American Public Education, Inc.

NASDAQ•APEI

CEO: Ms. Angela K. Selden

Sector: Consumer Defensive

Industry: Education & Training Services

Listing Date: 2007-11-09

American Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education and career learning in the United States. It operates through three segments: American Public University System, Rasmussen University, and Hondros College of Nursing. The company offers 184 degree programs and 134 certificate programs in various fields of study, including nursing, national security, military studies, intelligence, homeland security, business, health science, information technology, justice studies, education, and liberal arts; and career learning opportunities in leadership, finance, human resources, and other fields of study critical to the federal government workforce. It also provides nursing-and health sciences-focused postsecondary education, pre-licensure nursing programs, diploma in practical nursing, and an associate degree in nursing. The company was incorporated in 1991 and is headquartered in Charles Town, West Virginia.

Contact Information

111 West Congress Street, Charles Town, WV, 25414, United States

304-724-3700

www.apei.com

Market Cap

$1.11B

P/E (TTM)

34.6

28.6

Dividend Yield

52W High

$60.90

52W Low

$21.85

52W Range

99%

Rank46Top 59.5%

3.5

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 3.5 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$158.33M+0.00%

4-Quarter Trend

EPS

$0.70+0.00%

4-Quarter Trend

FCF

-$15.62M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Revenue Growth 2025 Total revenue reached $648.9M, marking a 3.9% increase from $624.6M reported in 2024.

Net Income Available Common Net income available to common stockholders was $25.3M, significantly up from $10.1M in the prior year.

Operating Margin Improvement Operating margin improved to 7.3% in 2025, up from 5.3% in 2024, driven by better cost control.

Cash Flow Generation Increased Cash provided by operating activities increased to $62.0M in 2025, up from $48.9M in 2024.

Risk Factors

APUS 90/10 Rule Exposure APUS 90/10 ratio stood at 89% for 2025; continued compliance is a focus area facing regulatory scrutiny.

Government Shutdown Impact Federal shutdown in late 2025 temporarily suspended DoD TA programs, causing adverse impact on APUS registrations.

Nursing Program Accreditation Risks HCN faces risks related to failing ABHES student achievement benchmarks, potentially leading to adverse regulatory actions.

Student Attraction Cost Pressure Intense competition increases student acquisition costs, potentially impairing ability to attract and retain qualified students.

Outlook

Combination Implementation Finalized Expect implementation of Combination step two in Q3 2026, aiming to realize expected revenue synergies and cost savings.

Grow National Nursing Platform Focus remains on growing national nursing platform through organic expansion and exploring potential nursing school acquisitions.

Optimize Cost Structure Through Synergy Leverage shared services model and Combination to drive improved enterprise-wide operating margins moving forward.

Technology Modernization Underway Multi-year technology transformation continues, including SIS migration to D2L and platform consolidation across all institutions.

Peer Comparison

Revenue (TTM)

KLC

$2.73B

+2.6%

SENEA

$1.61B

+4.6%

DNUT

$1.52B

-8.6%

Gross Margin (Latest Quarter)

NUS

70.7%

+0.4pp

VSTA

67.9%

+4.8pp

LINC

62.3%

+1.5pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
UTI	$2.10B	38.9	17.0%	55.1%
STRA	$1.89B	14.6	7.7%	5.4%
LINC	$1.34B	64.9	10.8%	41.3%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-1.3%

Flat Growth

4Q Net Income CAGR

12.3%

Profitability Improving

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:May 11, 2026

EPS:$0.61

Revenue:$173.73M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data