APEI
AMERICAN PUBLIC EDUCATION INC
Next earnings Aug 4, 2026 · consensus $0.37 EPS, $174M rev
Last earnings +0.1% on 2026-05-11
$54.51
▲ +1.83%$54.51▲ +81.04%
over 1Y
L $28.03EODHDH $60.86
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.8%
1W+1.0%
1M+4.8%
3M-4.8%
YTD+50.8%
1Y+81.0%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 14 analysts
Buy
Turnaround is real — FY25 EPS +147% on margin recovery — but 38.7x P/E already prices in a lot of execution risk.
FY2025 Revenue $649M · FY2025
The read
Fundamentals and price both look middling — no strong edge either way.
APEI has executed a credible turnaround. After two brutal years (FY22 net loss of $115M, FY23 loss of $47.3M tied to the Rasmussen integration), FY25 delivered $649M revenue (+3.9%), operating income of $47.9M (+45%), and diluted EPS of $1.36 (+147%). The balance sheet is the strongest part of the story: $174M cash (+32% YoY), only $94.7M long-term debt, zero current debt, and liabilities/equity of just 0.77x. Operating cash flow of $62M against $15.9M capex generates real free cash flow, and D&A is rolling off (-16.3%), which should keep flowing through to earnings.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $419M | $606M | $601M | $625M | $649M |
| Gross profit | — | — | — | — | — |
| Operating income | $30.4M | -$137M | -$48.3M | $33.1M | $47.9M |
| Net income | $17.8M | -$115M | -$47.3M | $16.1M | $31.6M |
| Diluted EPS | $0.97 | -$6.08 | -$2.93 | $0.55 | $1.36 |
| Net margin | 4.2% | -19.0% | -7.9% | 2.6% | 4.9% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$922M
EV / EBITDA14.4
EV / Sales1.4
EV / FCF20.0
P / FCF21.7
PEG (trailing)0.42
Earnings yield3.1%
FCF yield4.6%
Quality & risk
ROIC (est.)9.7%
Free cash flow$46.1M
Total debt$94.7M
Net cash$79.4M
Altman Z-Score4.58 safe
Piotroski F-Score6/8
Capital returns
Buyback yield0.4%
Dividend yield (est.)9.4%
Shareholder yield9.8%
Shares Δ YoY+2.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-26
Annual meeting vote: directors elected, routine proposals ratified
- 8-K Earnings results2026-05-11
Q1 2026 10-Q: first period after March 2 legal-entity merger of APUS/RU/HCN
- 10-Q Quarterly report2026-05-11
Q1 2026 10-Q: first period after March 2 legal-entity merger of APUS/RU/HCN
- DEF 14A Proxy statement2026-04-09
- 8-K Earnings results2026-03-12
FY2025 10-K: NI +96%, OCF +27%, cash $174M; HLC OK'd Combination, merger done 3/2/26
- 10-K Annual report2026-03-12
FY2025 10-K: NI +96%, OCF +27%, cash $174M; HLC OK'd Combination, merger done 3/2/26
- 8-K/A Amended 8-K2025-11-12
Amended prior 8-K to update disclosure; no new material event
- 8-K Earnings results2025-11-10
Q3 2025 10-Q filed; operating performance and cash build continued
- 10-Q Quarterly report2025-11-10
Q3 2025 10-Q filed; operating performance and cash build continued
Recent filings
all on EDGAR ↗4Period ending 2026-06-222026-06-23open ↗144Filing2026-06-22open ↗4Period ending 2026-06-152026-06-17open ↗144Filing2026-06-15open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-26open ↗4Period ending 2026-05-222026-05-26open ↗4Period ending 2026-05-222026-05-26open ↗4Period ending 2026-05-222026-05-26open ↗4Period ending 2026-05-222026-05-26open ↗8-KPeriod ending 2026-05-222026-05-26open ↗SCHEDULE 13G/AFiling2026-05-15open ↗
Frequently asked
- Is AMERICAN PUBLIC EDUCATION INC (APEI) a buy?
- APEI currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Turnaround is real — FY25 EPS +147% on margin recovery — but 38.7x P/E already prices in a lot of execution risk.
- What is APEI's fair value?
- A Modified-Graham model based on APEI's SEC fundamentals estimates a fair value of about $51.68. It is an estimate from reported earnings, not a price target.
- Is APEI overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, APEI currently appears fairly valued relative to its SEC-grounded earnings power.
- What is AMERICAN PUBLIC EDUCATION INC's quality score?
- APEI scores 68.33333333333333/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001201792, latest 10-Q filed 2026-05-11) · EODHD · analysis by claude-code · as of 6/25/2026, 2:31:47 PM.
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