What is American Public Education, Inc.'s earnings per share (EPS)?

American Public Education, Inc. (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 Education, Inc. (APEI) Financials

APEI

Trailing 12 months to June 30, 2026

Revenue $668.0M +3.6% YoY

Net Income $45.7M +68.2% YoY

EPS (Diluted) $2.43 +129.2% YoY

Free Cash Flow $70.1M +39.5% YoY

Market Cap $800.3M as of Oct 3, 2026

Price / Sales 1.2x on $668.0M revenue, trailing 12 months to June 30, 2026

Price / Earnings 17.5x on $45.7M net income, trailing 12 months to June 30, 2026

Price / Book 2.5x on $314.1M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the APEI SEC filings page.

American Public Education, Inc. (APEI) reported $668.0M in revenue over the twelve months to Jun 30, 2026, up 3.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI APEI FY2025 2026-10-04

APEI has moved from a two-year earnings disruption to a more cash-generative business, with modest growth now producing improving profitability.

Cash conversion strengthened alongside the earnings recovery: operating cash flow was nearly twice net income in FY2025, while free cash flow margin reached 7.1%. That combination indicates the profit rebound was supported by cash remaining after reinvestment, rather than being only an accounting improvement.

Operating leverage is returning. Revenue growth was modest in FY2025, yet operating margin expanded from 5.3% to 7.4%; costs therefore grew more slowly than sales, allowing more revenue to reach operating profit. The progression from losses in FY2022 and FY2023 to profits in the following two years points to a disruption that was reversed rather than a permanently impaired model.

The balance sheet became less burdened without a major shift toward debt financing. Total liabilities fell from $266M in FY2024 to $227M in FY2025, even as total assets contracted. The current ratio reached 3.5x while debt-to-equity remained near 0.3x, indicating greater reported short-term coverage alongside broadly stable leverage.

Financial Health Signals

Financial Health Score 57/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of American Public Education, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

American Public Education, Inc. 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 34/100, indicating healthy but not exceptional operating efficiency. This is up from 5.3% the prior year.

Growth

American Public Education, Inc.'s revenue grew a modest 3.9% year-over-year to $648.9M. This slow but positive growth earns a score of 45/100.

Leverage

American Public Education, Inc. 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 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.46, American Public Education, Inc. holds $3.46 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.

Cash Flow

American Public Education, Inc. has a free cash flow margin of 7.1%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

American Public Education, Inc.'s ROE of 10.7% shows moderate profitability relative to equity, earning a score of 36/100. This is up from 5.3% the prior year.

Altman Z-Score Safe

4.05

American Public Education, Inc. scores 4.05, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($800.3M) relative to total liabilities ($226.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

7/9

American Public Education, Inc. 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 Education, Inc. 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.

Interest Coverage Safe

11.33x

American Public Education, Inc. earns $11.33 in operating income for every $1 of interest expense ($47.9M vs $4.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$171.7M

YoY+5.5%

QoQ-1.7%

5Y CAGR+17.1%

10Y CAGR+8.4%

American Public Education, Inc. generated $171.7M in revenue in Q2 2026. This represents an increase of 5.5% from the same quarter a year earlier. Against the prior quarter it is down 1.7%.

EBITDA

$17.5M

YoY+57.3%

QoQ-32.2%

American Public Education, Inc.'s EBITDA was $17.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 57.3% from the same quarter a year earlier. Against the prior quarter it is down 32.2%.

Net Income

$9.8M

YoY+117.4%

QoQ-44.9%

5Y CAGR+79.1%

10Y CAGR+4.0%

American Public Education, Inc. reported $9.8M in net income in Q2 2026. This represents an increase of 117.4% from the same quarter a year earlier. Against the prior quarter it is down 44.9%.

EPS (Diluted)

$0.52

YoY+2700.0%

QoQ-44.7%

5Y CAGR+76.9%

10Y CAGR+2.4%

American Public Education, Inc. earned $0.52 per diluted share (EPS) in Q2 2026. This represents an increase of 2700.0% from the same quarter a year earlier. Against the prior quarter it is down 44.7%.

Cash & Balance Sheet

Free Cash Flow

$7.4M

YoY-33.4%

QoQ-87.8%

10Y CAGR+4.1%

American Public Education, Inc. generated $7.4M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 33.4% from the same quarter a year earlier. Against the prior quarter it is down 87.8%.

Cash & Debt

$146.5M

YoY-16.2%

QoQ-33.7%

5Y CAGR-14.3%

10Y CAGR+1.7%

American Public Education, Inc. held $146.5M in cash against $81.6M in long-term debt as of Q2 2026.

Shares Outstanding

18M

YoY+1.3%

QoQ-0.2%

5Y CAGR-0.4%

10Y CAGR+1.3%

American Public Education, Inc. had 18M shares outstanding in Q2 2026. This represents an increase of 1.3% from the same quarter a year earlier. Against the prior quarter it is down 0.2%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

55.4%

YoY+3.5pp

QoQ-1.9pp

American Public Education, Inc.'s gross margin was 55.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.9 percentage points.

Operating Margin

7.9%

YoY+3.6pp

QoQ-4.5pp

American Public Education, Inc.'s operating margin was 7.9% in Q2 2026, reflecting core business profitability. This is up 3.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.5 percentage points.

Net Margin

5.7%

YoY+2.9pp

QoQ-4.5pp

5Y change+5.0pp

10Y change-2.9pp

American Public Education, Inc.'s net profit margin was 5.7% in Q2 2026, showing the share of revenue converted to profit. This is up 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.5 percentage points.

Return on Equity

3.1%

YoY+1.5pp

QoQ-2.7pp

5Y change+3.0pp

10Y change+0.5pp

American Public Education, Inc.'s ROE was 3.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.7 percentage points.

Capital Allocation

Share Buybacks

$4.1M

YoY+13710.0%

QoQ-52.4%

5Y CAGR+154.2%

American Public Education, Inc. spent $4.1M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 13710.0% from the same quarter a year earlier. Against the prior quarter it is down 52.4%.

Capital Expenditures

$4.7M

YoY+28.2%

QoQ+87.5%

5Y CAGR+25.9%

10Y CAGR+2.3%

American Public Education, Inc. invested $4.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 28.2% from the same quarter a year earlier. Against the prior quarter it is up 87.5%.

R&D Spending

Not reported for Q2 2026.

APEI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

APEI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$668.0M	$648.9M+3.9%	$624.6M+4.0%	$600.5M-1.0%	$606.3M+44.8%	$418.8M+30.1%	$321.8M+12.4%	$286.3M-3.8%	$297.7M-0.5%	$299.2M-4.4%	$313.1M-4.5%	$327.9M-6.3%	$350.0M+6.2%	$329.5M+5.1%	$313.5M+20.4%	$260.4M
Cost of Revenue	N/A	$297.0M+0.4%	$295.7M+1.0%	$292.9M+1.5%	$288.5M+67.1%	$172.6M+41.3%	$122.2M+9.2%	$111.9M-2.9%	$115.3M-0.8%	$116.2M-0.7%	$117.0M	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	$351.8M+7.0%	$328.9M+6.9%	$307.7M-3.2%	$317.9M+29.1%	$246.2M+23.3%	$199.6M+14.5%	$174.4M-4.4%	$182.4M-0.4%	$183.1M-6.6%	$196.1M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$144.6M+1.8%	$142.0M+10.7%	$128.2M+6.6%	$120.4M+16.4%	$103.4M+17.4%	$88.0M+12.8%	$78.1M+4.9%	$74.5M+7.9%	$69.0M+0.5%	$68.7M-6.0%	$73.0M-2.5%	$75.0M+7.0%	$70.1M+10.1%	$63.6M+31.6%	$48.4M
Operating Income	N/A	$47.9M+45.0%	$33.1M+168.5%	-$48.3M+64.8%	-$137.3M-552.2%	$30.4M+22.7%	$24.8M+94.1%	$12.8M-60.8%	$32.5M-6.7%	$34.9M-8.9%	$38.3M-26.8%	$52.3M-20.6%	$65.8M-2.4%	$67.4M-2.0%	$68.8M+9.5%	$62.9M
EBITDA	N/A	$64.1M+22.4%	$52.4M+355.6%	-$20.5M+80.5%	-$105.2M-318.3%	$48.2M+27.7%	$37.7M+33.1%	$28.4M-43.3%	$50.0M-6.7%	$53.6M-7.0%	$57.7M-20.8%	$72.8M-11.2%	$82.0M+1.2%	$80.9M+1.2%	$79.9M+10.9%	$72.1M
Interest Expense	N/A	$4.2M+98.9%	$2.1M-52.3%	$4.5M+14.3%	$3.9M-8.8%	$4.3M	N/A	N/A	N/A	$185K+59.5%	$116K+0.9%	$115K-68.1%	$361K+17.2%	$308K+128.1%	$135K+23.9%	$109K
Income Tax	N/A	$12.1M+16.6%	$10.4M+197.2%	-$10.7M+70.5%	-$36.3M-583.0%	$7.5M+7.0%	$7.0M+35.3%	$5.2M-44.1%	$9.3M-19.2%	$11.5M-23.1%	$14.9M-25.6%	$20.1M-20.2%	$25.1M-1.9%	$25.6M-3.3%	$26.5M+19.4%	$22.2M
Net Income	$45.7M	$31.6M+95.8%	$16.1M+134.1%	-$47.3M+58.9%	-$115.0M-747.8%	$17.8M-5.7%	$18.8M+88.0%	$10.0M-60.9%	$25.6M+21.4%	$21.1M-12.6%	$24.2M-25.5%	$32.4M-20.7%	$40.9M-2.8%	$42.0M-0.7%	$42.3M+3.8%	$40.8M
EPS (Basic)	N/A	$1.40+145.6%	$0.57+119.4%	-$2.94+51.8%	-$6.10-722.4%	$0.98-22.8%	$1.27+104.8%	$0.62-60.3%	$1.56+20.0%	$1.30-13.3%	$1.50-22.7%	$1.94-17.8%	$2.36-0.8%	$2.380.0%	$2.38+4.4%	$2.28
EPS (Diluted)	$2.43	$1.36+147.3%	$0.55	-$2.93+51.8%	-$6.08-726.8%	$0.97-22.4%	$1.25+101.6%	$0.62-59.7%	$1.54+19.4%	$1.29-13.4%	$1.49-22.8%	$1.93-17.2%	$2.33-0.9%	$2.350.0%	$2.35+5.4%	$2.23
Diluted Shares (Avg)	N/A	19M+2.8%	18M	18M-3.8%	19M+3.6%	18M+21.3%	15M-7.4%	16M-2.3%	17M+1.6%	16M+1.0%	16M-3.5%	17M-4.2%	18M-2.1%	18M+99234.8%	18,041-99.9%	18M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$171.7M+5.5%	$174.7M+6.2%	$158.3M-3.5%	$163.2M+6.6%	$162.8M+6.5%	$164.6M+6.6%	$164.1M+7.4%	$153.1M+1.5%
Cost of Revenue	$76.6M-2.3%	$74.6M-0.4%	N/A	$74.7M-0.9%	$78.4M+2.9%	$74.9M+3.5%	N/A	$75.4M+3.0%
Gross Profit	$95.1M+12.7%	$100.1M+11.7%	N/A	$88.5M+13.9%	$84.3M+10.0%	$89.6M+9.3%	N/A	$77.7M+0.1%
SG&A Expenses	$37.5M-1.7%	$36.3M-0.3%	N/A	$34.7M-1.0%	$38.1M+10.8%	$36.4M+0.4%	N/A	$35.0M+13.4%
Operating Income	$13.5M+92.5%	$21.6M+76.7%	N/A	$9.7M+134.9%	$7.0M+216.4%	$12.2M+136.3%	N/A	$4.1M-35.5%
EBITDA	$17.5M+57.3%	$25.8M+58.9%	N/A	$13.6M+48.1%	$11.1M+49.1%	$16.2M+57.5%	N/A	$9.2M-31.4%
Interest Expense	$1.4M-41.7%	$2.0M-16.7%	N/A	$2.5M+31.6%	$2.4M+26.3%	$2.4M+26.3%	N/A	$1.9M-13.6%
Income Tax	$4.4M+208.7%	$1.5M-38.6%	N/A	$3.1M+148.2%	$1.4M+8981.3%	$2.5M+103.3%	N/A	$1.2M-66.7%
Net Income	$9.8M+117.4%	$17.7M+99.4%	$12.6M+9.6%	$5.6M+145.8%	$4.5M+1111.9%	$8.9M+1623.4%	$11.5M+0.3%	$2.3M+168.0%
EPS (Basic)	$0.53+2750.0%	$0.97+131.0%	$0.70+7.7%	$0.31+675.0%	-$0.02+71.4%	$0.42+800.0%	$0.650.0%	$0.04+114.8%
EPS (Diluted)	$0.52+2700.0%	$0.94+129.3%	$0.67+6.3%	$0.30	-$0.02+66.7%	$0.41+783.3%	$0.63-1.6%	$0.04
Diluted Shares (Avg)	19M+1.1%	19M+2.1%	N/A	19M	19M+2.6%	18M+3.4%	N/A	18M

Not reported in any period shown, so not listed: R&D Expenses.

APEI Balance Sheet

APEI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$521.4M-8.5%	$570.1M+2.3%	$557.4M-9.4%	$615.1M-15.2%	$725.6M+95.6%	$371.0M+4.5%	$354.9M-4.3%	$371.0M+9.4%	$339.0M+7.4%	$315.6M+5.4%	$299.4M+0.5%	$297.9M+9.7%	$271.7M+14.3%	$237.6M+19.5%	$198.9M
Current Assets	$259.8M-0.3%	$260.6M+19.9%	$217.4M+16.8%	$186.1M-8.2%	$202.6M-19.5%	$251.8M+13.0%	$222.9M-4.2%	$232.6M+21.7%	$191.1M+20.5%	$158.6M+25.3%	$126.6M-7.0%	$136.2M+16.8%	$116.6M-17.4%	$141.1M+1.7%	$138.7M
Cash & Equivalents	$174.1M+32.0%	$131.9M+13.1%	$116.7M+13.8%	$102.5M-31.5%	$149.6M-34.3%	$227.7M+12.3%	$202.7M-4.4%	$212.1M+18.4%	$179.2M+22.4%	$146.4M+38.4%	$105.7M-8.6%	$115.6M+22.0%	$94.8M-17.5%	$114.9M-3.4%	$119.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$65.7M+5.1%	$62.5M+22.5%	$51.0M+20.4%	$42.4M+17.6%	$36.0M+104.1%	$17.7M+55.9%	$11.3M-19.4%	$14.1M+97.0%	$7.1M+2.7%	$6.9M-12.2%	$7.9M+29.2%	$6.1M-35.6%	$9.5M-8.7%	$10.4M+9.8%	$9.5M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$59.6M0.0%	$59.6M0.0%	$59.6M-47.1%	$112.6M-53.8%	$243.5M+816.6%	$26.6M0.0%	$26.6M-21.6%	$33.9M0.0%	$33.9M0.0%	$33.9M-12.3%	$38.6M0.0%	$38.6M+1.3%	$38.1M	N/A	N/A
Total Liabilities	$226.6M-14.9%	$266.2M+0.3%	$265.4M0.0%	$265.3M-14.4%	$310.0M+383.7%	$64.1M+10.2%	$58.2M+17.0%	$49.7M+0.1%	$49.6M-2.6%	$51.0M-18.2%	$62.3M-2.2%	$63.7M-1.4%	$64.6M-2.8%	$66.5M+2.1%	$65.1M
Current Liabilities	$75.0M-5.2%	$79.2M+7.0%	$74.0M+4.6%	$70.8M-15.4%	$83.7M+52.0%	$55.1M+21.6%	$45.3M+2.1%	$44.3M+2.3%	$43.4M+2.8%	$42.2M-9.0%	$46.3M-4.0%	$48.3M-11.1%	$54.3M-1.5%	$55.1M-2.9%	$56.7M
Non-Current Liabilities	$151.6M-19.0%	$187.1M-2.3%	$191.4M-1.6%	$194.6M-14.0%	$226.3M+2404.9%	$9.0M-29.9%	$12.9M+140.2%	$5.4M-14.6%	$6.3M-28.4%	$8.8M-45.0%	$15.9M+3.3%	$15.4M+49.5%	$10.3M-9.2%	$11.4M+36.0%	$8.4M
Long-Term Debt	$94.7M+1.3%	$93.4M-1.3%	$94.7M+1.6%	$93.2M-38.6%	$151.8M	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$294.8M-3.0%	$303.9M+4.1%	$292.0M-16.5%	$349.7M-15.9%	$415.6M+35.4%	$306.9M+3.4%	$296.7M-7.6%	$321.3M+11.0%	$289.4M+9.3%	$264.7M+11.6%	$237.2M+1.3%	$234.2M+13.1%	$207.1M+21.0%	$171.2M+27.9%	$133.8M
Retained Earnings	-$16.5M+60.5%	-$41.8M+14.9%	-$49.1M-453.4%	$13.9M-89.2%	$128.9M+16.0%	$111.2M+4.9%	$106.0M-20.9%	$133.9M+23.4%	$108.6M+24.2%	$87.4M+38.2%	$63.3M-1.7%	$64.4M+53.4%	$42.0M+210.4%	$13.5M+201.0%	-$13.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$537.7M+0.1%	$537.9M-7.0%	$521.4M-8.5%	$525.3M-7.8%	$537.4M-4.2%	$578.7M+3.5%	$570.1M+2.3%	$569.6M+2.6%
Current Assets	$282.5M+20.2%	$282.1M+3.5%	$259.8M-0.3%	$259.1M+9.6%	$235.0M+5.1%	$272.5M+21.8%	$260.6M+19.9%	$236.5M+16.4%
Cash & Equivalents	$146.5M-16.2%	$221.0M+36.8%	$174.1M+32.0%	$191.3M+41.3%	$174.9M+34.8%	$161.6M+28.9%	$131.9M+13.1%	$135.4M+5.9%
Short-Term Investments	$76.3M	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$35.5M-5.5%	$38.7M-7.6%	$65.7M+5.1%	$43.9M+3.0%	$37.6M-3.2%	$41.9M-6.1%	$62.5M+22.5%	$42.6M+46.8%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%	$59.6M0.0%
Total Liabilities	$223.7M-15.6%	$231.7M-13.7%	$226.6M-14.9%	$246.0M-11.9%	$265.1M-2.5%	$268.6M-0.7%	$266.2M+0.3%	$279.2M+1.9%
Current Liabilities	$87.0M+4.9%	$94.5M+13.3%	$75.0M-5.2%	$91.4M+2.2%	$82.9M+5.1%	$83.4M+4.8%	$79.2M+7.0%	$89.4M+8.7%
Non-Current Liabilities	$136.7M-25.0%	$137.2M-25.9%	$151.6M-19.0%	$154.6M-18.5%	$182.2M-5.6%	$185.2M-3.0%	$187.1M-2.3%	$189.8M-1.0%
Long-Term Debt	$81.6M-13.2%	$83.2M-11.2%	$94.7M+1.3%	$94.4M+1.4%	$94.1M+1.4%	$93.7M-1.4%	$93.4M-1.3%	$93.1M-1.3%
Total Equity	$314.1M+15.4%	$306.2M-1.2%	$294.8M-3.0%	$279.3M-3.8%	$272.2M-5.7%	$310.0M+7.5%	$303.9M+4.1%	$290.4M+3.2%
Retained Earnings	$6.0M+117.3%	$231K+100.7%	-$16.5M+60.5%	-$29.1M+45.4%	-$34.7M+35.8%	-$34.3M+35.1%	-$41.8M+14.9%	-$53.3M+9.4%

Not reported in any period shown, so not listed: Inventory.

APEI Cash Flow Statement

APEI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$85.6M	$62.0M+26.8%	$48.9M+7.4%	$45.5M+55.8%	$29.2M+79.6%	$16.3M-63.7%	$44.8M+16.8%	$38.4M-13.1%	$44.2M-7.8%	$47.9M-14.4%	$56.0M-1.8%	$57.0M-6.6%	$61.0M+2.7%	$59.4M+12.3%	$52.9M-24.9%	$70.4M
Depreciation & Amortization	N/A	$16.1M-16.3%	$19.3M-30.6%	$27.8M-13.4%	$32.1M+80.2%	$17.8M+37.3%	$13.0M-16.7%	$15.6M-10.9%	$17.5M-6.8%	$18.8M-3.1%	$19.4M-5.5%	$20.5M+27.3%	$16.1M+19.3%	$13.5M+21.2%	$11.1M+20.6%	$9.2M
Stock-Based Compensation	N/A	$8.4M+8.9%	$7.7M-0.9%	$7.7M-3.4%	$8.0M+4.6%	$7.7M+8.2%	$7.1M+18.7%	$6.0M-17.0%	$7.2M+15.0%	$6.2M+19.9%	$5.2M-11.9%	$5.9M+10.1%	$5.4M+33.4%	$4.0M+5.4%	$3.8M+19.7%	$3.2M
Capital Expenditures	$15.5M	$15.9M-24.8%	$21.1M+51.7%	$13.9M-15.2%	$16.4M+38.6%	$11.8M+140.1%	$4.9M-32.1%	$7.3M-23.1%	$9.4M-36.2%	$14.8M-9.8%	$16.4M-36.9%	$26.0M+5.7%	$24.6M+19.1%	$20.6M-41.0%	$35.0M+40.5%	$24.9M
Free Cash Flow	$70.1M	$46.1M+65.9%	$27.8M-12.1%	$31.6M+146.5%	$12.8M+189.1%	$4.4M-88.9%	$39.9M+28.2%	$31.1M-10.5%	$34.7M+4.8%	$33.1M-16.3%	$39.6M+27.7%	$31.0M-14.9%	$36.4M-6.0%	$38.8M+116.4%	$17.9M-60.6%	$45.5M
Investing Cash Flow	-$93.7M	$4.8M+122.8%	-$21.1M-53.1%	-$13.8M-0.7%	-$13.7M+95.9%	-$336.7M-7994.9%	-$4.2M+42.7%	-$7.3M+23.1%	-$9.4M+30.6%	-$13.6M-0.3%	-$13.5M+56.5%	-$31.1M	N/A	-$69.2M-44.0%	-$48.1M-90.6%	-$25.2M
Financing Cash Flow	-$21.9M	-$49.2M-273.0%	-$13.2M+21.8%	-$16.9M+52.8%	-$35.7M-114.7%	$242.3M+1643.1%	-$15.7M+61.2%	-$40.5M-2121.9%	-$1.8M-22.4%	-$1.5M+19.5%	-$1.8M+94.8%	-$35.8M	N/A	-$10.2M-14.6%	-$8.9M-18.3%	-$7.6M
Share Buybacks	$13.4M	$4.3M+0.6%	$4.2M-60.5%	$10.7M+598.2%	$1.5M-49.3%	$3.0M-80.7%	$15.7M-61.2%	$40.5M+2121.9%	$1.8M+14.9%	$1.6M+87.1%	$848K-97.6%	$35.3M+79.1%	$19.7M+36.7%	$14.4M-9.1%	$15.9M+62.8%	$9.7M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$12.1M-18.0%	$63.3M+71.1%	-$11.6M-822.4%	$21.7M+54.2%	$14.8M+18.9%	$37.0M+78.4%	$1.6M+150.9%	$14.1M-30.2%
Depreciation & Amortization	$4.0M-3.3%	$4.2M+4.1%	$4.1M+6.7%	$3.9M-22.3%	$4.1M-21.9%	$4.0M-22.2%	$3.9M-24.0%	$5.1M-27.7%
Stock-Based Compensation	$2.2M-0.3%	$2.3M+2.8%	N/A	$1.6M-7.2%	$2.2M+22.8%	$2.3M+18.0%	N/A	$1.8M+1.6%
Capital Expenditures	$4.7M+28.2%	$2.5M-35.2%	$4.1M+21.3%	$4.2M-33.5%	$3.7M-28.9%	$3.9M-37.2%	$3.4M-23.6%	$6.3M+113.8%
Free Cash Flow	$7.4M-33.4%	$60.8M+83.6%	-$15.6M-790.0%	$17.5M+125.6%	$11.1M+53.1%	$33.1M+127.8%	-$1.8M+76.7%	$7.8M-54.9%
Investing Cash Flow	-$80.7M-530.1%	-$2.5M+25.7%	-$5.7M-68.5%	-$4.9M+22.4%	$18.8M+460.8%	-$3.4M+45.3%	-$3.4M+23.6%	-$6.3M-123.1%
Financing Cash Flow	-$5.9M+86.7%	-$16.3M-223.3%	$559K+136.0%	-$248K+85.5%	-$44.5M-943.7%	-$5.0M+11.2%	-$1.6M+52.6%	-$1.7M-8.0%
Share Buybacks	$4.1M+13710.0%	$8.7M+135.9%	$333K+2461.5%	$206K+123.9%	$30K+20.0%	$3.7M-10.1%	$13K-99.2%	$92K+240.7%

Not reported in any period shown, so not listed: Dividends Paid.

APEI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

APEI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	54.2%+1.6pp	52.6%+1.4pp	51.2%-1.2pp	52.4%-6.4pp	58.8%-3.3pp	62.0%+1.1pp	60.9%-0.4pp	61.3%+0.1pp	61.2%-1.4pp	62.6%	N/A	N/A	N/A	N/A	N/A
Operating Margin	7.4%+2.1pp	5.3%+13.3pp	-8.0%+14.6pp	-22.7%-29.9pp	7.2%-0.4pp	7.7%+3.2pp	4.5%-6.5pp	10.9%-0.7pp	11.7%-0.6pp	12.2%-3.7pp	15.9%-2.9pp	18.8%-1.7pp	20.5%-1.5pp	21.9%-2.2pp	24.1%
Net Margin	4.9%+2.3pp	2.6%+10.5pp	-7.9%+11.1pp	-19.0%-23.2pp	4.2%-1.6pp	5.9%+2.4pp	3.5%-5.1pp	8.6%+1.6pp	7.1%-0.7pp	7.7%-2.2pp	9.9%-1.8pp	11.7%-1.1pp	12.8%-0.7pp	13.5%-2.1pp	15.7%
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%+2.8pp	3.4%-4.6pp	8.0%+0.7pp	7.3%-1.8pp	9.1%-4.5pp	13.7%-3.8pp	17.4%-2.9pp	20.3%-4.4pp	24.7%-5.7pp	30.4%
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%+2.3pp	2.8%-4.1pp	6.9%+0.7pp	6.2%-1.4pp	7.6%-3.2pp	10.8%-2.9pp	13.7%-1.8pp	15.5%-2.3pp	17.8%-2.7pp	20.5%
Current Ratio	3.46+0.2x	3.29+0.4x	2.94+0.3x	2.63+0.2x	2.42-2.2x	4.57-0.3x	4.92-0.3x	5.25+0.8x	4.41+0.6x	3.76+1.0x	2.73-0.1x	2.82+0.7x	2.15-0.4x	2.56+0.1x	2.45
Debt-to-Equity	0.320.0x	0.310.0x	0.32+0.1x	0.27-0.1x	0.37+0.4x	0.00-0.2x	0.200.0x	0.150.0x	0.170.0x	0.19-0.1x	0.260.0x	0.270.0x	0.31-0.1x	0.39-0.1x	0.49
Asset Turnover	1.24+0.1x	1.100.0x	1.08+0.1x	0.99+0.4x	0.58-0.3x	0.87+0.1x	0.810.0x	0.80-0.1x	0.88-0.1x	0.99-0.1x	1.10-0.1x	1.170.0x	1.21-0.1x	1.320.0x	1.31
FCF Margin	7.1%+2.6pp	4.5%-0.8pp	5.3%+3.1pp	2.1%+1.1pp	1.1%-11.3pp	12.4%+1.5pp	10.9%-0.8pp	11.7%+0.6pp	11.1%-1.6pp	12.7%+3.2pp	9.5%-0.9pp	10.4%-1.4pp	11.8%+6.1pp	5.7%-11.8pp	17.5%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Gross Margin	55.4%+3.5pp	57.3%+2.8pp	N/A	54.2%+3.5pp	51.8%+1.7pp	54.5%+1.4pp	N/A	50.8%-0.7pp
Operating Margin	7.9%+3.6pp	12.4%+5.0pp	N/A	5.9%+3.2pp	4.3%+2.9pp	7.4%+4.1pp	N/A	2.7%-1.5pp
Net Margin	5.7%+2.9pp	10.2%+4.8pp	8.0%+1.0pp	3.4%+1.9pp	2.8%+2.5pp	5.4%+5.1pp	7.0%-0.5pp	1.5%+3.7pp
Return on Equity	3.1%+1.5pp	5.8%+2.9pp	4.3%+0.5pp	2.0%+1.2pp	1.7%+1.5pp	2.9%+2.7pp	3.8%-0.1pp	0.8%+2.0pp
Return on Assets	1.8%+1.0pp	3.3%+1.8pp	2.4%+0.4pp	1.1%+0.7pp	0.8%+0.8pp	1.5%+1.5pp	2.0%0.0pp	0.4%+1.0pp
Current Ratio	3.25+0.4x	2.98-0.3x	3.46+0.2x	2.84+0.2x	2.830.0x	3.27+0.5x	3.29+0.4x	2.65+0.2x
Debt-to-Equity	0.26-0.1x	0.270.0x	0.320.0x	0.340.0x	0.350.0x	0.300.0x	0.310.0x	0.320.0x
Asset Turnover	0.320.0x	0.320.0x	0.300.0x	0.310.0x	0.300.0x	0.280.0x	0.290.0x	0.270.0x
FCF Margin	4.3%-2.5pp	34.8%+14.7pp	-9.9%-8.8pp	10.7%+5.7pp	6.8%+2.1pp	20.1%+10.7pp	-1.1%+3.9pp	5.1%-6.3pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
American Public Education, Inc. APEI	FY2025	$648.9M	$31.6M	4.9%	$800.3M	57/100
Lincoln Educational Services LINC	FY2025	$518.2M	$20.0M	3.9%	$695.0M	51/100
QuantaSing Group Limited American QSG	FY2025	$380.5M	$50.1M	13.2%	$326.9M	52/100
Gaotu Techedu Inc. GOTU	FY2025	$879.0M	-$46.2M	-5.3%	$599.4M	47/100
KinderCare Learning Companies, Inc. KLC	FY2025	$2.7B	-$112.9M	-4.1%	$220.4M	30/100
Udemy, Inc. UDMY	FY2025	$789.8M	$3.8M	0.5%	$677.3M	37/100

Where American Public Education, Inc. Ranks

Frequently Asked Questions

What is American Public Education, Inc.'s annual revenue?

American Public Education, Inc. (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 Education, Inc.'s revenue growing?

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

Is American Public Education, Inc. profitable?

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

What is American Public Education, Inc.'s EBITDA?

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

How much debt does American Public Education, Inc. have?

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

What is American Public Education, Inc.'s gross margin?

American Public Education, Inc. (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 Education, Inc.'s operating margin?

American Public Education, Inc. (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 Education, Inc.'s net profit margin?

American Public Education, Inc. (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 Education, Inc.'s return on equity (ROE)?

American Public Education, Inc. (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 Education, Inc.'s free cash flow?

American Public Education, Inc. (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 Education, Inc.'s operating cash flow?

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

What are American Public Education, Inc.'s total assets?

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

What are American Public Education, Inc.'s capital expenditures?

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

Does American Public Education, Inc. buy back shares?

Yes, American Public Education, Inc. (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 Education, Inc. have outstanding?

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

What is American Public Education, Inc.'s current ratio?

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

What is American Public Education, Inc.'s debt-to-equity ratio?

American Public Education, Inc. (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 Education, Inc.'s return on assets (ROA)?

American Public Education, Inc. (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 Education, Inc.'s P/E ratio?

American Public Education, Inc. (APEI) trades at 17.5x earnings, its market capitalization divided by net income of $45.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $800.3M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is American Public Education, Inc.'s price-to-sales ratio?

American Public Education, Inc. (APEI) trades at 1.2x sales, its market capitalization divided by revenue of $668.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $800.3M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is American Public Education, Inc.'s Altman Z-Score?

American Public Education, Inc. (APEI) has an Altman Z-Score of 4.05, 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 Education, Inc.'s Piotroski F-Score?

American Public Education, Inc. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are American Public Education, Inc.'s earnings high quality?

American Public Education, Inc. (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.

Can American Public Education, Inc. cover its interest payments?

American Public Education, Inc. (APEI) has an interest coverage ratio of 11.33x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is American Public Education, Inc.?

American Public Education, Inc. (APEI) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.