American Public Education, Inc.
Rank #42HypergrowthAPEI · Nasdaq · Consumer Defensive
American Public Education, Inc. (APEI) — Rank #42 by gross profitability (GP/assets 0.65) · ROE 10.0% · Piotroski F-Score N/A.
As-of 2026-09-15 · 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
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$820.64M
P/E (annual)
33.0
P/S (annual)
1.3
P/B
2.6
P/OCF (annual)
13.2
Shareholder Yield
1.3%
Employees
2,360
Industry
Education & Training Services
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
Safety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
6.4%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -1.3% — per-share value needs a total required return of 5.1% once share-count change is priced in.
vs. own 6-year median revenue growth: 39.1%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
2.2%
r = 10% (base)
6.4%
r = 12%
10.1%
Net debt / market cap: -19.5%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.65
Primary signal (Novy-Marx).
2nd of 8 SIC 8200 peers
Return on equity
10.0%
Gross margin
54.2%
5th of 8 SIC 8200 peers
Revenue growth (YoY)
335.5%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2009 | 2010 | 2020 | 2021 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
—
Revenue CAGR (5Y)
15.1%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.71
3rd of 8 SIC 8200 peers (best = lowest)
Current ratio
3.25×
2nd of 8 SIC 8200 peers
Quick ratio
3.29×
Net cash
$163.09M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$46.10M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.46
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
1.3%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 7/9 components determinable.