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American Public Education Inc

APEI Nasdaq Services-Educational Services Financials FY2016–FY2025

Last close · Oct 23, 2026

$48.77

0.2%
Compare
Revenue Total sales reported in the income statement.
$649M
3.9% vs prior year
Operating margin Operating income as a share of revenue.
7.4%
2.1 pts
Net income Profit after all expenses, interest and tax.
$31.6M
95.8%
Free cash flow Cash from operations minus capital spending.
$46.1M
65.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.1%
7.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$917M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.1x
On $2.43 EPS (TTM)

What American Public Education Inc does

No business description yet.

Legal name
AMERICAN PUBLIC EDUCATION INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Mar 12, 2026
Accession · CIK
0001201792-26-000004
0001201792

Revenue and margins

American Public Education Inc had $649M of revenue in fiscal 2025, up 3.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −1.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $46.1M in fiscal 2025, 7.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

American Public Education Inc returned $4.3M to shareholders in fiscal 2025, 9% of free cash flow. The diluted share count rose 2.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably American Public Education Inc can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $150M$103M$117M$132M$174M
Debt incl. finance leases $161M$93.4M$94.8M$93.9M$94.9M
Net debt / EBITDA 0.2x——−0.7x−1.2x
Debt / equity 0.4x0.3x0.3x0.3x0.3x
Interest coverage —−35.2x———
Current ratio 2.4x2.6x2.9x3.3x3.5x
Quick ratio 2.4x2.6x2.9x3.3x3.5x
Total assets $726M$615M$557M$570M$521M
Total liabilities $310M$265M$265M$266M$227M
Shareholders' equity $416M$350M$292M$304M$295M
Net debt (− = net cash) $10.9M−$9.2M−$21.9M−$38.1M−$79.2M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓ ✓ ✕ ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✕ ✓ ✕ ✓ ✕ ✕ ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✓ ✕ ✓ ✓ ✓ ✓
Debt fell relative to assets — — — — — ✕ ✓ ✕ ✓ ✕
Current ratio rose — ✓ ✓ ✕ ✕ ✕ ✓ ✓ ✓ ✓
Share count didn't rise — ✕ ✕ ✓ ✓ ✕ ✕ ✓ ✓ ✕
Gross margin rose — ✕ ✓ ✕ ✓ ✕ ✕ ✕ ✓ ✓
Revenue rose relative to assets — ✕ ✕ ✓ ✓ ✕ ✓ ✓ ✓ ✓
F-score — / 34 / 86 / 85 / 87 / 82 / 95 / 96 / 99 / 97 / 9
Accruals ratio −10.1%−8.2%−5.2%−7.8%−7.2%0.3%−21.5%−15.8%−5.8%−5.6%
Altman Z'' 9.5910.7211.889.869.933.341.191.973.444.20

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $313M $299M $298M $286M $322M $419M $606M $601M $625M $649M
Net interest income $0.1M $0.2M — — — — — — — —
Gross profit $196M $183M $182M $174M $200M $246M $318M $308M $329M $352M
Operating income $38.3M $34.9M $32.5M $12.8M $24.8M $30.4M −$137M −$48.3M $33.1M $47.9M
Interest expense — — — — — — $3.9M — — —
Pretax income $38.4M $35.0M $35.4M $16.7M $25.8M $26.1M −$151M −$52.8M $30.9M $43.7M
Income tax $14.9M $11.5M $9.3M $5.2M $7.0M $7.5M −$36.3M −$10.7M $10.4M $12.1M
Net income $24.2M $21.1M $25.6M $10.0M $18.8M $17.8M −$115M −$47.3M $16.1M $31.6M
Net income to common — — — — $18.8M $17.8M −$115M −$53.3M $10.1M $25.3M
Diluted EPS $1.49 $1.29 $1.54 $0.62 $1.25 $0.97 −$6.08 −$2.93 $0.55 $1.36
Diluted shares 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $56.0M $47.9M $44.2M $38.4M $44.8M $16.3M $29.2M $45.5M $48.9M $62.0M
Capital expenditure $16.4M $14.8M $9.4M $7.3M $4.9M $11.8M $16.4M $13.9M $21.1M $15.9M
Free cash flow $39.6M $33.2M $34.7M $31.1M $39.9M $4.4M $12.8M $31.6M $27.8M $46.1M
Depreciation and amortization $19.4M $18.8M $17.5M $15.6M $13.0M $17.8M $32.1M $27.8M $19.3M $16.1M
Stock-based compensation $5.2M $6.2M $7.2M $6.0M $7.1M $7.7M $8.0M $7.7M $7.7M $8.4M
Acquisitions — — — — — — — $0.0M $0.0M $2.3M
Share buybacks $0.8M $1.6M $1.8M $40.5M $15.7M $3.0M $1.5M $10.7M $4.2M $4.3M
Dividends and buybacks $0.8M $1.6M $1.8M $40.5M $15.7M $3.0M $1.5M $10.7M $4.2M $4.3M
Balance sheet
Cash and short-term investments $146M $179M $212M $203M $228M $150M $103M $117M $132M $174M
Total debt — — — — $0.0M $161M $93.2M $94.7M $93.4M $94.7M
Finance lease liabilities — — — — — — $0.2M $0.1M $0.4M $0.2M
Current assets $159M $191M $233M $223M $252M $203M $186M $217M $261M $260M
Current liabilities $42.2M $43.4M $44.3M $45.3M $55.1M $83.7M $70.8M $74.0M $79.2M $75.1M
Property and equipment, net $97.7M $95.2M $86.9M $78.5M $68.4M $102M $101M $87.5M $73.4M $70.6M
Goodwill $33.9M $33.9M $33.9M $26.6M $26.6M $243M $113M $59.6M $59.6M $59.6M
Intangible assets $5.2M $4.6M $4.0M $3.7M $3.7M $85.1M $54.7M $31.5M $28.2M $28.2M
Total assets $316M $339M $371M $355M $371M $726M $615M $557M $570M $521M
Total liabilities $51.0M $49.6M $49.7M $58.2M $64.1M $310M $265M $265M $266M $227M
Preferred stock $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $39.7M $39.7M $39.7M $0.0M
Shareholders' equity $265M $289M $321M $297M $307M $416M $350M $292M $304M $295M
Margins
Gross margin 62.6% 61.2% 61.3% 60.9% 62.0% 58.8% 52.4% 51.2% 52.7% 54.2%
Operating margin 12.2% 11.6% 10.9% 4.5% 7.7% 7.3% −22.7% −8.0% 5.3% 7.4%
EBITDA margin 18.4% 17.9% 16.8% 9.9% 11.7% 11.5% −17.4% −3.4% 8.4% 9.9%
Net margin 7.7% 7.1% 8.6% 3.5% 5.8% 4.2% −19.0% −7.9% 2.6% 4.9%
FCF margin 12.7% 11.1% 11.7% 10.9% 12.4% 1.1% 2.1% 5.3% 4.4% 7.1%
Net interest share of revenue 0.0% 0.1% — — — — — — — —
Returns
Return on capital — — — — 22.8% 5.1% −31.9% −14.1% 8.3% 16.1%
Return on capital employed 14.0% 11.8% 10.0% 4.1% 7.8% 4.7% −25.2% −10.0% 6.7% 10.7%
Return on equity 9.1% 7.6% 8.4% 3.2% 6.2% 4.9% −30.1% −14.7% 5.4% 10.5%
Return on assets 7.7% 6.5% 7.2% 2.8% 5.2% 3.2% −17.2% −8.1% 2.9% 5.8%
Return on tangible equity 10.7% 8.4% 9.0% 3.8% 6.8% 20.4% −63.1% −26.5% 4.7% 12.2%
Growth
Revenue growth — −4.4% −0.5% −3.8% 12.4% 30.1% 44.8% −1.0% 4.0% 3.9%
Net income growth — −12.6% 21.4% −60.9% 88.0% −5.7% −747.8% — — 95.8%
EPS growth — −13.4% 19.4% −59.7% 101.6% −22.4% −726.8% — — 147.3%
FCF growth — −16.3% 4.8% −10.5% 28.2% −88.9% 189.1% 146.5% −12.1% 65.9%
Share count change — 1.0% 1.6% −2.3% −7.4% 21.3% 3.6% −3.8% −0.2% 2.8%
Financial health
Net debt / EBITDA — — — — −6.0x 0.2x — — −0.7x −1.2x
Debt / equity — — — — 0.0x 0.4x 0.3x 0.3x 0.3x 0.3x
Interest coverage — — — — — — −35.2x — — —
Current ratio 3.8x 4.4x 5.2x 4.9x 4.6x 2.4x 2.6x 2.9x 3.3x 3.5x
Quick ratio 3.8x 4.4x 5.2x 4.9x 4.6x 2.4x 2.6x 2.9x 3.3x 3.5x
Capital allocation
Capex / revenue 5.2% 4.9% 3.2% 2.5% 1.5% 2.8% 2.7% 2.3% 3.4% 2.4%
Stock comp / revenue 1.7% 2.1% 2.4% 2.1% 2.2% 1.8% 1.3% 1.3% 1.2% 1.3%
Payouts / FCF 2.1% 4.8% 5.2% 130.2% 39.4% 68.3% 12.0% 34.0% 15.3% 9.2%
Quality scores
Piotroski F-score — 4.0 6.0 5.0 7.0 2.0 5.0 6.0 9.0 7.0
Altman Z'' 9.6 10.7 11.9 9.9 9.9 3.3 1.2 2.0 3.4 4.2
Accruals ratio −10.1% −8.2% −5.2% −7.8% −7.2% 0.3% −21.5% −15.8% −5.8% −5.6%

Source: SEC EDGAR XBRL filings (CIK 0001201792). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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