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. In the quarter to June 2026, revenue grew 5.51%, EPS grew 2,750.0%, free cash flow fell 78.0% and total debt fell 7.23%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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American Public Education, Inc. (APEI) Altman Z-score
American Public Education, Inc.'s Altman Z-score for fiscal 2025 is 3.73, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.73 | 1.31 |
| FY2024 | 2.42 | 1.05 |
| FY2023 | 1.37 | 0.33 |
| FY2022 | 1.04 | (0.90) |
| FY2021 | 1.94 | (4.45) |
| FY2020 | 6.39 | (0.10) |
| FY2019 | 6.49 | (1.35) |
| FY2018 | 7.84 | 0.73 |
| FY2017 | 7.11 | 0.24 |
| FY2016 | 6.87 | 1.59 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.35 | — | 0.43 | |
| Retained earnings / total assets | (0.03) | — | −0.04 | |
| EBIT / total assets | 0.09 | — | 0.30 | |
| Market value of equity / total liabilities | 3.00 | — | 1.80 | |
| Sales / total assets | 1.24 | — | 1.24 | |
| Altman Z-score | Safe zone | 3.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.20 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PRDO Perdoceo Education Corporation compare | 6.7× |
| STRA Strategic Education Inc. compare | 3.9× |
| APEI American Public Education, Inc. | 3.7× |
| UTI Universal Technical Institute Inc compare | 3.7× |
| LINC Lincoln Educational Services Corporation compare | 3.0× |
| AFYA Afya Limited compare | 2.4× |
| COUR Coursera, Inc. compare | 1.9× |
| DAO Youdao, Inc. Unsponsored ADR compare | −0.2× |
| PXED Phoenix Education Partners, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets