APEINasdaqServices-Educational ServicesFiscal year ends December 31
AMERICAN PUBLIC EDUCATION INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$49.35+0.16 (+0.33%)
Close on Oct 19, 2026
- Market cap
- $928.27M
- P/E (TTM)
- 20.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
54.2%−7.8 pts over 5 years
Operating margin
7.4%−0.3 pts over 5 years
Net margin
4.9%−1.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.9% | +2.3% | +15.1% | +7.1% | |
| Gross profit | +7.0% | +3.4% | +12.0% | – | |
| Operating income | +45.0% | – | +14.1% | -0.9% | |
| Net income | +95.8% | – | +10.9% | -0.3% | |
| EPS, diluted | +147.3% | – | +1.7% | -3.4% | |
| Free cash flow | +65.9% | +53.2% | +2.9% | +4.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.6% | 6.2% | 10.5% | |
| Return on assets | 7.9% | 5.2% | 5.8% | |
| Current ratio | 3.76 | 4.57 | 3.46 | |
| Debt to equity | – | 0.00 | 0.32 | |
| Net debt to EBITDA | – | -6.03× | -1.28× | |
| Capex to revenue | 5.2% | 1.5% | 2.4% | |
| Diluted shares | 16M | 15M | 19M |
Where the cash went
Fiscal 2021 to 2025, five years combined
American Public Education generated $201.83M from operations and spent $102.87M on capital expenditure, dividends and share buybacks. 77% of that went back into the business.
Generated
$201.83M
Used
$102.87M
Capital expenditure$79.06M77%Dividends$00%Share buybacks$23.81M23%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.9%
×Asset turnover1.19×
×Equity multiplier1.82×
=Return on equity, FY202510.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.9% | 1.19× | 1.82× | 10.5% |
| FY2024 | 2.6% | 1.11× | 1.89× | 5.4% |
| FY2023 | -7.9% | 1.02× | 1.83× | -14.7% |
| FY2022 | -19.0% | 0.90× | 1.75× | -30.1% |
| FY2021 | 4.2% | 0.76× | 1.52× | 4.9% |
| FY2020 | 5.8% | 0.89× | 1.20× | 6.2% |
| FY2019 | 3.5% | 0.79× | 1.17× | 3.2% |
| FY2018 | 8.6% | 0.84× | 1.16× | 8.4% |
| FY2017 | 7.1% | 0.91× | 1.18× | 7.6% |
| FY2016 | 7.7% | 1.02× | 1.23× | 9.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$31.56M
- Cash generatingOperating cash flow above zero$61.97M
- Return on assets improvedROA up on the prior year2.9% → 5.5%
- Earnings backed by cashOperating cash flow above net income$61.97M vs $31.56M
- Less leverageLong-term debt to assets fell16.4% → 18.2%
- Better liquidityCurrent ratio rose3.29 → 3.46
- No dilutionShare count did not rise18M → 19M
- Gross margin improvedGross margin up on the prior year52.65% → 54.22%
- More efficientAsset turnover rose1.12 → 1.14