Grand Canyon Education, Inc. (LOPE) 10-Year Financial Performance & Capital Metrics

LOPE • • Industrial / General

Consumer DefensiveEducation & TrainingOnline Learning PlatformsEducational Technology & Content

AboutGrand Canyon Education, Inc. provides education services to colleges and universities in the United States. The company's technology services include learning management system, internal administration, infrastructure, and support services; academic services comprises program and curriculum, faculty and related training and development, class scheduling, and skills and simulation lab sites; and counseling services and support include admission, financial aid, and field experience and other counseling services. It also offers marketing and communication services, such as lead acquisition, digital communications strategy, brand identity, market research, media planning and strategy, video, and business intelligence and data science; and back-office services comprising finance and accounting, human resources, audit, and procurement services. The company, through its subsidiary, Orbis Education Services, LLC, supports healthcare education programs for 27 universities. Grand Canyon Education, Inc. was founded in 1949 and is based in Phoenix, Arizona.Show more

Revenue $1.03B +7.5%
EBITDA $312M +10.9%
Net Income $226M +10.4%
EPS (Diluted) 7.73 +13.7%
Gross Margin 52.7% +0.5%
EBITDA Margin 30.2% +3.2%
Operating Margin 26.66% +2.8%
Net Margin 21.9% +2.7%
ROE 30.13% -0.4%
ROIC 33.35% +12.9%
Debt/Equity 0.14 +0.1%
Interest Coverage 68849.75 +811.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 27.4%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 24.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.9% through buybacks
✓Healthy 5Y average net margin of 24.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.1%

5Y5.82%

3Y4.84%

TTM7.05%

Profit (Net Income) CAGR

10Y7.34%

5Y-2.68%

3Y-4.57%

TTM-6.11%

EPS CAGR

10Y12.55%

5Y7.56%

3Y9.3%

TTM-2.5%

ROCE

10Y Avg25.87%

5Y Avg25.11%

3Y Avg29.68%

Latest31.64%

Peer Comparison

Educational Technology & Content

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LOPEGrand Canyon Education, Inc.	5.03B	180.00	23.29	7.5%	19.38%	27.88%	5.02%	0.14
DAOYoudao, Inc.	390.07M	12.47	17.81	5.89%	4.07%
VSTAVasta Platform Limited	79.21M	4.96	0.82	12.64%	28.1%	10.01%	59.55%	0.24
MYNDMynd.ai, Inc.	20.22M	0.44	-0.02	-35.35%	-35.81%	-124.42%		2.64
CHGGChegg, Inc.	96.16M	0.88	-0.11	-13.78%	-17.14%	-52.54%	52.26%	2.61
YQ17 Education & Technology Group Inc.	22.43M	3.44	-0.14	10.67%	-96.33%	-39.99%		0.03
JZJianzhi Education Technology Group Company Limited	7.63M	0.99	-0.59	-43.52%	-24.83%	-5.25%		0.29
SKILSkillsoft Corp.	86.45M	9.87	-0.66	-4.02%	-26.02%	-33.66%	13.42%	6.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	778.2M	873.34M	974.13M	845.5M	778.64M	844.1M	896.56M	911.31M	960.9M	1.03B
Revenue Growth %	0.13%	0.12%	0.12%	-0.13%	-0.08%	0.08%	0.06%	0.02%	0.05%	0.08%
Cost of Goods Sold+	329.65M	508.33M	554.57M	421.59M	314.11M	350.55M	381.26M	423.81M	457.19M	488.57M
COGS % of Revenue	0.42%	0.58%	0.57%	0.5%	0.4%	0.42%	0.43%	0.47%	0.48%	0.47%
Gross Profit+	448.55M	365.01M	419.56M	423.91M	464.53M	493.55M	515.31M	487.5M	503.71M	544.43M
Gross Margin %	0.58%	0.42%	0.43%	0.5%	0.6%	0.58%	0.57%	0.53%	0.52%	0.53%
Gross Profit Growth %	0.12%	-0.19%	0.15%	0.01%	0.1%	0.06%	0.04%	-0.05%	0.03%	0.08%
Operating Expenses+	238.19M	127.81M	136.81M	165.76M	199.4M	216.11M	233.12M	250M	254.45M	269.03M
OpEx % of Revenue	0.31%	0.15%	0.14%	0.2%	0.26%	0.26%	0.26%	0.27%	0.26%	0.26%
Selling, General & Admin	238.19M	259.52M	280.54M	147.39M	187.21M	207.69M	224.7M	241.58M	246.03M	258.72M
SG&A % of Revenue	0.31%	0.3%	0.29%	0.17%	0.24%	0.25%	0.25%	0.27%	0.26%	0.25%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	1.14M	562K	18.37M	12.19M	8.42M	8.42M	8.42M	8.42M	10.32M
Operating Income+	210.36M	237.2M	282.75M	258.15M	265.13M	277.44M	282.19M	237.5M	249.26M	275.4M
Operating Margin %	0.27%	0.27%	0.29%	0.31%	0.34%	0.33%	0.31%	0.26%	0.26%	0.27%
Operating Income Growth %	0.16%	0.13%	0.19%	-0.09%	0.03%	0.05%	0.02%	-0.16%	0.05%	0.1%
EBITDA+	246.04M	282.89M	336.98M	293.82M	292.05M	307.09M	312.6M	268.68M	281.23M	311.95M
EBITDA Margin %	0.32%	0.32%	0.35%	0.35%	0.38%	0.36%	0.35%	0.29%	0.29%	0.3%
EBITDA Growth %	0.17%	0.15%	0.19%	-0.13%	-0.01%	0.05%	0.02%	-0.14%	0.05%	0.11%
D&A (Non-Cash Add-back)	35.67M	45.68M	54.23M	35.67M	26.92M	29.65M	30.41M	31.18M	31.97M	36.55M
EBIT	210.36M	237.45M	285.7M	288.54M	328.81M	337.54M	334.89M	240.12M	259.71M	291.32M
Net Interest Income+	-1.35M	-1.33M	-2.17M	25.41M	52.37M	55.7M	49.1M	2.62M	10.42M	15.92M
Interest Income	0	0	0	26.95M	63.68M	60.1M	52.7M	2.62M	10.45M	15.92M
Interest Expense	1.35M	1.33M	2.17M	1.54M	11.31M	4.4M	3.6M	2K	33K	4K
Other Income/Expense	-1.35M	-1.08M	774K	28.85M	52.37M	55.7M	49.1M	2.62M	10.42M	15.92M
Pretax Income+	209.01M	236.12M	283.53M	287M	317.5M	333.14M	331.29M	240.12M	259.68M	291.31M
Pretax Margin %	0.27%	0.27%	0.29%	0.34%	0.41%	0.39%	0.37%	0.26%	0.27%	0.28%
Income Tax+	77.6M	87.61M	80.21M	57.99M	58.33M	75.94M	70.94M	55.44M	54.69M	65.08M
Effective Tax Rate %	0.63%	0.63%	0.72%	0.8%	0.82%	0.77%	0.79%	0.77%	0.79%	0.78%
Net Income+	131.41M	148.51M	203.32M	229.01M	259.18M	257.2M	260.34M	184.68M	204.99M	226.23M
Net Margin %	0.17%	0.17%	0.21%	0.27%	0.33%	0.3%	0.29%	0.2%	0.21%	0.22%
Net Income Growth %	0.18%	0.13%	0.37%	0.13%	0.13%	-0.01%	0.01%	-0.29%	0.11%	0.1%
Net Income (Continuing)	131.41M	148.51M	203.32M	229.01M	259.18M	257.2M	260.34M	184.68M	204.99M	226.23M
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)+	2.78	3.15	4.22	4.73	5.37	5.45	5.92	5.73	6.80	7.73
EPS Growth %	0.17%	0.13%	0.34%	0.12%	0.14%	0.01%	0.09%	-0.03%	0.19%	0.14%
EPS (Basic)	2.86	3.22	4.31	4.81	5.42	5.49	5.94	5.75	6.83	7.77
Diluted Shares Outstanding	47.28M	47.12M	48.23M	48.41M	48.27M	47.16M	43.96M	32.24M	30.15M	29.27M
Basic Shares Outstanding	45.98M	46.08M	47.14M	47.61M	47.81M	46.88M	43.84M	32.13M	29.99M	29.1M
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+	221.34M	230.07M	374.86M	309.47M	208.34M	333.74M	681.04M	273.27M	337.52M	419.98M
Cash & Short-Term Investments	106.4M	108.57M	242.75M	189.35M	143.87M	256.61M	600.94M	181.7M	244.51M	324.62M
Cash Only	23.04M	45.98M	153.47M	120.35M	122.27M	245.77M	600.94M	120.41M	146.47M	324.62M
Short-Term Investments	83.36M	62.6M	89.27M	69M	21.6M	10.84M	0	61.3M	98.03M	0
Accounts Receivable	12.25M	14.22M	12.99M	51.49M	56.14M	68.49M	71.34M	80.2M	80.13M	83.44M
Days Sales Outstanding	5.75	5.94	4.87	22.23	26.31	29.62	29.04	32.12	30.44	29.48
Inventory	81.83M	84.93M	94.53M	61.67M	0	0	0	0	0	0
Days Inventory Outstanding	90.61	60.98	62.22	53.39	-	-	-	-	-	-
Other Current Assets	96.25M	111.96M	119.12M	68.63M	8.34M	8.64M	8.77M	11.37M	12.89M	11.91M
Total Non-Current Assets+	677.09M	862.42M	928.71M	1.01B	1.48B	1.51B	541.7M	559.48M	592.94M	598.45M
Property, Plant & Equipment	667.48M	855.53M	922.28M	111.04M	147.5M	189.68M	193.77M	220.22M	262.15M	276.36M
Fixed Asset Turnover	1.17x	1.02x	1.06x	7.61x	5.28x	4.45x	4.63x	4.14x	3.67x	3.74x
Goodwill	2.94M	2.94M	2.94M	2.94M	160.77M	160.77M	160.77M	160.77M	160.77M	160.77M
Intangible Assets	0	0	0	0	202.06M	193.64M	185.22M	176.8M	168.38M	159.96M
Long-Term Investments	-3.09M	-20.65M	-15.6M	893.63M	0	0	0	0	0	0
Other Non-Current Assets	3.31M	897K	723K	478K	971.62M	966.76M	1.94M	1.69M	1.64M	1.36M
Total Assets+	898.43M	1.09B	1.3B	1.32B	1.69B	1.84B	1.22B	832.75M	930.46M	1.02B
Asset Turnover	0.87x	0.80x	0.75x	0.64x	0.46x	0.46x	0.73x	1.09x	1.03x	1.01x
Asset Growth %	0.19%	0.22%	0.19%	0.02%	0.28%	0.09%	-0.34%	-0.32%	0.12%	0.09%
Total Current Liabilities+	188.53M	226.79M	238.13M	80.52M	95.23M	118.72M	97.94M	99.71M	97.03M	110.97M
Accounts Payable	34.15M	24.82M	29.14M	14.27M	14.84M	16.58M	24.31M	20.01M	17.68M	26.72M
Days Payables Outstanding	37.81	17.82	19.18	12.36	17.24	17.27	23.27	17.23	14.11	19.96
Short-Term Debt	7.32M	31.64M	6.69M	36.47M	33.14M	33.14M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	20K	0	10K	0	0	0
Other Current Liabilities	77.75M	131.34M	160.38M	7.4M	20.8M	34.25M	32.71M	36.41M	31.36M	33.18M
Current Ratio	1.17x	1.01x	1.57x	3.84x	2.19x	2.81x	6.95x	2.74x	3.48x	3.78x
Quick Ratio	0.74x	0.64x	1.18x	3.08x	2.19x	2.81x	6.95x	2.74x	3.48x	3.78x
Cash Conversion Cycle	58.54	49.1	47.91	63.26	-	-	-	-	-	-
Total Non-Current Liabilities+	99.64M	92.01M	79.49M	29.9M	151.63M	151.53M	79.75M	95.42M	115.42M	123.61M
Long-Term Debt	73.25M	66.62M	59.92M	23.44M	107.77M	74.63M	0	0	0	0
Capital Lease Obligations	788K	0	0	0	25.52M	56.61M	53.76M	68.79M	88.26M	95.64M
Deferred Tax Liabilities	21.3M	23.71M	18.36M	6.46M	18.32M	20.29M	25.96M	26.2M	26.75M	26.53M
Other Non-Current Liabilities	4.3M	1.69M	1.2M	0	13K	3K	37K	436K	410K	1.44M
Total Liabilities	288.18M	318.81M	317.62M	110.42M	246.86M	270.25M	177.7M	195.13M	212.45M	234.57M
Total Debt+	81.36M	98.25M	66.62M	59.91M	169.52M	171.78M	61.18M	77.44M	99.28M	108.52M
Net Debt	58.33M	52.28M	-86.86M	-60.44M	47.25M	-73.99M	-539.76M	-42.97M	-47.19M	-216.1M
Debt / Equity	0.13x	0.13x	0.07x	0.05x	0.12x	0.11x	0.06x	0.12x	0.14x	0.14x
Debt / EBITDA	0.33x	0.35x	0.20x	0.20x	0.58x	0.56x	0.20x	0.29x	0.35x	0.35x
Net Debt / EBITDA	0.24x	0.18x	-0.26x	-0.21x	0.16x	-0.24x	-1.73x	-0.16x	-0.17x	-0.69x
Interest Coverage	155.36x	178.62x	130.36x	168.07x	23.44x	63.03x	78.36x	118750.00x	7553.21x	68849.75x
Total Equity+	610.25M	773.69M	985.95M	1.21B	1.44B	1.57B	1.05B	637.62M	718.01M	783.85M
Equity Growth %	0.28%	0.27%	0.27%	0.23%	0.19%	0.09%	-0.34%	-0.39%	0.13%	0.09%
Book Value per Share	12.91	16.42	20.44	25.07	29.91	33.38	23.77	19.78	23.82	26.78
Total Shareholders' Equity	610.25M	773.69M	985.95M	1.21B	1.44B	1.57B	1.05B	637.62M	718.01M	783.85M
Common Stock	503K	515K	523K	527K	531K	533K	536K	538K	540K	541K
Retained Earnings	502.4M	650.92M	854.18M	1.08B	1.34B	1.59B	1.86B	2.04B	2.24B	2.47B
Treasury Stock	-69.33M	-89.39M	-100.69M	-125.45M	-169.37M	-303.38M	-1.11B	-1.71B	-1.85B	-2.02B
Accumulated OCI	-489K	-910K	-724K	-453K	0	0	0	-533K	-57K	0
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+	173.9M	218.29M	304.9M	199.09M	306.34M	308.82M	313.12M	220.82M	243.66M	289.96M
Operating CF Margin %	0.22%	0.25%	0.31%	0.24%	0.39%	0.37%	0.35%	0.24%	0.25%	0.28%
Operating CF Growth %	0.04%	0.26%	0.4%	-0.35%	0.54%	0.01%	0.01%	-0.29%	0.1%	0.19%
Net Income	131.41M	148.51M	203.32M	229.01M	259.18M	257.2M	260.34M	184.68M	204.99M	226.23M
Depreciation & Amortization	35.67M	45.68M	54.23M	35.67M	26.92M	29.65M	30.41M	31.18M	31.97M	36.55M
Stock-Based Compensation	11.26M	12.28M	12.69M	19.51M	10.3M	10.66M	11.53M	12.64M	13.2M	14.22M
Deferred Taxes	4.58M	8.43M	-5.16M	-11.51M	1.67M	3.14M	5.67M	401K	402K	-165K
Other Non-Cash Items	16.7M	9.87M	22.36M	23.38M	3.63M	571K	-4.32M	853K	-442K	1.23M
Working Capital Changes	-25.72M	-6.49M	17.46M	-96.97M	4.65M	7.61M	9.48M	-8.93M	-6.46M	11.88M
Change in Receivables	-17.31M	-20.34M	-19.85M	-59.26M	766K	-13.25M	-2.86M	-7.35M	-1.4M	-4.14M
Change in Inventory	-8.12M	5.33M	680K	-14.15M	7.21M	0	3.89M	0	0	0
Change in Payables	5M	-4.79M	5.38M	-14.31M	-3.1M	1.01M	7.39M	-3.89M	-3.11M	9.66M
Cash from Investing+	-200.88M	-216M	-152.06M	-238.24M	-405.88M	-19.35M	950.98M	-97.14M	-80.47M	61.37M
Capital Expenditures	-218.3M	-239.02M	-123.95M	-94.86M	-22.65M	-29.94M	-29.39M	-35.63M	-44.54M	-37.25M
CapEx % of Revenue	0.28%	0.27%	0.13%	0.11%	0.03%	0.04%	0.03%	0.04%	0.05%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	156.6M	501K	-28.11M	-30M	-69.82M	0	940.52M	-397K	-897K	-412K
Cash from Financing+	-15.22M	20.66M	-35.73M	-26.84M	40.09M	-166.28M	-908.93M	-604.21M	-137.12M	-173.18M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.64M	13.01M	7.37M	4.63M	1.44M	883K	2.68M	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-44.4M	-20.73M	180.94M	104.23M	283.69M	278.88M	283.73M	185.19M	198.23M	252.71M
FCF Margin %	-0.06%	-0.02%	0.19%	0.12%	0.36%	0.33%	0.32%	0.2%	0.21%	0.24%
FCF Growth %	-25.91%	0.53%	9.73%	-0.42%	1.72%	-0.02%	0.02%	-0.35%	0.07%	0.27%
FCF per Share	-0.94	-0.44	3.75	2.15	5.88	5.91	6.45	5.74	6.58	8.63
FCF Conversion (FCF/Net Income)	1.32x	1.47x	1.50x	0.87x	1.18x	1.20x	1.20x	1.20x	1.19x	1.28x
Interest Paid	1.24M	1.22M	2.25M	1.51M	11.52M	4.31M	3.7M	2K	33K	4K
Taxes Paid	75.59M	66.21M	69.61M	78.19M	59.9M	68.38M	61.9M	48.57M	59.03M	65.26M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.19%	21.46%	23.11%	20.82%	19.51%	17.05%	19.88%	21.95%	30.24%	30.13%
Return on Invested Capital (ROIC)	27.05%	23.81%	24.59%	18.87%	15.04%	13.91%	21.1%	32.39%	29.54%	33.35%
Gross Margin	57.64%	41.79%	43.07%	50.14%	59.66%	58.47%	57.48%	53.49%	52.42%	52.7%
Net Margin	16.89%	17.01%	20.87%	27.09%	33.29%	30.47%	29.04%	20.26%	21.33%	21.9%
Debt / Equity	0.13x	0.13x	0.07x	0.05x	0.12x	0.11x	0.06x	0.12x	0.14x	0.14x
Interest Coverage	155.36x	178.62x	130.36x	168.07x	23.44x	63.03x	78.36x	118750.00x	7553.21x	68849.75x
FCF Conversion	1.32x	1.47x	1.50x	0.87x	1.18x	1.20x	1.20x	1.20x	1.19x	1.28x
Revenue Growth	12.61%	12.23%	11.54%	-13.2%	-7.91%	8.41%	6.22%	1.64%	5.44%	7.5%

Revenue by Segment

	2018	2019	2020
Service	333M	778.64M	844.1M
Service Growth	-	133.83%	8.41%
University Related Revenue	512.5M	-	-
University Related Revenue Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Grand Canyon Education, Inc. (LOPE) has a price-to-earnings (P/E) ratio of 23.3x. This is roughly in line with market averages.

Growth & Financials

Grand Canyon Education, Inc. (LOPE) reported $1.09B in revenue for fiscal year 2024. This represents a 156% increase from $426.7M in 2011.

Grand Canyon Education, Inc. (LOPE) grew revenue by 7.5% over the past year. This is steady growth.

Yes, Grand Canyon Education, Inc. (LOPE) is profitable, generating $211.3M in net income for fiscal year 2024 (21.9% net margin).

Dividend & Returns

Grand Canyon Education, Inc. (LOPE) has a return on equity (ROE) of 30.1%. This is excellent, indicating efficient use of shareholder capital.

Grand Canyon Education, Inc. (LOPE) generated $241.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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