The company maintains a conservative capital structure with a debt-to-equity ratio of 0.23 as of 2026Q2, providing a necessary buffer against its volatile, regulation-dependent revenue base.
| Total Current Assets | 317.45M | 265.95M | 441.47M | 401.89M |
| Cash & Short-Term Investments | 238.12M | 145.51M | 313.68M | 251.22M |
| Cash Only | 231.35M | 136.5M | 297.34M | 240.66M |
| Short-Term Investments | 6.77M | 9.01M | 16.34M | 10.56M |
| Accounts Receivable | 35.02M | 58.96M | 51.24M | 45.88M |
| Days Sales Outstanding | 25.39 | 21.37 | 19.69 | 20.05 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 29.36M | 58.32M | 75.67M | 84.02M |
| Total Non-Current Assets | 228.94M | 227.61M | 253.78M | 280.37M |
| Property, Plant & Equipment | 76.84M | 80.77M | 85.33M | 90.74M |
| Fixed Asset Turnover | 12.14x | 12.47x | 11.13x | 9.20x |
| Goodwill | 3.73M | 3.73M | 0 | 0 |
| Intangible Assets | 86.02M | 87.29M | 82.72M | 82.81M |
| Long-Term Investments | 56.27M | 12.8M | 10.44M | 11.13M |
| Other Non-Current Assets | 24.98M | 22.45M | 28.78M | 28.35M |
| Total Assets | 546.39M | 493.56M | 695.25M | 682.26M |
| Asset Turnover | 1.76x | 2.04x | 1.37x | 1.22x |
| Asset Growth % | -32.2% | -29.01% | 1.9% | - |
| Total Current Liabilities | 157.73M | 162.04M | 250.51M | 272.55M |
| Accounts Payable | 30.52M | 25.7M | 33.48M | 23.29M |
| Days Payables Outstanding | 21.43 | 21.51 | 30.25 | 22.42 |
| Short-Term Debt | 9.54M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 289.42M | 61.34M | 139.22M | 169.85M |
| Other Current Liabilities | 38.11M | 22.79M | 19.13M | 27.28M |
| Current Ratio | 2.01x | 1.64x | 1.76x | 1.47x |
| Quick Ratio | 2.01x | 1.64x | 1.76x | 1.47x |
| Cash Conversion Cycle | 3.96 | - | - | - |
| Total Non-Current Liabilities | 95.1M | 91.46M | 95.81M | 106.34M |
| Long-Term Debt | 58.8M | 0 | 0 | 0 |
| Capital Lease Obligations | 193M | 64.35M | 74.85M | 85.71M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 36.3M | 27.11M | 20.96M | 20.64M |
| Total Liabilities | 252.83M | 253.51M | 346.32M | 378.89M |
| Total Debt | 68.34M | 73.3M | 84.22M | 98.31M |
| Net Debt | -163.01M | -63.2M | -213.12M | -142.35M |
| Debt / Equity | 0.23x | 0.31x | 0.24x | 0.32x |
| Debt / EBITDA | 0.53x | 0.30x | 0.38x | 0.65x |
| Net Debt / EBITDA | -1.26x | -0.26x | -0.96x | -0.94x |
| Interest Coverage | 90.73x | 380.39x | 175.21x | 50.54x |
| Total Equity | 293.56M | 240.06M | 348.93M | 303.37M |
| Equity Growth % | -31.2% | -31.2% | 15.02% | - |
| Book Value per Share | 7.55 | 6.73 | 9.80 | 8.52 |
| Total Shareholders' Equity | 291.13M | 246.77M | 327.3M | 283.85M |
| Common Stock | 358K | 246.74M | 327.26M | 284.09M |
| Retained Earnings | 17.89M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 65K | 39K | 45K | -234K |
| Minority Interest | 2.44M | -6.72M | 21.63M | 19.52M |
Regulatory Title IV dependency
According to recent financial filings, PXED's total assets have contracted from $728.0 million in 2024Q4 to $546.4 million in 2026Q2, signaling a significant reduction in the company's operational footprint as it navigates a challenging environment characterized by declining enrollment and persistent regulatory headwinds.
The reduction in total assets appears to be driven by a combination of asset divestitures and the impairment of intangible assets, which previously stood at $82.7 million. This trend suggests that the company is rightsizing its balance sheet to match a smaller, more volatile revenue base, though it raises questions regarding the long-term sustainability of its current operating model.
Based on reported figures, PXED maintains a modest debt-to-equity ratio of 0.23 as of 2026Q2, reflecting a disciplined approach to leverage that provides a necessary buffer against the inherent risks of its Title IV-dependent business model and potential regulatory-driven revenue shocks.
While the low leverage profile is a positive indicator of financial stability, it may also reflect limited appetite for debt-funded expansion in a sector facing significant brand erosion. Investors should monitor whether this conservative stance is a strategic choice to preserve flexibility or a symptom of restricted access to capital markets due to regulatory scrutiny.
As reported in recent balance sheets, PXED holds $231.3 million in cash as of 2026Q2, representing a significant recovery from the $136.5 million low in 2025Q4 and providing a robust liquidity cushion to navigate the cyclical nature of student enrollment and federal funding disbursements.
The current ratio of 2.01 suggests that the company is well-positioned to meet its short-term obligations, even if enrollment trends continue to deteriorate. However, the reliance on cash accumulation rather than reinvestment into the core business warrants further investigation into management's long-term strategy for stabilizing the student base.
Based on the provided financial data, the collapse of goodwill from $82.7 million in 2024Q4 to just $3.7 million in 2026Q2 indicates a massive write-down of historical acquisitions, suggesting that the company's past growth strategy failed to deliver the expected long-term value to shareholders.
This significant impairment highlights the risk that the company's historical valuation was built on overly optimistic assumptions regarding student retention and regulatory stability. Analysts should view the current balance sheet as a 'cleaner' but smaller version of the business, which may still be vulnerable to further adjustments if current programs fail to meet gainful employment standards.
Quick answers to the most common questions about buying PXED stock.
As of 2025, Phoenix Education Partners, Inc (PXED) had total assets of $493.6M including $265.9M in current assets.
Phoenix Education Partners, Inc (PXED) carries total debt of $73.3M, offset by $145.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Phoenix Education Partners, Inc (PXED) has total shareholders' equity (book value) of $246.8M ($6.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Phoenix Education Partners, Inc (PXED) reported a current ratio of 1.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.