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Friday 6 November 2026
Export APEI’s income statement to Excel — free account
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
37.42
0.80
−2.09%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
16.53 | 19.69 | 18.36 | 43.48 | 24.00 | 21.91 | 0.00 | 0.00 | 38.52 | 26.81 |
Piotroski F-Score |
6 | 5 | 7 | 4 | 8 | 2 | 5 | 6 | 8 | 7 |
Altman Z-Score |
6.87 | 7.11 | 7.84 | 6.49 | 6.39 | 1.94 | 1.04 | 1.37 | 2.42 | 3.73 |
P/S ratio |
1.27 | 1.40 | 1.57 | 1.54 | 1.41 | 0.96 | 0.40 | 0.30 | 0.61 | 1.05 |
P/FCF ratio |
9.85 | 12.09 | 13.44 | 14.17 | 11.15 | 78.76 | 17.84 | 5.68 | 13.68 | 9.86 |
Altman Z″-Score (non-manufacturers) |
9.59 | 10.72 | 11.88 | 9.86 | 9.93 | 3.34 | 1.21 | 1.97 | 3.44 | 4.20 |
Beneish M-Score |
(3.08) | (2.85) | (1.73) | (3.07) | (2.54) | (0.43) | (3.39) | (3.19) | (2.44) | (2.75) |
P/Operating CF |
29.90 | 22.43 | 25.07 | 68.51 | 5,888.58 | 25.65 | (10.53) | (57.40) | 237.76 | (58.94) |
P/B ratio |
1.51 | 1.45 | 1.45 | 1.49 | 1.48 | 0.97 | 0.78 | 0.72 | 1.44 | 2.31 |
Price to Tangible BV |
1.73 | 1.64 | 1.62 | 1.63 | 1.64 | 4.62 | 1.70 | 1.12 | 2.16 | 3.29 |
EV/Sales |
0.81 | 0.80 | 0.86 | 0.87 | 0.73 | 0.99 | 0.36 | 0.24 | 0.53 | 0.95 |
EV/EBITDA |
4.04 | 4.47 | 5.09 | 7.00 | 6.22 | 8.42 | 4.37 | 3.21 | 6.11 | 9.37 |
EV/Operating CF |
4.50 | 5.00 | 5.77 | 6.51 | 5.24 | 25.41 | 7.55 | 3.18 | 6.73 | 9.90 |
EV/FCF |
6.23 | 6.92 | 7.33 | 8.03 | 5.77 | 80.89 | 16.23 | 4.57 | 11.83 | 8.88 |
Quick Ratio |
3.63 | 4.30 | 5.12 | 4.77 | 4.46 | 2.28 | 2.47 | 2.65 | 2.81 | 3.27 |
Current Ratio |
3.76 | 4.41 | 5.25 | 4.92 | 4.57 | 2.42 | 2.63 | 2.94 | 3.29 | 3.46 |
Net Debt/EBITDA |
(2.35) | (3.34) | (4.24) | (5.35) | (5.80) | 0.22 | (0.72) | (1.10) | (1.22) | (1.25) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 3.32% | 2.38% | 22.12% | 15.15% | 16.99% | 16.39% | 18.16% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.04 | 0.03 | 0.39 | 0.27 | 0.32 | 0.31 | 0.32 |
Asset Turnover |
1.02 | 0.91 | 0.84 | 0.79 | 0.89 | 0.76 | 0.90 | 1.02 | 1.11 | 1.19 |
Operating CF/Net income |
2.32 | 2.27 | 1.72 | 3.83 | 2.38 | 0.92 | (0.25) | (0.85) | 4.86 | 2.45 |
Capex/Depreciation |
(0.64) | (0.71) | (0.54) | (0.32) | (0.32) | (0.60) | (0.08) | (0.15) | (1.01) | 0.41 |
Interest Coverage |
329.97 | 188.43 | 11.16 | 3.26 | 22.67 | 7.10 | (7.61) | (10.83) | 15.55 | 11.33 |
| 9.63% | 7.62% | 8.40% | 3.24% | 6.24% | 4.91% | (31.71%) | (18.96%) | 3.89% | 9.05% | |
| 7.85% | 6.45% | 7.22% | 2.76% | 5.19% | 3.24% | (17.16%) | (9.09%) | 1.78% | 4.64% | |
ROIC |
20.22% | 19.77% | 18.63% | 7.54% | 17.57% | 4.45% | (26.92%) | (12.46%) | 8.67% | 14.07% |
Return on Tangible Assets |
11.28% | 8.69% | 9.32% | 3.91% | 7.10% | 8.02% | (53.20%) | (23.08%) | 3.95% | 9.91% |
Average Days of Receivables |
8.10 | 8.70 | 18.34 | 16.68 | 20.02 | 36.02 | 27.22 | 31.27 | 37.06 | 38.88 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
40.80% | 42.56% | 44.17% | 48.24% | 50.04% | 46.97% | 45.36% | 43.49% | 43.35% | 43.44% |
Intangible Assets out of Total Assets |
0.11 | 0.10 | 0.09 | 0.07 | 0.08 | 0.45 | 0.27 | 0.16 | 0.15 | 0.17 |
Share Based Compensation of Revenue |
1.66% | 2.09% | 2.41% | 2.08% | 2.20% | 1.83% | 1.32% | 1.29% | 1.23% | 1.29% |
Graham Net Nets |
0.27 | 0.34 | 0.39 | 0.37 | 0.41 | (0.27) | (0.33) | (0.27) | (0.01) | 0.05 |
Graham Number |
23.58 | 22.92 | 26.13 | 16.17 | 24.28 | 22.92 | 0.00 | 0.00 | 13.74 | 22.79 |
Earnings Yield |
6.05% | 5.08% | 5.45% | 2.30% | 4.17% | 4.56% | (47.43%) | (29.52%) | 2.60% | 3.73% |
Free Cash Flow Yield |
10.15% | 8.27% | 7.44% | 7.06% | 8.97% | 1.27% | 5.60% | 17.60% | 7.31% | 10.14% |
Revenue per Share |
19.49 | 18.43 | 18.15 | 17.79 | 21.63 | 23.16 | 32.15 | 33.16 | 35.44 | 36.03 |
Operating CF per Share |
3.49 | 2.95 | 2.69 | 2.38 | 3.01 | 0.90 | 1.55 | 2.51 | 2.77 | 3.44 |
Capex per Share |
(0.97) | (0.82) | (0.57) | (0.45) | (0.28) | (0.62) | (0.83) | (0.76) | (1.20) | 0.39 |
Free Cash Flow per Share |
2.52 | 2.13 | 2.12 | 1.93 | 2.73 | 0.28 | 0.72 | 1.75 | 1.58 | 3.83 |
Cash per Share |
9.11 | 11.04 | 12.93 | 12.60 | 15.31 | 8.27 | 6.86 | 7.97 | 9.02 | 9.80 |
Shareholders Equity per Share |
16.47 | 17.83 | 19.58 | 18.44 | 20.63 | 22.98 | 18.54 | 16.12 | 17.24 | 16.37 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
16.47 | 17.83 | 19.58 | 18.44 | 20.63 | 22.98 | 18.54 | 16.12 | 17.24 | 16.37 |
Free Cash Flow |
40.46 | 34.64 | 34.75 | 31.12 | 40.65 | 5.11 | 13.59 | 31.74 | 27.79 | 69.06 |
Working Capital |
116.45 | 147.78 | 188.24 | 177.63 | 196.75 | 118.96 | 115.33 | 143.39 | 181.42 | 184.77 |
Capital Expenditures |
(15.55) | (13.29) | (9.43) | (7.25) | (4.16) | (11.16) | (15.62) | (13.77) | (21.08) | 7.10 |
Net Current Asset Value |
107.68 | 141.50 | 182.88 | 164.75 | 187.72 | (107.36) | (79.24) | (48.03) | (5.65) | 33.18 |
EV/EBIT |
6.59 | 6.88 | 7.83 | 19.59 | 9.48 | 13.61 | 0.00 | 0.00 | 9.95 | 12.79 |
Capex to Sales |
0.05 | 0.04 | 0.03 | 0.03 | 0.01 | 0.03 | 0.03 | 0.02 | 0.03 | (0.01) |
Price to Operating Income |
10.41 | 12.02 | 14.35 | 34.56 | 18.31 | 13.25 | 0.00 | 0.00 | 11.50 | 14.20 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.25 | 0.20 | 0.20 | 0.29 | 0.19 | 0.18 | 1.84 | 1.07 | 0.28 | 0.25 |
Cash ROIC |
9.84% | 7.39% | 6.51% | 6.09% | 7.48% | 0.70% | 2.37% | 5.98% | 5.00% | 12.20% |
Accounts Receivable Turnover |
42.13 | 42.49 | 26.95 | 20.42 | 20.94 | 14.20 | 14.01 | 12.42 | 10.88 | 9.79 |
Accounts Payable Turnover |
17.84 | 14.80 | 12.84 | 17.69 | 33.46 | 20.01 | 33.34 | 46.97 | 35.82 | 46.89 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
21.38 | 27.79 | 28.84 | 11.56 | 11.23 | 28.54 | 4.82 | 10.80 | 9.69 | 5.93 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
7.43 | 7.04 | 11.05 | 14.02 | 15.37 | 29.49 | 43.28 | 48.34 | 57.43 | 66.27 |
Average Payables |
6.56 | 7.85 | 8.98 | 6.33 | 3.65 | 8.63 | 8.65 | 6.24 | 8.26 | 6.33 |
Average Assets |
307.52 | 327.33 | 355.00 | 362.93 | 362.96 | 548.31 | 670.33 | 586.22 | 563.74 | 545.76 |
Average Common Equity |
250.91 | 277.04 | 305.34 | 309.00 | 301.83 | 361.27 | 362.82 | 281.16 | 258.24 | 279.49 |
Columns are period end dates