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Scholastic$SCHL · filed: saw revenue fall 2.7% in FY2026 to $1.6BNew shipTrillion Score 566Fall Risk MediumNext year $1.3B–$1.8B sealedCheck ▾Close ▴
What Scholastic filed
Saw revenue fall 2.7% in FY2026 to $1.6 billion, operating margin 1.0% against a 10.5% median for books: publishing or publishing & printing, equity 43.4% of assets. Every figure links to the filing it came from on Scholastic’s card. New ship: no warning signs. Trillion Score 566, #3 of 14 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-05-31 between $1.3B and $1.8B, an 80% range sealed on 27 Sept 2026 · receipt #7f26ec · graded in public by the revenue in Scholastic’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Scholastic's **$47** floor tender prices intrinsic value **15%** above recent lows and absorbs **12%** of float with cash on hand.
$200 million
of its common stock at a floor price of
$47.00
per share
$54.00
per share
$1.65 billion
in revenue for fiscal 2024
Scholastic Corporation announced a modified Dutch auction tender offer to repurchase up to $200 million of its common stock at a floor price of $47.00 per share. The company set a ceiling of $54.00 per share, leaving shareholders to name their price within that range. Management expects the tender to close mid-February, pending regulatory clearance and sufficient participation.
The publisher generated $1.65 billion in revenue for fiscal 2024, with operating cash flow of $220 million. The company carries $142 million in net debt and maintains a $400 million revolving credit facility with $350 million undrawn as of November. The tender represents roughly 12% of Scholastic's $1.7 billion market capitalization at Thursday's close of $48.32. Chairman Richard Robinson's estate controls approximately 20% of outstanding shares through Class A voting stock, which dilutes the float available for institutional buyers. The tender offer excludes Class A shares, meaning the repurchase concentrates ownership further among insiders.
This tender follows eighteen months of valuation compression. Scholastic traded above $55 in early 2023 before declining to a twelve-month low of $42.18 in August 2024. The company faces structural headwinds—declining school enrollment, tightening district budgets, and competition from digital reading platforms—but its book-fair distribution model remains difficult to replicate. Scholastic controls physical access to 120,000 schools and reaches 32 million students annually. That distribution moat generates predictable cash, even as top-line growth stalls. Management's decision to buy stock at $47 minimum suggests internal models price the business above $55 per share, implying a forward earnings multiple closer to 14x than the 11x where shares recently traded.
Allocators should watch the February tender results for two signals. First, participation rate. If shareholders tender more than $200 million, the company will prorate shares purchased. High oversubscription indicates institutions see the same valuation disconnect. Second, post-tender capital allocation. Scholastic has $80 million remaining under its existing share repurchase authorization, separate from this tender. If management follows the tender with open-market buybacks in March or April, it confirms a sustained commitment to returning cash rather than pursuing acquisitions. The company has completed two small acquisitions in educational software over the past sixteen months, neither exceeding $30 million.
The tender also reshapes the activist landscape. Scholastic's concentrated ownership structure has historically deterred engagement, but a smaller float post-tender raises the cost for any future dissident campaign. That dynamic favors management, which has resisted pressure to monetize its real-estate portfolio—the company owns its SoHo headquarters in Manhattan, carried on the balance sheet at historical cost well below market value. The February tender locks in current valuation assumptions before fiscal Q3 earnings in March, when the company will report holiday book-fair sales and provide fiscal 2025 guidance.
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For the principal
Family offices with education exposure should model post-tender float dynamics—concentrated ownership raises minority discount but improves capital discipline.
For the operator
Track participation rate when tender closes mid-February; oversubscription above 1.5x signals institutional agreement on mispricing.
For the house
Named accounts hold Scholastic below 2% weight; February tender creates re-entry window if participation below $150M and stock drifts toward $46.
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