APEI · American Public Education Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $648.86M | $624.56M | $600.54M | $606.33M | $418.80M | $321.79M |
| Cost of Revenue | $297.02M | $295.70M | $292.86M | $288.47M | $172.62M | $122.16M |
| Gross Profit | $351.84M | $328.86M | $307.68M | $317.86M | $246.18M | $199.62M |
| R&D | - | - | - | - | - | - |
| SG&A | $144.58M | $141.96M | $128.24M | $120.35M | $103.38M | $88.04M |
| Total Operating Expenses | $600.93M | $591.49M | $648.85M | $743.68M | $388.43M | $297.03M |
| D&A | $16.15M | $19.30M | $27.82M | $32.13M | $17.83M | $12.98M |
| Operating Income | $47.94M | $33.07M | ($48.31M) | ($137.35M) | $30.37M | $24.76M |
| Interest Expense | - | - | - | $3.90M | - | - |
| Income Tax | $12.15M | $10.42M | ($10.71M) | ($36.28M) | $7.51M | $7.02M |
| Net Income | $31.56M | $16.11M | ($47.29M) | ($114.99M) | $17.75M | $18.82M |
| EPS - Basic | $1.40 | $0.57 | ($2.94) | ($6.10) | $0.98 | $1.27 |
| EPS - Diluted | $1.36 | $0.55 | ($2.93) | ($6.08) | $0.97 | $1.25 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $174.09M | $131.93M | $116.66M | $129.46M | $149.63M | $227.69M |
| Accounts Receivable | $65.66M | $62.47M | $50.97M | $42.35M | $36.03M | $17.65M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $4.82M | $7.85M | $8.66M | $3.81M | $13.50M | $3.76M |
| Current Assets | $259.82M | $260.57M | $217.38M | $186.09M | $202.64M | $251.81M |
| Total Assets | $521.42M | $570.10M | $557.39M | $615.06M | $725.61M | $371.02M |
| Current Liabilities | $75.05M | $79.16M | $73.99M | $70.76M | $83.68M | $55.06M |
| Long-term Debt | $94.67M | $93.42M | $94.68M | $93.15M | $151.77M | - |
| Total Liabilities | $226.64M | $266.22M | $265.41M | $265.33M | $310.00M | $64.09M |
| Stockholders' Equity | $294.78M | $303.88M | $291.98M | $349.73M | $415.61M | $306.93M |
| Retained Earnings | ($16.50M) | ($41.80M) | ($49.10M) | $13.89M | $128.93M | $111.18M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $61.97M | $48.87M | $45.51M | $29.21M | $16.27M | $44.81M |
| Investing Cash Flow | $4.80M | ($21.08M) | ($13.77M) | ($13.67M) | ($336.67M) | ($4.16M) |
| Financing Cash Flow | ($49.21M) | ($13.19M) | ($16.86M) | ($35.71M) | $242.34M | ($15.71M) |
| CapEx | $15.86M | $21.08M | $13.89M | $16.39M | $11.83M | $4.93M |
| Free Cash Flow | $46.10M | $27.79M | $31.62M | $12.83M | $4.44M | $39.88M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 54.2% | 52.7% | 51.2% | 52.4% | 58.8% | 62.0% |
| Operating margin | 7.4% | 5.3% | -8.0% | -22.7% | 7.3% | 7.7% |
| EBITDA margin | 9.9% | 8.4% | -3.4% | -17.4% | 11.5% | 11.7% |
| Net margin | 4.9% | 2.6% | -7.9% | -19.0% | 4.2% | 5.8% |
| Free cash flow margin | 7.1% | 4.4% | 5.3% | 2.1% | 1.1% | 12.4% |
| FCF / Net income | 1.46 | 1.72 | -0.67 | -0.11 | 0.25 | 2.12 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 22.3% | 22.7% | 21.4% | 19.8% | 24.7% | 27.4% |
| Effective tax rate | 27.8% | 39.3% | - | - | 29.7% | 27.2% |
| Return on assets | 6.1% | 2.8% | -8.5% | -18.7% | 2.4% | 5.1% |
| Return on equity | 10.7% | 5.3% | -16.2% | -32.9% | 4.3% | 6.1% |
| Return on invested capital | 8.9% | 5.1% | -9.9% | -24.5% | 3.8% | - |
| Liquidity | ||||||
| Current ratio | 3.46 | 3.29 | 2.94 | 2.63 | 2.42 | 4.57 |
| Quick ratio | 3.46 | 3.29 | 2.94 | 2.63 | 2.42 | 4.57 |
| Cash ratio | 2.32 | 1.67 | 1.58 | 1.83 | 1.79 | 4.14 |
| Leverage | ||||||
| Debt / Equity | 0.32 | 0.31 | 0.32 | 0.27 | 0.37 | - |
| Debt / Assets | 0.18 | 0.16 | 0.17 | 0.15 | 0.21 | - |
| Debt / EBITDA | 1.48 | 1.78 | - | - | 3.15 | - |
| Interest coverage | - | - | - | -35.2x | - | - |
| Equity multiplier | 1.77 | 1.88 | 1.91 | 1.76 | 1.75 | 1.21 |
| Liabilities / Assets | 0.43 | 0.47 | 0.48 | 0.43 | 0.43 | 0.17 |
| Efficiency | ||||||
| Asset turnover | 1.24 | 1.10 | 1.08 | 0.99 | 0.58 | 0.87 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 37d | 37d | 31d | 25d | 31d | 20d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 6d | 10d | 11d | 5d | 29d | 11d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 27.8x | 39.2x | - | - | 22.9x | 24.4x |
| P / B | 2.4x | 1.3x | 0.6x | 0.7x | 1.0x | 1.5x |
| P / S | 1.1x | 0.6x | 0.3x | 0.4x | 1.0x | 1.4x |
| EV / EBITDA | 9.8x | 6.7x | - | - | 8.5x | 6.1x |
| Growth | ||||||
| Revenue growth (YoY) | 3.9% | 4.0% | -1.0% | 44.8% | 30.1% | 12.4% |
| Revenue CAGR (3y) | 2.3% | 14.2% | 23.1% | 28.4% | 10.2% | - |
| Revenue CAGR (5y) | 15.1% | 16.9% | 13.9% | - | - | - |
| Gross profit growth (YoY) | 7.0% | 6.9% | -3.2% | 29.1% | 23.3% | 14.5% |
| Operating income growth (YoY) | 45.0% | - | 64.8% | - | 22.7% | 94.1% |
| Net income growth (YoY) | 95.8% | - | 58.9% | - | -5.7% | 88.0% |
| EPS growth (YoY) | 147.3% | - | 51.8% | - | -22.4% | 101.6% |
| EPS CAGR (3y) | - | -17.2% | - | - | -14.3% | -1.0% |
| EPS CAGR (5y) | 1.7% | -2.4% | - | - | -8.2% | -8.3% |
| FCF growth (YoY) | 65.9% | -12.1% | 146.5% | 189.1% | -88.9% | 28.2% |
| FCF CAGR (5y) | 2.9% | -2.2% | -1.9% | -22.3% | -36.3% | 5.0% |
| Book value growth (YoY) | -3.0% | 4.1% | -16.5% | -15.9% | 35.4% | 3.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$887.29M totalAmerican Public Education Inc Segment$319.84M · 36.0%
Rasmussen University$246.23M · 27.8%
Rasmussen University Segment$246.23M · 27.8%
Hondros College Of Nursing Segment$74.98M · 8.5%
Product / service
$355.80M totalInstructional Services Net Of Grants And Scholarships$314.78M · 88.5%
Textbook And Other Course Materials$35.95M · 10.1%
Graduation Fees$3.88M · 1.1%
Other Fees$1.18M · 0.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.30
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Educational Services
Comparing AMERICAN PUBLIC EDUCATION INC against the 5 most active filers in the same SIC group.