American Public Education (APEI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

American Public Education

NasdaqGS•Consumer Defensive•Education & Training Services

$44.94+0.08(<0.01%)Market closed

Market Cap

$813.80M

P/E

17.8x

P/S

1.2x

P/B

2.6x

American Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education services in the United States. It operates through three segments: American Public University System, Rasmussen University, and Hondros College of Nursing. The company offers 181 degree programs, 110 certificate programs, and four diploma programs in various fields of study, including public service-focused fields, such as nursing, national security, military studies, intelligence, and homeland security, as well as traditional academic fields comprising business, health science, information technology, justice studies, education, and liberal arts; and career learning and leadership training in-person and online to the federal workforce. It also provides nursing-and health sciences-focused postsecondary education; and pre-licensure nursing education services focusing on a diploma in practical nursing and associate degree in nursing, as well as a bachelor of science in nursing. The company was incorporated in 1991 and is headquartered in Charles Town, West Virginia.

How this company scores

GoodMetricSide Score: 77/100

Strongest: Cash & Earnings Quality (23/25); weakest: Profitability (16/25).

Profitability16/25

Growth17/25

Balance Sheet & Red Flags21/25

Cash & Earnings Quality23/25

Strengths

Rising free cash flowRising earningsLow leverageCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 17.8x5y range 16.1x – 31.4x

Currently near its 12-quarter median.

P/S · 1.2x5y range 0.1x – 1.6x

Currently above its 20-quarter median.

P/B · 2.6x5y range 0.3x – 3.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Share Dilution

Watch

Shares outstanding rose 3.9% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $813.80M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $668.01M
Q. Revenue: $171.73M
TTM EBITDA: $80.01M
TTM Op. Income: $63.83M
Q. Op. Income: $13.53M
TTM Net Income: $45.67M
Q. Net Income: $9.77M
EPS: $0.53
Shares Out.: $18.36M

$668.01M in TTM revenue grew 3.6% YoY, reaching $171.73M last quarter. TTM EBITDA of $80.01M and TTM operating income of $63.83M show growth is flowing through to the bottom line. TTM net income of $45.67M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 55.4%
EBITDA Margin: 10.2%
Op. Margin: 7.9%
Net Margin: 5.7%

Op. margin of 7.9% is up 3.6% YoY — cost efficiency is improving. Net margin at 5.7% and gross margin of 55.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 82% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 17.8x
P/S Ratio: 1.2x
P/B Ratio: 2.6x

At 17.8x P/E, the stock trades within typical market levels. P/S of 1.2x and P/B of 2.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 7% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $537.75M
Cash: $146.55M
Long-Term Debt: $81.64M
Book Value: $314.06M
D/E Ratio: 0.3
Debt/EBITDA: 4.7

With $537.75M in assets and $81.64M in long-term debt, D/E is 0.3and book value is $314.06M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 4 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $12.14M
TTM Free Cash Flow: $70.07M
FCF Margin: 10.5%
FCF / Net Income: 1.5

TTM FCF of $70.07M on $12.14M in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 40% — a weakening trend.