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American Public Education, Inc.

APEI Consumer Defensive Education & Training Services

American Public Education, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $648.9 million, up 3.89% from fiscal 2024.

Revenue
+5.51%
EPS
+2,750.0%
Free cash flow
−78.0%
Total debt
−7.23%

Quarter to June 2026, against a year earlier

36.50 1.72 −4.50%
Market cap
$699.5M
P/E
15.1×
Fwd P/E
15.6×
Dividend yield
—
F-score
7/9
Altman Z
3.73
Beneish M
−2.75
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 11.79
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 6 — 1 2 — 2 — 1 —
Insider Ownership 5.40%

Capital & Financial Ratios $m

Size
Market Cap 699.49
Revenue ttm 668.01
Net income ttm 45.67
Free cash flow ttm 70.08
Net debt Q (135.54)
Valuation
P/E 15.14
Forward P/E 15.60
Price / sales 1.04
Forward P/S Powerpack
Price / FCF 9.95
Price / book 2.22
Financial health
Current ratio Q 3.25 (at or above 1.5: strong)
Debt / equity Q 0.28 (at or below 0.5: strong)
Interest coverage Q 29.85
Growth
Revenue growth Q +5.51% (above 0%: growing)
Operating income growth Q +92.68% (above 0%: growing)
EPS, this year +93.00% (at or above 15%: strong)
EPS, next year A +16.69% (at or above 15%: strong)
Revenue, next year A +6.88%
EPS, past 5 yrs +1.70%
EPS, next 5 yrs A +39.15% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 0.7×; over the ten years it ranged from 0.0× in 2023 to 1.8× in 2018.
P/E against its own 10 years 11.78%
10-year low 10-year high
P/S against its own 10 years 41.62%
10-year low 10-year high
P/B against its own 10 years 86.29%
10-year low 10-year high
EV/Sales against its own 10 years 65.86%
10-year low 10-year high
EV/FCF against its own 10 years 55.64%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 144 159 176 223
Receivables 51 63 69 40
Inventory — — — —
Other 9 24 — —
217 261 260 283
2023 2024 2025 Q'26
Payables 9 8 5 5
ST’ Debt — — — 6
Other — — — —
74 79 75 87

Compound Annual Growth %

10y 5y 3y
Sales 7.06% 15.06% 2.29%
Cash Flow 0.84% 6.70% 28.48%
Earnings (2.45%) 6.10% 0.00%
Book Value 2.20% (0.80%) (5.54%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.36 Actual 0.52

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.09 0.30 Beat by 0.39
Q4 FY25 0.39 0.67 Beat by 0.28
Q1 FY26 0.61 0.94 Beat by 0.33
Q2 FY26 0.36 0.52 Beat by 0.16
Q3 FY26 0.26 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.94 0.52 — — —
’25 0.41 (0.02) 0.30 0.67 1.36
’24 (0.06) (0.06) 0.04 0.63 0.55
’23 (0.38) (2.93) (0.27) 0.64 (2.93)
’22 0.28 (5.82) (0.20) (0.35) (6.08)
’21 0.49 0.03 (0.01) 0.50 0.97
’20 0.16 0.45 0.18 0.47 1.25
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 175 172 — — —
’25 165 163 163 158 649
’24 154 153 153 164 625
’23 150 147 151 153 601
’22 155 150 150 152 606
’21 89 78 98 154 419
’20 75 82 79 86 322
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 63 12 — — —
’25 37 15 22 (12) 62
’24 21 12 14 2 49
’23 13 16 20 (3) 46
’22 25 20 7 (23) 29
’21 11 (2) (8) 16 16
’20 12 20 13 0 45
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 61 7 — — —
’25 34 34 18 (16) 69
’24 15 7 8 (2) 28
’23 10 12 17 (8) 32
’22 23 16 3 (29) 14
’21 10 (4) (11) 10 5
’20 10 19 12 0 41
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 313 299 298 286 322 419 606 601 625 649 668 +8.4% 694 735 782 +6.4%
Gross margin, % 62.63 61.18 61.27 60.91 62.04 58.78 52.42 51.23 52.65 54.22 55.85 (8.4) pt
EBT 38 35 35 17 26 26 (151) (53) 31 44 60 +1.5%
EBT margin, % 12.26 11.71 11.91 5.82 8.03 6.23 (24.94) (8.79) 4.95 6.74 8.96 (5.5) pt
Net income 24 21 26 10 19 18 (115) (47) 16 32 46 +3.0%
Per share, $
Per share, $ Revenue 19.49 18.43 18.15 17.79 21.63 23.16 32.15 33.16 35.44 36.03 36.38 +7.1%
Earnings 1.50 1.30 1.56 0.62 1.27 0.98 (6.10) (2.94) 0.57 1.40 2.51 (0.8%)
Cash flow 3.49 2.95 2.69 2.38 3.01 0.90 1.55 2.51 2.77 3.44 4.66 (0.1%)
Capex (0.97) (0.82) (0.57) (0.45) (0.28) (0.62) (0.83) (0.76) (1.20) 0.39 (0.85) n/m
Free cash flow 2.52 2.13 2.12 1.93 2.73 0.28 0.72 1.75 1.58 3.83 3.82 +4.8%
Book value 16.47 17.83 19.58 18.44 20.63 22.98 18.54 16.12 17.24 16.37 17.10 (0.1%)
Shares, m 16 16 16 16 15 18 19 18 18 18 18 +1.3%
Valuation, ×
Valuation, × P/E 16.53 19.69 18.36 43.48 24.00 21.91 0.00 0.00 38.52 26.81 15.14 20.9
P/S 1.27 1.40 1.57 1.54 1.41 0.96 0.40 0.30 0.61 1.05 1.04 1.1
P/B 1.51 1.45 1.45 1.49 1.48 0.97 0.78 0.72 1.44 2.31 2.22 1.4
EV/Sales 0.81 0.80 0.86 0.87 0.73 0.99 0.36 0.24 0.53 0.95 0.84 0.7
EV/FCF 6.23 6.92 7.33 8.03 5.77 80.89 16.23 4.57 11.83 8.88 8.02 15.7
Cash, $m
Cash, $m Operating cash flow 56 48 44 38 45 16 29 46 49 62 86 +1.1%
Capex (16) (13) (9) (7) (4) (11) (16) (14) (21) 7 (16) n/m
Free cash flow 40 35 35 31 41 5 14 32 28 69 70 +6.1%
Balance, $m
Balance, $m Working capital 116 148 188 178 197 119 115 143 181 185 196 +5.3%
Net debt (146) (179) (212) (191) (219) 11 (36) (50) (66) (82) (136) (6.3%)
Shareholders’ equity 265 289 321 297 307 416 350 292 304 295 314 +1.2%
Returns, %
Returns, % ROA 7.85 6.45 7.22 2.76 5.19 3.24 (17.16) (9.09) 1.78 4.64 8.50 (3.2) pt
ROIC 20.22 19.77 18.63 7.54 17.57 4.45 (26.92) (12.46) 8.67 14.07 22.35 (6.1) pt
ROE 9.63 7.62 8.40 3.24 6.24 4.91 (31.71) (18.96) 3.89 9.05 15.58 (0.6) pt
People
People Employees 2,040 1,920 1,790 1,780 2,940 5,800 6,244 6,037 6,117 5,841 — +12.4%
Revenue/emp, $m 0.15 0.16 0.17 0.16 0.11 0.07 0.10 0.10 0.10 0.11 — (3.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

American Public Education, Inc. vs peers in Education & Training Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PRDO Perdoceo Education Corporation $1.7B 9.2× 10.1× +1.88% (above 0%: growing) +14.52% (above 0%: growing) +97.05% (above 0%: growing) 0.00% 25.52% Compare
STRA Strategic Education Inc. $1.3B 200× 8.8× +1.60% (above 0%: growing) n/m +15.56% (above 0%: growing) 49.66% (26.94%) Compare
UTI Universal Technical Institute Inc $1.1B 31.3× 37.5× +7.15% (above 0%: growing) −80.00% (below 0%: shrinking) −408.92% (below 0%: shrinking) 45.94% 1.48% Compare
COUR Coursera, Inc. $991.5M — (loss-making) — (loss-making) +93.98% (above 0%: growing) n/m −45.99% (below 0%: shrinking) 58.43% (7.67%) Compare
AFYA Afya Limited $928.2M 6.2× 6.6× +18.55% (above 0%: growing) +29.41% (above 0%: growing) +59.54% (above 0%: growing) 61.59% 30.64% Compare
PXED Phoenix Education Partners, Inc. $788.9M 9.2× 9.4× +1.28% (above 0%: growing) −29.07% (below 0%: shrinking) +151.03% (above 0%: growing) 100.00% 11.98% Compare
APEI American Public Education, Inc. $699.5M 15.1× 15.6× +5.51% (above 0%: growing) n/m −77.96% (below 0%: shrinking) 55.37% 7.88%
DAO Youdao, Inc. Unsponsored ADR $657.2M 102× 83.9× +9.25% (above 0%: growing) n/m +147.18% (above 0%: growing) 48.87% 7.60% Compare
LINC Lincoln Educational Services Corporation $556.7M 24.0× 26.6× +22.40% (above 0%: growing) +20.00% (above 0%: growing) +129.40% (above 0%: growing) 58.17% 2.32% Compare
Median of peers $959.9M 24.0× 10.1× +8.20% +14.52% +78.30% 53.92% 4.96%

All 44 Education & Training Services stocks →

Pay and ownership Proxy statement filed 9 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.06m 11.05m 124.00
2024 2.91m 6.90m 71.00
2023 4.18m 2.98m 32.00
2022 3.36m 826.91k 40.00
2021 2.99m 1.96m 73.00

Ownership

Directors and executive officers, together 10.60%
Divisadero Street Capital Management, LP 9.10%
325 Capital LLC 6.60%
Michael D. Braner 6.60%
BlackRock, Inc. 6.50%
Renaissance Technologies LLC 5.20%
No Street GP LP 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

American Public Education, Inc. (APEI) Latest News

29 Oct

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stockrow.com/APEI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com