NASDAQ : APEI
American Public Education, Inc. — Financial statements
Consumer Staples · Education & Training Services · United States
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Financial statements
American Public Education, Inc. (APEI) reported revenue of 668.01M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 668.01M | 648.86M | 624.56M | 600.54M | 606.33M | 418.80M |
| Cost of Revenue | 294.92M | 297.02M | 295.70M | 292.86M | 288.47M | 172.62M |
| Gross Profit | 373.09M | 351.84M | 328.86M | 307.68M | 317.86M | 246.18M |
| Selling, General & Admin | 288.79M | 281.83M | 269.97M | 261.19M | 273.60M | 189.10M |
| Operating Expenses | 304.97M | 297.98M | 289.27M | 289.01M | 305.73M | 206.93M |
| Operating Income | 68.12M | 53.86M | 39.58M | 18.67M | 12.13M | 39.25M |
| Interest Expense | -2.33M | -4.23M | -2.13M | -4.46M | -17.73M | -4.28M |
| Earnings From Equity Investments | -4.41M | -5.24M | -21.00K | -831.00K | ||
| EBT Excluding Unusual Items | 65.80M | 49.63M | 33.05M | 8.98M | -5.62M | 34.15M |
| Merger & Restructuring Charges | -800.00K | -1.40M | -7.60M | |||
| Gain (Loss) on Sale of Assets | -4.21M | -5.85M | -2.00M | -2.98M | -1.18M | -1.28M |
| Asset Writedown | -64.00M | -146.90M | ||||
| Other Unusual Items | -1.75M | -77.00K | -3.71M | 3.83M | ||
| Pretax Income | 59.84M | 43.70M | 26.53M | -58.00M | -151.27M | 25.26M |
| Income Tax Expense | 14.16M | 12.15M | 10.42M | -10.71M | -36.28M | 7.51M |
| Net Income | 45.67M | 31.56M | 16.11M | -47.29M | -114.99M | 17.75M |
| Preferred Dividends & Other Adjustments | 6.25M | 6.06M | 6.01M | 48.00K | ||
| Net Income to Common | 45.67M | 25.30M | 10.06M | -53.29M | -115.04M | 17.75M |
| Shares Outstanding (Basic) | 18.20M | 18.01M | 17.62M | 18.11M | 18.86M | 18.09M |
| Shares Outstanding (Diluted) | 18.82M | 18.66M | 18.15M | 18.11M | 18.86M | 18.25M |
| EPS (Basic) | 2.51 | 1.40 | 0.57 | -2.94 | -6.10 | 0.98 |
| EPS (Diluted) | 2.42 | 1.36 | 0.55 | -2.94 | -6.10 | 0.97 |
| Free Cash Flow | 70.07M | 46.10M | 27.79M | 31.62M | 12.83M | 4.44M |
| Free Cash Flow Per Share | 3.72 | 2.47 | 1.53 | 1.75 | 0.68 | 0.24 |
| Gross Margin | 55.85% | 54.22% | 52.65% | 51.23% | 52.42% | 58.78% |
| Operating Margin | 10.20% | 8.30% | 6.34% | 3.11% | 2.00% | 9.37% |
| Profit Margin | 6.84% | 3.90% | 1.61% | -8.87% | -18.97% | 4.24% |
| Free Cash Flow Margin | 10.49% | 7.11% | 4.45% | 5.27% | 2.11% | 1.06% |
| EBITDA | 84.30M | 70.01M | 58.88M | 46.49M | 44.26M | 57.09M |
| EBITDA Margin | 12.62% | 10.79% | 9.43% | 7.74% | 7.30% | 13.63% |
| D&A For EBITDA | 16.18M | 16.15M | 19.30M | 27.82M | 32.13M | 17.83M |
| EBIT | 68.12M | 53.86M | 39.58M | 18.67M | 12.13M | 39.25M |
| EBIT Margin | 10.20% | 8.30% | 6.34% | 3.11% | 2.00% | 9.37% |
| Effective Tax Rate | 23.67% | 27.79% | 39.27% | 29.73% | ||
| Advertising Expenses | 84.40M | 78.60M | 82.60M | 90.50M | 60.30M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 145.35M | 174.09M | 131.93M | 116.66M | 102.52M | 122.63M |
| Cash & Short-Term Investments | 221.60M | 174.09M | 131.93M | 116.66M | 102.52M | 122.63M |
| Accounts Receivable | 35.51M | 65.66M | 62.47M | 50.97M | 42.35M | 36.03M |
| Other Receivables | 4.14M | 3.46M | 949.00K | 474.00K | 2.87M | 5.30M |
| Receivables | 39.65M | 69.12M | 63.41M | 51.45M | 45.22M | 41.33M |
| Prepaid Expenses | 20.07M | 14.20M | 13.75M | 13.03M | 11.41M | 11.68M |
| Restricted Cash | 1.20M | 2.40M | 27.02M | 27.68M | 26.94M | 27.00M |
| Other Current Assets | 24.47M | 8.56M | ||||
| Total Current Assets | 282.52M | 259.82M | 260.57M | 217.38M | 186.09M | 202.64M |
| Property, Plant & Equipment | 124.92M | 128.28M | 168.16M | 187.53M | 209.76M | 180.36M |
| Goodwill | 59.59M | 59.59M | 59.59M | 59.59M | 112.59M | 243.49M |
| Other Intangible Assets | 28.22M | 28.22M | 28.22M | 31.54M | 54.73M | 85.08M |
| Long-Term Deferred Tax Assets | 36.61M | 39.18M | 47.31M | 51.36M | 35.35M | |
| Other Long-Term Assets | 5.88M | 6.33M | 6.25M | 9.99M | 16.52M | 14.04M |
| Total Assets | 537.75M | 521.42M | 570.10M | 557.39M | 615.06M | 725.61M |
| Accounts Payable | 5.15M | 4.82M | 7.85M | 8.66M | 3.81M | 13.50M |
| Accrued Expenses | 41.15M | 35.84M | 34.28M | 28.19M | 28.79M | 25.95M |
| Current Portion of Long-Term Debt | 5.62M | 8.75M | ||||
| Current Portion of Leases | 11.11M | 11.37M | 13.55M | 13.31M | 14.40M | 13.71M |
| Current Unearned Revenue | 23.93M | 23.02M | 23.47M | 23.83M | 23.76M | 21.78M |
| Total Current Liabilities | 86.96M | 75.05M | 79.16M | 73.99M | 70.76M | 83.68M |
| Long-Term Debt | 81.64M | 94.67M | 93.42M | 94.68M | 93.15M | 151.77M |
| Long-Term Leases | 55.10M | 56.92M | 93.64M | 96.74M | 101.42M | 69.49M |
| Long-Term Deferred Tax Liabilities | 5.06M | |||||
| Total Liabilities | 223.69M | 226.64M | 266.22M | 265.41M | 265.33M | 310.00M |
| Common Stock | 183.00K | 181.00K | 177.00K | 176.00K | 189.00K | 187.00K |
| Additional Paid-In Capital | 307.88M | 311.12M | 305.82M | 299.56M | 292.85M | 286.38M |
| Retained Earnings | 6.00M | -16.50M | -41.80M | -49.10M | 13.89M | 128.93M |
| Comprehensive Income & Other | -7.00K | -18.00K | -7.00K | 1.64M | 3.10M | 108.00K |
| Total Common Equity | 314.06M | 294.78M | 264.19M | 252.28M | 310.04M | 415.61M |
| Shareholders' Equity | 314.06M | 294.78M | 303.88M | 291.98M | 349.73M | 415.61M |
| Total Liabilities & Equity | 537.75M | 521.42M | 570.10M | 557.39M | 615.06M | 725.61M |
| Total Debt | 153.47M | 162.96M | 200.62M | 204.73M | 208.97M | 243.71M |
| Net Cash (Debt) | 68.14M | 11.13M | -68.70M | -88.07M | -106.45M | -121.09M |
| Net Cash Per Share | 3.62 | 0.60 | -3.79 | -4.86 | -5.64 | -6.63 |
| Filing Date Shares Outstanding | 18.30M | 18.38M | 18.00M | 17.51M | 19.03M | 18.86M |
| Total Common Shares Outstanding | 18.37M | 18.13M | 17.71M | 17.60M | 18.89M | 18.71M |
| Working Capital | 195.56M | 184.77M | 181.42M | 143.39M | 115.33M | 118.96M |
| Book Value Per Share | 17.10 | 16.26 | 14.92 | 14.33 | 16.41 | 22.21 |
| Tangible Book Value | 226.24M | 206.97M | 176.37M | 161.15M | 142.71M | 87.04M |
| Tangible Book Value Per Share | 12.32 | 11.42 | 9.96 | 9.15 | 7.55 | 4.65 |
| Land | 3.16M | 3.16M | 8.27M | 8.80M | 8.95M | |
| Buildings | 16.71M | 16.71M | 40.11M | 50.59M | 51.94M | |
| Machinery | 40.08M | 46.90M | 47.48M | 43.04M | 39.08M | |
| Leasehold Improvements | 52.58M | 49.83M | 42.92M | 37.16M | 30.34M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 45.67M | 31.56M | 16.11M | -47.29M | -114.99M | 17.75M |
| Depreciation & Amortization | 16.18M | 16.15M | 19.30M | 27.82M | 32.13M | 17.83M |
| Other Amortization | 999.00K | 1.34M | 1.48M | 1.63M | 6.48M | 885.00K |
| Loss (Gain) From Sale of Assets | 2.89M | 4.52M | 2.00M | 2.98M | 1.18M | 1.28M |
| Asset Writedown & Restructuring Costs | 64.00M | 146.90M | ||||
| Loss (Gain) on Equity Investments | 4.41M | 5.24M | 21.00K | 831.00K | ||
| Stock-Based Compensation | 8.41M | 8.35M | 7.67M | 7.74M | 8.01M | 7.65M |
| Other Operating Activities | 10.63M | 8.13M | 4.05M | -16.00M | -45.72M | 5.54M |
| Change in Accounts Receivable | -64.00K | -5.32M | -11.49M | -8.62M | -2.04M | -7.64M |
| Change in Accounts Payable | -3.75M | -1.85M | -816.00K | 4.86M | -10.21M | 8.03M |
| Change in Unearned Revenue | 1.27M | 1.85M | -356.00K | 70.00K | 15.00K | -23.06M |
| Change in Income Taxes | -1.64M | -2.51M | -475.00K | 2.40M | 2.43M | -5.48M |
| Change in Other Net Operating Assets | 5.00M | -258.00K | 6.99M | 701.00K | 5.02M | -7.36M |
| Operating Cash Flow | 85.60M | 61.97M | 48.87M | 45.51M | 29.21M | 16.27M |
| Capital Expenditures | -15.53M | -15.86M | -21.08M | -13.89M | -16.39M | -11.83M |
| Cash Acquisitions | 1.95M | -325.51M | ||||
| Divestitures | -2.29M | -2.29M | ||||
| Sale (Purchase) of Real Estate | 9.00K | 22.96M | 123.00K | 765.00K | 672.00K | |
| Investment in Securities | -75.92M | |||||
| Investing Cash Flow | -93.73M | 4.80M | -21.08M | -13.77M | -13.67M | -336.67M |
| Long-Term Debt Issued | 175.00M | |||||
| Long-Term Debt Repaid | -213.00K | -2.96M | -114.00K | -73.86M | -2.19M | |
| Net Debt Issued (Repaid) | -7.76M | -213.00K | -2.96M | -114.00K | -73.86M | 172.81M |
| Issuance of Common Stock | 1.11M | 1.21M | 67.00K | 86.20M | ||
| Repurchase of Common Stock | -13.39M | -4.26M | -4.24M | -10.74M | -1.54M | -3.03M |
| Preferred Dividends Paid | -2.75M | -6.06M | -6.00M | |||
| Dividends Paid | -2.75M | -6.06M | -6.00M | |||
| Other Financing Activities | -1.75M | -13.64M | ||||
| Financing Cash Flow | -21.90M | -49.21M | -13.19M | -16.86M | -35.71M | 242.34M |
| Net Cash Flow | -30.03M | 17.56M | 14.60M | 14.88M | -20.17M | -78.06M |
| Free Cash Flow | 70.07M | 46.10M | 27.79M | 31.62M | 12.83M | 4.44M |
| Free Cash Flow Margin | 10.49% | 7.11% | 4.45% | 5.27% | 2.11% | 1.06% |
| Free Cash Flow Per Share | 3.72 | 2.47 | 1.53 | 1.75 | 0.68 | 0.24 |
| Levered Free Cash Flow | 51.04M | 81.99M | 7.78M | 19.34M | 18.30M | -9.73M |
| Unlevered Free Cash Flow | 51.49M | 83.30M | 7.63M | 20.50M | 22.90M | -7.94M |
| Cash Interest Paid | 8.14M | 9.64M | 10.72M | 10.60M | 12.50M | 3.68M |
| Cash Income Tax Paid | 6.47M | 6.52M | 6.30M | 2.42M | 4.00M | 7.46M |
| Change in Working Capital | 828.00K | -8.09M | -6.15M | -597.00K | -4.78M | -35.52M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 742.49M | 683.61M | 382.05M | 171.61M | 232.19M | 416.28M |
| Enterprise Value | 674.36M | 658.51M | 489.62M | 289.26M | 346.12M | 550.77M |
| Last Close Price | 40.57 | 37.80 | 21.57 | 9.65 | 12.29 | 22.25 |
| PE Ratio | 16.73 | 27.02 | 37.99 | 23.45 | ||
| Forward PE | 16.25 | 22.41 | 19.59 | 14.77 | 162.14 | 13.01 |
| PS Ratio | 1.11 | 1.05 | 0.61 | 0.29 | 0.38 | 0.99 |
| PB Ratio | 2.37 | 2.32 | 1.26 | 0.59 | 0.66 | 1.00 |
| P/TBV Ratio | 3.28 | 3.30 | 2.17 | 1.06 | 1.63 | 4.78 |
| P/FCF Ratio | 10.60 | 14.83 | 13.75 | 5.43 | 18.10 | 93.82 |
| P/OCF Ratio | 8.67 | 11.03 | 7.82 | 3.77 | 7.95 | 25.59 |
| PEG Ratio | 1.08 | 1.49 | 1.31 | 0.98 | 10.81 | 0.87 |
| EV/Sales Ratio | 1.01 | 1.01 | 0.78 | 0.48 | 0.57 | 1.31 |
| EV/EBITDA Ratio | 8.00 | 9.41 | 8.31 | 6.22 | 7.82 | 9.65 |
| EV/EBIT Ratio | 9.90 | 12.23 | 12.37 | 15.49 | 28.54 | 14.03 |
| EV/FCF Ratio | 9.62 | 14.28 | 17.62 | 9.15 | 26.99 | 124.13 |
| Debt / Equity Ratio | 0.49 | 0.55 | 0.66 | 0.70 | 0.60 | 0.59 |
| Debt / EBITDA Ratio | 1.56 | 1.88 | 2.58 | 3.05 | 3.26 | 3.77 |
| Debt / FCF Ratio | 2.19 | 3.54 | 7.22 | 6.47 | 16.29 | 54.93 |
| Net Debt / Equity Ratio | -0.22 | -0.04 | 0.23 | 0.30 | 0.30 | 0.29 |
| Net Debt / EBITDA Ratio | -0.81 | -0.16 | 1.17 | 1.89 | 2.40 | 2.12 |
| Net Debt / FCF Ratio | -0.97 | -0.24 | 2.47 | 2.79 | 8.30 | 27.29 |
| Asset Turnover | 1.24 | 1.19 | 1.11 | 1.02 | 0.91 | 0.76 |
| Quick Ratio | 3.00 | 3.24 | 2.47 | 2.27 | 2.09 | 1.96 |
| Current Ratio | 3.25 | 3.46 | 3.29 | 2.94 | 2.63 | 2.42 |
| Return on Equity (ROE) | 15.58% | 10.54% | 5.41% | -14.74% | -30.05% | 4.91% |
| Return on Assets (ROA) | 7.92% | 6.17% | 4.39% | 1.99% | 1.13% | 4.47% |
| Return on Invested Capital (ROIC) | 21.31% | 11.85% | 6.39% | 4.47% | 2.44% | 8.81% |
| Return on Capital Employed (ROCE) | 15.10% | 12.10% | 8.10% | 3.90% | 2.20% | 6.10% |
| Earnings Yield | 5.98% | 4.62% | 4.22% | -27.55% | -49.53% | 4.26% |
| FCF Yield | 9.44% | 6.74% | 7.27% | 18.43% | 5.52% | 1.07% |
| Payout Ratio | 8.72% | 37.59% | ||||
| Buyback Yield / Dilution | -2.24% | -2.82% | -0.20% | 3.96% | -3.31% | -21.32% |