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

$838.60M

P/E (TTM)

26.3

30.2

Dividend Yield

52W High

$46.49

52W Low

$18.77

52W Range

100%

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

Q3 2025 Data

Revenue

$163.22M+6.59%

4-Quarter Trend

EPS

$0.31+675.00%

4-Quarter Trend

FCF

$17.51M+125.60%

4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Quarterly Revenue Growth Strong Consolidated revenue for nine months reached $490.5M, marking a 6.5% increase compared to prior period.

Net Income Substantially Improved Nine months net income was $18.9M, a $15.8M increase from $3.1M reported in the prior year.

APUS Segment Operating Strength APUS operating income grew 14.0% to $70.8M for nine months, driven by 6.2% registration increase.

Cash Position Strengthened Cash, cash equivalents, and restricted cash totaled $193.1M as of September 30, 2025, up 21.5%.

Risk Factors

Government Shutdown Impact DoD TA funding suspension caused October 2025 APUS net course registrations to decline approximately 35%.

Segment Operating Losses Continue RU segment reported $3.3M loss from operations (9M), while HCN segment loss reached $2.0M (9M).

Regulatory Changes Uncertainty OBBBA legislation may limit Federal Direct Loan availability, potentially impacting student participation and enrollment.

Key Executive Transition Costs Former CFO departure expected Q1 2026; $0.8M termination benefits anticipated in Q4 2025 results.

Outlook

Institutional Combination Timeline Planned Combination of APUS, RU, and HCN entities is now expected to complete by Q3 2026.

Financial Responsibility Status Operating under the ED "zone alternative" status due to FY2023 consolidated composite score of 1.3.

Debt Covenants Compliance Total Net Leverage Ratio was negative 0.46, ensuring compliance with all Credit Agreement financial covenants.

Future Investment Exploration Exploring opportunities to invest in education industry, including technology capabilities and potential acquisitions.

Peer Comparison

Revenue (TTM)

KLC

$2.69B

+2.2%

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	$2.06B	38.1	17.0%	55.1%
STRA	$2.02B	15.1	7.7%	5.4%
LINC	$1.17B	57.3	10.8%	41.3%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-0.2%

Flat Growth

4Q Net Income CAGR

-24.6%

Declining Profitability

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:Mar 5, 2026

EPS:$0.39

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data