets | $457.3M | $444.2M | $462.5M | $408.6M |
| Total Liabilities | $390.9M | $388.4M | $403.7M | $376.6M |
| Total Equity | $66.5M | $55.9M | $58.9M | $32.1M |
| Total Debt | $46.9M | $45.5M | $65.9M | $46.0M |
Cash Flow (10y)
| Year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$10.0M | -$24.1M | $850.6M | -$129.2M | -$100.6M | -$36.4M | -$333.0M | -$33.7M | -$36.1M | -$48.0M |
| Depreciation & Amortization | $10.3M | $80.6M | $13.3M | $17.5M | $29.9M | $23.0M | $154.8M | $22.0M | $24.2M | $21.5M |
| Stock-based Compensation | $7.0M | $19.0M | $20.6M | $4.8M | $1.8M | $1.0M | $10.0M | $3.1M | $2.8M | $569708 |
| Change in Working Capital | -$15.2M | $103.7M | -$51.9M | $8.8M | $37.6M | $9.4M | $118.5M | $24.2M | $11.7M | -$10.1M |
| Operating Cash Flow | $61.5M | $839.8M | -$312.6M | -$57.9M | -$27.9M | -$31.8M | -$100.1M | $8.8M | -$3.3M | -$15.8M |
| Capital Expenditure | -$9.9M | -$43.5M | -$9.4M | -$1.3M | -$4.9M | -$4.5M | -$11.1M | -$2.2M | -$20.0M | -$1.3M |
| Acquisitions | $5.9M | -$5.7M | $1.7M | -$34.6M | -$14.2M | -$5.6M | -$6.0M | -$1.7M | -$288000 | $49.9M |
| Stock Repurchased | 0 | -$1.7M | -$1.7M | 0 | -$4.0M | -$114729 | -$210568 | -$68326 | -$93699 | 0 |
| Dividends Paid | 0 | -$577.1M | -$946.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $51.6M | $796.3M | -$322.0M | -$59.2M | -$32.8M | -$36.3M | -$111.2M | $6.5M | -$23.4M | -$17.1M |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Operating Cash Flow | 0 | 0 | 0 | $3.9M |
| Capital Expenditure | 0 | 0 | 0 | $1.1M |
| Free Cash Flow | 0 | 0 | 0 | $5.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $81532 | $201179 | $183565 | $103432 |
Growth & Margins (10y)
| Year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -15.1% | -82.1% | +7204.0% | +65.9% | +24.7% | +2.3% | +7.2% | +21.0% | +0.0% |
| Net Income Growth (YoY) | | -1073.3% | +850.0% | -114.3% | +24.6% | +63.5% | -42.3% | +29.7% | -7.2% | -33.1% |
| EPS Growth (YoY) | | -1085.7% | +849.8% | -114.1% | +40.4% | +63.4% | -33.0% | +29.4% | -6.5% | -27.8% |
| Shares Change (YoY) | | -1.0% | +2.2% | +8.7% | +23.1% | +0.1% | +0.4% | -1.1% | +1.1% | +0.6% |
| FCF Growth (YoY) | | +1442.8% | -140.4% | +81.6% | +44.6% | -10.7% | -206.5% | +105.9% | -458.9% | +26.7% |
| Gross Margin | 2633.0% | 33.5% | -217.6% | 18.8% | 35.6% | 51.8% | 49.6% | 51.7% | 52.7% | 48.6% |
| Operating Margin | -643.2% | 1202.6% | -5064.4% | -120.5% | -66.3% | -32.8% | -27.4% | -18.7% | -16.1% | -11.3% |
| EBITDA Margin | -526.7% | -629.3% | -4109.1% | -93.4% | -45.9% | -7.4% | -15.4% | -8.4% | -6.8% | -11.2% |
| Net Margin | -110.0% | -1521.2% | 63867.0% | -125.0% | -56.9% | -16.6% | -23.2% | -15.2% | -13.5% | -17.9% |
| FCF Margin | 584.4% | 10626.2% | -24053.8% | -60.5% | -20.2% | -17.9% | -53.8% | 2.9% | -8.7% | -6.4% |
| Effective Tax Rate | -2.6% | 26.8% | 1356.1% | 5.1% | 9.3% | 4.1% | 10.9% | 16.8% | 15.1% | 6.9% |
Per-Share Data (10y)
| Year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $4.46 | $69.52 | $-27.49 | $-4.65 | $-2.09 | $-2.31 | $-7.06 | $0.42 | $-1.48 | $-1.08 |
| Dividends Per Share | $0.00 | $50.38 | $80.83 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.6M | $11.5M | $11.4M | $12.7M | $15.7M | $15.7M | $15.7M | $15.6M | $15.8M | $15.8M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | -149.83% |
| Return on Invested Capital | -35.10% |
| Return on Assets | -11.76% |
| Gross Margin | 48.60% |
| Operating Margin | -11.26% |
| Net Margin | -17.92% |
Financial Health
| Debt / Equity | 1.43 |
| Current Ratio | 0.32 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -1.77 |
Key Ratios (10y)
| Year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -31.14 | -3.02 | 0.08 | -0.90 | -1.24 | -2.96 | -2.86 | -3.81 | -2.68 | -1.88 |
| P/B | 0.77 | 0.14 | 0.26 | 2.79 | 0.61 | 0.57 | 0.96 | 1.13 | 1.22 | 2.73 |
| P/S | 34.26 | 45.95 | 54.10 | 1.23 | 0.75 | 0.53 | 0.66 | 0.58 | 0.36 | 0.33 |
| Gross Margin | 2633.0% | 33.5% | -217.6% | 18.8% | 35.6% | 51.8% | 49.6% | 51.7% | 52.7% | 48.6% |
| Operating Margin | -643.2% | 1202.6% | -5064.4% | -120.5% | -66.3% | -32.8% | -27.4% | -18.7% | -16.1% | -11.3% |
| Net Margin | -110.0% | -1521.2% | 63867.0% | -125.0% | -56.9% | -16.6% | -23.2% | -15.2% | -13.5% | -17.9% |