AMERICAN PUBLIC EDUCATION INC APEI
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.40 | 0.57 | -2.94 | -6.10 | 0.98 | 1.27 | 0.62 | 1.56 | 1.30 | 1.50 |
| EPS, diluted | 1.36 | 0.55 | -2.93 | -6.08 | 0.97 | 1.25 | 0.62 | 1.54 | 1.29 | 1.49 |
| Shares, diluted (wtd. avg.) | $18.7M | $18.1M | $18.2M | $18.9M | $18.3M | $15.0M | $16.3M | $16.6M | $16.4M | $16.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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