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Grand Canyon Education

LOPE Nasdaq Education Services Financials FY2016–FY2025

Grand Canyon Education's revenue rose 7.1% to $1.1 billion in fiscal 2025. Its operating margin was 24.0%, down from 26.7% a year earlier. Free cash flow was $239 million, down 5.6%. It paid out $265 million in dividends and buybacks, 111% of free cash flow. The diluted share count fell 4.3%.

Last close · Oct 23, 2026

$162.83

1.6%
Value it Compare
Revenue Total sales reported in the income statement.
$1.1B
7.1% vs prior year
Operating margin Operating income as a share of revenue.
24.0%
2.6 pts
Net income Profit after all expenses, interest and tax.
$216M
4.4%
Free cash flow Cash from operations minus capital spending.
$239M
5.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
45.3%
0.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.8x
On $8.24 EPS (TTM)

About these figures. Grand Canyon Education has had no borrowings since it repaid its last loan in 2021, so debt is counted as zero from then. Interest coverage for 2025 is left blank: with no borrowings, Grand Canyon's 2025 filing reports no interest expense.

What Grand Canyon Education does

No business description yet.

Legal name
GRAND CANYON EDUCATION, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-017047
0001434588

Revenue and margins

Grand Canyon Education had $1.1B of revenue in fiscal 2025, up 7.1% 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 10.5% 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 $239M in fiscal 2025, 21.6% 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

Grand Canyon Education returned $265M to shareholders in fiscal 2025, 111% of free cash flow. The diluted share count fell 4.3%.

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

Value Grand Canyon Education yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $300M and divides by 28.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.8x · peers 15.3x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Grand Canyon Education can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $601M$182M$245M$325M$300M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −2.0x−0.7x−0.9x−1.1x−1.0x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 78.4x118,750.0x7,553.2x68,849.8x—
Current ratio 7.0x2.7x3.5x3.8x3.7x
Quick ratio 7.0x2.7x3.5x3.8x3.7x
Total assets $1.2B$833M$931M$1.0B$992M
Total liabilities $178M$195M$212M$235M$245M
Shareholders' equity $1.0B$638M$718M$784M$747M
Net debt (− = net cash) −$601M−$182M−$245M−$325M−$300M

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

$0.1M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Nov 11, 2025 Chevy HumphreyDirector Sold 600 $166.15 $0.1M Form 4

Piotroski F-score

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

TestFY23FY24FY25
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 7 / 85 / 84 / 8
Accruals ratio −4.4%−6.5%−5.7%
Altman Z'' 14.9115.2315.74

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Grand Canyon Education LOPE $4.3B 7.1% 24.0% 21.6% 45.3% 19.8x 4
Duolingo DUOL $7.2B 38.7% 13.1% 35.6% 77.6% 17.0x 4 Compare →
Strategic Education STRA $1.8B 4.0% 13.7% 12.1% 8.4% 13.7x 6 Compare →
Perdoceo Education PRDO $2.2B 24.2% 23.2% 25.6% — 12.3x — Compare →
Universal Technical Institute UTI $1.2B 14.1% 10.0% 6.6% 24.0% 35.8x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $873M $974M $846M $779M $844M $897M $911M $961M $1.0B $1.1B
Operating income $237M $283M $258M $265M $277M $282M $238M $249M $275M $266M
Interest expense $1.3M $2.2M $1.5M $11.3M $4.4M $3.6M $0.0M $0.0M $0.0M —
Pretax income $236M $284M $287M $318M $333M $331M $240M $260M $291M $280M
Income tax $87.6M $80.2M $58.0M $58.3M $75.9M $70.9M $55.4M $54.7M $65.1M $63.7M
Net income $149M $203M $229M $259M $257M $260M $185M $205M $226M $216M
Diluted EPS $3.15 $4.22 $4.73 $5.37 $5.45 $5.92 $5.73 $6.80 $7.73 $7.71
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.04B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations $238M $305M $199M $306M $309M $313M $221M $244M $290M $274M
Capital expenditure $178M $114M $94.5M $22.4M $29.4M $28.9M $35.2M $44.5M $37.2M $34.8M
Free cash flow $59.5M $191M $105M $284M $279M $284M $186M $199M $253M $239M
Depreciation and amortization $44.8M $53.6M $35.5M $18.4M $20.8M $21.4M $22.1M $23.1M $27.8M $31.2M
Stock-based compensation $12.3M $12.7M $19.5M $10.3M $10.7M $11.5M $12.6M $13.2M $14.2M $13.6M
Acquisitions $0.0M $0.0M $0.0M $361M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $20.1M $11.3M $24.8M $43.9M $134M $804M $604M $137M $173M $265M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $20.1M $11.3M $24.8M $43.9M $134M $804M $604M $137M $173M $265M
Balance sheet
Cash and short-term investments $184M $243M — $122M $246M $601M $182M $245M $325M $300M
Total debt $98.3M $66.6M $59.9M $141M $108M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $230M $375M $310M $208M $334M $681M $273M $338M $420M $400M
Current liabilities $227M $238M $80.5M $95.2M $119M $97.9M $99.7M $97.0M $111M $110M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $856M $922M $111M $120M $129M $136M $148M $170M $177M $179M
Total assets $1.1B $1.3B $1.3B $1.7B $1.8B $1.2B $833M $931M $1.0B $992M
Total liabilities $319M $318M $110M $247M $270M $178M $195M $212M $235M $245M
Shareholders' equity $774M $986M $1.2B $1.4B $1.6B $1.0B $638M $718M $784M $747M
Margins
Operating margin 27.2% 29.0% 30.5% 34.1% 32.9% 31.5% 26.1% 25.9% 26.7% 24.0%
EBITDA margin 32.3% 34.5% 34.7% 36.4% 35.3% 33.9% 28.5% 28.3% 29.4% 26.9%
Net margin 17.0% 20.9% 27.1% 33.3% 30.5% 29.0% 20.3% 21.3% 21.9% 19.5%
FCF margin 6.8% 19.6% 12.4% 36.5% 33.1% 31.7% 20.4% 20.7% 24.5% 21.6%
Returns
Return on capital 24.5% 27.1% — — 14.8% 23.6% 40.6% 42.3% 45.9% 45.3%
Return on capital employed 30.2% 29.3% 22.4% 18.7% 16.7% 19.8% 25.6% 31.8% 31.6% 29.7%
Return on equity 21.5% 23.1% 20.8% 19.5% 17.1% 19.9% 22.0% 30.2% 30.1% 28.2%
Return on assets 15.0% 17.0% 17.4% 17.2% 14.6% 17.0% 18.0% 23.3% 23.2% 21.5%
Growth
Revenue growth 12.2% 11.5% −13.2% −7.9% 8.4% 6.2% 1.6% 5.4% 7.5% 7.1%
Net income growth 13.0% 36.9% 12.6% 13.2% −0.8% 1.2% −29.1% 11.0% 10.4% −4.5%
EPS growth 13.3% 34.0% 12.1% 13.5% 1.5% 8.6% −3.2% 18.7% 13.7% −0.3%
FCF growth — 221.7% −45.4% 171.6% −1.6% 1.7% −34.7% 7.3% 26.9% −5.6%
Share count change −0.3% 2.4% 0.4% −0.3% −2.3% −6.8% −26.7% −6.5% −2.9% −4.3%
Financial health
Net debt / EBITDA −0.3x −0.5x — 0.1x −0.5x −2.0x −0.7x −0.9x −1.1x −1.0x
Debt / equity 0.1x 0.1x 0.1x 0.1x 0.1x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 178.6x 130.4x 168.1x 23.4x 63.0x 78.4x 118,750.0x 7,553.2x 68,849.8x —
Current ratio 1.0x 1.6x 3.8x 2.2x 2.8x 7.0x 2.7x 3.5x 3.8x 3.7x
Quick ratio 1.0x 1.6x 3.8x 2.2x 2.8x 7.0x 2.7x 3.5x 3.8x 3.7x
Capital allocation
Capex / revenue 20.4% 11.7% 11.2% 2.9% 3.5% 3.2% 3.9% 4.6% 3.6% 3.2%
Stock comp / revenue 1.4% 1.3% 2.3% 1.3% 1.3% 1.3% 1.4% 1.4% 1.4% 1.2%
Payouts / FCF 33.7% 5.9% 23.7% 15.5% 48.0% 282.8% 325.6% 68.9% 68.5% 110.9%
Quality scores
Piotroski F-score 4.0 6.0 4.0 5.0 6.0 6.0 6.0 7.0 5.0 4.0
Altman Z'' 6.0 7.5 16.7 10.2 10.7 15.8 14.7 14.9 15.2 15.7
Accruals ratio −9.0% −8.5% 2.3% −3.1% −2.9% −3.4% −3.5% −4.4% −6.5% −5.7%

Source: SEC EDGAR XBRL filings (CIK 0001434588). Data updated October 9, 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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