AMERICAN PUBLIC EDUCATION INC APEI

Industrials SIC 8200 - Services-Educational Services NAICS Educational Services derived Nasdaq

American Public Education, Inc., or APEI, provides online and campus-based postsecondary education to approximately 108,600 students through our subsidiary institutions. Our institutions offer purpose-built education programs designed to prepare individuals for productive contributions to their professions and society and to offer opportunities designed to advance students in their current professions or to help them prepare for their next career.

Our vision is for education to transform lives, advance careers, and improve communities. Our mission is to Power Purpose, Potential and Prosperity for Those in Service to Others. Our institutions of advanced learning are purpose-built to prepare service-minded students for employment, careers, and leadership in a diverse and changing world. Many of our students are from underserved populations for whom our institutions can transform their and their families' lives. We are the number one educator of active-duty military and of veterans through American Public University System. We are a national leader in pre-licensure nursing education, focused on a Diploma in Practical Nursing, or PN diploma, and an Associate Degree in Nursing, or ADN, through Rasmussen University and Hondros College of Nursing, as well as a Bachelor of Science in Nursing, or BSN degree, through Rasmussen University.

Last close 48.77 2026-10-23
Market cap $892.6M 2026-06-30 share count
52-week range 30.20 - 61.59

Valuation FY2025 figures against the last close

P/S1.4x
P/E35.9x
P/FCF19.4x
EV/EBITDA12.7x
Dividend yield—
Diluted EPS1.36

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $648.9M$624.6M$600.5M$606.3M$418.8M$321.8M$286.3M$297.7M$299.2M$313.1M
Cost of revenue $297.0M$295.7M$292.9M$288.5M$172.6M$122.2M$111.9M$115.3M$116.2M$117.0M
Gross profit $351.8M$328.9M$307.7M$317.9M$246.2M$199.6M$174.4M$182.4M$183.1M$196.1M
SG&A $144.6M$142.0M$128.2M$120.4M$103.4M$88.0M$78.1M$74.5M$69.0M$68.7M
Total operating expenses $600.9M$591.5M$648.9M$743.7M$388.4M$297.0M$273.5M$265.2M$264.4M$274.9M
Operating income $47.9M$33.1M-$48.3M-$137.3M$30.4M$24.8M$12.8M$32.5M$34.9M$38.3M
Interest expense ———$3.9M————$185.0K$116.0K
Pre-tax income $43.7M$30.9M-$52.8M-$151.2M$26.1M$25.8M$16.7M$35.4M$35.0M$38.4M
Income tax $12.1M$10.4M$10.7M$36.3M$7.5M$7.0M$5.2M$9.3M$11.5M$14.9M
Net income $31.6M$16.1M-$47.3M-$115.0M$17.8M$18.8M$10.0M$25.6M$21.1M$24.2M
EPS, basic 1.400.57-2.94-6.100.981.270.621.561.301.50
EPS, diluted 1.360.55-2.93-6.080.971.250.621.541.291.49
Shares, diluted (wtd. avg.) 18.7M18.1M18.2M18.9M18.3M15.0M16.3M16.6M16.4M16.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $174.1M$131.9M$144.3M$129.5M$149.6M$227.7M$202.7M$212.1M$179.2M$146.4M
Receivables $65.7M$62.5M$51.0M$42.4M$36.0M$17.7M$11.3M$14.1M$7.1M$6.9M
Total current assets $259.8M$260.6M$217.4M$186.1M$202.6M$251.8M$222.9M$232.6M$191.1M$158.6M
Property, plant and equipment $70.6M$73.4M$87.5M$100.9M$102.4M$68.4M$78.5M$86.9M$95.2M$97.7M
Goodwill $59.6M$59.6M$59.6M$112.6M$243.5M$26.6M$26.6M$33.9M$33.9M$33.9M
Other intangibles $28.2M$28.2M$31.5M$54.7M$85.1M$3.7M$0$4.0M$4.6M$5.2M
Total assets $521.4M$570.1M$557.4M$615.1M$725.6M$371.0M$354.9M$371.0M$339.0M$315.6M
Accounts payable $4.8M$7.8M$8.7M$3.8M$13.5M$3.8M$3.5M$9.1M$8.8M$6.9M
Short-term debt $0$0$0$0$8.8M$0————
Total current liabilities $75.0M$79.2M$74.0M$70.8M$83.7M$55.1M$45.3M$44.3M$43.4M$42.2M
Long-term debt $94.7M$93.4M$94.7M$93.2M$151.8M$0————
Total liabilities $226.6M$266.2M$265.4M$265.3M$310.0M$64.1M$58.2M$49.7M$49.6M$51.0M
Retained earnings -$16.5M-$41.8M-$49.1M$13.9M$128.9M$111.2M$106.0M$133.9M$108.6M$87.4M
Total equity $294.8M$303.9M$292.0M$349.7M$415.6M$306.9M$296.7M$321.3M$289.4M$264.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $62.0M$48.9M$45.5M$29.2M$16.3M$44.8M$38.4M$44.2M$47.9M$56.0M
Depreciation and amortisation $16.1M$16.0M$15.6M$16.2M$12.7M$13.0M$15.3M$16.9M$18.2M$18.7M
Stock-based compensation $8.4M$7.7M$7.7M$8.0M$7.7M$7.1M$6.0M$7.2M$6.2M$5.2M
Capital expenditure $15.9M$21.1M$13.9M$16.4M$11.8M$4.9M$7.3M$9.4M$14.8M$16.4M
Investing cash flow $4.8M-$21.1M-$13.8M-$13.7M-$336.7M-$4.2M-$7.3M-$9.4M-$13.6M-$13.5M
Financing cash flow -$49.2M-$13.2M-$16.9M-$35.7M$242.3M-$15.7M-$40.5M-$1.8M-$1.5M-$1.8M
Buybacks $4.3M$4.2M$10.7M$1.5M$3.0M$15.7M$40.5M$1.8M$1.6M$848.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001201792-26-000004.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M 800M Revenue, FY2016: 313.1M Gross profit, FY2016: 196.1M Net income, FY2016: 24.2M Revenue, FY2017: 299.2M Gross profit, FY2017: 183.1M Net income, FY2017: 21.1M Revenue, FY2018: 297.7M Gross profit, FY2018: 182.4M Net income, FY2018: 25.6M Revenue, FY2019: 286.3M Gross profit, FY2019: 174.4M Net income, FY2019: 10M Revenue, FY2020: 321.8M Gross profit, FY2020: 199.6M Net income, FY2020: 18.8M Revenue, FY2021: 418.8M Gross profit, FY2021: 246.2M Net income, FY2021: 17.8M Revenue, FY2022: 606.3M Gross profit, FY2022: 317.9M Net income, FY2022: -115M Revenue, FY2023: 600.5M Gross profit, FY2023: 307.7M Net income, FY2023: -47.3M Revenue, FY2024: 624.6M Gross profit, FY2024: 328.9M Net income, FY2024: 16.1M Revenue, FY2025: 648.9M Gross profit, FY2025: 351.8M Net income, FY2025: 31.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $313.1M $299.2M $297.7M $286.3M $321.8M $418.8M $606.3M $600.5M $624.6M $648.9M
Gross profit $196.1M $183.1M $182.4M $174.4M $199.6M $246.2M $317.9M $307.7M $328.9M $351.8M
Net income $24.2M $21.1M $25.6M $10.0M $18.8M $17.8M -$115.0M -$47.3M $16.1M $31.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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