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APEI

American Public Education, Inc.

APEI

American Public Education, Inc. • NASDAQ
$34.81 ▲ 0.10% (+0.04)
Market Cap $629.63 M
52w High $39.83
52w Low $18.77
Dividend Yield 0%
P/E 26.58
Volume 93.58K
Outstanding Shares 18.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $163.215M ▲ $78.82M ▲ $5.56M ▲ 3.407% ▲ $0.31 ▲ $13.643M ▲
Q2-2025 $162.766M ▼ $77.318M ▼ $4.496M ▼ 2.762% ▼ $-0.018 ▼ $11.148M ▼
Q1-2025 $164.551M ▲ $77.361M ▲ $8.893M ▼ 5.404% ▼ $0.42 ▼ $16.238M ▼
Q4-2024 $164.11M ▲ $70.914M ▼ $12.964M ▲ 7.9% ▲ $0.65 ▲ $25.398M ▲
Q3-2024 $153.122M $73.592M $2.262M 1.477% $0.04 $9.209M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $193.144M ▲ $525.296M ▼ $245.96M ▼ $279.336M ▲
Q2-2025 $174.946M ▲ $537.369M ▼ $265.129M ▼ $272.24M ▼
Q1-2025 $161.597M ▲ $578.661M ▲ $268.649M ▲ $310.012M ▲
Q4-2024 $131.926M ▼ $570.103M ▲ $266.224M ▼ $303.879M ▲
Q3-2024 $162.249M $569.588M $279.17M $290.418M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.56M ▲ $21.709M ▲ $-4.896M ▼ $-248K ▲ $16.565M ▲ $17.513M ▲
Q2-2025 $4.496M ▼ $14.809M ▼ $18.752M ▲ $-44.484M ▼ $-10.923M ▼ $11.111M ▼
Q1-2025 $8.893M ▼ $36.998M ▲ $-3.402M ▼ $-5.035M ▼ $28.561M ▲ $33.096M ▲
Q4-2024 $12.964M ▲ $1.599M ▼ $-3.354M ▲ $-1.553M ▲ $-3.308M ▼ $-1.755M ▼
Q3-2024 $2.262M $14.075M $-6.312M $-1.705M $6.058M $7.763M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Graduation Fees
Graduation Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Instructional Services Net Of Grants And Scholarships
Instructional Services Net Of Grants And Scholarships
 $290.00M ▲$150.00M ▼$150.00M ▲$150.00M ▲
Other Fees
Other Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Textbook And Other Course Materials
Textbook And Other Course Materials
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, suggesting the company is successfully expanding its reach, especially after prior acquisitions. Profitability, however, has been bumpy: earlier years of modest profit were followed by two difficult years with sizable losses, and only recently has the company returned to a small profit. This pattern points to a business that is still digesting past investments and restructuring, but with improving momentum in margins and earnings. The key story is top-line resilience paired with a gradual recovery from a period of heavy pressure on profits.

Balance Sheet

Balance Sheet The balance sheet shows a company that has become more leveraged over time, moving from a very lightly indebted profile to carrying a meaningful amount of debt since its expansion phase. Equity has declined from earlier peaks, which reduces the cushion against future shocks, though it remains positive and provides some stability. Cash levels are adequate but not abundant, having fallen from earlier highs and then improved somewhat more recently. Overall, the financial position looks solid enough for ongoing operations, but with less balance-sheet flexibility than in the past and greater sensitivity to how well management executes on its strategy.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive, and it has slowly improved, even in years when accounting earnings were weak. After relatively modest spending on capital projects, free cash flow has remained positive but limited, leaving some room for reinvestment without creating a large surplus. This suggests the business is self-funding but does not have a lot of excess cash to absorb major missteps or large new initiatives without careful planning. Stability rather than abundance is the main theme in the cash profile.

Competitive Edge

Competitive Edge American Public Education holds a distinctive niche in serving military, veterans, and public service professionals, supported by long-standing relationships and a trusted reputation in those communities. Its portfolio approach—APUS for military and public service fields, Rasmussen and Hondros for nursing and healthcare—gives it exposure to several high-demand, career‑focused areas rather than broad, generic degrees. This specialization and brand recognition offer a meaningful edge against many online competitors, though the company still operates in a very crowded, marketing‑intensive and regulation‑heavy education market. Sustaining enrollment growth and student outcomes while controlling marketing and compliance costs remains the central competitive challenge.

Innovation and R&D

Innovation and R&D The company is more of a fast adopter and integrator of education technology than a pure technology inventor, focusing on using proven tools in ways that fit its students’ needs. Initiatives like the AI-focused partnership with MIT’s CSAIL, widespread use of open educational resources, and data-driven personalization of learning highlight a practical, outcomes-focused innovation strategy. Expansion into stackable credentials, micro‑degrees, and global online offerings aligns well with trends in adult and working‑learner education. The main risk is execution: maintaining the pace of curriculum and platform innovation is essential to stay differentiated as more schools adopt similar technologies.

Summary

American Public Education appears to be emerging from a difficult transition period marked by acquisitions and profit volatility, with recent results showing early signs of stabilization and recovery. The company combines steady revenue growth, a still‑sound but more leveraged balance sheet, and reliable if modest cash generation. Its core strengths lie in deep specialization in military and public service learners and growing positions in nursing and healthcare education, supported by thoughtful use of online technology and partnerships. Going forward, the story hinges on converting its niche advantages and tech initiatives into sustained, smoother profitability while carefully managing debt, regulatory exposure, and intense competition in online and career‑focused education.

NEWS

November 25, 2025 · 9:05 AM UTC

Rasmussen University Launches Radiologic Technology Program at its Central Pasco Campus

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November 24, 2025 · 8:57 AM UTC

APUS Offers New Courses with MIT Computer Science and Artificial Intelligence Lab (CSAIL)-Powered Content on AI

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November 20, 2025 · 8:15 AM UTC

American Public Education Provides 2025 Investor Day Presentation Materials

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November 17, 2025 · 4:15 PM UTC

Rasmussen University Announces New Corporate Alliance with Hilton Grand Vacations

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November 11, 2025 · 9:00 AM UTC

American Public Education, Inc. to Host 2025 Investor Day on November 20, 2025 in New York City

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