American Public Education

APEI · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

APEI · Last close · November 6, 2026

$37.28

Value American Public Education yourself

American Public Education's revenue rose 3.9% to $649 million in fiscal 2025. Its operating margin was 7.4%, up from 5.3% a year earlier. Free cash flow was $46 million, up 65.9%. It paid out $4 million in dividends and buybacks, 9% of free cash flow. The diluted share count rose 2.8%.

AMERICAN PUBLIC EDUCATION, INC. Latest fiscal year ended December 31, 2025 10-K filed March 12, 2026 · 0001201792-26-000004 Updated November 9, 2026

Revenue

$649M

3.9%

Operating margin

7.4%

2.1 pts

Net income

$32M

95.8%

Free cash flow

$46M

65.9%

Return on capital

14.4%

6.2 pts

Market cap

$701M

Nov 6 close

P/E

15.3x

On $2.43 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What American Public Education does

American Public Education runs online and campus-based colleges through three subsidiary schools, serving about 108,600 students. Its students pay tuition, which is its main source of revenue.

American Public University System is fully online and serves about 88,700 adult learners. It began as American Military University in 1991 for military officers and now also serves veterans, military families and public service workers such as first responders. Its two brands are AMU, aimed at the military and national security community, and APU, aimed at working adults. Most of its students are undergraduates, with some in certificate, graduate and doctoral programs.

Rasmussen University and Hondros College of Nursing teach nursing, including practical nursing diplomas, associate degrees and, at Rasmussen, bachelor's degrees. The 10-K describes a planned combination of the three institutions. Its schools are accredited by agencies recognized by the U.S. Department of Education.

Its biggest risks, as it describes them

Attracting students and keeping them enrolled in its programs.
Dependence on its relationship with the military and on access to military bases and education centers.
Falling enrollment at Rasmussen University, which could hurt the whole company.
Accreditation and government regulation, including the planned combination of its three institutions.
Strong competition in postsecondary education that could cut its share and raise the cost of finding students.

From American Public Education's annual report on Form 10-K, filed March 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 1.0% a year and net income grew 3.0% a year, as new shares raised the share count by 15% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	150	102	117	132	174
Debt incl. finance leases	160	93	95	94	95
Net debt (negative means net cash)	11	−9	−22	−38	−79
Net debt to EBITDA	0.2x	—	—	−0.7x	−1.2x
Debt to equity	0.4x	0.3x	0.3x	0.3x	0.3x
Interest coverage	8.3x	−35.2x	−4.6x	3.1x	5.0x
Current ratio	2.4x	2.6x	2.9x	3.3x	3.5x
Quick ratio	2.4x	2.6x	2.9x	3.3x	3.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project American Public Education's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open American Public Education's projections

Insider trades

No officer, director or 10% owner of American Public Education reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	8 of 9	7 of 9
Rule of 40	4.3%	8.4%	11.0%
Altman Z''	1.97	3.44	4.20
Accruals ratio	−15.8%	−5.8%	−5.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 9	8 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put American Public Education side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
American Public Education	FY25	3.9%	7.4%	7.1%	14.4%	−1.2x	7
Coursera	FY25	9.0%	−10.2%	14.2%	—	—	5	Compare
Lincoln Educational Services	FY25	17.8%	5.8%	−5.3%	13.2%	0.1x	5	Compare
Universal Technical Institute	FY25	14.1%	10.0%	6.6%	24.0%	−0.3x	6	Compare
Perdoceo Education	FY25	24.2%	23.2%	25.6%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	313	299	298	286	322	419	606	600	625	649
Revenue growth	—	−4.4%	−0.5%	−3.8%	12.4%	30.1%	44.8%	−0.9%	4.0%	3.9%
Gross profit	196	183	182	174	200	246	318	308	329	352
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	38	35	32	13	25	30	−137	−48	33	48
Net income	24	21	26	10	19	18	−115	−47	16	32
Diluted EPS (US$)	1.49	1.29	1.54	0.62	1.25	0.97	−6.08	−2.93	0.55	1.36
Diluted shares (millions)	16	16	17	16	15	18	19	18	18	19
Cash flow
Cash from operations	56	48	44	38	45	16	29	46	49	62
Capital expenditure	16	15	9	7	5	12	16	14	21	16
Free cash flow	40	33	35	31	40	4	13	32	28	46
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	1	2	2	40	16	3	2	11	4	4
Acquisitions	46	46	0	0	0	0	0	0	0	2
Stock-based compensation	5	6	7	6	7	8	8	8	8	8
Balance sheet at fiscal year end
Cash and short-term investments	146	179	212	203	228	150	102	117	132	174
Debt incl. finance leases	—	—	—	—	0	160	93	95	94	95
Total assets	316	339	371	355	371	726	615	557	570	521
Total liabilities	51	50	50	58	64	310	265	265	266	227
Shareholders' equity	265	289	321	297	307	416	350	292	304	295
Margins and ratios
Gross margin	62.6%	61.2%	61.3%	60.9%	62.0%	58.8%	52.4%	51.2%	52.6%	54.2%
Operating margin	12.2%	11.7%	10.9%	4.5%	7.7%	7.2%	−22.6%	−8.0%	5.3%	7.4%
Net margin	7.7%	7.1%	8.6%	3.5%	5.8%	4.2%	−19.0%	−7.9%	2.6%	4.9%
Free cash flow margin	12.7%	11.1%	11.7%	10.9%	12.4%	1.1%	2.1%	5.3%	4.5%	7.1%
Rule of 40 (growth + FCF margin)	—	6.6%	11.2%	7.0%	24.8%	31.2%	46.9%	4.3%	8.4%	11.0%
Return on capital	—	—	—	—	—	8.6%	−28.3%	−12.5%	8.2%	14.4%
Return on equity	9.6%	7.6%	8.4%	3.2%	6.2%	4.9%	−30.1%	−14.7%	5.4%	10.5%
Return on assets	7.8%	6.5%	7.2%	2.8%	5.2%	3.2%	−17.1%	−8.1%	2.9%	5.8%
Net debt to EBITDA	—	—	—	—	−6.0x	0.2x	—	—	−0.7x	−1.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: American Public Education's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with American Public Education.