NASDAQ : STRA
Strategic Education, Inc. — Financial statements
Consumer Staples · Education & Training Services · United States
Last price 77.81 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.71B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Strategic Education, Inc. (STRA) reported revenue of 1.29B 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 | 1.29B | 1.27B | 1.22B | 1.13B | 1.07B | 1.13B |
| Cost of Revenue | 655.32M | 647.11M | 650.50M | 623.90M | 597.32M | 608.26M |
| Gross Profit | 631.04M | 621.11M | 569.43M | 509.02M | 468.16M | 523.42M |
| Selling, General & Admin | 429.01M | 424.97M | 412.16M | 384.44M | 379.82M | 361.35M |
| Amortization of Goodwill & Intangibles | 11.46M | 14.35M | 51.49M | |||
| Operating Expenses | 429.01M | 424.97M | 412.16M | 395.90M | 394.17M | 412.84M |
| Operating Income | 202.02M | 196.14M | 157.28M | 113.12M | 73.99M | 110.58M |
| Interest Expense | -1.00M | -1.00M | -3.80M | -7.20M | -5.70M | -3.60M |
| Interest & Investment Income | 8.20M | 8.20M | 12.50M | 10.40M | 3.80M | 1.10M |
| Earnings From Equity Investments | -1.88M | -4.35M | -2.70M | |||
| Other Non Operating Income (Expenses) | -1.50M | 308.00K | -197.00K | 2.21M | 709.00K | 5.19M |
| EBT Excluding Unusual Items | 205.84M | 199.30M | 163.08M | 118.53M | 72.80M | 113.27M |
| Merger & Restructuring Charges | -21.78M | -21.91M | -1.65M | -17.80M | -3.23M | -36.67M |
| Pretax Income | 184.06M | 177.39M | 161.43M | 100.73M | 69.57M | 76.60M |
| Income Tax Expense | 49.56M | 50.78M | 48.75M | 30.93M | 22.90M | 21.51M |
| Net Income | 134.51M | 126.61M | 112.68M | 69.79M | 46.67M | 55.09M |
| Net Income to Common | 134.51M | 126.61M | 112.68M | 69.79M | 46.67M | 55.09M |
| Shares Outstanding (Basic) | 21.94M | 22.75M | 23.41M | 23.40M | 23.68M | 23.95M |
| Shares Outstanding (Diluted) | 22.48M | 23.40M | 24.14M | 23.96M | 24.00M | 24.12M |
| EPS (Basic) | 6.13 | 5.57 | 4.81 | 2.98 | 1.97 | 2.30 |
| EPS (Diluted) | 5.98 | 5.41 | 4.67 | 2.91 | 1.94 | 2.28 |
| Free Cash Flow | 168.59M | 153.95M | 128.75M | 80.18M | 82.88M | 131.09M |
| Free Cash Flow Per Share | 7.50 | 6.58 | 5.33 | 3.35 | 3.45 | 5.43 |
| Dividend Per Share | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 |
| Gross Margin | 49.06% | 48.98% | 46.68% | 44.93% | 43.94% | 46.25% |
| Operating Margin | 15.71% | 15.47% | 12.89% | 9.98% | 6.94% | 9.77% |
| Profit Margin | 10.46% | 9.98% | 9.24% | 6.16% | 4.38% | 4.87% |
| Free Cash Flow Margin | 13.11% | 12.14% | 10.55% | 7.08% | 7.78% | 11.58% |
| EBITDA | 246.78M | 241.67M | 201.47M | 167.45M | 131.44M | 204.76M |
| EBITDA Margin | 19.18% | 19.06% | 16.52% | 14.78% | 12.34% | 18.09% |
| D&A For EBITDA | 44.76M | 45.53M | 44.20M | 54.33M | 57.44M | 94.18M |
| EBIT | 202.02M | 196.14M | 157.28M | 113.12M | 73.99M | 110.58M |
| EBIT Margin | 15.71% | 15.47% | 12.89% | 9.98% | 6.94% | 9.77% |
| Effective Tax Rate | 26.92% | 28.62% | 30.20% | 30.71% | 32.92% | 28.08% |
| Advertising Expenses | 192.40K | 186.30M | 185.00M | 181.30M | 165.10M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 123.75M | 140.76M | 137.07M | 168.48M | 213.67M | 268.92M |
| Short-Term Investments | 5.00M | 7.30M | 46.95M | 39.73M | 9.16M | 6.50M |
| Cash & Short-Term Investments | 128.75M | 148.05M | 184.02M | 208.21M | 222.82M | 275.42M |
| Accounts Receivable | 100.86M | 78.20M | 76.13M | 76.10M | 62.95M | 51.28M |
| Other Receivables | 4.77M | 2.51M | 313.00K | |||
| Receivables | 105.63M | 80.71M | 76.13M | 76.10M | 62.95M | 51.59M |
| Prepaid Expenses | 26.85M | 22.97M | 20.84M | 20.03M | 19.07M | 17.86M |
| Restricted Cash | 7.89M | 8.25M | 9.08M | 12.94M | 13.29M | 9.79M |
| Other Current Assets | 21.00M | 17.87M | 14.87M | 11.79M | 10.93M | 13.12M |
| Total Current Assets | 290.12M | 277.86M | 304.94M | 329.07M | 329.06M | 367.79M |
| Property, Plant & Equipment | 196.57M | 198.51M | 214.92M | 237.73M | 258.09M | 300.18M |
| Long-Term Investments | 17.58M | 17.26M | 31.20M | 19.36M | 30.40M | 42.53M |
| Goodwill | 1.26B | 1.24B | 1.21B | 1.25B | 1.25B | 1.29B |
| Other Intangible Assets | 250.78M | 249.24M | 245.10M | 251.62M | 260.54M | 276.38M |
| Long-Term Accounts Receivable | 6.00M | 6.22M | 7.04M | 2.52M | 2.67M | 2.47M |
| Long-Term Deferred Charges | 28.44M | 27.09M | 19.14M | 12.81M | 7.51M | 5.96M |
| Other Long-Term Assets | 20.83M | 19.95M | 20.52M | 20.22M | 22.20M | 24.72M |
| Total Assets | 2.07B | 2.04B | 2.05B | 2.13B | 2.16B | 2.31B |
| Accounts Payable | 56.74M | 55.99M | 55.73M | 49.25M | 45.83M | 45.34M |
| Accrued Expenses | 60.42M | 49.80M | 46.02M | 41.64M | 44.76M | 50.18M |
| Current Portion of Leases | 14.62M | 15.90M | 22.22M | 24.19M | 23.88M | 27.00M |
| Current Income Taxes Payable | 2.93M | 2.20M | 6.99M | |||
| Current Unearned Revenue | 133.00M | 96.25M | 89.56M | 92.34M | 88.49M | 73.23M |
| Total Current Liabilities | 264.80M | 217.94M | 216.46M | 209.62M | 209.94M | 195.75M |
| Long-Term Debt | 61.40M | 101.40M | 141.63M | |||
| Long-Term Leases | 92.09M | 93.22M | 103.00M | 127.73M | 134.01M | 162.82M |
| Long-Term Unearned Revenue | 36.11M | 35.58M | 34.51M | 37.19M | 36.54M | 34.70M |
| Long-Term Deferred Tax Liabilities | 33.53M | 35.84M | 27.59M | 28.34M | 34.60M | 44.59M |
| Other Long-Term Liabilities | 8.75M | 9.56M | 5.68M | 8.41M | 9.47M | 12.38M |
| Total Liabilities | 435.28M | 392.13M | 387.24M | 472.69M | 525.96M | 591.89M |
| Common Stock | 222.00K | 230.00K | 245.00K | 244.00K | 244.00K | 246.00K |
| Additional Paid-In Capital | 1.38B | 1.44B | 1.53B | 1.52B | 1.51B | 1.53B |
| Retained Earnings | 283.25M | 255.50M | 218.41M | 168.87M | 159.69M | 174.57M |
| Comprehensive Income & Other | -27.53M | -46.12M | -88.56M | -34.25M | -35.07M | 9.20M |
| Shareholders' Equity | 1.63B | 1.65B | 1.66B | 1.65B | 1.64B | 1.71B |
| Total Liabilities & Equity | 2.07B | 2.04B | 2.05B | 2.13B | 2.16B | 2.31B |
| Total Debt | 106.71M | 109.12M | 125.23M | 213.32M | 259.28M | 331.46M |
| Net Cash (Debt) | 27.04M | 43.93M | 73.78M | -4.63M | -23.34M | -32.66M |
| Net Cash Per Share | 1.20 | 1.88 | 3.06 | -0.19 | -0.97 | -1.35 |
| Filing Date Shares Outstanding | 21.96M | 22.49M | 24.26M | 24.16M | 24.16M | 24.35M |
| Total Common Shares Outstanding | 21.96M | 22.72M | 24.16M | 24.16M | 24.16M | 24.35M |
| Working Capital | 25.32M | 59.91M | 88.48M | 119.45M | 119.12M | 172.03M |
| Book Value Per Share | 74.38 | 72.45 | 68.81 | 68.39 | 67.71 | 70.40 |
| Tangible Book Value | 124.27M | 154.75M | 210.52M | 149.01M | 123.97M | 151.75M |
| Tangible Book Value Per Share | 5.66 | 6.81 | 8.71 | 6.17 | 5.13 | 6.23 |
| Land | 1.50M | 1.50M | 3.60M | 5.38M | ||
| Buildings | 6.19M | 6.71M | 9.86M | 16.69M | ||
| Machinery | 52.17M | 52.34M | 52.86M | 53.69M | 85.23M | |
| Construction In Progress | 8.24M | 8.01M | 6.53M | 7.02M | 9.25M | |
| Leasehold Improvements | 65.29M | 67.86M | 72.35M | 70.92M | 71.63M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 134.51M | 126.61M | 112.68M | 69.79M | 46.67M | 55.09M |
| Depreciation & Amortization | 44.76M | 45.53M | 44.20M | 54.33M | 57.44M | 94.18M |
| Other Amortization | 425.00K | 425.00K | 674.00K | 3.16M | 3.75M | 7.75M |
| Loss (Gain) From Sale of Assets | -2.14M | -2.89M | -2.66M | |||
| Asset Writedown & Restructuring Costs | 6.79M | 7.57M | 859.00K | 5.52M | 3.67M | 20.91M |
| Loss (Gain) From Sale of Investments | -297.00K | -432.00K | -290.00K | -65.00K | 32.00K | 851.00K |
| Stock-Based Compensation | 21.89M | 22.95M | 25.57M | 19.77M | 21.79M | 18.15M |
| Other Operating Activities | 2.57M | 5.54M | -6.32M | -6.46M | -9.85M | -7.71M |
| Change in Accounts Receivable | -4.24M | -1.09M | 221.00K | -12.87M | -12.56M | -196.00K |
| Change in Accounts Payable | 20.70M | 4.22M | 11.58M | 552.00K | -4.34M | -6.70M |
| Change in Unearned Revenue | -1.52M | 6.06M | -2.95M | 4.50M | 18.96M | 13.99M |
| Change in Income Taxes | -4.06M | -5.56M | 1.07M | -4.69M | 7.58M | 1.20M |
| Change in Other Net Operating Assets | -5.64M | -13.63M | -17.96M | -14.27M | -4.21M | -14.33M |
| Operating Cash Flow | 215.88M | 198.20M | 169.33M | 117.12M | 126.05M | 180.53M |
| Capital Expenditures | -47.30M | -44.25M | -40.58M | -36.94M | -43.17M | -49.43M |
| Sale of Property, Plant & Equipment | 2.20M | 2.20M | 5.89M | 6.53M | 8.33M | |
| Cash Acquisitions | -20.00K | -36.00K | -177.00K | -530.00K | -800.00K | |
| Investment in Securities | 36.45M | 50.59M | -23.60M | -16.96M | 6.08M | 8.01M |
| Investing Cash Flow | -8.74M | 8.51M | -64.36M | -48.55M | -31.36M | -33.09M |
| Long-Term Debt Repaid | -61.27M | -40.00M | -40.00M | |||
| Net Debt Issued (Repaid) | -61.27M | -40.00M | -40.00M | |||
| Repurchase of Common Stock | -161.32M | -148.61M | -14.83M | -14.83M | -43.12M | -5.91M |
| Common Dividends Paid | -55.25M | -57.54M | -58.97M | -58.78M | -59.24M | -59.05M |
| Other Financing Activities | -3.32M | -1.70M | -2.94M | |||
| Financing Cash Flow | -219.90M | -206.16M | -136.77M | -113.61M | -142.36M | -67.89M |
| Foreign Exchange Rate Adjustments | -81.00K | 2.31M | -3.47M | -496.00K | -4.09M | -2.35M |
| Net Cash Flow | -12.84M | 2.85M | -35.27M | -45.53M | -51.76M | 77.19M |
| Free Cash Flow | 168.59M | 153.95M | 128.75M | 80.18M | 82.88M | 131.09M |
| Free Cash Flow Margin | 13.11% | 12.14% | 10.55% | 7.08% | 7.78% | 11.58% |
| Free Cash Flow Per Share | 7.50 | 6.58 | 5.33 | 3.35 | 3.45 | 5.43 |
| Levered Free Cash Flow | 154.84M | 145.53M | 134.53M | 91.26M | 85.94M | 139.71M |
| Unlevered Free Cash Flow | 155.04M | 145.73M | 136.23M | 95.20M | 88.95M | 141.41M |
| Cash Interest Paid | 500.00K | 500.00K | 3.20M | 6.80M | 4.20M | 2.70M |
| Cash Income Tax Paid | 48.75M | 48.85M | 49.20M | 42.90M | 26.80M | 27.30M |
| Change in Working Capital | 5.24M | -9.99M | -8.05M | -26.79M | 5.44M | -6.04M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.60B | 1.86B | 2.27B | 2.23B | 1.90B | 1.41B |
| Enterprise Value | 1.58B | 1.80B | 2.19B | 2.24B | 1.91B | 1.41B |
| Last Close Price | 72.96 | 78.43 | 88.74 | 85.72 | 70.59 | 50.28 |
| PE Ratio | 12.20 | 14.72 | 20.17 | 31.99 | 40.63 | 25.57 |
| Forward PE | 9.01 | 12.92 | 17.93 | 23.05 | 23.48 | 13.85 |
| PS Ratio | 1.25 | 1.47 | 1.86 | 1.97 | 1.78 | 1.25 |
| PB Ratio | 0.98 | 1.13 | 1.37 | 1.35 | 1.16 | 0.82 |
| P/TBV Ratio | 12.91 | 12.04 | 10.79 | 14.98 | 15.29 | 9.28 |
| P/FCF Ratio | 9.52 | 12.11 | 17.65 | 27.85 | 22.88 | 10.75 |
| P/OCF Ratio | 7.43 | 9.40 | 13.42 | 19.06 | 15.04 | 7.80 |
| PEG Ratio | 0.60 | 0.95 | 1.20 | 1.11 | 1.57 | 0.92 |
| EV/Sales Ratio | 1.23 | 1.42 | 1.79 | 1.98 | 1.79 | 1.25 |
| EV/EBITDA Ratio | 6.39 | 7.44 | 10.87 | 13.38 | 14.52 | 6.89 |
| EV/EBIT Ratio | 7.81 | 9.17 | 13.92 | 19.80 | 25.80 | 12.75 |
| EV/FCF Ratio | 9.36 | 11.69 | 17.00 | 27.94 | 23.03 | 10.76 |
| Debt / Equity Ratio | 0.07 | 0.07 | 0.07 | 0.13 | 0.16 | 0.19 |
| Debt / EBITDA Ratio | 0.39 | 0.41 | 0.57 | 1.08 | 1.63 | 1.28 |
| Debt / FCF Ratio | 0.63 | 0.71 | 0.97 | 2.66 | 3.13 | 2.53 |
| Net Debt / Equity Ratio | -0.02 | -0.03 | -0.04 | 0.00 | 0.01 | 0.02 |
| Net Debt / EBITDA Ratio | -0.11 | -0.18 | -0.37 | 0.03 | 0.18 | 0.16 |
| Net Debt / FCF Ratio | -0.16 | -0.28 | -0.57 | 0.06 | 0.28 | 0.25 |
| Asset Turnover | 0.62 | 0.62 | 0.58 | 0.53 | 0.48 | 0.49 |
| Quick Ratio | 0.89 | 1.05 | 1.20 | 1.36 | 1.36 | 1.67 |
| Current Ratio | 1.10 | 1.27 | 1.41 | 1.57 | 1.57 | 1.88 |
| Return on Equity (ROE) | 8.15% | 7.65% | 6.80% | 4.25% | 2.79% | 3.18% |
| Return on Assets (ROA) | 6.07% | 6.00% | 4.71% | 3.30% | 2.07% | 3.00% |
| Return on Invested Capital (ROIC) | 9.23% | 8.72% | 6.73% | 4.71% | 2.88% | 4.41% |
| Return on Capital Employed (ROCE) | 11.20% | 10.80% | 8.60% | 5.90% | 3.80% | 5.20% |
| Earnings Yield | 8.20% | 6.79% | 4.96% | 3.13% | 2.46% | 3.91% |
| FCF Yield | 10.51% | 8.26% | 5.67% | 3.59% | 4.37% | 9.31% |
| Dividend Yield | 3.28% | 2.93% | 2.55% | 2.60% | 3.06% | 4.15% |
| Payout Ratio | 40.11% | 45.45% | 52.33% | 84.22% | 126.93% | 107.19% |
| Buyback Yield / Dilution | 6.22% | 3.06% | -0.77% | 0.18% | 0.51% | -5.52% |
| Total Shareholder Return | 9.46% | 5.98% | 1.78% | 2.77% | 3.57% | -1.37% |