American Public Education Inc. (APEI) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $751.8M
P/E (TTM): 16.91
Price / sales: 1.13
EV / EBITDA: 8.53
Price / book: 2.39

Cash flow

FCF yield: 9.3%
SBC-adjusted FCF yield: 8.2%
SBC impact: 12.0%
Stock compensation (TTM): $8.4M

Margins & growth

Profit margin: 6.8%
Operating margin: 9.6%
Quarterly revenue (year on year): 5.5%
Quarterly earnings (year on year): 117.4%

Balance sheet

Cash & investments: $222.8M
Debt: $153.5M
Net cash / (debt): $69.3M

Where the revenue comes from

Instructional Services Net of Grants and Scholarships is 91% of revenue.

By product or service

Year to Dec 31, 2025 · $648.9M

Instructional Services Net of Grants and Scholarships91%
$591.8M+2.8% vs. a year earlier
Textbook and Other Course Materials7%
$47.7M+12.9% vs. a year earlier
Other Fees1%
$5.5M+31.1% vs. a year earlier
Graduation Fees1%
$3.9M+58.2% vs. a year earlier

By business segment

Year to Dec 31, 2025 · $641.1M

American Public Education Inc50%
$319.8M+0.9% vs. a year earlier
Rasmussen University38%
$246.2M+13.9% vs. a year earlier
Hondros College of Nursing12%
$75M+11.4% vs. a year earlier

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$668.01MQ2 2026+1.4%

1Y: +3.64%2Y: +9.34%5Y: +101.45%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

EBITDA

$80.01MQ2 2026+8.6%

1Y: +29.13%2Y: +53.27%5Y: +115.86%

Operating profit before depreciation and amortisation — approximated from operating income, because no depreciation tag is reported consistently enough across filers to do better. Treat it as indicative. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$45.67MQ2 2026+13.1%6.8% of revenue

1Y: +59.61%2Y: +331.97%5Y: +148.88%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

6.8%Q2 2026+11.5%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

$70.07MQ2 2026-5.0%

1Y: +39.54%2Y: +122.76%5Y: +314.56%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit per share

$2.43Q2 2026+12.9%

1Y: +83.84%2Y: +479.26%5Y: +107.69%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

18.81MQ2 2026+0.3%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

Price to earnings

24.9xQ2 2026-28.6%

24.9x today · median 27.9x and range 18.5x–38.8x across the points shown, Q3 2019 to Q2 2026 The break in the line covers 8 periods with no meaningful multiple — a loss, or earnings so small the ratio says more about the denominator than the price.

Paid per unit of yearly profit. Periods with a loss, or profits too small for the ratio to mean anything, are left out — the line breaks rather than drawing through them. Each point covers the four quarters ending there — a full year, brought up to today.

Dividends paid

$93.75M2007

No TTM figures — showing Yearly

Cash handed to shareholders. A flat line at zero means the company pays none. One bar per fiscal year, as filed. Stops at the last completed year.

About American Public Education Inc.

Ticker: APEI
SEC classification: Services-Educational Services (8200)
Listed on: Nasdaq
Incorporated in: DE
Financial year ends: December 31
Filer size: Accelerated filer

About this data

Everything above comes from American Public Education Inc.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Share-count jumps we cannot explain: 957.53x around Dec 31, 2015. No split accounts for these, so nothing was adjusted — most often it is real dilution rather than a data problem, which is why it is flagged and not corrected.

Not reported by this filer: Gross Profit, R&D Expense, Interest Income, Non-interest Income, Non-interest Expense, Deposits, Loans, Inventory, Short-term Borrowings, and Borrowings (total). Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.