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American Public Education, Inc.

Rank #39ValueWatchlistCompare with other stocks

APEI · Nasdaq · Consumer Defensive

American Public Education, Inc. (APEI) — Rank #39 by gross profitability (GP/assets 0.65) · ROE 10.0% · Piotroski F-Score 7 / 9.

As-of 2026-10-30 · CIK 0001201792 · all metrics point-in-time as of the filing date.

About

American Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education services in the United States.

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It operates through three segments: American Public University System, Rasmussen University, and Hondros College of Nursing. The company offers 181 degree programs, 110 certificate programs, and four diploma programs in various fields of study, including public service-focused fields, such as nursing, national security, military studies, intelligence, and homeland security, as well as traditional academic fields comprising business, health science, information technology, justice studies, education, and liberal arts; and career learning and leadership training in-person and online to the federal workforce. It also provides nursing-and health sciences-focused postsecondary education; and pre-licensure nursing education services focusing on a diploma in practical nursing and associate degree in nursing, as well as a bachelor of science in nursing.

The company was incorporated in 1991 and is headquartered in Charles Town, West Virginia.

Industry
Education & Training Services
Sector
Consumer Defensive
State
DE
Filer Category
Accelerated filer
Fiscal Year End
December 31
Website
apei.com

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

2,360

Industry

Education & Training Services

Exchange

Nasdaq

11/12

Flags passed

APEI passes 11/12 quality flags

1 caution to review

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Operating leverage expanding · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.65
Return on equity
10.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.71
Current ratio
3.25×
Net cash
$163.09M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.3%

Growth

1/2 pass
Revenue growth
3.9%
Piotroski F-Score
7 / 9
Share dilution
2.8%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

No warning flags · GP/assets 0.65

Gross profitability (GP / assets)

0.65

Primary signal (Novy-Marx).

2nd of 5 SIC 8200 peers

Return on equity

10.0%

Gross margin

54.2%

3rd of 5 SIC 8200 peers

Revenue growth (YoY)

3.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

2.3%

Revenue CAGR (5Y)

15.1%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

53.2%

Cash Flow Health

Is the cash real?

No warning flags · FCF 46% above net income

Free cash flow

$46.10M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

46.1%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.3%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net cash $163.09M, F-Score 7/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.71

2nd of 5 SIC 8200 peers (best = lowest)

Current ratio

3.25×

1st of 5 SIC 8200 peers

Quick ratio

3.29×

Net cash

$163.09M

Cash & equivalents minus total debt.

Piotroski F-Score

7 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

3.3 / 5

Good
Share count trend
2.8%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
7.8%5/5 Strong

Lifecycle Phase History

20202025
Capital Return
Hypergrowth
Startup
Value

Price History

APEI+65.5% · +10.6% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports