American Public Education, Inc. (APEI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.48	$0.64	+33.3%	—	$171.7M	—
Q1 26	$0.74	$1.19	+60.8%	—	$174.7M	—
Q4 25	$0.54	$0.88	+63.0%	—	$158.3M	—
Q3 25	$0.22	$0.54	+145.5%	—	$163.2M	—
Q2 25	$0.05	$0.2	+300.0%	—	$162.8M	—
Q1 25	$0.3	$0.62	+106.7%	—	$164.6M	—
Q4 24	$0.62	$0.78	+25.8%	—	$164.1M	—
Q3 24	$0.13	$0.17	+30.8%	—	$153.1M	—
Q2 24	$0.12	$0.13	+8.3%	—	$152.9M	—
Q1 24	-$0.07	$0.23	+428.6%	—	$154.4M	—
Q4 23	$0.22	$0.78	+254.5%	—	$152.8M	—
Q3 23	-$0.25	$0.19	+176.0%	—	$150.8M	—
Q2 23	-$0.31	-$2.94	-848.4%	—	$147.2M	—
Q1 23	-$0.46	-$0.38	+17.4%	—	$149.7M	—
Q4 22	-$0.17	-$0.35	-105.9%	—	$152.4M	—
Q3 22	-$0.25	-$0.2	+20.0%	—	$149.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.4	—	—	$648.9M	—
FY24	—	$0.57	—	—	$624.6M	—
FY23	—	-$2.94	—	—	$600.5M	—
FY22	—	-$6.1	—	—	$606.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$313.1M	$299.2M	$297.7M	$286.3M	$321.8M	$418.8M	$606.3M	$600.5M	$624.6M	$648.9M
YoY change	-4.5%	-4.44%	-0.52%	-3.84%	+12.4%	+30.1%	+44.8%	-0.95%	+4%	+3.89%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	313.1M	299.2M	297.7M	286.3M	321.8M	418.8M	606.3M	600.5M	624.6M	648.9M
Cost of revenue	117M	116.2M	115.3M	111.9M	122.2M	172.6M	288.5M	292.9M	295.7M	297M
Gross profit	196.1M	183.1M	182.4M	174.4M	199.6M	246.2M	317.9M	307.7M	328.9M	351.8M
Gross margin	62.6%	61.2%	61.3%	60.9%	62%	58.8%	52.4%	51.2%	52.7%	54.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	127.8M	127.4M	131.5M	138.1M	161M	196.7M	275M	261.2M	270.8M	281.8M
Operating expenses	127.8M	127.4M	131.5M	138.1M	161M	196.7M	275M	261.2M	270.8M	281.8M
Operating income	49M	37M	33.4M	20.6M	25.6M	31.7M	10.7M	18.7M	38.8M	53.9M
Operating margin	15.6%	12.3%	11.2%	7.21%	7.96%	7.56%	1.77%	3.11%	6.21%	8.3%
Non-operating income, net	-10.7M	-2.1M	-882K	-7.9M	-851K	-1.3M	-144.2M	-67M	-5.7M	-5.9M
Pretax income	38.4M	35M	35.4M	16.7M	25.8M	26.1M	-151.2M	-52.8M	30.9M	43.7M
Income tax	14.9M	11.5M	9.3M	5.2M	7M	7.5M	-36.3M	-10.7M	10.4M	12.1M
Net income	24.2M	21.1M	25.6M	10M	18.8M	17.8M	-115M	-47.3M	16.1M	31.6M
Net margin	7.71%	7.06%	8.61%	3.5%	5.85%	4.24%	-19%	-7.87%	2.58%	4.86%
EBITDA	79.1M	57.8M	51.8M	44.1M	39.4M	49.5M	42.9M	46.5M	58.1M	70M
EPS	1.5	1.3	1.56	0.62	1.27	0.98	-6.1	-2.94	0.57	1.4
Diluted EPS	1.49	1.29	1.54	0.62	1.25	0.97	-6.1	-2.94	0.55	1.36

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	150.8M	152.8M	154.4M	152.9M	153.1M	164.1M	164.6M	162.8M	163.2M	158.3M	174.7M	171.7M
Cost of revenue	73.2M	70.7M	72.4M	76.2M	75.4M	71.7M	74.9M	78.4M	74.7M	69M	74.6M	76.6M
Gross profit	77.6M	82.1M	82M	76.7M	77.7M	92.4M	89.6M	84.3M	88.5M	89.4M	100.1M	95.1M
Gross margin	51.5%	53.7%	53.1%	50.2%	50.8%	56.3%	54.5%	51.8%	54.2%	56.4%	57.3%	55.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	64.2M	58.1M	68.7M	68.3M	68.5M	65.3M	71.6M	73.2M	70.8M	66.2M	74.2M	77.6M
Operating expenses	64.2M	58.1M	68.7M	68.3M	68.5M	65.3M	71.6M	73.2M	70.8M	66.2M	74.2M	77.6M
Operating income	6.4M	18.9M	8.1M	3.2M	4.2M	23.3M	14M	7.1M	13.7M	19.1M	21.8M	13.5M
Operating margin	4.23%	12.4%	5.27%	2.08%	2.71%	14.2%	8.51%	4.34%	8.42%	12%	12.5%	7.88%
Non-operating income, net	16K	-3M	-3M	-963K	-23K	-1.8M	-1.8M	-35K	-4M	-87K	-1.8M	-5K
Pretax income	5.6M	15.1M	5.1M	1.4M	3.5M	20.9M	11.4M	5.9M	8.6M	17.8M	19.2M	14.2M
Income tax	3.7M	2.1M	1.2M	-16K	1.2M	8M	2.5M	1.4M	3.1M	5.2M	1.5M	4.4M
Net income	-3.3M	13M	516K	371K	2.3M	13M	8.9M	4.5M	5.6M	12.6M	17.7M	9.8M
Net margin	-2.21%	8.52%	0.33%	0.24%	1.48%	7.9%	5.4%	2.76%	3.41%	7.96%	10.1%	5.69%
EBITDA	13.4M	24M	13.3M	8.4M	9.2M	27.2M	18M	11.2M	17.7M	23.2M	26M	17.5M
EPS	-0.27	—	-0.06	-0.07	0.04	0.65	0.42	-0.02	0.31	0.7	0.97	0.53
Diluted EPS	-0.27	—	-0.06	-0.07	0.04	0.63	0.41	-0.02	0.3	0.67	0.94	0.52

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	394.5M	406.7M	466.9M	440.8M	453.4M	—	231.8M	174.8M	380.2M	680.8M	743.4M
Enterprise value	248.1M	227.5M	254.7M	249.9M	235.8M	—	338.2M	262.9M	448.9M	669.7M	675.3M
Shares outstanding	16.1M	16.2M	16.4M	16.1M	14.9M	18.1M	18.9M	18.1M	17.6M	18M	18M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.3	19.3	18.2	44	24.1	—	—	—	23.6	21.6	16.9
P/S	1.26	1.36	1.57	1.54	1.41	—	0.38	0.29	0.61	1.05	1.11
P/B	1.49	1.41	1.45	1.49	1.48	—	0.66	0.6	1.25	2.31	2.38
EV/EBITDA	3.14	3.93	4.92	5.66	5.98	—	7.89	5.65	7.73	9.57	8.01
EV/Sales	0.79	0.76	0.86	0.87	0.73	—	0.56	0.44	0.72	1.03	1.01
Earnings yield	6.12%	5.19%	5.49%	2.27%	4.15%	—	—	—	4.24%	4.64%	5.93%
FCF yield	10%	8.15%	7.44%	7.06%	8.8%	—	5.53%	18.1%	7.31%	6.77%	6.87%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	62.6%	61.2%	61.3%	60.9%	62%	58.8%	52.4%	51.2%	52.7%	54.2%	55.4%
Operating margin	15.6%	12.3%	11.2%	7.21%	7.96%	7.56%	1.77%	3.11%	6.21%	8.3%	7.88%
Net margin	7.71%	7.06%	8.61%	3.5%	5.85%	4.24%	-19%	-7.87%	2.58%	4.86%	6.84%
ROE	9.13%	7.3%	7.98%	3.37%	6.13%	4.27%	-32.9%	-16.2%	5.3%	10.7%	15.6%
ROA	7.65%	6.23%	6.91%	2.82%	5.07%	2.45%	-18.7%	-8.48%	2.83%	6.05%	7.92%
ROIC	25.3%	22.5%	22.6%	13.4%	20.9%	4.2%	2.35%	4.91%	6.9%	13.7%	21.1%
Return on tangible assets	9.56%	7.79%	8.67%	3.4%	6.06%	25.9%	-41%	-12.6%	4.08%	9.13%	12.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.76	4.41	5.25	4.92	4.57	2.42	2.63	2.94	3.29	3.46	3.25
Quick ratio	3.76	4.41	5.25	4.92	4.57	2.42	2.63	2.94	3.29	3.46	3.25
Debt / equity	—	—	0	0.04	0.03	0.59	0.6	0.7	0.66	0.55	0.49
Debt / assets	—	—	0	0.03	0.02	0.34	0.34	0.37	0.35	0.31	0.29
Net debt / EBITDA	—	—	-4.1	-4.33	-5.52	2.45	2.48	1.89	1.18	-0.16	-0.81
Interest coverage	—	—	—	—	—	7.1	-7.53	-10.8	15.5	11.3	11.3
Effective tax rate	38.9%	32.8%	26.2%	31.1%	27.2%	28.8%	0%	0%	33.7%	27.8%	23.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.5	18.4	18.1	17.8	21.6	23.2	32.2	33.2	35.4	36	36.7
EPS (basic)	1.5	1.3	1.56	0.62	1.27	0.98	-6.1	-2.94	0.57	1.4	1.4
EPS (diluted)	1.49	1.29	1.54	0.62	1.25	0.97	-6.1	-2.94	0.55	1.36	2.41
Book value per share	16.5	17.8	19.6	18.4	20.6	23	18.5	16.1	17.2	16.4	17.1
FCF per share	2.47	2.04	2.12	1.93	2.68	0.25	0.68	1.75	1.58	2.56	3.73
Cash per share	9.11	11	12.9	12.6	15.2	6.78	5.44	6.44	7.49	9.67	12.1
Capex per share	0.05	0.09	0	0	0.05	0.04	0.04	0.01	0	0.88	0.83

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.27%	0.5%	0%	0%	0.24%	0.16%	0.13%	0.02%	0%	2.44%	2.32%
Capex / operating cash flow	1.73%	3.52%	0%	0%	1.92%	3.5%	-0.63%	-0.54%	0%	25.6%	18.1%
Payout ratio	—	—	—	—	—	0%	0%	-12.7%	37.6%	8.72%	0%
Dividend yield	—	—	—	—	—	—	0%	3.44%	1.59%	0.4%	0.4%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$150.8M	$152.8M	$154.4M	$152.9M	$153.1M	$164.1M	$164.6M	$162.8M	$163.2M	$158.3M	$174.7M	$171.7M
YoY change	+0.87%	+0.24%	+3.17%	+3.86%	+1.51%	+7.4%	+6.55%	+6.46%	+6.59%	-3.52%	+6.19%	+5.51%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	146.4M	179.2M	212.1M	202.7M	226.5M	122.6M	102.5M	116.7M	131.9M	174.1M
Receivables	6.9M	7.1M	14.1M	11.3M	17.7M	36M	42.4M	51M	62.5M	65.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	158.6M	191.1M	232.6M	222.9M	251.8M	202.6M	186.1M	217.4M	260.6M	259.8M
Property, plant & equipment	43M	40.8M	32.4M	35.6M	23.9M	128.4M	159.2M	147.4M	151.4M	111.6M
Goodwill & intangibles	63.1M	67.8M	75.2M	60.6M	60.6M	657.1M	334.7M	182.3M	175.6M	175.6M
Total assets	315.6M	339M	371M	354.9M	371M	725.6M	615.1M	557.4M	570.1M	521.4M
Accounts payable	6.9M	8.8M	9.1M	3.5M	3.8M	13.5M	3.8M	8.7M	7.8M	4.8M
Short-term debt	—	—	—	2.3M	2.4M	22.5M	14.4M	13.3M	13.6M	11.4M
Total current liabilities	42.2M	43.4M	44.3M	45.3M	55.1M	83.7M	70.8M	74M	79.2M	75M
Long-term debt	—	—	0	9.5M	6.5M	221.3M	194.6M	191.4M	187.1M	151.6M
Total liabilities	51M	49.6M	49.7M	58.2M	64.1M	310M	265.3M	265.4M	266.2M	226.6M
Shareholders' equity	264.7M	289.4M	321.3M	296.7M	306.9M	415.6M	349.7M	292M	303.9M	294.8M
Total debt	—	—	0	11.8M	8.8M	243.7M	209M	204.7M	200.6M	163M
Net debt	—	—	-212.1M	-191M	-217.6M	121.1M	106.4M	88.1M	68.7M	-11.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	191.3M	174.1M	217.6M	221.6M
Receivables	—	—	—	—	—	—	—	—	43.9M	65.7M	38.7M	35.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	259.1M	259.8M	282.1M	282.5M
Property, plant & equipment	—	—	—	—	—	—	—	—	132.3M	111.6M	123.7M	124.9M
Goodwill & intangibles	—	—	—	—	—	—	—	—	175.6M	175.6M	175.6M	175.6M
Total assets	—	—	—	—	—	—	—	—	525.3M	521.4M	537.9M	537.7M
Accounts payable	—	—	—	—	—	—	—	—	7.7M	4.8M	8.1M	5.1M
Short-term debt	—	—	—	—	—	—	—	—	11.7M	11.4M	16.2M	16.7M
Total current liabilities	—	—	—	—	—	—	—	—	91.4M	75M	94.5M	87M
Long-term debt	—	—	—	—	—	—	—	—	154.6M	151.6M	137.2M	136.7M
Total liabilities	—	—	—	—	—	—	—	—	246M	226.6M	231.7M	223.7M
Shareholders' equity	—	—	—	—	—	—	—	—	279.3M	294.8M	306.2M	314.1M
Total debt	—	—	—	—	—	—	—	—	166.2M	163M	153.5M	153.5M
Net debt	—	—	—	—	—	—	—	—	-25.1M	-11.1M	-64.1M	8.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	24.2M	21.1M	25.6M	10M	18.8M	17.8M	-115M	-47.3M	16.1M	31.6M
Depreciation & amortization	19.4M	18.8M	17.5M	15.6M	13M	17.8M	32.1M	27.8M	19.3M	16.1M
Stock-based compensation	5.2M	6.2M	7.2M	6M	7.1M	7.7M	8M	7.7M	7.7M	8.4M
Change in working capital	160K	-1.6M	-5.5M	-3.3M	1.9M	-30.5M	-8.1M	3.3M	-11.5M	-9M
Operating cash flow	48.8M	42.4M	44.2M	26.5M	40M	19.2M	-122.2M	-22.8M	37.1M	62M
Capital expenditure	844K	1.5M	0	0	767K	672K	765K	123K	0	-15.9M
Investing cash flow	1.9M	893K	0	0	767K	-324.8M	2.7M	123K	0	-18.2M
Dividends paid	—	—	—	—	—	0	0	-6M	-6.1M	-2.8M
Share repurchases	-848K	-1.6M	-1.8M	-40.5M	-15.7M	-3M	-1.5M	-10.7M	-4.2M	-47.5M
Financing cash flow	-1.8M	-1.5M	-1.8M	-40.5M	-15.7M	242.3M	-35.7M	-16.9M	-13.3M	-50.4M
Net change in cash	48.8M	41.8M	42.4M	-14M	25.1M	-63.3M	-155.1M	-39.5M	23.8M	-6.6M
Free cash flow	39.6M	33.1M	34.7M	31.1M	39.9M	4.4M	12.8M	31.6M	27.8M	46.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-3.3M	13M	516K	371K	2.3M	13M	8.9M	4.5M	5.6M	12.6M	17.7M	9.8M
Depreciation & amortization	7M	5.1M	5.1M	5.2M	5.1M	3.9M	4M	4.1M	3.9M	4.1M	4.2M	4M
Stock-based compensation	1.7M	1.7M	1.9M	1.8M	1.8M	2.2M	2.3M	2.2M	1.6M	2.2M	2.3M	2.2M
Change in working capital	4.5M	-21M	9.3M	1.9M	177K	-22.9M	22.9M	3.6M	-14.1M	-21.4M	32.6M	-1.1M
Operating cash flow	14.4M	-3.5M	17.5M	9.6M	10.2M	-292K	39.6M	14.8M	21.7M	-11.6M	63.3M	12.1M
Capital expenditure	123K	0	—	—	0	0	500K	-3.7M	-4.2M	-4.1M	-2.5M	-4.7M
Investing cash flow	123K	0	—	—	0	0	500K	-3.7M	-4.2M	-5.7M	-2.5M	-4.7M
Dividends paid	-1.5M	-1.5M	-1.5M	-1.5M	-1.5M	-1.5M	-1.4M	-1.3M	0	0	0	0
Share repurchases	-27K	-1.7M	-4.1M	-25K	-92K	-13K	-3.7M	-43.1M	-302K	-333K	-8.7M	-4.1M
Financing cash flow	-1.6M	-3.3M	-5.7M	-4.3M	-1.7M	-1.6M	-5.2M	-44.5M	-355K	-386K	-16.3M	-6M
Net change in cash	12.9M	-6.7M	11.9M	5.3M	8.5M	-1.8M	34.9M	-33.4M	17.2M	-17.6M	44.5M	1.4M
Free cash flow	17.2M	-7.5M	14.5M	7.3M	7.8M	-1.8M	33.1M	11.1M	17.5M	-15.6M	60.8M	7.4M

American Public Education, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement