EDUCATIONAL DEVELOPMENT CORPORATION
EPS and dividends shown under the calendar year in which the fiscal year ends (February). SEC XBRL, split-adjusted. Prices: Yahoo Finance, retrieved 4 Oct 2026.
CAPITALIZATION: (5/31/26)
| ($ mill.) | (%) | |
|---|---|---|
| Common Equity | 41.4 | 100.0 |
| Total | $41.4 | 100.0 |
Shs. ($0.20 par) – 8.5 mill.
No bank debt (repaid after the Oct. 2025 sale of the headquarters). Excl. $5.4M non-current operating lease liabilities.
INTERIM EARNINGS: (per sh.)
| Qu. | 5/31 | 8/31 | 11/30 | 2/28 |
|---|---|---|---|---|
| FY24 | -0.11 | 0.13 | 0.24 | -0.19 |
| FY25 | -0.15 | -0.22 | -0.10 | -0.16 |
| FY26 | -0.13 | -0.15 | 0.91 | -0.37 |
| FY27 | -0.16 |
Diluted; Q4 derived. Q3 FY26 includes the gain on the headquarters sale.
DIVIDENDS:
Suspended. Last paid $0.10 on 3/10/22 (record 2/22/22).
Source: Nasdaq dividend history.
BACKGROUND:
Educational Development Corporation, founded in 1965 and based in Tulsa, is a children's-book company. It owns the Kane Miller, Learning Wrap-Ups and SmartLab Toys lines and is the exclusive U.S. multi-level-marketing distributor of the UK publisher Usborne's books. About 84% of revenue comes from PaperPie, a direct-sales network of independent Brand Partners; the rest comes from selling its own titles to about 4,000 retail outlets (Publishing).
RECENT DEVELOPMENTS:
Revenue peaked at $204.6 million in fiscal 2021 and has fallen every year since, to $22.9 million in fiscal 2026 (year to 2/28/26), as the average Brand Partner count fell from 28,000 in fiscal 2023 to 5,300 in the latest quarter. In October 2025 the company sold its headquarters and warehouse for $32.2 million, repaid all bank debt and leased back the space it uses. Inventory was $36.2 million, of which $20.1 million is more than about 2½ years of expected sales.
PROSPECTS:
The shares trade at about 0.27× tangible book with no bank debt, but recurring losses run at about a third of revenue, and Usborne, whose books are about half of PaperPie sales, may end the distribution agreement on short notice because EDC missed its minimum purchases. No analyst publishes estimates, so we publish no projection. In our view this is a deep-discount, shrinking business; we would revisit after a profitable year without asset-sale gains or a renewed Usborne agreement.
STATISTICS:
| FISCAL YEAR | GROSS REVS. ($MILL.) | PROFIT MARGIN % | NET INCOME ($MILL.) | CAPITAL SPENDING ($MILL.) | ASSETS ($MILL.) | SHARES (MILL.) | BOOK VALUE PER SH.$ | EARN. PER SH.$ | DIV. PER SH.$ | DIV. PAY. % | PRICE RANGE | P/E RATIO | AVG. YIELD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 17 | 106.6 | 2.7 | 2.9 | 2.5 | 66.0 | 8.2 | 1.86 | 0.35 | Nil | Nil | 7.51–3.45 | 15.7 | Nil |
| 18 | 112.0 | 4.7 | 5.2 | 1.4 | 61.8 | 8.2 | 2.49 | 0.64 | Nil | Nil | 11.48–3.12 | 11.4 | Nil |
| 19 | 118.8 | 5.6 | 6.7 | 1.4 | 69.3 | 8.2 | 3.16 | 0.81 | 0.20 | 25 | 14.35–7.32 | 13.4 | 1.8 |
| 20 | 113.0 | 5.0 | 5.6 | 0.6 | 64.7 | 8.3 | 3.52 | 0.68 | 0.20 | 29 | 9.65–5.03 | 10.8 | 2.7 |
| 21 | 204.6 | 6.2 | 12.6 | 4.1 | 88.9 | 8.3 | 4.82 | 1.50 | 0.32 | 21 | 20.00–3.02 | 7.7 | 2.8 |
| 22 | 142.2 | 5.8 | 8.3 | 3.7 | 109.9 | 8.7 | 5.37 | 0.98 | 0.40 | 41 | 19.50–6.96 | 13.5 | 3.0 |
| 23 | 87.8 | -2.9 | -2.5 | 1.6 | 99.9 | 8.7 | 5.19 | -0.31 | Nil | Nil | 8.99–2.00 | NM | Nil |
| 24 | 51.0 | 1.1 | 0.5 | 0.8 | 90.1 | 8.6 | 5.30 | 0.07 | Nil | Nil | 3.77–0.80 | 32.6 | Nil |
| 25 | 34.2 | -15.4 | -5.3 | 0.4 | 78.3 | 8.6 | 4.73 | -0.63 | Nil | Nil | 2.95–1.41 | NM | Nil |
| 26 | 22.9 | 10.1 | 2.3 | 0.5 | 54.3 | 8.5 | 5.03 | 0.27 | Nil | Nil | 1.84–0.92 | 5.1 | Nil |
Fiscal years end Feb. 28/29 (FY26 ended 2/28/26). Per-share data and shares adjusted for the 2-for-1 split (Aug. 2018). Profit margin = net income ÷ revenues; book value = equity ÷ year-end shares; EPS diluted; dividends declared. Price range = intraday high–low within the fiscal year; P/E = mid-range price ÷ EPS; avg. yield = dividends ÷ mid-range price.
INCORPORATED:
Delaware, Aug. 23, 1965
PRINCIPAL OFFICE:
5402 South 122nd East Avenue, Tulsa, OK 74146
Tel.: (918) 622-4522
ANNUAL MEETING:
2026 meeting held Wednesday, July 8, at the Tulsa corporate offices
NUMBER OF STOCKHOLDERS:
435 holders of record at 5/14/26
TRANSFER AGENT:
Not named in the 10-K or proxy statement
REGISTRAR:
Not named in the 10-K or proxy statement
SUPERINVESTOR HOLDINGS (DATAROMA):
None of the tracked superinvestors held shares (13F at 6/30/26)
OFFICERS:
Sources: SEC XBRL company facts (annual and quarterly figures) · 10-K FY2026 (business, incorporation, office, officers) · 10-Q 5/31/26 (capitalization) · 2026 proxy (annual meeting, holders of record) · Nasdaq dividend history · Yahoo Finance (prices, retrieved 4 Oct 2026) · Dataroma (superinvestors) · Pathos note (Brand Partner, inventory and Usborne detail). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.
© 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice. Prepared 4 October 2026.