American Public Education, Inc. (APEI) 10-Year Financial Performance & Capital Metrics

APEI • • Industrial / General

Consumer DefensiveEducation & TrainingHigher Education & Professional TrainingGeneral Higher Education

AboutAmerican Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education. The company operates through three segments: American Public University System, Rasmussen University, and Hondros College of Nursing. It offers 130 degree programs and 111 certificate programs in various fields of study, including business administration, health science, technology, criminal justice, education, and liberal arts, as well as national security, military studies, intelligence, and homeland security. The company also provides nursing-and health sciences-focused postsecondary education, diploma in practical nursing, an associate degree in nursing, and an associate degree in medical laboratory technology. American Public Education, Inc. was incorporated in 1991 and is headquartered in Charles Town, West Virginia.Show more

Revenue $625M +4.0%
EBITDA $52M +355.6%
Net Income $16M +134.1%
EPS (Diluted) 0.55 +118.7%
Gross Margin 52.65% +2.8%
EBITDA Margin 8.38% +345.8%
Operating Margin 5.29% +165.8%
Net Margin 2.58% +132.8%
ROE 5.41% +136.7%
ROIC 6.59% +173.6%
Debt/Equity 0.66 -5.8%
Interest Coverage 15.55 +243.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.9%
✓Trading near 52-week high
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.96%

5Y16.89%

3Y14.25%

TTM6.75%

Profit (Net Income) CAGR

10Y-8.89%

5Y9.98%

3Y-3.18%

TTM97.44%

EPS CAGR

10Y-13.44%

5Y-2.37%

3Y-17.23%

TTM140.36%

ROCE

10Y Avg5.74%

5Y Avg-1.92%

3Y Avg-7.96%

Latest6.79%

Peer Comparison

General Higher Education

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
APEIAmerican Public Education, Inc.	732.44M	40.50	73.64	4%	4.87%	11.42%	3.79%	0.66
GVVisionary Holdings Inc.	5.11M	1.25	59.24	11.25%	-23.15%	-21.19%		3.56
LAURLaureate Education, Inc.	5.22B	35.42	18.45	5.55%	12.86%	18.22%	3.08%	0.45
STRAStrategic Education, Inc.	1.99B	84.52	18.10	7.68%	9.08%	6.89%	6.49%	0.08
PRDOPerdoceo Education Corporation	2.05B	31.81	14.53	-4.05%	20.09%	15.68%	7.67%	0.14
PXEDPhoenix Education Partners, Inc	1.09B	30.47	8.10	6.02%	13.29%	45.46%	5.96%	0.31
LXEHLixiang Education Holding Co., Ltd.	3.65M	0.20	-0.01	-35.45%	-179.26%	-103.96%		0.90

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	327.91M	313.14M	299.25M	297.69M	286.27M	321.79M	418.8M	606.33M	600.54M	624.56M
Revenue Growth %	-0.06%	-0.05%	-0.04%	-0.01%	-0.04%	0.12%	0.3%	0.45%	-0.01%	0.04%
Cost of Goods Sold+	118.85M	117.01M	116.16M	115.28M	111.92M	122.16M	172.62M	288.47M	292.86M	295.7M
COGS % of Revenue	0.36%	0.37%	0.39%	0.39%	0.39%	0.38%	0.41%	0.48%	0.49%	0.47%
Gross Profit+	209.06M	196.13M	183.09M	182.41M	174.35M	199.62M	246.18M	317.86M	307.68M	328.86M
Gross Margin %	0.64%	0.63%	0.61%	0.61%	0.61%	0.62%	0.59%	0.52%	0.51%	0.53%
Gross Profit Growth %	-0.08%	-0.06%	-0.07%	-0%	-0.04%	0.14%	0.23%	0.29%	-0.03%	0.07%
Operating Expenses+	156.78M	147.15M	146.13M	149M	153.71M	174.87M	215.81M	455.2M	355.99M	295.79M
OpEx % of Revenue	0.48%	0.47%	0.49%	0.5%	0.54%	0.54%	0.52%	0.75%	0.59%	0.47%
Selling, General & Admin	136.26M	127.76M	127.36M	131.5M	138.11M	161.03M	196.7M	275M	261.19M	270.77M
SG&A % of Revenue	0.42%	0.41%	0.43%	0.44%	0.48%	0.5%	0.47%	0.45%	0.43%	0.43%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	20.52M	19.38M	18.78M	17.5M	15.6M	13.84M	19.11M	180.2M	94.8M	25.02M
Operating Income+	52.28M	38.28M	34.86M	33.41M	28.54M	24.76M	30.37M	-137.35M	-48.31M	33.07M
Operating Margin %	0.16%	0.12%	0.12%	0.11%	0.1%	0.08%	0.07%	-0.23%	-0.08%	0.05%
Operating Income Growth %	-0.21%	-0.27%	-0.09%	-0.04%	-0.15%	-0.13%	0.23%	-5.52%	0.65%	1.68%
EBITDA+	72.8M	57.66M	53.63M	50.91M	44.14M	37.74M	48.2M	-105.22M	-20.49M	52.37M
EBITDA Margin %	0.22%	0.18%	0.18%	0.17%	0.15%	0.12%	0.12%	-0.17%	-0.03%	0.08%
EBITDA Growth %	-0.11%	-0.21%	-0.07%	-0.05%	-0.13%	-0.14%	0.28%	-3.18%	0.81%	3.56%
D&A (Non-Cash Add-back)	20.52M	19.38M	18.78M	17.5M	15.6M	12.98M	17.83M	32.13M	27.82M	19.3M
EBIT	53.1M	48.98M	36.95M	33.41M	20.65M	25.61M	30.37M	-133.52M	-48.31M	33.07M
Net Interest Income+	115K	116K	185K	2.92M	3.91M	1.09M	-4.28M	-17.73M	-4.46M	-2.13M
Interest Income	115K	116K	185K	2.92M	3.91M	1.09M	0	0	0	0
Interest Expense	0	0	0	0	0	0	4.28M	17.73M	4.46M	2.13M
Other Income/Expense	115K	116K	185K	2.03M	-3.98M	1.09M	-5.11M	-13.92M	-9.7M	-2.13M
Pretax Income+	52.4M	38.39M	35.04M	35.44M	16.66M	25.85M	25.26M	-151.27M	-58M	30.94M
Pretax Margin %	0.16%	0.12%	0.12%	0.12%	0.06%	0.08%	0.06%	-0.25%	-0.1%	0.05%
Income Tax+	20.07M	14.94M	11.49M	9.29M	5.19M	7.02M	7.51M	-36.28M	-10.71M	10.42M
Effective Tax Rate %	0.62%	0.63%	0.6%	0.72%	0.6%	0.73%	0.7%	0.76%	0.82%	0.52%
Net Income+	32.41M	24.16M	21.12M	25.64M	10.01M	18.82M	17.75M	-114.99M	-47.29M	16.11M
Net Margin %	0.1%	0.08%	0.07%	0.09%	0.03%	0.06%	0.04%	-0.19%	-0.08%	0.03%
Net Income Growth %	-0.21%	-0.25%	-0.13%	0.21%	-0.61%	0.88%	-0.06%	-7.48%	0.59%	1.34%
Net Income (Continuing)	32.41M	24.16M	21.12M	25.64M	10.01M	18.82M	17.75M	-114.99M	-47.29M	20.52M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.93	1.49	1.29	1.54	0.62	1.25	0.97	-6.08	-2.94	0.55
EPS Growth %	-0.17%	-0.23%	-0.13%	0.19%	-0.6%	1.02%	-0.22%	-7.27%	0.52%	1.19%
EPS (Basic)	1.94	1.50	1.30	1.56	0.62	1.27	0.98	-6.10	-2.94	0.57
Diluted Shares Outstanding	16.8M	16.21M	16.38M	16.63M	16.25M	15.05M	18.25M	18.91M	18.19M	18.15M
Basic Shares Outstanding	16.68M	16.07M	16.24M	16.4M	16.09M	14.88M	18.09M	18.86M	18.11M	17.63M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	131.11M	163.72M	191.13M	232.57M	222.91M	251.81M	202.64M	186.09M	217.38M	260.57M
Cash & Short-Term Investments	105.73M	146.35M	179.21M	212.13M	201.44M	226.49M	122.63M	129.46M	116.66M	131.93M
Cash Only	105.73M	146.35M	179.21M	212.13M	201.44M	226.49M	122.63M	129.46M	116.66M	131.93M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	7.92M	6.95M	7.14M	14.96M	11.32M	17.65M	41.33M	45.22M	51.45M	63.41M
Days Sales Outstanding	8.81	8.1	8.7	18.34	14.44	20.02	36.02	27.22	31.27	37.06
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	6.71M	0	0	0	3.06M	1.2M	27M	0	36.24M	51.48M
Total Non-Current Assets+	172.78M	156.99M	147.91M	138.39M	131.99M	119.21M	522.97M	499.16M	340M	309.53M
Property, Plant & Equipment	109.28M	97.69M	92.37M	86.88M	90.15M	77.18M	180.36M	209.76M	187.53M	168.16M
Fixed Asset Turnover	3.00x	3.21x	3.24x	3.43x	3.18x	4.17x	2.32x	2.89x	3.20x	3.71x
Goodwill	38.63M	38.63M	33.9M	33.9M	26.56M	26.56M	243.49M	112.59M	59.59M	59.59M
Intangible Assets	0	-4.74M	4.61M	3.72M	3.72M	3.72M	85.08M	54.73M	31.54M	28.22M
Long-Term Investments	15.91M	14.61M	12.48M	11.97M	10.5M	10.49M	-5.06M	4.5M	2.6M	0
Other Non-Current Assets	2.24M	5.7M	2.87M	278K	1.05M	1.25M	14.04M	12.02M	7.39M	6.25M
Total Assets+	303.9M	320.71M	339.04M	370.96M	354.9M	371.02M	725.61M	685.25M	557.39M	570.1M
Asset Turnover	1.08x	0.98x	0.88x	0.80x	0.81x	0.87x	0.58x	0.88x	1.08x	1.10x
Asset Growth %	0.02%	0.06%	0.06%	0.09%	-0.04%	0.05%	0.96%	-0.06%	-0.19%	0.02%
Total Current Liabilities+	50.8M	42.17M	43.35M	44.33M	45.28M	55.06M	83.68M	70.76M	73.99M	79.16M
Accounts Payable	6.26M	6.85M	8.84M	9.11M	3.55M	3.76M	13.5M	3.81M	8.66M	7.85M
Days Payables Outstanding	19.24	21.38	27.79	28.84	11.56	11.23	28.54	4.82	10.8	9.69
Short-Term Debt	0	0	0	0	0	0	22.45M	14.4M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	9.8M	3.81M	17.43M	15.66M	1.43M	13.78M	16.71M	20.55M
Current Ratio	2.58x	3.88x	4.41x	5.25x	4.92x	4.57x	2.42x	2.63x	2.94x	3.29x
Quick Ratio	2.58x	3.88x	4.41x	5.25x	4.92x	4.57x	2.42x	2.63x	2.94x	3.29x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	15.94M	13.87M	6.28M	5.36M	12.89M	9.04M	226.32M	264.76M	191.42M	187.07M
Long-Term Debt	0	0	0	0	0	0	151.77M	93.15M	94.68M	93.42M
Capital Lease Obligations	0	0	0	0	9.49M	6.46M	69.49M	101.42M	96.74M	93.64M
Deferred Tax Liabilities	15.94M	13.87M	6.28M	5.36M	0	2.58M	5.06M	70.19M	0	0
Other Non-Current Liabilities	0	0	0	0	3.39M	0	5.06M	0	0	0
Total Liabilities	66.74M	56.04M	49.63M	49.69M	58.16M	64.09M	310M	335.52M	265.41M	266.22M
Total Debt+	0	0	0	0	11.78M	8.85M	257.42M	208.97M	204.73M	200.62M
Net Debt	-105.73M	-146.35M	-179.21M	-212.13M	-189.66M	-217.64M	134.79M	79.51M	88.07M	68.7M
Debt / Equity	-	-	-	-	0.04x	0.03x	0.62x	0.60x	0.70x	0.66x
Debt / EBITDA	-	-	-	-	0.27x	0.23x	5.34x	-	-	3.83x
Net Debt / EBITDA	-1.45x	-2.54x	-3.34x	-4.17x	-4.30x	-5.77x	2.80x	-	-	1.31x
Interest Coverage	-	-	-	-	-	-	7.10x	-7.75x	-10.83x	15.55x
Total Equity+	237.15M	264.67M	289.41M	321.27M	296.73M	306.93M	415.61M	349.73M	291.98M	303.88M
Equity Growth %	0.01%	0.12%	0.09%	0.11%	-0.08%	0.03%	0.35%	-0.16%	-0.17%	0.04%
Book Value per Share	14.12	16.32	17.67	19.31	18.25	20.40	22.77	18.49	16.05	16.74
Total Shareholders' Equity	237.15M	264.67M	289.41M	321.27M	296.73M	306.93M	415.61M	349.73M	291.98M	303.88M
Common Stock	160K	161K	163K	164K	152K	148K	187K	189K	176K	177K
Retained Earnings	63.29M	87.45M	108.57M	133.93M	105.96M	111.18M	128.93M	13.89M	-49.1M	-41.8M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-76.76M	-86.75M	-99.18M	-114.36M	0	0	108K	3.1M	1.64M	-7K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	57.21M	56.01M	47.94M	44.18M	38.37M	44.81M	16.27M	29.21M	45.51M	48.87M
Operating CF Margin %	0.17%	0.18%	0.16%	0.15%	0.13%	0.14%	0.04%	0.05%	0.08%	0.08%
Operating CF Growth %	-0.06%	-0.02%	-0.14%	-0.08%	-0.13%	0.17%	-0.64%	0.8%	0.56%	0.07%
Net Income	32.41M	24.16M	21.12M	25.64M	10.01M	18.82M	17.75M	-114.99M	-47.29M	16.11M
Depreciation & Amortization	20.52M	19.38M	18.78M	17.5M	15.6M	12.98M	17.83M	32.13M	27.82M	19.3M
Stock-Based Compensation	5.98M	5.21M	6.25M	7.18M	5.96M	7.08M	7.65M	8.01M	7.74M	7.67M
Deferred Taxes	-160K	-455K	-2.49M	-917K	-1.97M	-811K	5.53M	-41.91M	-16M	4.05M
Other Non-Cash Items	727K	10.33M	4.88M	1.7M	9.5M	882K	3.01M	150.76M	73.85M	7.89M
Working Capital Changes	-2.27M	-2.61M	-587K	-6.92M	-727K	5.86M	-35.52M	-4.78M	-597K	-6.15M
Change in Receivables	-1.79M	968K	-187K	-6.92M	2.73M	-6.33M	-7.64M	-2.04M	-8.62M	-11.49M
Change in Inventory	-1.64M	450K	-1.13M	-2.22M	2.21M	0	0	0	0	0
Change in Payables	-4.76M	589K	1.99M	266K	-5.56M	-86K	8.03M	-10.21M	4.86M	-816K
Cash from Investing+	-31.34M	-13.55M	-13.6M	-9.43M	-7.25M	-4.16M	-336.67M	-13.67M	-13.77M	-21.08M
Capital Expenditures	-27.27M	-16.4M	-14.79M	-9.43M	-7.25M	-4.93M	-11.83M	-16.39M	-13.89M	-21.08M
CapEx % of Revenue	0.08%	0.05%	0.05%	0.03%	0.03%	0.02%	0.03%	0.03%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.07M	5.53M	-9.06M	0	0	767K	672K	765K	123K	0
Cash from Financing+	-35.77M	-1.85M	-1.49M	-1.82M	-40.51M	-15.71M	242.34M	-35.71M	-16.86M	-13.19M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-6M	-6.06M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-519K	-1.12M	0	0	0	0	-13.64M	0	0	67K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	29.94M	39.62M	33.15M	34.75M	31.11M	39.88M	4.44M	12.83M	31.62M	27.79M
FCF Margin %	0.09%	0.13%	0.11%	0.12%	0.11%	0.12%	0.01%	0.02%	0.05%	0.04%
FCF Growth %	-0.15%	0.32%	-0.16%	0.05%	-0.1%	0.28%	-0.89%	1.89%	1.47%	-0.12%
FCF per Share	1.78	2.44	2.02	2.09	1.91	2.65	0.24	0.68	1.74	1.53
FCF Conversion (FCF/Net Income)	1.77x	2.32x	2.27x	1.72x	3.83x	2.38x	0.92x	-0.25x	-0.96x	3.03x
Interest Paid	0	0	0	0	0	0	3.68M	12.5M	10.6M	10.72M
Taxes Paid	18.04M	16.64M	12.84M	12.71M	8.02M	5.9M	7.46M	4M	2.42M	6.3M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.75%	9.63%	7.62%	8.4%	3.24%	6.24%	4.91%	-30.05%	-14.74%	5.41%
Return on Invested Capital (ROIC)	31.37%	22.99%	22.88%	22.85%	19.8%	18.91%	7.12%	-21.03%	-8.95%	6.59%
Gross Margin	63.76%	62.63%	61.18%	61.27%	60.91%	62.04%	58.78%	52.42%	51.23%	52.65%
Net Margin	9.88%	7.71%	7.06%	8.61%	3.5%	5.85%	4.24%	-18.97%	-7.87%	2.58%
Debt / Equity	-	-	-	-	0.04x	0.03x	0.62x	0.60x	0.70x	0.66x
Interest Coverage	-	-	-	-	-	-	7.10x	-7.75x	-10.83x	15.55x
FCF Conversion	1.77x	2.32x	2.27x	1.72x	3.83x	2.38x	0.92x	-0.25x	-0.96x	3.03x
Revenue Growth	-6.32%	-4.5%	-4.44%	-0.52%	-3.84%	12.41%	30.15%	44.78%	-0.95%	4%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Instructional Services, Net Of Grants And Scholarships	-	-	-	-	280.22M	313.93M	394.59M	554.7M	554.71M	575.69M
Instructional Services, Net Of Grants And Scholarships Growth	-	-	-	-	-	12.03%	25.69%	40.58%	0.00%	3.78%
Textbook And Other Course Materials	-	-	-	-	3.65M	5.2M	20.16M	45.7M	40.26M	42.23M
Textbook And Other Course Materials Growth	-	-	-	-	-	42.38%	287.84%	126.75%	-11.90%	4.88%
Other Fees	-	-	-	-	1.26M	1.32M	2.75M	4.57M	3.81M	4.19M
Other Fees Growth	-	-	-	-	-	4.92%	107.87%	66.45%	-16.77%	10.06%
Graduation Fees	-	-	-	-	1.14M	1.34M	1.31M	1.35M	1.76M	2.45M
Graduation Fees Growth	-	-	-	-	-	17.40%	-2.02%	2.98%	30.86%	39.12%
Hondros College Of Nursing	30.47M	29.2M	34M	37.63M	-	-	-	-	-	-
Hondros College Of Nursing Growth	-	-4.18%	16.45%	10.66%	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
American Public Education Inc	-	-	-	-	-	285.77M	283.7M	285.13M	303.3M	317.05M
American Public Education Inc Growth	-	-	-	-	-	-	-0.72%	0.50%	6.37%	4.53%
American Public Education	297.44M	283.94M	265.25M	260.06M	256.9M	-	-	-	-	-
American Public Education Growth	-	-4.54%	-6.58%	-1.95%	-1.22%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

American Public Education, Inc. (APEI) has a price-to-earnings (P/E) ratio of 73.6x. This suggests investors expect higher future growth.

Growth & Financials

American Public Education, Inc. (APEI) reported $654.6M in revenue for fiscal year 2024. This represents a 151% increase from $260.4M in 2011.

American Public Education, Inc. (APEI) grew revenue by 4.0% over the past year. Growth has been modest.

Yes, American Public Education, Inc. (APEI) is profitable, generating $31.9M in net income for fiscal year 2024 (2.6% net margin).

Dividend & Returns

Yes, American Public Education, Inc. (APEI) pays a dividend with a yield of 0.82%. This makes it attractive for income-focused investors.

American Public Education, Inc. (APEI) has a return on equity (ROE) of 5.4%. This is below average, suggesting room for improvement.

American Public Education, Inc. (APEI) generated $60.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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