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American Public Education, Inc.

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
$726.84M
P/E (TTM)
22.8
21.2
Dividend Yield
--
52W High
$40.96
52W Low
$18.77
52W Range
97%
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+650.61%
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)

KinderCare Learning Companies, Inc.KLC
$2.69B
+2.2%
Strategic Education, Inc.STRA
$1.26B
+3.7%
Universal Technical Institute, Inc.UTI
$835.62M
+14.0%

Gross Margin (Latest Quarter)

Vasta Platform LimitedVSTA
67.9%
+4.8pp
Lincoln Educational Services CorporationLINC
59.5%
+1.5pp
American Public Education, Inc.APEI
54.2%
+6.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
STRA$1.97B16.66.9%5.6%
UTI$1.50B23.720.9%31.4%
LINC$824.75M57.27.8%41.9%

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

Research & Insights

Next earnings:Mar 5, 2026
|
EPS:$0.39
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 10, 2025|
    Revenue: $163.22M+6.6%
    |
    EPS: $0.31+650.6%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 6, 2025|
    Revenue: $162.77M+6.5%
    |
    EPS: $-0.02-72.6%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 12, 2025|
    Revenue: $164.55M+6.6%
    |
    EPS: $0.42+1323.7%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 6, 2025|
    Revenue: $624.56M+4.0%
    |
    EPS: $0.57+119.4%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $153.12M+1.5%
    |
    EPS: $0.04-121.7%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $152.90M+3.9%
    |
    EPS: $-0.07-97.7%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $154.43M+3.2%
    |
    EPS: $0.03-107.8%
    Beat

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 5, 2024|
    Revenue: $600.55M-1.0%
    |
    EPS: $-2.94+51.8%
    Miss