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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. 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.

49.20 0.07 +0.14%
Market cap
$899.2M
P/E
19.6×
Fwd P/E
20.9×
Dividend yield
—
F-score
7/9
Altman Z
3.73
Beneish M
−2.75
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 12.29
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 — — — 6 — 1 2 — 2 — —
Insider Ownership 5.40%

Capital & Financial Ratios $m

Market Cap 899.16
Revenue 668.01
Net Income 45.67
Free Cash Flow 70.08
Net Debt (135.54)
Current Ratio 3.25 (at or above 1.5: strong)
Debt/Equity 0.28 (at or below 0.5: strong)
P/E ratio 19.60
Fwd P/E 20.90
P/S ratio 1.35
P/B ratio 2.88
Past 5Y EPS Growth 1.70%
This Y EPS Growth 92.92% (at or above 15%: strong)
Next Y EPS Growth 16.72% (at or above 15%: strong)
Next Y revenue growth 6.88%
Next 5Y EPS Growth 39.14% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, 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 28.22%
10-year low 10-year high
P/S against its own 10 years 63.58%
10-year low 10-year high
P/B against its own 10 years 96.39%
10-year low 10-year high
EV/Sales against its own 10 years 88.02%
10-year low 10-year high
EV/FCF against its own 10 years 79.42%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

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%)

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 13.80 17.40 23.15 21.51 18.47 18.11 7.83 3.76 9.65 18.77

Analyst estimates 2026–2028

Powerpack
High 30.79 27.40 46.15 34.97 41.09 39.19 24.73 13.74 23.84 39.83
People
People Employees 2,040 1,920 1,790 1,780 2,940 5,800 6,244 6,037 6,117 5,841
Revenue/emp, $m 0.15 0.16 0.17 0.16 0.11 0.07 0.10 0.10 0.10 0.11
Income, $m
Income, $m Revenue 313 299 298 286 322 419 606 601 625 649
Gross margin, % 62.63 61.18 61.27 60.91 62.04 58.78 52.42 51.23 52.65 54.22
EBT 38 35 35 17 26 26 (151) (53) 31 44
EBT margin, % 12.26 11.71 11.91 5.82 8.03 6.23 (24.94) (8.79) 4.95 6.74
Net income 24 21 26 10 19 18 (115) (47) 16 32
Depreciation 24 19 18 23 13 19 186 93 21 17
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
Earnings 1.50 1.30 1.56 0.62 1.27 0.98 (6.10) (2.94) 0.57 1.40
Cash flow 3.49 2.95 2.69 2.38 3.01 0.90 1.55 2.51 2.77 3.44
Capex (0.97) (0.82) (0.57) (0.45) (0.28) (0.62) (0.83) (0.76) (1.20) 0.39
Free cash flow 2.52 2.13 2.12 1.93 2.73 0.28 0.72 1.75 1.58 3.83
Book value 16.47 17.83 19.58 18.44 20.63 22.98 18.54 16.12 17.24 16.37
Shares, m 16 16 16 16 15 18 19 18 18 18
Valuation, ×
Valuation, × P/E 16.53 19.69 18.36 43.48 24.00 21.91 0.00 0.00 38.52 26.81
P/S 1.27 1.40 1.57 1.54 1.41 0.96 0.40 0.30 0.61 1.05
P/B 1.51 1.45 1.45 1.49 1.48 0.97 0.78 0.72 1.44 2.31
EV/Sales 0.81 0.80 0.86 0.87 0.73 0.99 0.36 0.24 0.53 0.95
EV/FCF 6.23 6.92 7.33 8.03 5.77 80.89 16.23 4.57 11.83 8.88
Cash, $m
Cash, $m Operating cash flow 56 48 44 38 45 16 29 46 49 62
Capex (16) (13) (9) (7) (4) (11) (16) (14) (21) 7
Free cash flow 40 35 35 31 41 5 14 32 28 69
Balance, $m
Balance, $m Working capital 116 148 188 178 197 119 115 143 181 185
Total debt — — — 12 9 161 93 95 93 95
Net debt (146) (179) (212) (191) (219) 11 (36) (50) (66) (82)
Shareholders’ equity 265 289 321 297 307 416 350 292 304 295
Returns, %
Returns, % ROA 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
ROE 9.63 7.62 8.40 3.24 6.24 4.91 (31.71) (18.96) 3.89 9.05
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $2.1B 12.0× 11.7× +1.80% (above 0%: growing) +22.22% (above 0%: growing) −3.87% (below 0%: shrinking) 76.15% 25.72% Compare
STRA Strategic Education Inc. $1.8B 13.2× 10.2× +4.91% (above 0%: growing) +23.40% (above 0%: growing) −26.16% (below 0%: shrinking) 47.26% 14.97% Compare
COUR Coursera, Inc. $1.4B — (loss-making) — (loss-making) +59.59% (above 0%: growing) n/m −190.46% (below 0%: shrinking) 58.07% (28.37%) Compare
AFYA Afya Limited $1.3B 8.8× 7.7× +18.55% (above 0%: growing) +29.41% (above 0%: growing) +59.54% (above 0%: growing) 61.59% 30.64% Compare
UTI Universal Technical Institute Inc $1.1B 32.8× 56.3× +7.15% (above 0%: growing) −80.00% (below 0%: shrinking) −408.92% (below 0%: shrinking) 45.94% 1.48% Compare
APEI American Public Education, Inc. $899.2M 19.6× 20.9× +5.51% (above 0%: growing) n/m −77.96% (below 0%: shrinking) 55.37% 7.88%
PXED Phoenix Education Partners, Inc. $864.4M 10.2× 10.5× +0.04% (above 0%: growing) −29.07% (below 0%: shrinking) +31.81% (above 0%: growing) 100.00% 19.07% Compare
LINC Lincoln Educational Services Corporation $715.6M 30.4× 61.4× +22.40% (above 0%: growing) +20.00% (above 0%: growing) +129.40% (above 0%: growing) 58.17% 2.32% Compare
DAO Youdao, Inc. Unsponsored ADR $604.4M 90.8× 57.2× +9.25% (above 0%: growing) n/m +147.18% (above 0%: growing) 48.87% 7.60% Compare
Median of peers $1.2B 13.2× 11.7× +8.20% +21.11% +13.97% 58.12% 11.29%

All 46 Education & Training Services stocks →

American Public Education, Inc. (APEI) key facts

  • Strength: American Public Education, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $648.9 million, up 3.89% from fiscal 2024.
  • American Public Education, Inc. (APEI) is an Education & Training Services company in the Consumer Defensive sector, listed on Nasdaq.
  • As of October 16, 2026, APEI traded at $49.20, a market capitalization of $899.2 million.
  • Return on equity was 9.05% and debt-to-equity 0.28.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.73 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

American Public Education, Inc. (APEI) Latest News

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