Strategic Education, Inc. STRA
Strategic Education, Inc. ("SEI," "we," "us," "our," or "the Company") is an education services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. We operate primarily through our wholly-owned subsidiaries, Capella University and Strayer University, both accredited post-secondary institutions of higher education located in the United States, and Torrens University, an accredited post-secondary institution of higher education located in Australia. Our operations also include the Education Technology Services segment, which primarily develops and maintains relationships with employers to build education benefits programs that provide employees access to affordable and industry-relevant training, certificate, and degree programs, including through Workforce Edge, a full-service education benefits administration solution for employers, and Sophia Learning, which offers low-cost online general education-level courses.
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 | $1.27B | $1.22B | $1.13B | $1.07B | $1.13B | $1.03B | $997.1M | $634.2M | $454.9M | $441.1M |
| Cost of revenue | — | — | — | — | — | — | — | — | $245.2M | $241.0M |
| Gross profit | — | — | — | — | — | — | — | — | $209.7M | $200.1M |
| SG&A | $425.0M | $412.2M | $384.4M | $379.8M | $361.3M | $295.2M | $272.4M | $194.0M | $129.3M | $47.9M |
| Total operating expenses | $1.09B | $1.06B | $1.04B | $994.7M | $1.06B | $918.3M | $886.6M | $656.9M | $402.6M | $383.6M |
| Operating income | $174.2M | $155.6M | $95.3M | $70.8M | $73.9M | $109.4M | $110.5M | -$22.7M | $52.2M | $57.5M |
| Interest expense | — | — | — | — | — | — | — | — | $642.0K | $642.0K |
| Pre-tax income | $177.4M | $161.4M | $100.7M | $69.6M | $76.6M | $114.0M | $123.7M | -$19.1M | $52.6M | $57.3M |
| Income tax | $50.8M | $48.7M | $30.9M | $22.9M | $21.5M | $27.7M | $42.6M | $3.5M | $32.0M | $22.5M |
| Net income | $126.6M | $112.7M | $69.8M | $46.7M | $55.1M | $86.3M | $81.1M | -$15.7M | $20.6M | $34.8M |
| EPS, basic | 5.57 | 4.81 | 2.98 | 1.97 | 2.30 | 3.81 | 3.73 | -1.03 | 1.93 | 3.28 |
| EPS, diluted | 5.41 | 4.67 | 2.91 | 1.94 | 2.28 | 3.77 | 3.67 | -1.03 | 1.84 | 3.21 |
| Shares, diluted (wtd. avg.) | $23.4M | $24.1M | $24.0M | $24.0M | $24.1M | $22.9M | $22.1M | $15.2M | $11.2M | $10.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $140.8M | $137.1M | $181.9M | $227.5M | $279.2M | $202.0M | $420.5M | $312.2M | $156.4M | $129.8M |
| Short-term investments | $7.3M | $46.9M | $39.7M | $9.2M | $6.5M | $7.6M | $34.9M | $37.1M | — | — |
| Receivables | $78.2M | $76.1M | $76.1M | $63.0M | $51.3M | $50.2M | $51.5M | $55.7M | $23.1M | $20.5M |
| Total current assets | $277.9M | $304.9M | $329.1M | $329.1M | $367.8M | $286.1M | $524.1M | $420.4M | $190.3M | $160.5M |
| Property, plant and equipment | $107.4M | $111.2M | $118.5M | $132.8M | $150.6M | $158.9M | $117.0M | $122.7M | $73.8M | $73.1M |
| Goodwill | $1.24B | $1.21B | $1.25B | $1.25B | $1.29B | $1.32B | $732.1M | $732.5M | $20.7M | $20.7M |
| Other intangibles | $249.2M | $245.1M | $251.6M | $260.5M | $276.4M | $326.4M | $273.0M | $328.3M | $7.3M | — |
| Total assets | $2.04B | $2.05B | $2.13B | $2.16B | $2.31B | $2.30B | $1.79B | $1.66B | $321.3M | $298.7M |
| Accounts payable | $105.8M | $101.7M | $90.9M | $90.6M | $95.5M | $104.7M | $90.8M | $86.0M | $46.2M | $41.1M |
| Total current liabilities | $217.9M | $216.5M | $209.6M | $209.9M | $195.8M | $200.1M | $156.7M | $125.1M | $69.1M | $59.8M |
| Long-term debt | — | $0 | $61.4M | $101.4M | $141.6M | $141.8M | $0 | — | — | — |
| Total liabilities | $392.1M | $387.2M | $472.7M | $526.0M | $591.9M | $547.5M | $326.7M | $235.8M | $112.1M | $110.3M |
| Retained earnings | $255.5M | $218.4M | $168.9M | $159.7M | $174.6M | $179.6M | $152.8M | $118.3M | $162.0M | $152.8M |
| Total equity | $1.65B | $1.66B | $1.65B | $1.64B | $1.71B | $1.75B | $1.46B | $1.43B | $209.2M | $188.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $198.2M | $169.3M | $117.1M | $126.1M | $180.5M | $142.9M | $202.1M | $46.9M | $56.2M | $44.5M |
| Depreciation and amortisation | $48.4M | $44.4M | $48.4M | $52.0M | $59.1M | $51.8M | $49.5M | $31.4M | $18.7M | $17.8M |
| Stock-based compensation | $23.0M | $25.6M | $19.8M | $21.8M | $18.1M | $14.6M | $12.2M | $15.5M | $11.6M | $10.8M |
| Capital expenditure | $44.3M | $40.6M | $36.9M | $43.2M | $49.4M | $46.8M | $38.7M | $27.5M | $18.1M | $13.2M |
| Investing cash flow | $8.5M | -$64.4M | -$48.5M | -$31.4M | -$33.1M | -$642.2M | -$38.1M | $130.1M | -$18.1M | -$20.8M |
| Financing cash flow | -$206.2M | -$136.8M | -$113.6M | -$142.4M | -$67.9M | $279.2M | -$55.8M | -$21.2M | -$11.4M | -$1.4M |
| Dividends paid | $57.5M | $59.0M | $58.8M | $59.2M | $59.0M | $56.0M | $46.6M | $27.8M | $11.4M | — |
| Buybacks | $138.9M | $11.5M | $10.0M | $40.1M | $5.9M | $247.0K | $0 | $0 | — | — |
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 0001013934-26-000006.
Others in SIC 8200
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|---|---|---|---|---|
| LAUR | LAUREATE EDUCATION, INC. | $5.06B | 19.4x | 8.6% |
| GHC | Graham Holdings Co | $4.84B | 17.1x | 2.5% |
| CVSA | Covista Inc. | $4.36B | 18.2x | 9.3% |
| LOPE | Grand Canyon Education, Inc. | $3.98B | 19.8x | 7.1% |
| LRN | Stride, Inc. | $3.52B | 11.9x | 4.7% |
| PRDO | PERDOCEO EDUCATION Corp | $2.08B | 13.7x | 24.2% |
| UTI | UNIVERSAL TECHNICAL INSTITUTE INC | $1.22B | 19.6x | 14.0% |
| NRDY | Nerdy Inc. | $1.18B | — | -5.9% |