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STOCK COMPARISON

New Oriental Education And Tech vs TAL Education: Fair Value & Quality

Both stocks run through our valuation models. Here is how New Oriental Education And Tech (9901) and TAL Education (TAL) compare, as of Oct 3, 2026.

As of Oct 3, 2026, Fair Value Calculator sees TAL Education as the more attractively valued of the two: New Oriental Education And Tech trades at HK$43.10 versus a fair value of HK$12.70 (−70.5%), while TAL Education trades at $12.06 versus $32.66 (+170.8%).
New Oriental Education And Tech
9901.HK · HKD · Consumer Discretionary
−70.5%
upside to fair value
overvalued
PriceHK$43.10
Fair ValueHK$12.70
Quality74/100
TAL Education
TAL · USD · Consumer Discretionary
+170.8%
upside to fair value
undervalued
Price$12.06
Fair Value$32.66
Quality82/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

New Oriental Education And TechTAL Education
Valuation
17.1×P/E (TTM)7.5×
n/aP/E ex one-offs (FY2026)12.2×
n/aForward P/E (FY2028)10.3×
n/aP/S (TTM)2.09×
n/aP/B1.76×
n/aEV/EBITDA10.7×
0.79×PEG2.79×
−70.5%Fair value upside+170.8%
2.8%Dividend yieldn/a
HK$1.20Dividend per sharen/a
Profitability
12.7%Operating margin18.1%
0.90×EBIT margin trend (5Y)n/a
10.8%Return on equity23.7%
4.9%Return on assets4.0%
Growth
19.8%Revenue growth (YoY)31.9%
16.4%Avg. growth/yr (3Y)43.8%
9.6%Avg. growth/yr (5Y)-7.7%
+74.8%Value creation/yrn/a
Balance & size
1,377.0×Interest coverage (EBIT/interest)n/a
0.00×Debt / equityn/a
n/aMarket cap$7B
mixedGrowth qualityweak
The P/E excluding one-off items is only shown where the special items are documented in the accounts (our own raw data or SEC filings). If one side lacks it, the reported P/E stays scored.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported. TAL Education: FY 2027 earnings estimate probably distorted by a special item known to analysts (1.33 is not between the FY 2026 actual of 1.01 and the FY 2028 estimate of 1.17).

Even match: 4 to 4 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

New Oriental Education And Techof which business quality 74 · market factors 58 TAL Educationof which business quality 79 · market factors 60
ProfitabilityMargins and returns on capital today
46
54
Quality GrowthAre margins and returns improving?
62
94
CashflowEarnings quality: real cash, not paper profit
76
67
Fin. StrengthBalance sheet, leverage, solvency risk
87
90
InvestmentDisciplined investing over empire-building
79
85
Low VolatilityCalm price path (market factor)
71
67
MomentumPrice trend over the last 3–12 months (market factor)
54
56
52W MomentumDistance to the 52-week high (market factor)
50
60
Net IssuanceShare count: buybacks or dilution?
100
100

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyNew Oriental Education And TechPrice HK$43.10TAL EducationPrice $12.06
DCF Models−76.5%below the priceHK$10.14+170.1%above the price$32.58
Earnings-Based−89.6%below the priceHK$4.49+231.5%above the price$39.98
Dividend Discount−97.7%below the priceHK$1.01n/a
Multiples−88.8%below the priceHK$4.82+25.0%above the price$15.08
Asset-Based−96.4%below the priceHK$1.54−48.5%below the price$6.21
Growth DCF−71.7%below the priceHK$12.20+157.6%above the price$31.07
Economic Profit−93.2%below the priceHK$2.95−23.0%below the price$9.29
Growth Earnings−85.3%below the priceHK$6.35+352.2%above the price$54.53
Minimum−97.7%below the priceHK$1.01−48.5%below the price$6.21
Maximum−71.7%below the priceHK$12.20+352.2%above the price$54.53
Median−89.2%below the priceHK$4.66+157.6%above the price$31.07
Geometric mean−90.5%below the priceHK$4.09+75.7%above the price$21.19

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

New Oriental Education And Tech: 26 of 26 models see the stock below the current price.

TAL Education: 5 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

New Oriental Education And Tech
Price HK$43.10
Fair Value HK$12.70
Bear HK$8.88Bull HK$16.50
TAL Education
Price $12.06
Fair Value $32.66
Bear $18.79Bull $55.36

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

New Oriental Education And Tech · Consumer Discretionary

Quality score74 · Top 25%
Fair value upside−70.5% · bottom 25%

TAL Education · Consumer Discretionary

Quality score82 · Top 25%
Fair value upside+170.8% · Top 25%

Bottom line

As of Oct 3, 2026, Fair Value Calculator sees TAL Education as the more attractively valued of the two: New Oriental Education And Tech trades at HK$43.10 versus a fair value of HK$12.70 (−70.5%), while TAL Education trades at $12.06 versus $32.66 (+170.8%).

TAL Education has the higher quality score (82/100).

Open TAL Education live analysis →
New Oriental Education And Tech · TAL Education

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.