What is American Public's earnings per share (EPS)?

American Public (APEI) reported diluted earnings per share of $1.36 for fiscal year 2025. This represents a 147.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

American Public Financials

APEI

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows American Public (APEI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 53/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

American Public has an operating margin of 7.4%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is up from 5.3% the prior year.

Growth

American Public's revenue grew a modest 3.9% year-over-year to $648.9M. This slow but positive growth earns a score of 40/100.

Leverage

American Public carries a low D/E ratio of 0.32, meaning only $0.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.46, American Public holds $3.46 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 67/100.

Cash Flow

American Public has a free cash flow margin of 7.1%, earning a moderate score of 43/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

American Public's ROE of 10.7% shows moderate profitability relative to equity, earning a score of 35/100. This is up from 5.3% the prior year.

Altman Z-Score Safe

4.73

American Public scores 4.73, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.1B) relative to total liabilities ($226.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

7/9

American Public passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.96x

For every $1 of reported earnings, American Public generates $1.96 in operating cash flow ($62.0M OCF vs $31.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$648.9M

YoY+3.9%

5Y CAGR+15.1%

10Y CAGR+7.1%

American Public generated $648.9M in revenue in fiscal year 2025. This represents an increase of 3.9% from the prior year.

EBITDA

$64.1M

YoY+22.4%

5Y CAGR+11.2%

10Y CAGR-1.3%

American Public's EBITDA was $64.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.4% from the prior year.

Net Income

$31.6M

YoY+95.8%

5Y CAGR+10.9%

10Y CAGR-0.3%

American Public reported $31.6M in net income in fiscal year 2025. This represents an increase of 95.8% from the prior year.

EPS (Diluted)

$1.36

YoY+147.3%

5Y CAGR+1.7%

10Y CAGR-3.4%

American Public earned $1.36 per diluted share (EPS) in fiscal year 2025. This represents an increase of 147.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$46.1M

YoY+65.9%

5Y CAGR+2.9%

10Y CAGR+4.0%

American Public generated $46.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 65.9% from the prior year.

Cash & Debt

$174.1M

YoY+32.0%

5Y CAGR-5.2%

10Y CAGR+5.1%

American Public held $174.1M in cash against $94.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

18M

YoY+2.3%

5Y CAGR+4.1%

10Y CAGR+1.3%

American Public had 18M shares outstanding in fiscal year 2025. This represents an increase of 2.3% from the prior year.

Margins & Returns

Gross Margin

54.2%

YoY+1.6pp

5Y CAGR-7.8pp

American Public's gross margin was 54.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.

Operating Margin

7.4%

YoY+2.1pp

5Y CAGR-0.3pp

10Y CAGR-8.5pp

American Public's operating margin was 7.4% in fiscal year 2025, reflecting core business profitability. This is up 2.1 percentage points from the prior year.

Net Margin

4.9%

YoY+2.3pp

5Y CAGR-1.0pp

10Y CAGR-5.0pp

American Public's net profit margin was 4.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.3 percentage points from the prior year.

Return on Equity

10.7%

YoY+5.4pp

5Y CAGR+4.6pp

10Y CAGR-3.0pp

American Public's ROE was 10.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$4.3M

YoY+0.6%

5Y CAGR-23.0%

10Y CAGR-19.1%

American Public spent $4.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.6% from the prior year.

Capital Expenditures

$15.9M

YoY-24.8%

5Y CAGR+26.4%

10Y CAGR-4.8%

American Public invested $15.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.8% from the prior year.

APEI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$648.9M+3.9%	$624.6M+4.0%	$600.5M-1.0%	$606.3M+44.8%	$418.8M+30.1%	$321.8M
Cost of Revenue	$297.0M+0.4%	$295.7M+1.0%	$292.9M+1.5%	$288.5M+67.1%	$172.6M+41.3%	$122.2M
Gross Profit	$351.8M+7.0%	$328.9M+6.9%	$307.7M-3.2%	$317.9M+29.1%	$246.2M+23.3%	$199.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$144.6M+1.8%	$142.0M+10.7%	$128.2M+6.6%	$120.4M+16.4%	$103.4M+17.4%	$88.0M
Operating Income	$47.9M+45.0%	$33.1M+168.5%	-$48.3M+64.8%	-$137.3M-552.2%	$30.4M+22.7%	$24.8M
Interest Expense	N/A	N/A	N/A	$3.9M	N/A	N/A
Income Tax	$12.1M+16.6%	$10.4M+197.2%	-$10.7M+70.5%	-$36.3M-583.0%	$7.5M+7.0%	$7.0M
Net Income	$31.6M+95.8%	$16.1M+134.1%	-$47.3M+58.9%	-$115.0M-747.8%	$17.8M-5.7%	$18.8M
EPS (Diluted)	$1.36+147.3%	$0.55+118.8%	$-2.93+51.8%	$-6.08-726.8%	$0.97-22.4%	$1.25

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$158.3M-3.0%	$163.2M+0.3%	$162.8M-1.1%	$164.6M+0.3%	$164.1M+7.2%	$153.1M+0.1%	$152.9M-1.0%	$154.4M
Cost of Revenue	N/A	$74.7M-4.7%	$78.4M+4.6%	$74.9M	N/A	$75.4M-1.1%	$76.2M+5.2%	$72.4M
Gross Profit	N/A	$88.5M+4.9%	$84.3M-5.9%	$89.6M	N/A	$77.7M+1.4%	$76.7M-6.5%	$82.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$34.7M-9.1%	$38.1M+4.8%	$36.4M	N/A	$35.0M+1.8%	$34.4M-5.1%	$36.3M
Operating Income	N/A	$9.7M+38.0%	$7.0M-42.6%	$12.2M	N/A	$4.1M+86.0%	$2.2M-57.2%	$5.2M
Interest Expense	N/A	$2.5M+4.2%	$2.4M0.0%	$2.4M	N/A	$1.9M0.0%	$1.9M0.0%	$1.9M
Income Tax	N/A	$3.1M+115.9%	$1.4M-42.4%	$2.5M	N/A	$1.2M+7825.0%	-$16K-101.3%	$1.2M
Net Income	$12.6M+126.8%	$5.6M+23.7%	$4.5M-49.4%	$8.9M-22.7%	$11.5M+408.6%	$2.3M+509.7%	$371K-28.1%	$516K
EPS (Diluted)	$0.67+123.3%	$0.30+1600.0%	$-0.02-104.9%	$0.41-34.9%	$0.63+1475.0%	$0.04+166.7%	$-0.060.0%	$-0.06

APEI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$521.4M-8.5%	$570.1M+2.3%	$557.4M-9.4%	$615.1M-15.2%	$725.6M+95.6%	$371.0M
Current Assets	$259.8M-0.3%	$260.6M+19.9%	$217.4M+16.8%	$186.1M-8.2%	$202.6M-19.5%	$251.8M
Cash & Equivalents	$174.1M+32.0%	$131.9M+13.1%	$116.7M+13.8%	$102.5M-31.5%	$149.6M-34.3%	$227.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$65.7M+5.1%	$62.5M+22.5%	$51.0M+20.4%	$42.4M+17.6%	$36.0M+104.1%	$17.7M
Goodwill	$59.6M0.0%	$59.6M0.0%	$59.6M-47.1%	$112.6M-53.8%	$243.5M+816.6%	$26.6M
Total Liabilities	$226.6M-14.9%	$266.2M+0.3%	$265.4M0.0%	$265.3M-14.4%	$310.0M+383.7%	$64.1M
Current Liabilities	$75.0M-5.2%	$79.2M+7.0%	$74.0M+4.6%	$70.8M-15.4%	$83.7M+52.0%	$55.1M
Long-Term Debt	$94.7M+1.3%	$93.4M-1.3%	$94.7M+1.6%	$93.2M-38.6%	$151.8M	$0
Total Equity	$294.8M-3.0%	$303.9M+4.1%	$292.0M-16.5%	$349.7M-15.9%	$415.6M+35.4%	$306.9M
Retained Earnings	-$16.5M+60.5%	-$41.8M+14.9%	-$49.1M-453.4%	$13.9M-89.2%	$128.9M+16.0%	$111.2M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$521.4M-0.7%	$525.3M-2.2%	$537.4M-7.1%	$578.7M+1.5%	$570.1M+0.1%	$569.6M+1.6%	$560.7M+0.3%	$559.0M
Current Assets	$259.8M+0.3%	$259.1M+10.3%	$235.0M-13.8%	$272.5M+4.6%	$260.6M+10.2%	$236.5M+5.8%	$223.5M-0.1%	$223.8M
Cash & Equivalents	$174.1M-9.0%	$191.3M+9.4%	$174.9M+8.3%	$161.6M+22.5%	$131.9M-2.6%	$135.4M+4.3%	$129.8M+3.6%	$125.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$65.7M+49.5%	$43.9M+16.9%	$37.6M-10.3%	$41.9M-33.0%	$62.5M+46.5%	$42.6M+9.8%	$38.8M-12.9%	$44.6M
Goodwill	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M
Total Liabilities	$226.6M-7.9%	$246.0M-7.2%	$265.1M-1.3%	$268.6M+0.9%	$266.2M-4.6%	$279.2M+2.6%	$272.0M+0.6%	$270.5M
Current Liabilities	$75.0M-17.9%	$91.4M+10.2%	$82.9M-0.6%	$83.4M+5.4%	$79.2M-11.5%	$89.4M+13.4%	$78.9M-0.9%	$79.6M
Long-Term Debt	$94.7M+0.3%	$94.4M+0.3%	$94.1M+0.3%	$93.7M+0.3%	$93.4M+0.4%	$93.1M+0.4%	$92.8M-2.4%	$95.0M
Total Equity	$294.8M+5.5%	$279.3M+2.6%	$272.2M-12.2%	$310.0M+2.0%	$303.9M+4.6%	$290.4M+0.6%	$288.7M+0.1%	$288.5M
Retained Earnings	-$16.5M+43.3%	-$29.1M+16.0%	-$34.7M-0.9%	-$34.3M+17.8%	-$41.8M+21.6%	-$53.3M+1.4%	-$54.0M-2.2%	-$52.9M

APEI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$62.0M+26.8%	$48.9M+7.4%	$45.5M+55.8%	$29.2M+79.6%	$16.3M-63.7%	$44.8M
Capital Expenditures	$15.9M-24.8%	$21.1M+51.7%	$13.9M-15.2%	$16.4M+38.6%	$11.8M+140.1%	$4.9M
Free Cash Flow	$46.1M+65.9%	$27.8M-12.1%	$31.6M+146.5%	$12.8M+189.1%	$4.4M-88.9%	$39.9M
Investing Cash Flow	$4.8M+122.8%	-$21.1M-53.1%	-$13.8M-0.7%	-$13.7M+95.9%	-$336.7M-7994.9%	-$4.2M
Financing Cash Flow	-$49.2M-273.0%	-$13.2M+21.8%	-$16.9M+52.8%	-$35.7M-114.7%	$242.3M+1643.1%	-$15.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$4.3M+0.6%	$4.2M-60.5%	$10.7M+598.2%	$1.5M-49.3%	$3.0M-80.7%	$15.7M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$11.6M-153.2%	$21.7M+46.6%	$14.8M-60.0%	$37.0M+2213.8%	$1.6M-88.6%	$14.1M+13.0%	$12.5M-40.0%	$20.7M
Capital Expenditures	$4.1M-3.1%	$4.2M+13.5%	$3.7M-5.2%	$3.9M+16.3%	$3.4M-46.9%	$6.3M+21.4%	$5.2M-16.4%	$6.2M
Free Cash Flow	-$15.6M-189.2%	$17.5M+57.6%	$11.1M-66.4%	$33.1M+1985.8%	-$1.8M-122.6%	$7.8M+7.0%	$7.3M-50.0%	$14.5M
Investing Cash Flow	-$5.7M-15.5%	-$4.9M-126.1%	$18.8M+651.2%	-$3.4M-1.4%	-$3.4M+46.9%	-$6.3M-21.4%	-$5.2M+16.4%	-$6.2M
Financing Cash Flow	$559K+325.4%	-$248K+99.4%	-$44.5M-783.5%	-$5.0M-224.2%	-$1.6M+8.9%	-$1.7M+60.0%	-$4.3M+24.8%	-$5.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$333K+61.7%	$206K+586.7%	$30K-99.2%	$3.7M+28307.7%	$13K-85.9%	$92K+268.0%	$25K-99.4%	$4.1M

APEI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	54.2%+1.6pp	52.6%+1.4pp	51.2%-1.2pp	52.4%-6.4pp	58.8%-3.3pp	62.0%
Operating Margin	7.4%+2.1pp	5.3%+13.3pp	-8.0%+14.6pp	-22.7%-29.9pp	7.2%-0.4pp	7.7%
Net Margin	4.9%+2.3pp	2.6%+10.5pp	-7.9%+11.1pp	-19.0%-23.2pp	4.2%-1.6pp	5.9%
Return on Equity	10.7%+5.4pp	5.3%+21.5pp	-16.2%+16.7pp	-32.9%-37.1pp	4.3%-1.9pp	6.1%
Return on Assets	6.0%+3.2pp	2.8%+11.3pp	-8.5%+10.2pp	-18.7%-21.1pp	2.5%-2.6pp	5.1%
Current Ratio	3.46+0.2	3.29+0.4	2.94+0.3	2.63+0.2	2.42-2.2	4.57
Debt-to-Equity	0.32+0.0	0.31-0.0	0.32+0.1	0.27-0.1	0.37+0.4	0.00
FCF Margin	7.1%+2.6pp	4.5%-0.8pp	5.3%+3.1pp	2.1%+1.1pp	1.1%-11.3pp	12.4%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	54.2%+2.4pp	51.8%-2.6pp	54.5%	N/A	50.8%+0.6pp	50.1%-3.0pp	53.1%
Operating Margin	N/A	5.9%+1.6pp	4.3%-3.1pp	7.4%	N/A	2.7%+1.3pp	1.5%-1.9pp	3.4%
Net Margin	8.0%+4.6pp	3.4%+0.6pp	2.8%-2.6pp	5.4%-1.6pp	7.0%+5.5pp	1.5%+1.2pp	0.2%-0.1pp	0.3%
Return on Equity	4.3%+2.3pp	2.0%+0.3pp	1.7%-1.2pp	2.9%-0.9pp	3.8%+3.0pp	0.8%+0.7pp	0.1%-0.1pp	0.2%
Return on Assets	2.4%+1.4pp	1.1%+0.2pp	0.8%-0.7pp	1.5%-0.5pp	2.0%+1.6pp	0.4%+0.3pp	0.1%-0.0pp	0.1%
Current Ratio	3.46+0.6	2.840.0	2.83-0.4	3.27-0.0	3.29+0.6	2.65-0.2	2.83+0.0	2.81
Debt-to-Equity	0.32-0.0	0.340.0	0.35+0.0	0.300.0	0.31-0.0	0.320.0	0.320.0	0.33
FCF Margin	-9.9%-20.6pp	10.7%+3.9pp	6.8%-13.3pp	20.1%+21.2pp	-1.1%-6.1pp	5.1%+0.3pp	4.8%-4.7pp	9.4%

Similar Companies

Lincoln Edl Svcs Corp LINC

$1.3B

QUANTASING GROUP LTD QSG

$326.9M

Gaotu Techedu Inc GOTU

$470.3M

KINDERCARE LEARNING COMPANIES KLC

$284.1M

Udemy, Inc. UDMY

$673.3M

Frequently Asked Questions

What is American Public's annual revenue?

American Public (APEI) reported $648.9M in total revenue for fiscal year 2025. This represents a 3.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is American Public's revenue growing?

American Public (APEI) revenue grew by 3.9% year-over-year, from $624.6M to $648.9M in fiscal year 2025.

Is American Public profitable?

Yes, American Public (APEI) reported a net income of $31.6M in fiscal year 2025, with a net profit margin of 4.9%.

What is American Public's EBITDA?

American Public (APEI) had EBITDA of $64.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does American Public have?

As of fiscal year 2025, American Public (APEI) had $174.1M in cash and equivalents against $94.7M in long-term debt.

What is American Public's gross margin?

American Public (APEI) had a gross margin of 54.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is American Public's operating margin?

American Public (APEI) had an operating margin of 7.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is American Public's net profit margin?

American Public (APEI) had a net profit margin of 4.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is American Public's return on equity (ROE)?

American Public (APEI) has a return on equity of 10.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is American Public's free cash flow?

American Public (APEI) generated $46.1M in free cash flow during fiscal year 2025. This represents a 65.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is American Public's operating cash flow?

American Public (APEI) generated $62.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are American Public's total assets?

American Public (APEI) had $521.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are American Public's capital expenditures?

American Public (APEI) invested $15.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does American Public buy back shares?

Yes, American Public (APEI) spent $4.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does American Public have outstanding?

American Public (APEI) had 18M shares outstanding as of fiscal year 2025.

What is American Public's current ratio?

American Public (APEI) had a current ratio of 3.46 as of fiscal year 2025, which is generally considered healthy.

What is American Public's debt-to-equity ratio?

American Public (APEI) had a debt-to-equity ratio of 0.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is American Public's return on assets (ROA)?

American Public (APEI) had a return on assets of 6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is American Public's Altman Z-Score?

American Public (APEI) has an Altman Z-Score of 4.73, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is American Public's Piotroski F-Score?

American Public (APEI) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are American Public's earnings high quality?

American Public (APEI) has an earnings quality ratio of 1.96x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is American Public?

American Public (APEI) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.