American Public Financials
American Public (APEI) reported $648.9M in revenue for fiscal year 2025, up 3.9% from the prior fiscal year. 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).
American Public Education’s recovery is being driven by margin rebuilding that now turns into cash faster than earnings.
The unusual part of this turnaround is that cash led earnings: FY2023 still showed a net loss of-$47.3M , yet free cash flow was already positive at$31.6M . By FY2025, profitability had caught up to cash generation, which points to earnings quality improving before GAAP earnings recovered rather than a business being sustained by outside financing.
From FY2024 to FY2025, gross margin expanded from
The balance sheet now looks internally funded, with cash of
Financial Health Signals
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'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.
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 37/100, indicating healthy but not exceptional operating efficiency. This is up from 5.3% the prior year.
American Public's revenue grew a modest 3.9% year-over-year to $648.9M. This slow but positive growth earns a score of 46/100.
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 96/100, indicating a strong balance sheet with room for future borrowing.
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 82/100.
American Public has a free cash flow margin of 7.1%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.
American Public's ROE of 10.7% shows moderate profitability relative to equity, earning a score of 39/100. This is up from 5.3% the prior year.
American Public scores 4.10, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($819.0M) 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.
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.
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
Earnings & Revenue
American Public generated $648.9M in revenue in fiscal year 2025. This represents an increase of 3.9% from the prior year.
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.
American Public reported $31.6M in net income in fiscal year 2025. This represents an increase of 95.8% from the prior year.
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
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.
American Public held $174.1M in cash against $94.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
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
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.
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.
Not reported for fiscal year 2025.
APEI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Interest Expense | N/A | N/A | N/A | N/A | $3.9M | N/A | 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 (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 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
APEI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
Not reported in any period shown, so not listed: Inventory.
APEI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
APEI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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% |
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Where American Public Ranks
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.
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 4.10, 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 to 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 59 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.