American Public Education, Inc. (APEI) Financial Ratios
23 years of historical data (2003–2025) · Consumer Defensive · Education & Training Services
EV/EBITDA
↓
13.62
↑+37% vs avg
5yr avg: 9.96
30Y Low2.8·High30.9
P/FCF
↓
20.98
↓-27% vs avg
5yr avg: 28.92
30Y Low5.6·High91.5
P/B Ratio
↑
3.34
↑+182% vs avg
5yr avg: 1.18
30Y Low0.6·High17.0
ROE
↑
10.5%
↓+320% vs avg
5yr avg: -4.8%
30Y Low-30%·High37%
Debt/EBITDA
↓
2.33
↓-39% vs avg
5yr avg: 3.83
30Y Low0.2·High5.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
APEI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
American Public Education, Inc. trades at 38.8x earnings, 29% above its 5-year average of 30.0x, sitting at the 76th percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 18.8x, the stock trades at a premium of 106%. On a free-cash-flow basis, the stock trades at 21.0x P/FCF, 27% below the 5-year average of 28.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $967M | $705M | $391M | $176M | $232M | $406M | $459M | $445M | $473M | $410M | $398M |
| Enterprise Value | $954M | $692M | $460M | $264M | $312M | $541M | $241M | $256M | $261M | $231M | $252M |
| P/E Ratio → | 38.76 | 27.79 | 39.22 | — | — | 22.94 | 24.38 | 44.18 | 18.48 | 19.42 | 16.48 |
| P/S Ratio | 1.49 | 1.09 | 0.63 | 0.29 | 0.38 | 0.97 | 1.43 | 1.56 | 1.59 | 1.37 | 1.27 |
| P/B Ratio | 3.34 | 2.39 | 1.29 | 0.60 | 0.66 | 0.98 | 1.49 | 1.50 | 1.47 | 1.42 | 1.50 |
| P/FCF | 20.98 | 15.30 | 14.09 | 5.55 | 18.12 | 91.54 | 11.50 | 14.31 | 13.62 | 12.38 | 10.05 |
| P/OCF | 15.61 | 11.38 | 8.01 | 3.86 | 7.96 | 24.97 | 10.24 | 11.60 | 10.72 | 8.56 | 7.11 |
P/E links to full P/E history page with 30-year chart
APEI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
American Public Education, Inc.'s enterprise value stands at 13.6x EBITDA, 37% above its 5-year average of 10.0x. The Consumer Defensive sector median is 11.0x, placing the stock at a 24% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.07 | 0.74 | 0.44 | 0.51 | 1.29 | 0.75 | 0.89 | 0.88 | 0.77 | 0.80 |
| EV / EBITDA | 13.62 | 9.88 | 8.79 | — | — | 11.22 | 6.39 | 5.79 | 5.13 | 4.31 | 4.37 |
| EV / EBIT | 17.70 | 12.84 | 13.92 | — | — | 17.81 | 9.41 | 12.38 | 7.82 | 6.25 | 5.14 |
| EV / FCF | — | 15.01 | 16.56 | 8.34 | 24.32 | 121.92 | 6.04 | 8.21 | 7.52 | 6.97 | 6.35 |
APEI Profitability
Margins and return-on-capital ratios measuring operating efficiency
American Public Education, Inc. earns an operating margin of 8.3%, above the Consumer Defensive sector average of 3.5%. Operating margins have expanded from -8.0% to 8.3% over the past 3 years, signaling improving operational efficiency. ROE of 10.5% is modest. ROIC of 12.4% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.7% | 51.7% | 52.7% | 51.2% | 52.4% | 58.8% | 62.0% | 60.9% | 61.3% | 61.2% | 62.6% |
| Operating Margin | 8.3% | 8.3% | 5.3% | -8.0% | -22.7% | 7.3% | 7.7% | 10.0% | 11.2% | 11.6% | 12.2% |
| Net Profit Margin | 4.9% | 4.9% | 2.6% | -7.9% | -19.0% | 4.2% | 5.8% | 3.5% | 8.6% | 7.1% | 7.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 5.4% | -14.7% | -30.1% | 4.9% | 6.2% | 3.2% | 8.4% | 7.6% | 9.6% |
| ROA | 5.7% | 5.7% | 2.9% | -7.6% | -16.3% | 3.2% | 5.2% | 2.8% | 7.2% | 6.4% | 7.7% |
| ROIC | 12.4% | 12.4% | 6.6% | -9.0% | -21.0% | 7.1% | 18.9% | 19.8% | 22.8% | 22.9% | 23.0% |
| ROCE | 11.2% | 11.2% | 6.8% | -8.8% | -21.9% | 6.3% | 7.9% | 9.0% | 10.7% | 12.1% | 14.4% |
APEI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
American Public Education, Inc. carries a Debt/EBITDA ratio of 2.3x, which is manageable (33% below the sector average of 3.5x). The company holds a net cash position — cash of $176M exceeds total debt of $163M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 12.7x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.55 | 0.55 | 0.66 | 0.70 | 0.60 | 0.62 | 0.03 | 0.04 | — | — | — |
| Debt / EBITDA | 2.33 | 2.33 | 3.83 | — | — | 5.34 | 0.23 | 0.27 | — | — | — |
| Net Debt / Equity | — | -0.05 | 0.23 | 0.30 | 0.23 | 0.32 | -0.71 | -0.64 | -0.66 | -0.62 | -0.55 |
| Net Debt / EBITDA | -0.19 | -0.19 | 1.31 | — | — | 2.80 | -5.77 | -4.30 | -4.17 | -3.34 | -2.54 |
| Debt / FCF | — | -0.29 | 2.47 | 2.79 | 6.20 | 30.38 | -5.46 | -6.10 | -6.10 | -5.41 | -3.69 |
| Interest Coverage | 12.73 | 12.73 | 15.55 | -10.83 | -7.53 | 7.10 | — | — | — | — | — |
Net cash position: cash ($176M) exceeds total debt ($163M)
APEI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
American Public Education, Inc.'s current ratio of 3.46x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.94x to 3.46x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.46 | 3.46 | 3.29 | 2.94 | 2.63 | 2.42 | 4.57 | 4.92 | 5.25 | 4.41 | 3.88 |
| Quick Ratio | 3.46 | 3.46 | 3.29 | 2.94 | 2.63 | 2.42 | 4.57 | 4.92 | 5.25 | 4.41 | 3.88 |
| Cash Ratio | 2.35 | 2.35 | 1.67 | 1.58 | 1.83 | 1.47 | 4.11 | 4.45 | 4.79 | 4.13 | 3.47 |
| Asset Turnover | — | 1.19 | 1.10 | 1.08 | 0.88 | 0.58 | 0.87 | 0.81 | 0.80 | 0.88 | 0.98 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 36.94 | 37.06 | 31.27 | 27.22 | 36.02 | 20.02 | 14.44 | 18.34 | 8.70 | 8.10 |
APEI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
American Public Education, Inc. returns 5.2% to shareholders annually — split between a 0.3% dividend yield and 4.9% buyback yield. The earnings yield of 2.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.4% | 1.5% | 3.4% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 3.6% | 2.5% | — | — | 4.4% | 4.1% | 2.3% | 5.4% | 5.1% | 6.1% |
| FCF Yield | 4.8% | 6.5% | 7.1% | 18.0% | 5.5% | 1.1% | 8.7% | 7.0% | 7.3% | 8.1% | 10.0% |
| Buyback Yield | 4.9% | 6.7% | 1.1% | 6.1% | 0.7% | 0.7% | 3.4% | 9.1% | 0.4% | 0.4% | 0.2% |
| Total Shareholder Yield | 5.2% | 7.1% | 2.6% | 9.5% | 0.7% | 0.7% | 3.4% | 9.1% | 0.4% | 0.4% | 0.2% |
| Shares Outstanding | — | $19M | $18M | $18M | $19M | $18M | $15M | $16M | $17M | $16M | $16M |
Peer Comparison
Compare APEI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 APEIYou | $967M | 38.8 | 13.6 | 21.0 | 51.7% | 8.3% | 10.5% | 12.4% | 2.3 |
 PRDO | $2B | 13.2 | 8.3 | 9.3 | 71.7% | 23.2% | 16.6% | 15.3% | 0.4 |
 STRA | $2B | 13.9 | 6.9 | 11.1 | 49.0% | 15.5% | 7.7% | 9.0% | 0.4 |
 GPI | $4B | 12.5 | 8.9 | 8.8 | 15.5% | 4.2% | 11.2% | 8.5% | 5.5 |
 LAUR | $5B | 19.3 | 10.9 | 19.8 | 28.3% | 25.3% | 26.2% | 20.3% | 1.6 |
 UTI | $2B | 35.7 | 16.9 | 40.1 | 49.7% | 10.0% | 21.4% | 14.3% | 2.0 |
 LOPE | $4B | 18.4 | 11.4 | 16.1 | 52.4% | 27.5% | 28.2% | 32.5% | 0.6 |
 COUR | $906M | -17.3 | — | 8.4 | 54.6% | -10.3% | -8.3% | — | — |
 ATGE | $4B | 17.6 | 10.9 | 12.9 | 56.9% | 19.1% | 16.9% | 12.8% | 2.0 |
 LRN | $4B | 13.9 | 6.9 | 9.5 | 39.2% | 15.0% | 21.7% | 22.0% | 1.2 |
 CHGG | $118M | -1.1 | 11.1 | — | 60.2% | -16.8% | -66.2% | -13.4% | 5.5 |
| Consumer Defensive Median | — | 18.8 | 11.0 | 15.3 | 40.8% | 3.5% | 6.5% | 5.7% | 3.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
Consensus-Based Analysis Tools
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
APEI — Frequently Asked Questions
Quick answers to the most common questions about buying APEI stock.
What is American Public Education, Inc.'s P/E ratio?
American Public Education, Inc.'s current P/E ratio is 38.8x. The historical average is 26.5x. This places it at the 76th percentile of its historical range.
What is American Public Education, Inc.'s EV/EBITDA?
American Public Education, Inc.'s current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
What is American Public Education, Inc.'s ROE?
American Public Education, Inc.'s return on equity (ROE) is 10.5%. The historical average is 14.1%.
Is APEI stock overvalued?
Based on historical data, American Public Education, Inc. is trading at a P/E of 38.8x. This is at the 76th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is American Public Education, Inc.'s dividend yield?
American Public Education, Inc.'s current dividend yield is 0.28%.
What are American Public Education, Inc.'s profit margins?
American Public Education, Inc. has 51.7% gross margin and 8.3% operating margin.
How much debt does American Public Education, Inc. have?
American Public Education, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.