Educational Development Corporation

NasdaqGM:EDUC 株式レポート

時価総額:US$12.4m

Educational Development バランスシートの健全性

財務の健全性 基準チェック /66

Educational Developmentの総株主資本は$45.9M 、総負債は$0.0で、負債比率は0%となります。総資産と総負債はそれぞれ$59.5Mと$13.6Mです。

主要情報

0%

負債資本比率

US$0

負債

インタレスト・カバレッジ・レシオn/a
現金US$3.11m
エクイティUS$45.90m
負債合計US$13.56m
総資産US$59.46m

財務の健全性に関する最新情報

Recent updates

分析記事 Jan 20

We Think You Should Be Aware Of Some Concerning Factors In Educational Development's (NASDAQ:EDUC) Earnings

Educational Development Corporation's ( NASDAQ:EDUC ) robust recent earnings didn't do much to move the stock. We...
分析記事 Sep 17

Revenues Not Telling The Story For Educational Development Corporation (NASDAQ:EDUC) After Shares Rise 27%

Educational Development Corporation ( NASDAQ:EDUC ) shareholders would be excited to see that the share price has had a...
分析記事 Apr 08

Does Educational Development (NASDAQ:EDUC) Have A Healthy Balance Sheet?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
分析記事 Dec 18

A Look At The Fair Value Of Educational Development Corporation (NASDAQ:EDUC)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Educational Development fair value estimate is US$1.45 Current...
分析記事 Aug 02

What Educational Development Corporation's (NASDAQ:EDUC) 28% Share Price Gain Is Not Telling You

The Educational Development Corporation ( NASDAQ:EDUC ) share price has done very well over the last month, posting an...
分析記事 May 07

Lacklustre Performance Is Driving Educational Development Corporation's (NASDAQ:EDUC) 31% Price Drop

The Educational Development Corporation ( NASDAQ:EDUC ) share price has softened a substantial 31% over the previous 30...
分析記事 Mar 14

Is Educational Development (NASDAQ:EDUC) Using Too Much Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
分析記事 Dec 22

Little Excitement Around Educational Development Corporation's (NASDAQ:EDUC) Revenues

With a price-to-sales (or "P/S") ratio of 0.1x Educational Development Corporation ( NASDAQ:EDUC ) may be sending...
分析記事 Aug 26

Is Educational Development (NASDAQ:EDUC) Weighed On By Its Debt Load?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
分析記事 May 26

Educational Development (NASDAQ:EDUC) Has Debt But No Earnings; Should You Worry?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
分析記事 Nov 18

Investors Could Be Concerned With Educational Development's (NASDAQ:EDUC) Returns On Capital

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Seeking Alpha Oct 06

Educational Development reports Q2 results

Educational Development press release (NASDAQ:EDUC): Q2 Revenue of $19.4M (-41.1% Y/Y). Earnings (loss) before income taxes was $(1.1) million, a decrease of $3.8 million, or 140.7%, compared to $2.7 million. Net earnings (loss) totaled $(0.8) million, compared to $1.9 million, a decrease of $2.7 million, or 142.1%. Earnings (loss) per share totaled $(0.10), compared to $0.23, down 143.5% on a fully diluted basis.
分析記事 Jul 21

Some Investors May Be Worried About Educational Development's (NASDAQ:EDUC) Returns On Capital

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Seeking Alpha Jul 14

Educational Development Corp.: New Agreement With Usborne Could Be The Death Knell

EDUC just published Q1 2023 results that fell dramatically short of consensus expectations, as its MLM consultant count continues to plummet. A significant reduction in credit availability has forced the company to eliminate its dividend. Primary supplier Usborne Publishing’s imposition of a new distribution agreement will shrink EDUC’s Publishing segment and could cripple its UBAM segment. A recent USPTO filing by Usborne could hint at Usborne’s future plans for selling its books through the US MLM channel, which would be a devastating blow for EDUC. Since December, when we published Educational Development Corporation: Rapid Consultant Losses Don't Augur Well, and February, when we published Educational Development Corp. And Bloated Inventories: Tulsa, We Have A Problem, revenue and earnings for Educational Development Corp. (EDUC) have dissipated even more quickly than we were expecting. On July 6, EDUC released a shocking Q1’23 earnings report, with revenue down 43% year-over-year, and net earnings down 94%. A fifth straight quarterly decline in the number of average active Usborne Books & More ("UBAM") consultants selling its wares to 32,200 (from 37,500 in Q4’22 and 55,100 in Q1’22) continued to decimate the company’s financial results. To punctuate the degree to which EDUC’s latest financial results disappointed investors, consider that EDUC’s net revenues of $23.2 million was just over one-half of the $40.0 million consensus estimate, and EDUC’s EPS of $0.03 was a mere fraction of the $0.28 consensus estimate. Over the past six months, cash flows from operations are now -$23.3 million, and debt on EDUC’s balance sheet has ballooned from $28.5 million to $46.8 million. Importantly, the slowdown in EDUC’s business has also contributed to a decline in the company’s available credit under its revolving line of credit, despite EDUC’s lender, MidFirst Bank, having agreed to multiple amendments to the company’s loan agreement over the last year: EDUC's available credit (EDUC's SEC filings) In recognition of the company’s precarious financial condition, EDUC suspended its quarterly dividend in May, a mere 18 months after increasing it. Considering the fundamental deterioration of EDUC’s business in recent quarters, it is no surprise that EDUC’s stock has now declined roughly 55% since we wrote our initial article, from $8.90 on December 3, 2021, to a two-year low of $3.94 on July 12, 2022. However, we think this is just the beginning of what could be a fairly rapid decline to zero. While our previous articles focused both on the overwhelming evidence supporting our assertion that EDUC’s UBAM segment was in the midst of a protracted period of fundamental decline, and on the impact that this decline was having on EDUC’s inventory balances, in this article we turn our attention to a much bigger problem facing the company – that being the changing relationship with its key supplier Usborne Publishing Limited (“Usborne”). New Distribution Agreement With Usborne Publishing Limited As a reminder, the vast majority of EDUC’s end sales are books and other products from UK-based Usborne, a market leader in children’s publishing and one of the best-known brands globally in children’s books. More than two-thirds of EDUC’s inventory purchases over the past five years were from Usborne, so to say that the distribution arrangements between EDUC and Usborne are important to EDUC’s business would be an understatement. On May 19, 2022, after a year of steady decline in the UBAM segment, EDUC shockingly announced that it had signed a new Distribution Agreement with Usborne Publishing Limited, which replaced all outstanding agreements between the two companies. In EDUC’s press release announcing this news, EDUC disclosed that “following a six-month continuation of service period, [EDUC] will discontinue selling Usborne products through its Publishing division.” As well, EDUC “will no longer sell directly to Schools and Libraries.” EDUC did, however, state in its press release that the “discontinuance of rights to sell Usborne products through the Publishing Division and direct to Schools and Libraries is not expected to have a material impact going forward [emphasis added] and for the last five years represented less than 10% of net sales.” Although the stock did fall 6% the next day, we believe investors didn’t fully appreciate the significance of this announcement. First, while the company is accurate in stating that EDUC’s Publishing segment represented less than 10% of EDUC’s total net revenue over the past five years, that was only due to the unusually high level of the UBAM segment’s sales (driven largely by the COVID pandemic). Over the past decade, the Publishing segment’s annual net revenues have averaged over $10 million, and were at an all-time high of $13.3 million last year. As well, this segment’s operating margin has consistently been close to 30%, well above that of EDUC’s UBAM segment. Considering EDUC has seen its UBAM consultant count shrink so rapidly, UBAM’s revenue and operating profit on a go-forward basis can be expected to be much lower than what they were in recent years. As a result, a significant decline in EDUC’s Publishing segment will be extremely material to the company’s top and bottom lines in our opinion: Publishing segment's importance (EDUC's SEC filings) As one can see, EDUC's Publishing segment's operating income has typically been a very significant contributor to the company's overall earnings. EDUC will still get to sell products from its Kane Miller subsidiary as well as other vendors, so it's not like the Publishing segment is disappearing; however, we believe it is fair to conclude that this segment's annual operating income figures will be quite a bit lower than what they have been historically. Furthermore, while School & Library (including book fairs) sales have similarly been depressed in recent years due to the pandemic, it is our belief that the removal of sales through that channel will have a material impact on the remaining UBAM segment’s revenue and operating profits in the future. Unfortunately, EDUC no longer discloses how much of its UBAM segment’s sales are to the School & Library channel. In the past though, they have disclosed this: School & Library's historical sales percentages (EDUC's SEC filings) On a go-forward basis, in an environment where active UBAM sales consultant numbers are most likely going to be dramatically lower than they have been in recent years, the impairment of both EDUC’s Publishing segment and its direct sales to schools and libraries will, in our opinion, have a very material impact on EDUC’s revenues, profitability and earnings. In addition, we believe it will likely have a further dampening effect on the ability of EDUC to attract and retain UBAM consultants, as we will explain next. Welcome Back Amazon! In our opinion, one of the most important consequences of EDUC losing the ability to sell Usborne books to retail and online stores could be that EDUC’s UBAM segment will once again find itself in an untenable situation of competing head-to-head with Amazon and other large online and bricks-and-mortar retailers. To explain: A decade ago, then-CEO Mr. Randall White made the well-publicized (and correct) decision to stop selling Usborne books to Amazon and big-box discount retailers like Sam’s Club, Costco and Target. Randall had become very frustrated by the regular occurrence of EDUC’s UBAM sales consultants working hard to close a sale to a prospect only to have that prospect buy the books online at a fraction of the price. One December 2015 article about Mr. White’s decision explained the situation this way: “White traces the current growth spurt to his highly publicized decision three years ago to stop selling books through Amazon. That decision, White explained, was made to assure retailers, as well as EDC’s sales consultants, that Amazon could not undercut the prices of EDC titles. The Amazon decision, White added, was also made with an eye toward stemming a nine-year decline in sales through its Usborne Books & More division, which uses independent sales consultants to sell its books through a combination of direct sales, home shows, book fairs, and Internet sales. In that regard, the move to stop selling to Amazon has proved to be a brilliant business decision.” Another article contained a more succinct comment from Mr. White about the situation at the time: “We were selling more to Amazon but our business kept declining. I’m thinking, ‘What can I do here? This is crazy.’ You had to fix it, or you’re going to die anyway. [emphasis added]” Well, now that Usborne has taken away EDUC’s rights to sell Usborne products through EDUC’s Publishing segment, that means that Usborne books will soon once again be able to be sold by Amazon and other online retailers. Except this time, EDUC will not benefit from those sales. And EDUC’s UBAM consultants will once again be in a position of losing sales to online retailers that will be able to offer better prices. Many UBAM consultants already appear to be struggling to earn a reasonable amount of money selling the company’s products, per the company’s latest Disclosure Statement. A recent comment from a former UBAM consultant that was submitted to the Federal Trade Commission (“FTC”) in support of a proposed FTC rule to address deceptive or unfair marketing using earnings claims by multi-level marketing ("MLM") organizations and others, provides a good example of these struggles: Comment from former UBAM consultant (Federal Trade Commission) In EDUC’s case, we believe the reintroduction of Amazon and other large discount retailers as direct competitors to the company’s UBAM salesforce will only make it much more difficult for UBAM consultants to earn a decent income, and will therefore accelerate the decline in active consultants that EDUC has been experiencing. It Only Gets Worse… While the information contained in EDUC’s May 19 press release immediately caused us to question the viability of the organization as an ongoing enterprise, it wasn’t until the company published its Q1 2023 10-Q filing with the SEC that we came to fully appreciate the magnitude of what has happened. EDUC appended its 10-Q filing with the full text of the Distribution Agreement (the “DA”) between EDUC and Usborne Publishing Limited (minus certain redacted portions). The DA contains a number of absolute bombshells: 1. EDUC is completely losing the right to use the Usborne name During a “Rebranding Period” that began on May 16, 2022 and that ends on a redacted date, EDUC must “[phase] out all use of the Restricted Brands.” Restricted Brand Names include “Usborne Books & More”, “Usborne Books and More” and “UBAM”. While it not clear how long this rebranding period is (our guess is six months), what is clear is that EDUC will need to change the name of its Usborne Books & More business soon. We believe the magnitude of this development cannot be understated, as the entire value proposition of EDUC as a company, in our opinion, is dependent upon its association with Usborne, arguably the #1 children’s book publisher in the world. What will EDUC rename its Usborne Books & More division during this Rebranding Period? Will it change to Kane Miller Books & More (KMBAM)? Whatever the decision is, we cannot see how this change will be anything but a massive negative for the company’s future. 2. EDUC is losing the myubam.com website At the end of the Rebranding Period, EDUC and all of its UBAM consultants will lose access to the www.myubam.com website (and others). At that time, all of its consultants will need to fully cease the use of the Usborne name in any of its sales and marketing activities. 3. EDUC still has minimum annual purchase requirements Despite choking on far too much inventory already, as was discussed in our February article, EDUC is required by the DA to order a certain volume of products from Usborne during the twelve months ending January 31, 2023, and for each twelve month period thereafter. If this minimum is not met, Usborne has the right to terminate the DA on 30 days’ written notice. While EDUC declined to disclose what these minimum amounts are, the company did disclose in its 10-K that “In the past five years, we have exceeded the new annual minimum purchase commitments with Usborne.” It’s difficult to derive much of an idea about how much EDUC is required to buy from Usborne, but as EDUC has purchased almost $160 million worth of inventory from Usborne over EDUC’s last five fiscal years, we believe it is reasonable to assume that Usborne’s requirements are high enough to ensure that EDUC won’t be able to generate much cash in the near-term through a significant reduction of its bloated inventory. The coup de grâce – a concerning USPTO filing We have been unable to determine the thought process behind Usborne's decision to impose a more restrictive set of distribution terms on EDUC. There are many potential reasons in our opinion; however, we believe it is possible that Usborne simply thinks it can do a lot better in the US without EDUC than with it.
Seeking Alpha Jul 07

Educational Development GAAP EPS of $0.03, revenue of $23.16M

Educational Development press release (NASDAQ:EDUC): Q1 GAAP EPS of $0.03. Revenue of $23.16M (-43.2% Y/Y). Average active UBAM sales consultants totaled 32,200 compared to 55,100.
分析記事 Feb 28

Educational Development (NASDAQ:EDUC) Has Some Way To Go To Become A Multi-Bagger

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...
分析記事 Feb 03

Educational Development (NASDAQ:EDUC) Has Announced A Dividend Of US$0.10

Educational Development Corporation ( NASDAQ:EDUC ) will pay a dividend of US$0.10 on the 10th of March. This makes the...
Seeking Alpha Feb 03

Educational Development Corp. And Bloated Inventories: Tulsa, We Have A Problem

EDUC's UBAM consultant count continues to fall, and is possibly much lower than the company's own recent disclosure. Recent comments by the company’s CEO and Chairman cause us to question the honesty of senior leadership. The company's inventory is bloated and completely misaligned with realistic sales expectations. A peculiar split between current and non-current inventory, along with an unrealistically low inventory valuation allowance suggests the risk of a big provision which would whack earnings.
分析記事 Dec 15

Calculating The Fair Value Of Educational Development Corporation (NASDAQ:EDUC)

Today we will run through one way of estimating the intrinsic value of Educational Development Corporation...
Seeking Alpha Dec 01

Educational Development Corporation: Stock Decline, Management Incentive Alignment Indicate Potentially Attractive Entry Point

While EDUC revenues are likely to decline modestly as people stop staying at home, we believe revenues will still be above pre-pandemic levels due to their consultant-style selling. We believe EDUC is an attractive investment opportunity backed by a superb balance sheet and aligned management through insider ownership. EDUC's recent decline in stock price is an overreaction and in our view presents a compelling entry point.
Seeking Alpha Oct 27

Educational Development Corporation: Turning Inventory Into Cash Flow

Q2 results were a double whammy with a sharp decline in sales and a significant build-up of inventory funded by debt. With limited cash flow, the company lacks the liquidity to support the stock price with buybacks. On the bright side, the overstocking has positioned the company to gain market share as other competitors are facing shortages. Management has to execute in Q3 and convert the bloated inventory into cash flow to pay down the existing credit line and restart buybacks. Using a DCF with exit multiple valuation, my price target for EDUC is $16 which represents a 65% upside from the current price.
分析記事 Oct 10

Educational Development (NASDAQ:EDUC) Has Announced A Dividend Of US$0.10

The board of Educational Development Corporation ( NASDAQ:EDUC ) has announced that it will pay a dividend of US$0.10...
Seeking Alpha Sep 08

Educational Development Corporation: Q2 Virtual Meeting Reveals Upside Potential

EDUC is the exclusive United States trade co-publisher of Usborne Children’s Books and the owner of Kane Miller. They operate two separate segments, UBAM and Publishing, to sell Usborne and Kane Miller children’s books. These two segments each have their own customer base. The UBAM segment markets its products through a network of independent sales consultants. The company increased sales from 2019 to 2020 by almost 100%, from 118 to 205. The market does believe that this growth is driven by the pandemic and would not be sustainable, and recently there was a lot of pressure on the stock.
分析記事 Jul 31

Here's Why We Think Educational Development (NASDAQ:EDUC) Is Well Worth Watching

It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...
Seeking Alpha Jul 07

Educational Development Corp.: Growth Risk Might Be Overblown

EDUC is the exclusive US co-publisher of educational children's books produced by famous Usborne Publishing by leveraging multilevel marketing (MLM) strategy. It has strong fundamentals, fair valuation, and a compelling growth story that is being ignored by the market. We arrived at a target price of $12.4 to $14.6 without incorporating any future growth and expansion in operating margins.
分析記事 Jul 01

We Think Shareholders Are Less Likely To Approve A Large Pay Rise For Educational Development Corporation's (NASDAQ:EDUC) CEO For Now

Performance at Educational Development Corporation ( NASDAQ:EDUC ) has been reasonably good and CEO Randall White has...
分析記事 Jun 24

These 4 Measures Indicate That Educational Development (NASDAQ:EDUC) Is Using Debt Reasonably Well

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
分析記事 May 11

What Makes Educational Development Corporation (NASDAQ:EDUC) A Great Dividend Stock?

Is Educational Development Corporation ( NASDAQ:EDUC ) a good dividend stock? How can we tell? Dividend paying...
分析記事 Apr 29

Should You Be Adding Educational Development (NASDAQ:EDUC) To Your Watchlist Today?

It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...
分析記事 Mar 24

Is Educational Development (NASDAQ:EDUC) A Risky Investment?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
分析記事 Mar 12

Can Educational Development (NASDAQ:EDUC) Prolong Its Impressive Returns?

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other...
分析記事 Feb 28

Educational Development Corporation's (NASDAQ:EDUC) Stock's On An Uptrend: Are Strong Financials Guiding The Market?

Most readers would already be aware that Educational Development's (NASDAQ:EDUC) stock increased significantly by 15...
分析記事 Feb 17

Should You Buy Educational Development Corporation (NASDAQ:EDUC) For Its Upcoming Dividend?

Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be...
分析記事 Feb 11

Is Educational Development Corporation's (NASDAQ:EDUC) Shareholder Ownership Skewed Towards Insiders?

A look at the shareholders of Educational Development Corporation ( NASDAQ:EDUC ) can tell us which group is most...
分析記事 Feb 01

What Can We Learn About Educational Development's (NASDAQ:EDUC) CEO Compensation?

Randall White became the CEO of Educational Development Corporation ( NASDAQ:EDUC ) in 1986, and we think it's a good...
分析記事 Jan 22

With EPS Growth And More, Educational Development (NASDAQ:EDUC) Is Interesting

Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...
分析記事 Jan 12

Should You Take Comfort From Insider Transactions At Educational Development Corporation (NASDAQ:EDUC)?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On...
分析記事 Jan 02

Did You Participate In Any Of Educational Development's (NASDAQ:EDUC) Fantastic 253% Return ?

While Educational Development Corporation ( NASDAQ:EDUC ) shareholders are probably generally happy, the stock hasn't...
分析記事 Dec 23

What Makes Educational Development Corporation (NASDAQ:EDUC) A Great Dividend Stock?

Dividend paying stocks like Educational Development Corporation ( NASDAQ:EDUC ) tend to be popular with investors, and...
分析記事 Dec 13

These 4 Measures Indicate That Educational Development (NASDAQ:EDUC) Is Using Debt Safely

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
分析記事 Dec 03

Will Educational Development (NASDAQ:EDUC) Repeat Its Return Growth Of The Past?

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
分析記事 Nov 24

Could The Market Be Wrong About Educational Development Corporation (NASDAQ:EDUC) Given Its Attractive Financial Prospects?

Educational Development (NASDAQ:EDUC) has had a rough month with its share price down 14%. However, stock prices are...

財務状況分析

短期負債: EDUCの 短期資産 ( $27.7M ) が 短期負債 ( $8.1M ) を超えています。

長期負債: EDUCの短期資産 ( $27.7M ) が 長期負債 ( $5.4M ) を上回っています。


デット・ツー・エクイティの歴史と分析

負債レベル: EDUCは負債がありません。

負債の削減: EDUC負債比率が28.7%であった 5 年前と比べて負債がありません。

債務返済能力: EDUCには負債がないため、営業キャッシュフロー でカバーする必要はありません。

インタレストカバレッジ: EDUCには負債がないため、利息支払い の負担は問題になりません。


貸借対照表


健全な企業の発掘

企業分析と財務データの現状

データ最終更新日(UTC時間)
企業分析2026/05/11 21:13
終値2026/05/08 00:00
収益2025/11/30
年間収益2025/02/28

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM(Trailing Twelve Month)またはLTM(Last Twelve Month)データとして知られています。詳細はこちら

分析モデルとスノーフレーク

本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドYoutubeのチュートリアルも掲載しています。

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業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

Educational Development Corporation 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0