Latest Ratios: P/E Ratio 19.5x · EV/EBITDA 11.9x · ROE 28.2%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $4.7B | $4.8B | $4.0B | $3.4B | $3.8B | $4.4B | $4.6B | $4.7B | $4.3B | $2.8B |
| Enterprise Value | $4.1B | $4.7B | $4.6B | $3.9B | $3.4B | $3.2B | $4.3B | $4.7B | $4.6B | $4.2B | $2.8B |
| P/E Ratio → | 19.54 | 21.57 | 21.19 | 19.42 | 18.44 | 14.48 | 17.08 | 17.84 | 20.33 | 21.22 | 18.56 |
| P/S Ratio | 3.61 | 4.21 | 4.64 | 4.14 | 3.74 | 4.20 | 5.20 | 5.94 | 5.51 | 4.43 | 3.15 |
| P/B Ratio | 5.65 | 6.24 | 6.12 | 5.54 | 5.34 | 3.61 | 2.79 | 3.20 | 3.84 | 4.38 | 3.56 |
| P/FCF | 16.74 | 19.53 | 18.97 | 20.08 | 18.39 | 13.28 | 15.75 | 16.30 | 44.66 | 23.87 | — |
| P/OCF | 14.60 | 17.04 | 16.54 | 16.34 | 15.43 | 12.03 | 14.22 | 15.09 | 23.38 | 14.16 | 12.62 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.29 | 4.43 | 4.09 | 3.69 | 3.60 | 5.11 | 6.00 | 5.43 | 4.34 | 3.21 |
| EV / EBITDA | 11.89 | 13.84 | 14.68 | 13.99 | 12.52 | 10.33 | 14.06 | 15.99 | 15.64 | 12.56 | 9.92 |
| EV / EBIT | 13.46 | 16.97 | 15.72 | 15.15 | 14.01 | 9.64 | 12.79 | 14.20 | 15.92 | 14.81 | 11.82 |
| EV / FCF | — | 19.90 | 18.12 | 19.84 | 18.16 | 11.38 | 15.48 | 16.46 | 44.08 | 23.39 | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 53.2% | 53.2% | 52.7% | 52.4% | 53.5% | 57.5% | 58.5% | 59.7% | 50.1% | 43.1% | 41.8% |
| Operating Margin | 27.4% | 27.4% | 26.7% | 25.9% | 26.1% | 31.5% | 32.9% | 34.1% | 30.5% | 29.0% | 27.2% |
| Net Profit Margin | 19.5% | 19.5% | 21.9% | 21.3% | 20.3% | 29.0% | 30.5% | 33.3% | 27.1% | 20.9% | 17.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 28.2% | 28.2% | 30.1% | 30.2% | 22.0% | 19.9% | 17.0% | 19.5% | 20.8% | 23.1% | 21.5% |
| ROA | 21.5% | 21.5% | 23.2% | 23.3% | 18.0% | 17.0% | 14.6% | 17.2% | 17.4% | 17.0% | 14.9% |
| ROIC | 32.4% | 32.4% | 33.4% | 29.5% | 32.4% | 21.1% | 13.9% | 15.0% | 18.9% | 24.6% | 23.8% |
| ROCE | 33.9% | 33.9% | 31.6% | 31.8% | 25.6% | 19.8% | 16.7% | 18.7% | 22.4% | 29.3% | 30.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.27 | 0.27 | 0.14 | 0.14 | 0.12 | 0.06 | 0.11 | 0.12 | 0.05 | 0.07 | 0.13 |
| Debt / EBITDA | 0.58 | 0.58 | 0.35 | 0.35 | 0.29 | 0.20 | 0.56 | 0.58 | 0.20 | 0.20 | 0.35 |
| Net Debt / Equity | — | 0.12 | -0.28 | -0.07 | -0.07 | -0.52 | -0.05 | 0.03 | -0.05 | -0.09 | 0.07 |
| Net Debt / EBITDA | 0.26 | 0.26 | -0.69 | -0.17 | -0.16 | -1.73 | -0.24 | 0.16 | -0.21 | -0.26 | 0.18 |
| Debt / FCF | — | 0.37 | -0.86 | -0.24 | -0.23 | -1.90 | -0.27 | 0.17 | -0.58 | -0.48 | — |
| Interest Coverage | — | — | 72829.75 | 7869.94 | 120060.50 | 93.00 | 76.68 | 29.07 | 187.85 | 131.72 | 178.80 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.65 | 3.65 | 3.78 | 3.48 | 2.74 | 6.95 | 2.81 | 2.19 | 3.84 | 1.57 | 1.01 |
| Quick Ratio | 3.65 | 3.65 | 3.78 | 3.48 | 2.74 | 6.95 | 2.81 | 2.19 | 3.08 | 1.18 | 0.64 |
| Cash Ratio | 2.73 | 2.73 | 2.93 | 2.52 | 1.82 | 6.14 | 2.16 | 1.51 | 2.35 | 1.02 | 0.48 |
| Asset Turnover | — | 1.11 | 1.01 | 1.03 | 1.09 | 0.73 | 0.46 | 0.46 | 0.64 | 0.75 | 0.80 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 6.84 | 5.87 | 5.99 |
| Days Sales Outstanding | — | 28.60 | 29.48 | 30.44 | 32.12 | 29.04 | 29.62 | 26.31 | 22.23 | 4.87 | 5.94 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 4.6% | 4.7% | 5.1% | 5.4% | 6.9% | 5.9% | 5.6% | 4.9% | 4.7% | 5.4% |
| FCF Yield | 6.0% | 5.1% | 5.3% | 5.0% | 5.4% | 7.5% | 6.4% | 6.1% | 2.2% | 4.2% | — |
| Buyback Yield | 6.6% | 5.7% | 3.6% | 3.4% | 17.7% | 21.3% | 3.1% | 0.9% | 0.5% | 0.3% | 0.7% |
| Total Shareholder Yield | 6.6% | 5.7% | 3.6% | 3.4% | 17.7% | 21.3% | 3.1% | 0.9% | 0.5% | 0.3% | 0.7% |
| Shares Outstanding | — | $28M | $29M | $30M | $32M | $44M | $47M | $48M | $48M | $48M | $47M |
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying LOPE stock.
Grand Canyon Education, Inc.'s current P/E ratio is 19.5x. The historical average is 24.7x. This places it at the 50th percentile of its historical range.
Grand Canyon Education, Inc.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.3x.
Grand Canyon Education, Inc.'s return on equity (ROE) is 28.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.4%.
Based on historical data, Grand Canyon Education, Inc. is trading at a P/E of 19.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Grand Canyon Education, Inc. has 53.2% gross margin and 27.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Grand Canyon Education, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Regulatory and FAFSA headwinds
Metrics are mathematically derived from official filings.
Seasonal Margin Swings Mask Underlying Strength
LOPE's operating margin oscillates between 18.8% and 35.1% across quarters, with Q2 2026 at 22.0%, reflecting seasonal enrollment patterns. According to the latest quarterly data, this volatility is typical for the OPM model.
The wide quarterly swings in operating margin—from 18.8% in Q2 2024 to 35.1% in Q4 2025—are driven by the academic calendar, with peak enrollment in fall and spring. The average operating margin over the last ten quarters is approximately 27.5%, indicating strong structural profitability. However, the Q2 2026 margin of 22.0% is below the trailing average, suggesting that the recent EPS miss may be partly due to margin pressure from increased marketing or regulatory compliance costs. Investors should monitor whether this is a seasonal trough or a sign of structural compression.
ROIC Cyclicality Reflects Enrollment Timing
ROIC ranges from 5.0% to 12.8% over the last ten quarters, with Q2 2026 at 6.7%. As reported in financial statements, this cyclicality is tied to seasonal revenue recognition, not a deterioration in capital efficiency.
The quarterly ROIC figures are heavily influenced by the timing of revenue recognition, with trough quarters like Q2 2024 (5.0%) and Q3 2025 (5.7%) coinciding with lower enrollment intake. The peak ROIC of 12.8% in Q4 2024 demonstrates the high incremental returns on invested capital when enrollment is strong. The average ROIC over the period is approximately 8.1%, which is respectable for an asset-light service business. The low capital intensity (capex only 3.3% of revenue) means that ROIC is primarily driven by margin expansion rather than asset turnover, which remains stable at around 0.28. This suggests that the company's ability to compound returns is tied to its pricing power and cost discipline.
Working Capital Efficiency Hides Seasonal Swings
DSO improved from 36 days in Q1 2024 to 27 days in Q2 2026, while DPO remained stable around 16-20 days. Based on reported figures, the cash conversion cycle is negative, indicating LOPE collects tuition before paying its obligations.
The improvement in DSO from 36 to 27 days over the last ten quarters suggests more efficient collection of service fee receivables from GCU, which may reflect better alignment of billing cycles. The negative cash conversion cycle (since DIO is not reported and DPO is shorter than DSO) implies that LOPE is effectively using its partners' cash to fund operations, a sign of working capital efficiency. However, the quarterly swings in operating cash flow—from -$127.8M in Q3 2025 to +$70.2M in Q2 2025—highlight the seasonality of tuition collections and payments to GCU. This pattern is typical for OPM providers and should not be interpreted as a deterioration in efficiency.
Minimal Debt Masks Refinancing Flexibility
Debt-to-equity peaked at 0.27 in Q4 2025 but fell to 0.16 by Q2 2026, with interest coverage exceeding 23,000x in 2024. According to the latest balance sheet, leverage remains negligible, providing ample financial flexibility.
The temporary spike in debt to $200.1M in Q4 2025 was likely used to fund aggressive share repurchases, but the subsequent reduction to $104.2M in Q2 2026 indicates strong cash generation to pay down debt. Interest coverage ratios in the tens of thousands are effectively infinite, meaning debt service is not a constraint. The low D/E ratio of 0.16 is well below peers like UTI (0.85) and LINC (1.02), underscoring LOPE's conservative capital structure. This fortress-like balance sheet allows management to continue buybacks or weather regulatory fines without financial distress.
Liquidity Buffer Strengthens Seasonally
Current ratio improved to 2.82 in Q2 2026 from 2.75 in Q1, with cash surging to $171.1M. As per the latest quarterly data, liquidity remains robust, though it fluctuates with the academic calendar.
The current ratio has consistently remained above 2.7 over the last ten quarters, indicating a strong ability to meet short-term obligations. The quick ratio equals the current ratio because inventory is negligible, reflecting the service-based nature of the business. The seasonal cash build-up in Q2 (to $171.1M) provides a cushion for the typically weaker Q3 cash flow period. Even under a stress scenario—such as a regulatory fine or a temporary enrollment dip—LOPE's liquidity position appears more than adequate to cover operational needs and continue its buyback program.
P/E Misleads on True Earnings Power
The trailing P/E of 19.13 understates LOPE's earnings power because it includes trough quarters; forward P/E of 14.30 better reflects normalized earnings. Based on reported figures, investors should focus on forward multiples and FCF yield.
The most commonly misapplied ratio for LOPE is the trailing P/E, which is distorted by the seasonal trough quarters (e.g., Q3 2025 net margin of 6.2%). This makes the trailing P/E appear higher than the underlying earnings power. The forward P/E of 14.30, which annualizes the stronger quarters, is a more accurate reflection of value. Additionally, the P/FCF of 16.38 is more relevant given the asset-light model and high cash conversion. Investors should also consider the EV/EBITDA of 11.65, which is reasonable for a company with stable recurring revenue and minimal debt. The PEG of 2.66 suggests the market is pricing in modest growth, but given the regulatory overhang, this may be justified.