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Strategic Education

STRA Nasdaq Education Services Financials FY2016–FY2025

Strategic Education's revenue rose 4.0% to $1.3 billion in fiscal 2025. Its operating margin was 13.7%, up from 12.8% a year earlier. Free cash flow was $154 million, up 19.6%. It paid out $196 million in dividends and buybacks, 128% of free cash flow. The diluted share count fell 3.1%.

Last close · Oct 23, 2026

$81.74

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$1.3B
4.0% vs prior year
Operating margin Operating income as a share of revenue.
13.7%
1.0 pts
Net income Profit after all expenses, interest and tax.
$127M
12.3%
Free cash flow Cash from operations minus capital spending.
$154M
19.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.4%
1.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
13.7x
On $5.99 EPS (TTM)

What Strategic Education does

No business description yet.

Legal name
Strategic Education, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001013934-26-000006
0001013934

Revenue and margins

Strategic Education had $1.3B of revenue in fiscal 2025, up 4.0% 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 6.0% 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 $154M in fiscal 2025, 12.1% 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

Strategic Education returned $196M to shareholders in fiscal 2025, 128% of free cash flow. The diluted share count fell 3.1%.

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

Value Strategic 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 $148M and divides by 23.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 13.6x · peers 17.3x · sector 17.9x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $275M$223M$208M$184M$148M
Debt incl. finance leases $142M$101M$61.4M$0.0M$0.0M
Net debt / EBITDA −1.0x−1.0x−1.0x−0.9x−0.7x
Debt / equity 0.1x0.1x0.0x0.0x0.0x
Current ratio 1.9x1.6x1.6x1.4x1.3x
Quick ratio 1.9x1.6x1.6x1.4x1.3x
Total assets $2.3B$2.2B$2.1B$2.0B$2.0B
Total liabilities $592M$526M$473M$387M$392M
Shareholders' equity $1.7B$1.6B$1.7B$1.7B$1.6B
Net debt (− = net cash) −$134M−$121M−$147M−$184M−$148M

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

$0.1M

2 insiders

Sold, 12 months

$5.2M

6 insiders

Of sales under plans

97%

$5.0M

DateInsiderTradeSharesPriceValueFiling
Jun 4, 2026 Christa HokensonChief Human Resources Officer Sold plan 2,000 $80.00 $0.2M Form 4
May 5, 2026 Waite G Thomas IIIDirector Sold 666 $77.68 $0.1M Form 4
Apr 24, 2026 Michael ThawleyDirector Bought 665 $72.71 $0.0M Form 4
Mar 18, 2026 Lizette Benedi HerraizGeneral Counsel Sold plan 2,982 $79.88 $0.2M Form 4
Mar 13, 2026 Lizette Benedi HerraizGeneral Counsel Sold plan 7,598 $79.97 $0.6M Form 4
Mar 13, 2026 Robert S SilbermanChairman, Director Bought 718 $80.82 $0.1M Form 4
Mar 2, 2026 Daniel Wayne JacksonChief Financial Officer Sold plan 13,000 $82.37 $1.1M Form 4
Feb 24, 2026 Raymond Karl McDonnellChief Executive Officer, Director Sold plan 38,840 $75.35 $2.9M Form 4
Dec 11, 2025 Robert R GruskyDirector Sold 1,403 $80.03 $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 8 / 86 / 86 / 8
Accruals ratio −2.2%−2.7%−3.5%
Altman Z'' 4.605.655.58

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
Strategic Education STRA $1.8B 4.0% 13.7% 12.1% 8.4% 13.7x 6
Grand Canyon Education LOPE $4.3B 7.1% 24.0% 21.6% 45.3% 19.8x 4 Compare →
Duolingo DUOL $7.2B 38.7% 13.1% 35.6% 77.6% 17.0x 4 Compare →
Laureate Education LAUR $5.5B 8.6% 25.3% 15.5% 28.6% 17.7x 8 Compare →
Perdoceo Education PRDO $2.2B 24.2% 23.2% 25.6% — 12.3x — Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $441M $455M $634M $997M $1.0B $1.1B $1.1B $1.1B $1.2B $1.3B
Gross profit $200M $210M — — — — — — — —
Operating income $57.5M $52.2M −$22.7M $111M $109M $73.9M $70.8M $95.3M $156M $174M
Interest expense $0.6M $0.6M $0.4M — — — — — — —
Pretax income $57.3M $52.6M −$19.1M $124M $114M $76.6M $69.6M $101M $161M $177M
Income tax $22.5M $32.0M −$3.5M $42.6M $27.7M $21.5M $22.9M $30.9M $48.7M $50.8M
Net income $34.8M $20.6M −$15.7M $81.1M $86.3M $55.1M $46.7M $69.8M $113M $127M
Diluted EPS $3.21 $1.84 −$1.03 $3.67 $3.77 $2.28 $1.94 $2.91 $4.67 $5.41
Diluted shares 0.01B 0.01B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $44.5M $56.2M $46.9M $202M $143M $181M $126M $117M $169M $198M
Capital expenditure $13.2M $18.1M $27.5M $38.7M $46.8M $49.4M $43.2M $36.9M $40.6M $44.3M
Free cash flow $31.4M $38.1M $19.3M $163M $96.1M $131M $82.9M $80.2M $129M $154M
Depreciation and amortization $17.8M $18.7M $31.4M $49.5M $51.8M $59.1M $52.0M $48.4M $44.4M $48.4M
Stock-based compensation $10.8M $11.6M $15.5M $12.2M $14.6M $18.1M $21.8M $19.8M $25.6M $23.0M
Acquisitions $7.6M $0.0M $168M $0.0M $629M $0.0M $0.8M $0.5M $0.2M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.2M $5.9M $40.1M $10.0M $11.5M $139M
Dividends paid $0.0M $11.4M $27.8M $46.6M $56.0M $59.0M $59.2M $58.8M $59.0M $57.5M
Dividends and buybacks $0.0M $11.4M $27.8M $46.6M $56.2M $65.0M $99.4M $68.8M $70.5M $196M
Balance sheet
Cash and short-term investments $129M $156M $349M $455M $195M $275M $223M $208M $184M $148M
Total debt — — — $0.0M $142M $142M $101M $61.4M $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 $161M $190M $420M $524M $286M $368M $329M $329M $305M $278M
Current liabilities $59.8M $69.1M $125M $157M $200M $196M $210M $210M $217M $218M
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 $73.1M $73.8M $123M $117M $159M $151M $133M $119M $111M $107M
Total assets $299M $321M $1.7B $1.8B $2.3B $2.3B $2.2B $2.1B $2.0B $2.0B
Total liabilities $110M $112M $236M $327M $548M $592M $526M $473M $387M $392M
Shareholders' equity $188M $209M $1.4B $1.5B $1.7B $1.7B $1.6B $1.7B $1.7B $1.6B
Margins
Gross margin 45.4% 46.1% — — — — — — — —
Operating margin 13.0% 11.5% −3.6% 11.1% 10.6% 6.5% 6.6% 8.4% 12.8% 13.7%
EBITDA margin 17.1% 15.6% 1.4% 16.1% 15.7% 11.8% 11.5% 12.7% 16.4% 17.6%
Net margin 7.9% 4.5% −2.5% 8.1% 8.4% 4.9% 4.4% 6.2% 9.2% 10.0%
FCF margin 7.1% 8.4% 3.1% 16.4% 9.4% 11.6% 7.8% 7.1% 10.6% 12.1%
Returns
Return on capital — — — — 6.1% 3.3% 3.1% 4.4% 7.3% 8.4%
Return on capital employed 26.8% 21.3% −2.5% 7.0% 5.9% 3.5% 3.5% 4.9% 8.3% 9.5%
Return on equity 21.0% 10.4% −1.9% 5.6% 5.4% 3.2% 2.8% 4.2% 6.8% 7.7%
Return on assets 12.7% 6.7% −1.6% 4.7% 4.2% 2.4% 2.1% 3.3% 5.4% 6.2%
Growth
Revenue growth — 3.1% 39.4% 57.2% 3.1% 10.1% −5.9% 6.3% 7.7% 4.0%
Net income growth −13.0% −40.8% −176.0% — 6.3% −36.1% −15.3% 49.5% 61.5% 12.4%
EPS growth −13.9% −42.7% −156.0% — 2.7% −39.5% −14.9% 50.0% 60.5% 15.9%
FCF growth −51.6% 21.5% −49.3% 746.1% −41.2% 36.4% −36.8% −3.3% 60.6% 19.6%
Share count change 1.0% 3.3% 35.6% 45.5% 3.5% 5.5% −0.5% −0.2% 0.8% −3.1%
Financial health
Net debt / EBITDA — — — −2.8x −0.3x −1.0x −1.0x −1.0x −0.9x −0.7x
Debt / equity — — — 0.0x 0.1x 0.1x 0.1x 0.0x 0.0x 0.0x
Interest coverage 89.5x 81.3x −56.9x — — — — — — —
Current ratio 2.7x 2.8x 3.4x 3.3x 1.4x 1.9x 1.6x 1.6x 1.4x 1.3x
Quick ratio 2.7x 2.8x 3.4x 3.3x 1.4x 1.9x 1.6x 1.6x 1.4x 1.3x
Capital allocation
Capex / revenue 3.0% 4.0% 4.3% 3.9% 4.6% 4.4% 4.1% 3.3% 3.3% 3.5%
Stock comp / revenue 2.4% 2.6% 2.5% 1.2% 1.4% 1.6% 2.1% 1.8% 2.1% 1.8%
Payouts / FCF 0.0% 30.0% 144.1% 28.5% 58.5% 49.5% 119.9% 85.8% 54.7% 127.6%
Quality scores
Piotroski F-score — — — — 3.0 5.0 5.0 8.0 6.0 6.0
Altman Z'' 7.0 7.2 7.7 6.7 4.2 4.0 4.1 4.6 5.7 5.6
Accruals ratio −3.6% −11.5% −6.3% −7.0% −2.8% −5.5% −3.6% −2.2% −2.7% −3.5%

Source: SEC EDGAR XBRL filings (CIK 0001013934). Data updated October 20, 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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