COMP <GO>

STRA vs EDU // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Strategic Education Inc. (NASDAQ) VS. New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) (NYSE) • 15-METRIC TALLY: STRA 6 — EDU 6

■ METRIC PARITY

STRA — Strategic Education Inc. ROARABLE B • RQD 72/100

LAST: $77.81 (+0.34%) • MKT CAP: $1.73B

DES <GO> FA <GO> 10-K RED <GO>

options-implied-move

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EDU — New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) ROARABLE B- • RQD 70/100

LAST: $49.09 (-3.21%) • MKT CAP: $7.61B

DES <GO> FA <GO> 10-K RED <GO>

options-implied-move

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (STRA VS. EDU) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	STRA	EDU	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	54.60%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.10%	21.30%	-12.20	EDU	/roic <GO>
EV/EBITDA & P/E Valuation	7.5x	9.3x	-1.80	STRA	/valuation <GO>
Free Cash Flow Yield	8.91%	10.25%	-1.34	EDU	/fcf-yield <GO>
Operating Margin	13.70%	11.40%	+2.30	STRA	/operating-margins <GO>
Net Profit Margin	10.00%	8.40%	+1.60	STRA	/net-margins <GO>
Revenue Growth (YoY)	4.00%	15.50%	-11.50	EDU	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.33%	1.27%	+2.06	STRA	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.76	4.92	-1.16	EDU	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	9/9	-3.00	EDU	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	29.0	26.9	+2.08	STRA	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	0.96	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	12.6x	13.4x	-0.80	STRA	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.73B	$7.61B	-$5.88B	EDU	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	STRA REV	EDU REV	STRA GROSS %	EDU GROSS %	STRA FCF	EDU FCF
FY 2025	$1.27B	$5.66B	—	54.6%	$153.9M	$780.2M
FY 2024	$1.22B	$4.90B	—	55.4%	$128.8M	$654.7M
FY 2023	$1.13B	$4.31B	—	—	$117.1M	$928.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

STRA // BETA —

EDU // BETA 0.96