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American Public Education Inc (APEI) stock

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NASDAQ: APEI Nasdaq Education Services Next results ~November 9, 2026

American Public Education Inc is a US-listed company in the education services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

American Public Education Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 25 sales by directors and officers, last 12 monthsInsider trades
  • Funds114 adding, 90 cuttingOf 49 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter American Public Education files

Where American Public Education stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $668m, up 3.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 10.5% from 7.8% a year earlier. Operating margin widened to 9.6% from 7.0%. The diluted share count is up 2.1% on a year earlier, which dilutes existing holders. It passes 7 of our 7 financial-health checks.

Our model value for American Public Education is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

American Public Education Inc's trailing-twelve-month revenue grew 3.6% year on year, with a free-cash-flow margin of 10.5%.

Our discounted-cash-flow model values the business at ~$53 per share in the base case (~$41–$68 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 39.5% while net income grew 68.2%: a 29pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 2.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 45% and a beta of 0.3 against the S&P 500.
  • Insiders selling. 6 insiders sold $23M of stock over the past 365 days and none bought (3% under pre-set trading plans).
  • Heavily shorted. 15.7% of the shares available to trade are sold short (9.6 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.64 against an average estimate of $0.47: beat by 33.9%
Revenue
$172m, up 5.5% on a year earlier
Share reaction
-10.8% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Guidance given
military+ Net Registrations 101000 to 103000 (Third Quarter 2026); health+ Enrollment 19100 (Third Quarter 2026)
Next report
November 9, 2026; average EPS estimate $0.36

American Public Education's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.5%
  • 1 week-12.8%
  • 1 month-4.9%
  • This year+10.0%
  • 1 year+24.2%
  • 5 years+64.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$668M
Operating margin
9.6%
Net margin
6.8%
EPS (TTM, diluted)
$2.43

Growth

Revenue growth
+3.6%
Change in growth rate
−0.2 pts
Share count change
+2.1%

Cash

Free cash flow (TTM)
$70.1M
FCF margin
10.5%
Stock pay % of revenue
1.3%

Earnings

Last results
August 10, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance
  4. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

American Public Education Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Our value per share comes from a discounted-cash-flow model of American Public Education Inc's free cash flow after stock-based pay ( $44.4M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value American Public Education Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$53 ~$41–$68 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare American Public Education Inc with Education Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$24.55$25.05$28.46$27.39$30.48$22.25$12.29$9.65$21.57$37.80$41.59
Market value$398m$410m$473m$445m$459m$406m$232m$176m$391m$705m$782m
+ Net debt (− = net cash)−$146m−$179m−$212m−$203m−$228m$23m−$3m−$18m−$36m−$78m−$58m
Enterprise value$252m$231m$261m$242m$231m$429m$229m$158m$356m$628m$725m
Multiples
Price / sales 1.3x1.4x1.6x1.6x1.4x1.0x0.4x0.3x0.6x1.1x1.2x
Price / earnings 16.5x19.4x18.5x44.5x24.4x22.9x——24.3x22.4x17.1x
Price / free cash flow 10.0x12.4x13.6x14.3x11.5x91.5x18.1x5.6x14.1x15.3x11.2x
EV / EBITDA 4.4x4.3x5.2x8.6x6.1x8.9x——6.8x9.8x9.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

49 /100

Moderate moat

How hard American Public Education's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.7% of total assets over 7 years.

  • Pricing power 16 / 20

    Gross margin has been a median 55.1%, moving by 4.3 percentage points (standard deviation) across 8 years.

  • Durability 1 / 20

    Operating margin has been a median 7.4%; its worst year was -21.3%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 10 years, at a median 9.1% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 15.1% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (54 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, after the close. Analysts expect revenue of $166m and EPS of $0.36 (range $0.34 to $0.38) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.02 +38% $694m +7%
Next $3.76 +24% $735m +6%

Next year's EPS estimate has moved −0.3% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 1 analyst raised American Public Education Inc's forecast and 1 cut it.

Consensus EPS forecast American Public Education Inc, last 90 days
$3.00 $3.20 $3.40 $3.60 $3.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.02 Current fiscal year, 60 days ago: $3.02 Current fiscal year, 30 days ago: $3.02 Current fiscal year, 7 days ago: $3.02 Current fiscal year, Now: $3.02 $3.02 Next fiscal year, 90 days ago: $3.77 Next fiscal year, 60 days ago: $3.77 Next fiscal year, 30 days ago: $3.76 Next fiscal year, 7 days ago: $3.76 Next fiscal year, Now: $3.76 $3.76

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.02$3.77
60 days ago $3.02$3.77
30 days ago $3.02$3.76
7 days ago $3.02$3.76
Now $3.02$3.76

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.47 $0.64 +33.9%
Mar 2026 $0.74 $1.19 +61.2%
Dec 2025 $0.54 $0.88 +63.3%
Sept 2025 $0.22 $0.54 +144.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 10, 2026
  • Revenue Full Year 2026 $690m to $698m Raised
    “Revenue $690. 0 - $698.0 $648.9 Includes $8.0 of GSUSA Revenue” source
  • Revenue Third Quarter 2026 $165m to $167m
    “Revenue $164.5 - $167.0 $163.2” source
  • Diluted Earnings per Share Full Year 2026 $2.48 to $2.79 GAAP
    “Diluted Earnings per Share $2.48 - $2.79 per share $1.36 per share” source
  • Diluted Earnings per Share Third Quarter 2026 $0.18 to $0.29 GAAP
    “Diluted Earnings per Share $0.18 - $0.29 $0.30” source
  • Net Income Available to Common Stockholders Full Year 2026 $46.5m to $52.5m GAAP Raised
    “Net Income Available to Common Stockholders $46.5 - $52.5 $25.3” source
  • Adjusted EBITDA Full Year 2026 $96m to $104m Non-GAAP Raised
    “Adjusted EBITDA $96.0 - $104.0 $85.7” source
Show 5 more items
  • Capital Expenditures Full Year 2026 $25m to $28m
    “Capital Expenditures $25.0 - $28.0 $15.9” source
  • Military+ Net Registrations Third Quarter 2026 101,000 to 103,000
    “Military+ Net Registrations 101,000-103,000 +1.0%-3.0% y/y 100,000” source
  • Health+ Enrollment Third Quarter 2026 about 19,100
    “Health+ Enrollment 19,100 +2.5% y/y 18,600” source
  • Net Income Available to Common Stockholders Third Quarter 2026 $3.4m to $5.4m GAAP
    “Net Income Available to Common Stockholders $3.4 - $5.4 $5.6” source
  • Adjusted EBITDA Third Quarter 2026 $14m to $17m Non-GAAP
    “Adjusted EBITDA $14.0 - $17.0 $20.7” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows American Public Education Inc's revenue by +6.1% next year and +4.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.9%, weight 33%) , management guidance (+7.0%, weight 40%) and the company's own record (+3.7%, weight 27%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy686%
Hold114%
Sell00%

Monthly trend

  1. Oct 20261517
  2. Sep 20261517
  3. Aug 20261517
  4. Jul 20261517

Counts of recommendations published by analysts covering American Public Education Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.7%
of tradable shares
Days to cover
9.64
at average volume
Short interest, 1 month
+29%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
4.9%
of shares
Employees
2,360
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +24.2%

$33.49 on October 31, 2025 to $41.59

ThenNowEffect
Revenue (last 12 months) $645m $668m +3.6%
Net margin 4.2% 6.8% +62.3%
P/E multiple 22.7x 17.1x −24.6%
Share count 18m 19m −2.1%

Biggest factor: net margin.

Last 3 years +786.8%

$4.69 on November 3, 2023 to $41.59

ThenNowEffect
Revenue (last 12 months) $599m $668m +11.5%
P/S multiple 0.1x 1.2x +698.3%
Share count 19m 19m −0.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
APEI−27%−45%−22%+124%+75%+10%
Industry peers (median)−10%−6%+26%+14%−3%−9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
APEI42%33%42%67%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
APEI−51%−66%−71%−41%−22%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 91% from July 26, 2018 to June 20, 2023. Getting back needed a 1068% gain, reached on February 24, 2026, 980 days after the low.

Price behaviour

52-week range
$30.67 – $60.86
From 52-week high
−31.7%
vs 50-day average
−8.2%
vs 200-day average
−16.4%
Volatility (1 year)
45%
Beta vs S&P 500
0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±13.9%
After a week
8 up, 4 down
typical move ±9.3%
After a month
7 up, 5 down
typical move ±11.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −10.8% −0.3% −13.5% −12.1%
May 11, 2026 −5.9% +0.1% −3.3% −4.3%
March 12, 2026 +26.1% −2.1% +19.2% +25.1%
November 10, 2025 +11.4% +1.8% +6.7% +15.9%
October 14, 2025 +1.3% +0.3% +1.1% −6.1%
August 6, 2025 −4.9% +0.7% −3.9% +3.5%
May 12, 2025 +0.3% +4.0% +6.9% −0.8%
March 6, 2025 +15.9% −1.2% +4.0% +8.4%
November 12, 2024 +11.8% −0.3% +7.9% +26.0%
August 6, 2024 −28.8% +0.2% −19.7% −10.5%
May 7, 2024 +14.7% +0.1% +18.4% +9.1%
March 5, 2024 +35.2% −0.5% +6.5% +19.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) American Public Education Inc
$600M $620M $640M $660M $680M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $600.2M Revenue (TTM), FY23 Q4: $600.5M Revenue (TTM), FY24 Q1: $605.3M Revenue (TTM), FY24 Q2: $611M Revenue (TTM), FY24 Q3: $613.3M Revenue (TTM), FY24 Q4: $624.6M Revenue (TTM), FY25 Q1: $634.7M Revenue (TTM), FY25 Q2: $644.5M Revenue (TTM), FY25 Q3: $654.6M Revenue (TTM), FY25 Q4: $648.9M Revenue (TTM), FY26 Q1: $659M Revenue (TTM), FY26 Q2: $668M $668M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $600.2M
FY23 Q4 $600.5M
FY24 Q1 $605.3M
FY24 Q2 $611M
FY24 Q3 $613.3M
FY24 Q4 $624.6M
FY25 Q1 $634.7M
FY25 Q2 $644.5M
FY25 Q3 $654.6M
FY25 Q4 $648.9M
FY26 Q1 $659M
FY26 Q2 $668M
Revenue growth, TTM YoY American Public Education Inc
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -1.3% Revenue growth, TTM YoY, FY23 Q4: -1.0% Revenue growth, TTM YoY, FY24 Q1: 0.7% Revenue growth, TTM YoY, FY24 Q2: 2.0% Revenue growth, TTM YoY, FY24 Q3: 2.2% Revenue growth, TTM YoY, FY24 Q4: 4.0% Revenue growth, TTM YoY, FY25 Q1: 4.9% Revenue growth, TTM YoY, FY25 Q2: 5.5% Revenue growth, TTM YoY, FY25 Q3: 6.7% Revenue growth, TTM YoY, FY25 Q4: 3.9% Revenue growth, TTM YoY, FY26 Q1: 3.8% Revenue growth, TTM YoY, FY26 Q2: 3.6% 3.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -1.3%
FY23 Q4 -1.0%
FY24 Q1 0.7%
FY24 Q2 2.0%
FY24 Q3 2.2%
FY24 Q4 4.0%
FY25 Q1 4.9%
FY25 Q2 5.5%
FY25 Q3 6.7%
FY25 Q4 3.9%
FY26 Q1 3.8%
FY26 Q2 3.6%
Operating margin (TTM) American Public Education Inc
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -10.7% Operating margin (TTM), FY23 Q4: -8.0% Operating margin (TTM), FY24 Q1: -6.2% Operating margin (TTM), FY24 Q2: 4.9% Operating margin (TTM), FY24 Q3: 4.5% Operating margin (TTM), FY24 Q4: 5.3% Operating margin (TTM), FY25 Q1: 6.3% Operating margin (TTM), FY25 Q2: 7.0% Operating margin (TTM), FY25 Q3: 7.7% Operating margin (TTM), FY25 Q4: 7.4% Operating margin (TTM), FY26 Q1: 8.7% Operating margin (TTM), FY26 Q2: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -10.7%
FY23 Q4 -8.0%
FY24 Q1 -6.2%
FY24 Q2 4.9%
FY24 Q3 4.5%
FY24 Q4 5.3%
FY25 Q1 6.3%
FY25 Q2 7.0%
FY25 Q3 7.7%
FY25 Q4 7.4%
FY26 Q1 8.7%
FY26 Q2 9.6%
FCF margin (TTM) American Public Education Inc
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 1.8% FCF margin (TTM), FY23 Q4: 5.3% FCF margin (TTM), FY24 Q1: 6.0% FCF margin (TTM), FY24 Q2: 5.1% FCF margin (TTM), FY24 Q3: 3.6% FCF margin (TTM), FY24 Q4: 4.4% FCF margin (TTM), FY25 Q1: 7.3% FCF margin (TTM), FY25 Q2: 7.8% FCF margin (TTM), FY25 Q3: 9.2% FCF margin (TTM), FY25 Q4: 7.1% FCF margin (TTM), FY26 Q1: 11.2% FCF margin (TTM), FY26 Q2: 10.5% 10.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 1.8%
FY23 Q4 5.3%
FY24 Q1 6.0%
FY24 Q2 5.1%
FY24 Q3 3.6%
FY24 Q4 4.4%
FY25 Q1 7.3%
FY25 Q2 7.8%
FY25 Q3 9.2%
FY25 Q4 7.1%
FY26 Q1 11.2%
FY26 Q2 10.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar American Public Education took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $649M
  2. Cost of revenue $297M · 45.8%
  3. Gross profit $352M · 54.2%
  4. Selling, general and admin $282M · 43.4%
  5. Other operating costs $22.1M · 3.4%
  6. Operating income $47.9M · 7.4%
  7. Income tax $12.1M · 1.9%
  8. Interest and other $4.2M · 0.7%
  9. Net income $31.6M · 4.9%

Shares of revenue. Source: American Public Education's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2007 Dec 2007 2008 Dec 2008 2009 Dec 2009 2010 Dec 2010 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 69 107 149 198 313 299 298 286 322 419 606 601 625 649 668
Gross profit — — — — 196 183 182 174 200 246 318 308 329 352 373
EBITDA 18 30 45 57 58 54 50 28 38 48 −105 −20 52 64 80
Operating income 15 26 40 50 38 35 33 13 25 30 −137 −48 33 48 64
Net income 9 16 24 30 24 21 26 10 19 18 −115 −47 16 32 46
Diluted EPS $0.64 $0.86 $1.27 $1.59 $1.49 $1.29 $1.54 $0.62 $1.25 $0.97 −$6.08 −$2.93 $0.55 $1.36 $2.43
Growth (year on year)
Revenue — +55.1% +39.1% +33.0% +58.0% −4.4% −0.5% −3.8% +12.4% +30.1% +44.8% −1.0% +4.0% +3.9% +3.6%
EBITDA — +70.8% +50.7% +25.3% +2.0% −7.0% −6.7% −43.3% +33.1% +27.7% −318.3% — — +22.4% +29.1%
Operating income — +74.9% +55.2% +25.5% −23.5% −8.9% −6.7% −60.8% +94.1% +22.7% −552.2% — — +45.0% +42.1%
Net income — +85.0% +47.9% +24.7% −19.1% −12.6% +21.4% −60.9% +88.0% −5.7% −747.8% — — +95.8% +68.2%
Diluted EPS — +34.4% +47.7% +25.2% −6.3% −13.4% +19.4% −59.7% +101.6% −22.4% −726.8% — — +147.3% +64.7%
Margins
Gross margin — — — — 62.6% 61.2% 61.3% 60.9% 62.0% 58.8% 52.4% 51.2% 52.7% 54.2% 55.9%
EBITDA margin 25.4% 27.9% 30.3% 28.5% 18.4% 17.9% 16.8% 9.9% 11.7% 11.5% −17.4% −3.4% 8.4% 9.9% 12.0%
Operating margin 21.3% 24.0% 26.8% 25.2% 12.2% 11.6% 10.9% 4.5% 7.7% 7.3% −22.7% −8.0% 5.3% 7.4% 9.6%
Net margin 12.7% 15.1% 16.1% 15.1% 7.7% 7.1% 8.6% 3.5% 5.8% 4.2% −19.0% −7.9% 2.6% 4.9% 6.8%
Free-cash-flow margin 15.5% 18.4% 17.4% 12.4% 12.7% 11.1% 11.7% 10.9% 12.4% 1.1% 2.1% 5.3% 4.4% 7.1% 10.5%
Cash flow
Cash from operations 18 30 37 47 56 48 44 38 45 16 29 46 49 62 86
Capital spending 7 10 11 22 16 15 9 7 5 12 16 14 21 16 16
Free cash flow 11 20 26 25 40 33 35 31 40 4 13 32 28 46 70
Stock-based pay 1 2 2 3 5 6 7 6 7 8 8 8 8 8 8
Free cash flow after stock pay 10 18 24 22 34 27 28 25 33 −3 5 24 20 38 62
Balance sheet
Cash 27 48 75 81 146 179 212 203 228 150 103 117 132 174 147
Total debt 0 0 0 0 0 0 0 0 0 173 99 99 96 96 89
Net debt (negative = net cash) −27 −48 −75 −81 −146 −179 −212 −203 −228 23 −3 −18 −36 −78 −58
Diluted shares 14m 19m 19m 19m 16m 16m 17m 16m 15m 18m 19m 18m 18m 19m 19m
Returned to shareholders
Dividends 94 — — — — — — — — — — — — — —
Buybacks — — 0 20 1 2 2 41 16 3 2 11 4 4 13
Total returned 94 — 0 20 1 2 2 41 16 3 2 11 4 4 13

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $538m
Short-term assets $283mLonger-term assets $255m
What it owes, and who funded it · $538m
Short-term liabilities $87mLonger-term liabilities $137mShareholders' equity $314m
  • Short-term assets cover short-term liabilities $283m of assets due within a year against $87m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $283m short-term assets against $137m of longer-dated liabilities.
  • More cash than debt $147m of cash against $87m of debt.
  • Debt below 40% of shareholders' equity Debt is 28% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 37% to 28% over five years.
  • A year's operating cash flow covers at least 20% of debt $86m of operating cash flow against $87m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From American Public Education Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$13.4M
Returned to shareholders
19%
of free cash flow
Buybacks, last 3 fiscal years
$19.2M
Diluted share count
+2.1%
year over year
Total shareholder yield
1.8%
dividends 0.0% + buybacks 1.8% of market value
Days sales outstanding
19 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in education services
Last 12 months unless stated APEI AFYA LINC PRDO UTI LOPE Median
Revenue, last 12 months $668m $662m $571m $859m $884m $1.1bn $418m
Revenue growth, last 12 months 3.6% 7.5% 22.0% 11.7% 9.1% 7.0% 7.2%
Revenue growth, 3-year average 3.7% — 16.7% 5.7% 17.3% 7.2% 8.7%
Revenue growth, latest quarter 5.5% — 22.4% 1.8% 7.2% 6.7% 5.5%
Gross margin 55.9% 64.5% 59.8% — — — 55.0%
Operating margin 9.6% 32.8% 5.9% 24.6% 5.0% 24.5% 5.5%
Operating margin, 3-year average 7.1% 27.1% 4.4% 23.8% 7.2% 26.0% 7.1%
Net margin 6.8% 20.4% 4.0% 20.6% 3.9% 19.6% 3.9%
Cash from operations / revenue 12.8% 41.4% 16.5% 26.2% 8.4% 24.4% 10.4%
Free-cash-flow margin 10.5% 36.9% 4.3% 25.4% −2.6% 21.2% 5.9%
Free-cash-flow margin, 3-year average 7.8% 25.7% −5.8% 24.1% 4.5% 22.7% 5.6%
Stock pay / revenue 1.3% 0.4% 1.1% 1.5% 1.4% 1.2% 1.4%
Change in share count 2.1% 0.1% 15.0% −3.8% 0.3% −5.3% 1.4%

Median of all 26 companies we cover in education services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
American Public Education Inc $320M ▲ 0.9%
Rasmussen University $246M ▲ 13.9%
Rasmussen University $246M ▲ 13.9%
Hondros College of Nursing $75M ▲ 11.4%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue Share YoY
Instructional Services Net of Grants and Scholarships $592M 91.2% ▲ 2.8%
Textbook and Other Course Materials $47.7M 7.3% ▲ 12.9%
Other Fees $5.5M 0.8% ▲ 31.1%
Graduation Fees $3.9M 0.6% ▲ 58.2%

From American Public Education Inc's 10-K filed March 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
207
Shares held vs prior quarter
▼ 0.7%
Positions opened / closed
35 / 30

Top buyers and sellers, Q2 2026: 114 institutions bought and 90 sold ; the biggest buyer was FMR LLC (+395K shares) and the biggest seller Bank Of America Corp (−306K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $95.2M 1.8M 9.0% ▲ 22.2%
325 Capital LLC $63.6M 1.2M 6.0% 0.0%
FMR LLC $63.6M 1.2M 6.0% ▲ 50.1%
Divisadero Street Capital Management, LP $62.8M 1.2M 6.0% ▲ 11.1%
Renaissance Technologies LLC $48.9M 911K 4.6% ▼ 1.0%
Vanguard Capital Management LLC $38.6M 718K 3.7% ▲ 2.5%
Dimensional Fund Advisors LP $37.7M 702K 3.6% ▼ 12.1%
American Century Companies Inc $37.3M 695K 3.5% ▲ 5.4%
Prescott Group Capital Management, L.L.C. $36.5M 680K 3.5% 0.0%
Acadian Asset Management LLC $29.1M 542K 2.8% ▼ 2.8%
Driehaus Capital Management LLC $28.7M 535K 2.7% ▲ 0.4%
Geode Capital Management, LLC $28.1M 522K 2.7% ▲ 8.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not American Public Education Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $22.6M 25 trades by 6 insiders · 3% under pre-set plans
Net ▼ $22.6M net selling
Insider Date Trade Shares Price Value
Kenigsberg James Chief Innov. & Tech Officer October 22, 2026 Sell pre-set plan 1,256 $47.69 $59,899
Kenigsberg James Chief Inno & Tech Officer August 12, 2026 Sell pre-set plan 1,313 $45.72 $60,030
Fernandes Nuno S. President, APUS August 12, 2026 Sell 8,800 $45.13 $397,144
Beckett Thomas SVP, General Counsel June 22, 2026 Sell pre-set plan 2,000 $54.00 $108,000
Beckett Thomas SVP, General Counsel June 15, 2026 Sell pre-set plan 200 $53.01 $10,602
Beckett Thomas SVP, General Counsel June 15, 2026 Sell pre-set plan 5,213 $51.39 $267,896
Beckett Thomas SVP, General Counsel June 15, 2026 Sell pre-set plan 2,587 $52.44 $135,662
Fernandes Nuno S. President, APUS May 13, 2026 Sell 4,500 $53.34 $240,030
325 Capital Llc 10% owner March 20, 2026 Sell 2,900 $54.60 $158,340
325 Capital Llc 10% owner March 20, 2026 Sell 62,100 $53.74 $3.3M
Fernandes Nuno S. President, APUS March 19, 2026 Sell 1,100 $54.08 $59,488
325 Capital Llc 10% owner March 19, 2026 Sell 10,477 $54.20 $567,853

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 11, 2026
  • March 12, 2026
  • November 10, 2025
  • October 14, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on American Public Education Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

American Public Education Inc in brief

What does American Public Education Inc do?
American Public Education Inc is a US-listed company in the education services industry. Its financial year ends in December.
What is American Public Education Inc's stock ticker?
American Public Education Inc trades under the ticker APEI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is American Public Education Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, American Public Education Inc reported revenue of $668M, 3.6% higher than a year earlier, according to its SEC filings.
What is American Public Education Inc's free cash flow?
American Public Education Inc's free-cash-flow margin is 10.5% of revenue over the trailing twelve months.
Who are American Public Education Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., 325 Capital LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is American Public Education Inc buying back stock, and does it pay a dividend?
American Public Education Inc spent $13.4M on share repurchases over the trailing twelve months, and its diluted share count still rose 2.1% over the year.
What is American Public Education Inc's market cap?
On November 2, 2026, American Public Education Inc's market capitalisation was about $782M, with a price-to-earnings ratio of 17.1 and net debt of -$57.7M. Market figures come from third-party market data and may be delayed.
How much debt does American Public Education Inc have?
American Public Education Inc's debt-to-equity ratio is 27.8%, from its latest balance sheet (36.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are American Public Education Inc's competitors?
In our Education Services peer group, the companies closest to American Public Education Inc are Afya Ltd, Lincoln Educational Services Corp, Perdoceo Education Corp, Universal Technical Institute Inc and Grand Canyon Education, Inc. The side-by-side comparison below sets their revenue, margins and growth against American Public Education Inc's.
Are insiders buying or selling American Public Education Inc stock?
Over the last 12 months, American Public Education Inc's directors and officers reported 0 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is American Public Education Inc's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — American Public Education Inc announces its own schedule.