What is ASPEN GROUP INC's earnings per share (EPS)?

ASPEN GROUP INC (ASPU) reported diluted earnings per share of -$0.38 for fiscal year 2022. This represents a 13.6% 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.

ASPEN GROUP INC (ASPU) Financials

ASPU

Trailing 12 months to January 31, 2023

Revenue $70.9M -7.1% YoY

Net Income -$9.7M +0.9% YoY

EPS (Diluted) -$0.39 -2.6% YoY

Free Cash Flow -$10.6M -4.1% YoY

Market Cap $8.3M as of Oct 16, 2026

Price / Sales 0.1x on $70.9M revenue, trailing 12 months to January 31, 2023

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to January 31, 2023

Price / Book 0.2x on $35.9M equity, Q3 FY2023

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 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2023, ended Jan 31, 2023 Reported May 16, 2023 Currency USD FYE April

Newest figures come from the 10-Q for Q3 FY2023, filed May 16, 2023. Each column of the statement tables below links to the filing it was taken from.

ASPEN GROUP INC (ASPU) reported $70.9M in revenue over the twelve months to Jan 31, 2023, down 7.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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 ASPU FY2022 2026-10-03

Revenue has scaled, but persistent operating losses and renewed cash use mean growth still depends on external financing.

Operating margin improved only modestly from -12.2% in FY2021 to -11.7% in FY2022, while operating cash flow swung from positive to -$11.3M. Free cash flow reached -$15.4M against $4.2M of capital expenditures, showing that accounting improvement did not translate into cash and that the funding need extended beyond investment spending.

In FY2022, gross profit was $41.4M while SG&A was $45.5M, so the cost structure still exceeded the gross profit pool before interest and taxes. Additional revenue is not yet covering overhead, which explains why scale has not produced operating profitability.

Liabilities rose from $31.7M in FY2021 to $48.5M in FY2022, making the balance sheet more reliant on obligations as losses continued. The 0.3x debt-to-equity ratio alongside a $14.9M financing inflow indicates that external funding was an important part of supporting operations and investment.

Financial Health Signals

Financial health score not available

ASPEN GROUP INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

-0.13

ASPEN GROUP INC scores -0.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($8.3M) relative to total liabilities ($48.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

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

Piotroski F-Score Weak

3/9

ASPEN GROUP INC passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

ASPEN GROUP INC reported a net loss of $9.6M while operations used $11.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

ASPEN GROUP INC reported an operating loss of $9.0M against $719K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$15.6M

YoY-17.8%

QoQ-8.8%

5Y CAGR+22.3%

10Y CAGR+34.0%

ASPEN GROUP INC generated $15.6M in revenue in Q3 2023. This represents a decrease of 17.8% from the same quarter a year earlier. Against the prior quarter it is down 8.8%.

EBITDA

$105K

YoY+104.3%

QoQ+117.4%

ASPEN GROUP INC's EBITDA was $105K in Q3 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 104.3% from the same quarter a year earlier. Against the prior quarter it is up 117.4%.

Net Income

-$1.6M

YoY+58.4%

QoQ+32.2%

ASPEN GROUP INC reported -$1.6M in net income in Q3 2023. This represents an increase of 58.4% from the same quarter a year earlier. Against the prior quarter it is up 32.2%.

EPS (Diluted)

-$0.06

YoY+60.0%

QoQ+33.3%

ASPEN GROUP INC earned -$0.06 per diluted share (EPS) in Q3 2023. This represents an increase of 60.0% from the same quarter a year earlier. Against the prior quarter it is up 33.3%.

Cash & Balance Sheet

Free Cash Flow

-$2.2M

YoY+57.8%

QoQ-447.2%

ASPEN GROUP INC recorded an outflow of $2.2M in free cash flow in Q3 2023, representing a cash shortfall after capex. This represents an increase of 57.8% from the same quarter a year earlier. Against the prior quarter it is down 447.2%.

Cash & Debt

$1.6M

YoY-73.1%

QoQ-30.5%

5Y CAGR-16.7%

10Y CAGR+10.8%

ASPEN GROUP INC held $1.6M in cash against $10.0M in long-term debt as of Q3 2023.

Shares Outstanding

25M

YoY+1.1%

QoQ+0.6%

5Y CAGR+11.1%

10Y CAGR-7.5%

ASPEN GROUP INC had 25M shares outstanding in Q3 2023. This represents an increase of 1.1% from the same quarter a year earlier. Against the prior quarter it is up 0.6%.

Dividends Per Share

Not reported for Q3 2023.

Margins & Returns

Gross Margin

65.4%

YoY+14.3pp

QoQ+2.5pp

5Y change+12.1pp

10Y change+32.4pp

ASPEN GROUP INC's gross margin was 65.4% in Q3 2023, indicating the percentage of revenue retained after direct costs. This is up 14.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.5 percentage points.

Operating Margin

-5.2%

YoY+12.4pp

QoQ+3.8pp

5Y change+29.6pp

ASPEN GROUP INC's operating margin was -5.2% in Q3 2023, reflecting core business profitability. This is up 12.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.8 percentage points.

Net Margin

-10.0%

YoY+9.7pp

QoQ+3.5pp

5Y change+27.7pp

ASPEN GROUP INC's net profit margin was -10.0% in Q3 2023, showing the share of revenue converted to profit. This is up 9.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.5 percentage points.

Return on Equity

-4.3%

YoY+4.2pp

QoQ+1.9pp

5Y change+8.9pp

ASPEN GROUP INC's ROE was -4.3% in Q3 2023, measuring profit generated per dollar of shareholder equity. This is up 4.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.9 percentage points.

Capital Allocation

Capital Expenditures

$340K

YoY-61.1%

QoQ-7.0%

5Y CAGR-11.6%

10Y CAGR-3.3%

ASPEN GROUP INC invested $340K in capex in Q3 2023, funding long-term assets and infrastructure. This represents a decrease of 61.1% from the same quarter a year earlier. Against the prior quarter it is down 7.0%.

R&D Spending

Not reported for Q3 2023.

Share Buybacks

Not reported for Q3 2023.

ASPU 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.

ASPU quarterly income statement

Metric	TTM	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1210-K	FY1110-K	FY1010-K
Revenue	$70.9M	$76.7M+13.1%	$67.8M+38.2%	$49.1M+44.2%	$34.0M+54.5%	$22.0M+54.6%	$14.2M+68.5%	$8.5M+61.8%	$5.2M+31.2%	$4.0M	$2.7M+14.4%	$2.3M-22.5%	$3.0M
Cost of Revenue	$30.5M	$35.3M+19.7%	$29.5M+53.9%	$19.1M+19.8%	$16.0M+62.1%	$9.9M+94.7%	$5.1M+41.1%	$3.6M+64.8%	$2.2M+17.0%	$1.9M	$2.1M+98.7%	$1.0M	N/A
Gross Profit	$40.4M	$41.4M+8.0%	$38.4M+28.2%	$29.9M+65.8%	$18.0M+48.3%	$12.2M+32.5%	$9.2M+88.7%	$4.9M+59.6%	$3.0M+43.7%	$2.1M	$616K-52.8%	$1.3M	N/A
SG&A Expenses	N/A	$45.5M+8.7%	$41.9M+38.2%	$30.3M+25.7%	$24.1M+47.8%	$16.3M+79.7%	$9.1M+41.9%	$6.4M+8.1%	$5.9M-6.0%	$6.3M	$5.5M+33216.2%	$17K+620.1%	$2K
Operating Income	-$7.2M	-$9.0M-8.8%	-$8.2M-104.1%	-$4.0M+55.7%	-$9.1M-73.4%	-$5.3M-571.7%	-$782K+63.4%	-$2.1M+37.3%	-$3.4M+28.8%	-$4.8M	-$5.8M-126.9%	-$2.6M-1278.9%	-$185K
EBITDA	N/A	-$5.6M+3.7%	-$5.8M-217.1%	-$1.8M+73.6%	-$6.9M-66.8%	-$4.2M-1746.4%	-$225K+85.3%	-$1.5M+46.5%	-$2.9M+33.2%	-$4.3M	-$5.4M-135.7%	-$2.3M-1589.8%	$154K
Interest Expense	N/A	$719K-65.0%	$2.1M+12.8%	$1.8M+308.9%	$445K-77.9%	$2.0M+495.6%	$338K+178.2%	$121K-71.2%	$422K-36.1%	$660K	$365K+1210.2%	$28K+251.4%	-$18K
Income Tax	N/A	$427K+1209.3%	$33K-37.0%	$52K	$0	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Net Income	-$9.7M	-$9.6M+8.3%	-$10.4M-84.6%	-$5.7M+39.0%	-$9.3M-31.4%	-$7.1M-538.9%	-$1.1M+50.8%	-$2.2M+47.4%	-$4.3M+20.2%	-$5.4M	-$6.0M-181.5%	-$2.1M-359.2%	-$465K
EPS (Basic)	N/A	-$0.38+13.6%	-$0.44-51.7%	-$0.29	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	-$0.39	-$0.38+13.6%	-$0.44-51.7%	-$0.29	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	25M+5.3%	24M+20.5%	20M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'2310-Q	Q2'2310-Q	Q1'2310-Q	Q4'2210-K	Q3'2210-Q	Q2'2210-Q	Q1'2210-Q	Q4'2110-K
Revenue	$15.6M-17.8%	$17.1M-9.9%	$18.9M-2.8%	$19.4M+1.7%	$18.9M+14.0%	$18.9M+11.6%	$19.4M+28.1%	$19.1M+35.3%
Cost of Revenue	$5.4M-41.8%	$6.3M-27.8%	$10.2M+18.8%	$8.6M-1.4%	$9.3M+22.7%	$8.8M+20.0%	$8.6M+47.0%	$8.7M+60.6%
Gross Profit	$10.2M+5.3%	$10.7M+5.7%	$8.7M-19.8%	$10.8M+4.3%	$9.7M+6.7%	$10.2M+5.2%	$10.8M+16.3%	$10.3M+19.4%
SG&A Expenses	$9.6M-18.2%	$10.9M-6.5%	$10.5M-3.8%	N/A	$11.8M+10.6%	$11.6M+3.2%	$10.9M+24.5%	N/A
Operating Income	-$814K+75.6%	-$1.5M+42.0%	-$3.1M-151.5%	-$1.7M+24.3%	-$3.3M-19.8%	-$2.7M+5.0%	-$1.2M-238.1%	-$2.3M-575.6%
EBITDA	$105K+104.3%	-$606K+67.1%	-$2.2M-377.9%	-$848K+40.3%	-$2.5M-9.0%	-$1.8M+19.0%	-$459K-469.4%	-$1.4M-1026.3%
Interest Expense	$717K+296.7%	$710K+409.2%	$581K+1633.2%	N/A	$181K+438.8%	$140K-90.9%	$34K-92.6%	N/A
Income Tax	$37K-83.9%	$47K+688.2%	$30K-79.9%	N/A	$232K+2114.2%	$6K-83.8%	$151K+8047.9%	N/A
Net Income	-$1.6M+58.4%	-$2.3M+19.6%	-$3.7M-326.6%	-$2.1M+8.2%	-$3.7M-32.6%	-$2.9M+34.7%	-$871K+7.7%	-$2.3M-249.1%
EPS (Basic)	-$0.06+60.0%	-$0.09+18.2%	-$0.15-400.0%	-$0.090.0%	-$0.15-36.4%	-$0.11+42.1%	-$0.03+25.0%	-$0.09-200.0%
EPS (Diluted)	-$0.06+60.0%	-$0.09+18.2%	-$0.15-400.0%	-$0.090.0%	-$0.15-36.4%	-$0.11+42.1%	-$0.03+25.0%	-$0.09
Diluted Shares (Avg)	25M+1.4%	25M+1.3%	25M+0.5%	N/A	25M+2.0%	25M+9.5%	25M+13.5%	N/A

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

ASPU Balance Sheet

ASPU quarterly balance sheet

Metric	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1210-K	FY1110-K	FY1010-K
Total Assets	$91.1M+12.7%	$80.8M+22.0%	$66.2M+53.3%	$43.2M+3.9%	$41.6M+289.6%	$10.7M+136.8%	$4.5M-23.8%	$5.9M+65.1%	$3.6M	$3.5M-12.9%	$4.0M+50.4%	$2.7M
Current Assets	$39.4M+24.9%	$31.5M-5.5%	$33.4M+58.6%	$21.0M-4.3%	$22.0M+164.5%	$8.3M+180.9%	$3.0M-33.7%	$4.5M+145.6%	$1.8M	$1.7M-34.2%	$2.6M+23.1%	$2.1M
Cash & Equivalents	$6.5M-48.0%	$12.5M-13.1%	$14.4M+72.6%	$8.3M-43.8%	$14.8M+437.1%	$2.8M+251.6%	$784K-63.7%	$2.2M+772.9%	$247K	$577K-24.7%	$767K+160.0%	$295K
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$24.4M+45.6%	$16.7M+16.7%	$14.3M+34.4%	$10.7M+56.7%	$6.8M+53.4%	$4.4M+116.1%	$2.1M+93.9%	$1.1M+62.8%	$650K	$240K+11.4%	$215K-79.8%	$1.1M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.0M0.0%	$5.0M0.0%	$5.0M0.0%	$5.0M0.0%	$5.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$48.5M+53.0%	$31.7M+29.5%	$24.5M+46.3%	$16.7M+113.2%	$7.9M+177.2%	$2.8M+5.2%	$2.7M-18.9%	$3.3M-38.2%	$5.4M	$2.7M-55.4%	$6.0M+204.0%	$2.0M
Current Liabilities	$16.8M+9.2%	$15.4M+48.9%	$10.4M+63.1%	$6.4M-6.3%	$6.8M+146.8%	$2.7M+101.5%	$1.4M-7.7%	$1.5M-58.0%	$3.5M	$1.6M-22.7%	$2.1M+40.3%	$1.5M
Non-Current Liabilities	$31.7M+94.4%	$16.3M+15.3%	$14.1M+36.0%	$10.4M+864.7%	$1.1M+1139.2%	$87K-93.5%	$1.3M-27.8%	$1.8M-0.4%	$1.9M	$1.1M-72.9%	$3.9M+712.3%	$484K
Long-Term Debt	$14.9M	$0	N/A	N/A	$2.0M+4000.0%	$50K-96.2%	$1.3M-18.8%	$1.6M0.0%	$1.6M	N/A	N/A	N/A
Total Equity	$42.5M-13.3%	$49.1M+17.6%	$41.7M+57.8%	$26.5M-21.6%	$33.7M+330.3%	$7.8M+332.4%	$1.8M-30.2%	$2.6M+245.6%	-$1.8M	$802K+139.5%	-$2.0M-397.7%	$681K
Retained Earnings	-$67.7M-16.5%	-$58.2M-21.9%	-$47.7M-13.5%	-$42.0M-28.3%	-$32.8M-27.5%	-$25.7M-4.5%	-$24.6M-10.0%	-$22.4M-23.6%	-$18.1M	-$11.3M-112.8%	-$5.3M-66.9%	-$3.2M

Metric	Q3'2310-Q	Q2'2310-Q	Q1'2310-Q	Q4'2210-K	Q3'2210-Q	Q2'2210-Q	Q1'2210-Q	Q4'2110-K
Total Assets	$87.8M+7.3%	$91.1M+2.2%	$88.2M+12.5%	$91.1M+12.7%	$81.8M+10.5%	$89.1M+17.3%	$78.4M+11.5%	$80.8M+22.0%
Current Assets	$31.0M+9.1%	$33.5M-5.2%	$36.2M+27.6%	$39.4M+24.9%	$28.4M-10.6%	$35.3M-4.3%	$28.4M-18.2%	$31.5M-5.5%
Cash & Equivalents	$1.6M-73.1%	$2.3M-79.0%	$2.4M-63.8%	$6.5M-48.0%	$6.0M-40.2%	$11.0M-10.2%	$6.6M-58.8%	$12.5M-13.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$22.5M+14.7%	$22.4M+5.1%	$24.7M+43.7%	$24.4M+45.6%	$19.6M+24.0%	$21.3M+18.4%	$17.2M+17.2%	$16.7M+16.7%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.0M0.0%	$5.0M0.0%	$5.0M0.0%	$5.0M0.0%	$5.0M0.0%	$5.0M0.0%	$5.0M0.0%	$5.0M0.0%
Total Liabilities	$51.9M+37.1%	$54.0M+27.8%	$49.3M+66.5%	$48.5M+53.0%	$37.9M+59.9%	$42.3M+76.9%	$29.6M+11.0%	$31.7M+29.5%
Current Liabilities	$24.1M+17.2%	$20.7M+5.8%	$18.1M+31.7%	$16.8M+9.2%	$20.5M+49.9%	$19.5M+16.3%	$13.7M+20.6%	$15.4M+48.9%
Non-Current Liabilities	$27.8M+60.7%	$33.4M+46.8%	$31.2M+96.6%	$31.7M+94.4%	$17.3M+73.7%	$22.7M+220.4%	$15.9M+3.9%	$16.3M+15.3%
Long-Term Debt	$10.0M	$14.9M+198.1%	$14.9M	$14.9M	N/A	$5.0M	N/A	$0
Total Equity	$35.9M-18.3%	$37.1M-20.8%	$38.9M-20.3%	$42.5M-13.3%	$44.0M-12.7%	$46.9M-10.1%	$48.8M+11.7%	$49.1M+17.6%
Retained Earnings	-$75.3M-14.8%	-$73.8M-19.2%	-$71.5M-21.1%	-$67.7M-16.5%	-$65.6M-17.5%	-$61.9M-16.7%	-$59.0M-21.3%	-$58.2M-21.9%

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

ASPU Cash Flow Statement

ASPU quarterly cash flow statement

Metric	TTM	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1210-K	FY1110-K	FY1010-K
Operating Cash Flow	-$8.0M	-$11.3M-1244.3%	$986K+117.1%	-$5.7M+43.7%	-$10.2M-82.1%	-$5.6M-277.0%	-$1.5M+39.1%	-$2.4M+10.8%	-$2.7M+25.2%	-$3.7M	-$4.5M-169.3%	-$1.7M-1689.1%	$106K
Depreciation & Amortization	N/A	$3.4M+38.9%	$2.4M+10.1%	$2.2M+1.5%	$2.2M+98.7%	$1.1M+96.2%	$557K-6.9%	$598K+13.2%	$528K+11.3%	$475K	$398K+50.7%	$264K-22.1%	$339K
Stock-Based Compensation	N/A	$2.5M-36.0%	$4.0M+87.0%	$2.1M+77.8%	$1.2M+85.3%	$643K+89.9%	$338K+9.7%	$308K-32.5%	$457K-24.9%	$608K	$348K	N/A	N/A
Capital Expenditures	$2.6M	$4.2M-53.0%	$8.8M+170.1%	$3.3M+29.4%	$2.5M+37.8%	$1.8M+128.3%	$805K+72.3%	$467K+23.0%	$379K-1.7%	$386K	$480K-54.8%	$1.1M	N/A
Free Cash Flow	-$10.6M	-$15.4M-96.3%	-$7.9M+12.9%	-$9.0M+29.2%	-$12.7M-71.2%	-$7.4M-224.8%	-$2.3M+21.2%	-$2.9M+6.7%	-$3.1M+23.0%	-$4.1M	-$5.0M-82.6%	-$2.7M	N/A
Investing Cash Flow	-$2.3M	-$4.3M+51.8%	-$9.0M-172.8%	-$3.3M-25.4%	-$2.6M+25.5%	-$3.5M-105.5%	-$1.7M	N/A	-$777K+21.9%	-$996K	-$620K+50.9%	-$1.3M-564.4%	-$190K
Financing Cash Flow	$9.4M	$14.9M+296.0%	$3.8M-77.9%	$17.0M+112.1%	$8.0M-62.2%	$21.2M+309.3%	$5.2M	N/A	$5.4M+31.9%	$4.1M	$4.9M+73.2%	$2.8M+1120.9%	$232K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$6K	N/A	N/A	$202K	N/A	N/A

Metric	Q3'2310-Q	Q2'2310-Q	Q1'2310-Q	Q4'2210-K	Q3'2210-Q	Q2'2210-Q	Q1'2210-Q	Q4'2110-K
Operating Cash Flow	-$1.8M+57.1%	$990K+196.9%	-$3.6M-48.7%	-$3.6M-156.8%	-$4.3M-33.4%	-$1.0M+29.1%	-$2.4M-282.0%	$6.3M+425.5%
Depreciation & Amortization	$919K+4.0%	$935K+14.4%	$921K+18.2%	$890K+1.8%	$884K+65.1%	$817K+55.3%	$779K+58.9%	$874K+77.2%
Stock-Based Compensation	$395K-43.7%	$458K-36.5%	$46K-91.5%	N/A	$701K-2.8%	$722K-60.6%	$543K+11.4%	N/A
Capital Expenditures	$340K-61.1%	$365K-64.8%	$477K-43.7%	$1.4M-76.5%	$874K+35.6%	$1.0M-34.2%	$847K+28.5%	$6.0M+343.4%
Free Cash Flow	-$2.2M+57.8%	$625K+130.4%	-$4.1M-24.8%	-$5.0M-1807.1%	-$5.1M-33.7%	-$2.1M+31.7%	-$3.3M-153.1%	$291K+108.9%
Investing Cash Flow	-$373K+57.9%	-$817K+56.4%	-$492K+49.7%	-$593K+90.2%	-$885K-33.2%	-$1.9M-18.2%	-$979K-47.8%	-$6.1M-349.7%
Financing Cash Flow	$0-100.0%	-$251K-105.0%	$0-100.0%	$9.7M+10573.6%	$135K-62.8%	$5.0M+432.5%	$23K-99.0%	$91K-57.0%

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

ASPU 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.

ASPU quarterly financial ratios

Metric	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1210-K	FY1110-K	FY1010-K
Gross Margin	54.0%-2.5pp	56.6%-4.4pp	61.0%+8.0pp	53.0%-2.2pp	55.3%-9.2pp	64.5%+6.9pp	57.6%-0.8pp	58.4%+5.1pp	53.3%	22.9%-32.7pp	55.6%	N/A
Operating Margin	-11.7%+0.5pp	-12.2%-3.9pp	-8.2%+18.5pp	-26.8%-2.9pp	-23.8%-18.4pp	-5.5%+19.8pp	-25.3%+39.9pp	-65.1%	-120.0%	-215.8%	-108.8%	-6.1%
Net Margin	-12.5%+2.9pp	-15.4%-3.9pp	-11.5%+15.7pp	-27.3%+4.8pp	-32.1%-24.3pp	-7.8%+18.8pp	-26.6%+55.1pp	-81.7%	-134.4%	-223.9%	-91.0%-75.7pp	-15.3%
Return on Equity	-22.5%-1.2pp	-21.3%-7.7pp	-13.6%+21.5pp	-35.1%-14.1pp	-20.9%-6.8pp	-14.1%+109.8pp	-123.9%+40.4pp	-164.3%	N/A	-749.7%	N/A	-68.3%
Return on Assets	-10.5%+2.4pp	-12.9%-4.4pp	-8.5%+12.9pp	-21.5%-4.5pp	-17.0%-6.6pp	-10.4%+39.5pp	-49.9%+22.3pp	-72.1%+77.2pp	-149.3%	-171.9%-118.7pp	-53.2%-35.8pp	-17.4%
Current Ratio	2.34+0.3x	2.05-1.2x	3.22-0.1x	3.31+0.1x	3.24+0.2x	3.03+0.9x	2.17-0.9x	3.02+2.5x	0.52	1.07-0.2x	1.25-0.2x	1.43
Debt-to-Equity	0.35+0.3x	0.00-0.6x	0.590.0x	0.63+0.6x	0.06+0.1x	0.01-0.7x	0.72+0.1x	0.62	N/A	3.36	N/A	2.92
Asset Turnover	0.840.0x	0.84+0.1x	0.740.0x	0.79+0.3x	0.53-0.8x	1.33-0.5x	1.88+1.0x	0.88-0.2x	1.11	0.77+0.2x	0.58-0.6x	1.14
FCF Margin	-20.1%-8.5pp	-11.6%+6.8pp	-18.4%+19.1pp	-37.5%-3.6pp	-33.8%-17.7pp	-16.1%+18.4pp	-34.4%+25.3pp	-59.7%	-101.7%	-186.3%	-116.8%	N/A

Metric	Q3'2310-Q	Q2'2310-Q	Q1'2310-Q	Q4'2210-K	Q3'2210-Q	Q2'2210-Q	Q1'2210-Q	Q4'2110-K
Gross Margin	65.4%+14.3pp	62.8%+9.2pp	46.0%-9.8pp	55.6%+1.4pp	51.0%-3.5pp	53.6%-3.2pp	55.8%-5.7pp	54.2%-7.2pp
Operating Margin	-5.2%+12.4pp	-9.0%+5.0pp	-16.5%-10.1pp	-9.0%+3.1pp	-17.6%-0.9pp	-14.0%+2.4pp	-6.4%-4.0pp	-12.0%-9.6pp
Net Margin	-10.0%+9.7pp	-13.4%+1.6pp	-19.7%-15.2pp	-11.0%+1.2pp	-19.7%-2.8pp	-15.1%+10.7pp	-4.5%+1.7pp	-12.2%-7.5pp
Return on Equity	-4.3%+4.2pp	-6.2%-0.1pp	-9.6%-7.8pp	-5.0%-0.3pp	-8.5%-2.9pp	-6.1%+2.3pp	-1.8%+0.4pp	-4.7%-3.1pp
Return on Assets	-1.8%+2.8pp	-2.5%+0.7pp	-4.2%-3.1pp	-2.3%+0.5pp	-4.6%-0.8pp	-3.2%+2.6pp	-1.1%+0.2pp	-2.9%-1.9pp
Current Ratio	1.29-0.1x	1.62-0.2x	2.00-0.1x	2.34+0.3x	1.38-0.9x	1.81-0.4x	2.07-1.0x	2.05-1.2x
Debt-to-Equity	0.28-0.6x	0.40+0.3x	0.38-0.2x	0.35+0.3x	0.86+0.4x	0.11-0.4x	0.610.0x	0.00-0.6x
Asset Turnover	0.18-0.1x	0.190.0x	0.210.0x	0.210.0x	0.230.0x	0.210.0x	0.250.0x	0.240.0x
FCF Margin	-13.9%+13.2pp	3.7%+14.5pp	-21.7%-4.8pp	-25.6%-27.1pp	-27.1%-4.0pp	-10.9%+6.9pp	-16.9%-8.3pp	1.5%+24.8pp

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
ASPEN GROUP INC ASPU	FY2022	$76.7M	-$9.6M	-12.5%	$8.3M	—
PCS EDVENTURES INC NEW PCSV	FY2026	$6.3M	$253K	4.0%	$13.8M	—
LEGACY EDUCATION ALLIANCE LEAI	FY2023	N/A	-$3.3M	N/A	$10K	—

Where ASPEN GROUP INC Ranks

Frequently Asked Questions

What is ASPEN GROUP INC's annual revenue?

ASPEN GROUP INC (ASPU) reported $76.7M in total revenue for fiscal year 2022. This represents a 13.1% 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 ASPEN GROUP INC's revenue growing?

ASPEN GROUP INC (ASPU) revenue grew by 13.1% year-over-year, from $67.8M to $76.7M in fiscal year 2022.

Is ASPEN GROUP INC profitable?

No, ASPEN GROUP INC (ASPU) reported a net income of -$9.6M in fiscal year 2022, with a net profit margin of -12.5%.

What is ASPEN GROUP INC's EBITDA?

ASPEN GROUP INC (ASPU) had EBITDA of -$5.6M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does ASPEN GROUP INC have?

As of fiscal year 2022, ASPEN GROUP INC (ASPU) had $6.5M in cash and equivalents against $14.9M in long-term debt.

What is ASPEN GROUP INC's gross margin?

ASPEN GROUP INC (ASPU) had a gross margin of 54.0% in fiscal year 2022, indicating the percentage of revenue retained after direct costs of goods sold.

What is ASPEN GROUP INC's operating margin?

ASPEN GROUP INC (ASPU) had an operating margin of -11.7% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.

What is ASPEN GROUP INC's net profit margin?

ASPEN GROUP INC (ASPU) had a net profit margin of -12.5% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.

What is ASPEN GROUP INC's return on equity (ROE)?

ASPEN GROUP INC (ASPU) has a return on equity of -22.5% for fiscal year 2022, measuring how efficiently the company generates profit from shareholder equity.

What is ASPEN GROUP INC's free cash flow?

ASPEN GROUP INC (ASPU) recorded an outflow of $15.4M in free cash flow during fiscal year 2022. This represents a -96.3% 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 ASPEN GROUP INC's operating cash flow?

ASPEN GROUP INC (ASPU) recorded an outflow of $11.3M in operating cash flow during fiscal year 2022, representing cash used by core business activities.

What are ASPEN GROUP INC's total assets?

ASPEN GROUP INC (ASPU) had $91.1M in total assets as of fiscal year 2022, including both current and long-term assets.

What are ASPEN GROUP INC's capital expenditures?

ASPEN GROUP INC (ASPU) invested $4.2M in capital expenditures during fiscal year 2022, funding long-term assets and infrastructure.

How many shares does ASPEN GROUP INC have outstanding?

ASPEN GROUP INC (ASPU) had 25M shares outstanding as of fiscal year 2022.

What is ASPEN GROUP INC's current ratio?

ASPEN GROUP INC (ASPU) had a current ratio of 2.34 as of fiscal year 2022, which is generally considered healthy.

What is ASPEN GROUP INC's debt-to-equity ratio?

ASPEN GROUP INC (ASPU) had a debt-to-equity ratio of 0.35 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ASPEN GROUP INC's return on assets (ROA)?

ASPEN GROUP INC (ASPU) had a return on assets of -10.5% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.

What is ASPEN GROUP INC's P/E ratio?

ASPEN GROUP INC (ASPU) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to January 31, 2023). The market capitalization is $8.3M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is ASPEN GROUP INC's price-to-sales ratio?

ASPEN GROUP INC (ASPU) trades at 0.1x sales, its market capitalization divided by revenue of $70.9M revenue, trailing 12 months to January 31, 2023. The market capitalization is $8.3M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does ASPEN GROUP INC's liquidity compare with its operating cash outflow?

At the end of fiscal year 2022, ASPEN GROUP INC (ASPU) held $6.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $11.3M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is ASPEN GROUP INC's Altman Z-Score?

ASPEN GROUP INC (ASPU) has an Altman Z-Score of -0.13, placing it in the Distress Zone (elevated 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 ASPEN GROUP INC's Piotroski F-Score?

ASPEN GROUP INC (ASPU) has a Piotroski F-Score of 3 out of 9, indicating weak 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 ASPEN GROUP INC's earnings high quality?

ASPEN GROUP INC (ASPU) reported a net loss of $9.6M while operations used $11.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 ASPEN GROUP INC cover its interest payments?

ASPEN GROUP INC (ASPU) reported an operating loss of $9.0M against $719K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.