MH vs TAL: McGraw Hill and TAL Education Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- TAL Education Group is the larger company, worth $7.2B, about 2.6 times McGraw Hill.
- TAL Education Group grew revenue faster over the last year (+33.7% vs +2.6%).
- McGraw Hill keeps more of each dollar of revenue as operating profit (13.9% vs 9.2%).
- TAL Education Group's price assumes faster free cash flow growth: about 0% a year, against -3% for McGraw Hill (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MH | TAL |
|---|---|---|
| Market cap | $2.7B | $7.2B |
| Share price | $13.37 | $12.86 |
| Revenue (last fiscal year) | $2.1B | $3.0B |
| Free cash flow (last fiscal year) | $246M | $508M |
| Revenue growth, last year | +2.6% | +33.7% |
| Revenue growth per year, last 5 fiscal years | +3.6% | -9.0% |
| Operating margin | 13.9% | 9.2% |
| Net margin | 4.4% | 17.6% |
| Return on equity | 11.8% | 14.1% |
| P/E (trailing) | — | 4.68x |
| Price / free cash flow | 5.59x | 25.0x |
| EV / EBITDA | 11.3x | 6.13x |
| FCF growth the price implies | -2.9% | 0.38% |
| Dividend yield | — | — |
| Debt / equity | 5.82x | 0.57x |
| Fundamental grade | C | B |
| Superinvestors holding it | 1 | 1 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
McGraw Hill
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2024 | $2.0B | $154M | 7.9% |
| 2025 | $2.1B | $575M | 14.6% |
| 2026 | $2.1B | $246M | 13.2% |
TAL Education Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $4.4B | -$1.2B | -14.0% |
| 2023 | $1.0B | -$103M | -8.9% |
| 2024 | $1.5B | $193M | -4.6% |
| 2025 | $2.3B | $286M | -0.14% |
| 2026 | $3.0B | $508M | 9.2% |
Where the revenue comes from
McGraw Hill · by segments, 2026
K-12$884M42%
Higher Education$879M42%
International$187M9%
Global Professional$150M7%
TAL Education Group · by products, 2026
Learning services and others$1.9B65%
Learning content solutions$1.1B35%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MH in InvestinglyQuestions
Which is bigger, McGraw Hill or TAL Education Group?
TAL Education Group (TAL), at $7.2B against $2.7B.
Which grows faster, MH or TAL?
TAL Education Group: revenue grew +33.7% over the last year, against +2.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.