Loading…
American Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education services in the United States. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $649M | $64M | $32M | $46M | 10.7% | 3.9% | 95.8% |
| 2024 | $625M | $52M | $16M | $28M | 6.1% | 4.0% | -134.1% |
| 2023 | $601M | $-20M | $-47M | $32M | -18.7% | -1.0% | -58.9% |
| 2022 | $606M | $-101M | $-115M | $13M | -37.1% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 606.33 | 600.54 | 624.56 | 648.86 |
| Operating Revenue | - | 606.33 | 600.54 | 624.56 | 648.86 |
| Cost Of Revenue | - | 288.47 | 292.86 | 295.70 | 297.02 |
| Gross Profit | - | 317.86 | 307.68 | 328.86 | 351.84 |
| Operating Expense | - | 307.13 | 289.01 | 290.07 | 297.98 |
| Selling General And Administration | - | 275 | 261.19 | 270.77 | 281.83 |
| Total Expenses | - | 595.60 | 581.87 | 585.78 | 595 |
| Operating Income | - | 10.73 | 18.67 | 38.78 | 53.86 |
| Total Operating Income As Reported | - | -137.35 | -48.31 | 33.07 | 47.94 |
| EBITDA | - | -101.39 | -20.49 | 52.37 | 64.08 |
| Normalized EBITDA | - | 42.86 | 46.49 | 58.08 | 70.01 |
| EBIT | - | -133.52 | -48.31 | 33.07 | 47.94 |
| Interest Expense | - | 17.73 | 4.46 | 2.13 | 4.23 |
| Net Interest Income | - | -17.73 | -4.46 | -2.13 | -4.23 |
| Other Income Expense | - | -144.25 | -66.98 | -5.72 | -5.92 |
| Interest Expense Non Operating | - | 17.73 | 4.46 | 2.13 | 4.23 |
| Net Non Operating Interest Income Expense | - | -17.73 | -4.46 | -2.13 | -4.23 |
| Pretax Income | - | -151.25 | -52.76 | 30.94 | 43.70 |
| Tax Provision | - | -36.28 | -10.72 | 10.42 | 12.15 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -34.58 | -12.37 | -2.24 | -1.65 |
| Net Income Continuous Operations | - | -114.99 | -47.29 | 16.11 | 31.56 |
| Net Income From Continuing And Discontinued Operation | - | -114.99 | -47.29 | 16.11 | 31.56 |
| Net Income From Continuing Operation Net Minority Interest | - | -114.99 | -47.29 | 16.11 | 31.56 |
| Net Income | - | -114.99 | -47.29 | 16.11 | 31.56 |
| Net Income Common Stockholders | - | -115.04 | -53.29 | 10.06 | 25.30 |
| Net Income Including Noncontrolling Interests | - | -114.99 | -47.29 | 16.11 | 31.56 |
| Normalized Income | - | -5.32 | 7.32 | 19.58 | 35.83 |
| Diluted NI Availto Com Stockholders | - | -115.04 | -53.29 | 10.06 | 25.30 |
| Basic Average Shares | - | 18.86 | 18.11 | 17.62 | 18.01 |
| Diluted Average Shares | - | 18.91 | 18.19 | 18.15 | 18.66 |
| Reconciled Depreciation | - | 32.13 | 27.82 | 19.30 | 16.15 |
| Reconciled Cost Of Revenue | - | 288.47 | 292.86 | 295.70 | 297.02 |
| Total Unusual Items | - | -144.25 | -66.98 | -5.72 | -5.92 |
| Total Unusual Items Excluding Goodwill | - | -144.25 | -66.98 | -5.72 | -5.92 |
| Preferred Stock Dividends | - | 0.05 | 6.01 | 6.06 | 2.75 |
| Earnings From Equity Interest Net Of Tax | - | -0.02 | -5.24 | -4.41 | 0 |
| Special Income Charges | - | -144.25 | -66.98 | -5.72 | -5.92 |
| Gain On Sale Of Business | - | - | 0 | 0 | -3.88 |
| Other Special Charges | - | - | - | 3.72 | 0.08 |
| Impairment Of Capital Assets | - | 146.90 | 64 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | -3.83 | 0 | 0 | - |
| Depreciation Amortization Depletion Income Statement | - | 32.13 | 27.82 | 19.30 | 16.15 |
| Depreciation And Amortization In Income Statement | - | 32.13 | 27.82 | 19.30 | 16.15 |
| General And Administrative Expense | - | 120.35 | 128.24 | 141.96 | 144.58 |
| Other Gand A | - | 120.35 | 128.24 | 141.96 | 144.58 |
| Gain On Sale Of Ppe | - | -1.18 | -2.98 | -2 | -1.97 |
| Total Other Finance Cost | 4.28 | 17.73 | - | - | - |
| Selling And Marketing Expense | - | 154.65 | 132.96 | 128.81 | 137.25 |
| Otherunder Preferred Stock Dividend | - | - | 0 | 0 | 3.50 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| American Public Education, Inc.this co. | APEI | $972M | 30.80↑ premium | 3.30 | 10.7% | 14.99 |
| Phoenix Education Partners, Inc. | PXED | $1.1B | 8.34 | 4.53 | 54.3% | 5.15 |
| The Simply Good Foods Company | SMPL | $1.1B | 10.44 | 0.60 | 5.7% | 6.87 |
| Seneca Foods Corporation | SENEA | $984M | 23.87 | 1.56 | 6.5% | 9.86 |
| Mission Produce, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| AVO |
| $939M |
| 24.90 |
| 1.60 |
| 6.4% |
| 10.15 |
| Edgewell Personal Care Company | EPC | $911M | 35.85 | 0.59 | 1.6% | 11.30 |
| John B. Sanfilippo & Son, Inc. | JBSS | $886M | 15.04 | 2.46 | 16.3% | 8.71 |
| Grocery Outlet Holding Corp. | GO | $837M | -3.72 | 0.85 | -22.9% | -29.51 |
| SunOpta Inc. | STKL | $771M | 48.89 | 4.51 | 9.2% | 14.45 |
| Peer Median | - | 19.46 | 1.58 | 6.5% | 9.29 | |