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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 | 5.3% | 4.0% | - |
| 2023 | $601M | $-20M | $-47M | $32M | -16.2% | -1.0% | - |
| 2022 | $606M | $-101M | $-115M | $13M | -32.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 10.73 | 18.67 | 38.78 | 53.86 |
| EBITDA | -101.39 | -20.49 | 52.37 | 64.08 |
| EBIT | -133.52 | -48.31 | 33.07 | 47.94 |
| Pretax Income | -151.25 | -52.77 | 30.94 | 43.70 |
| Tax Provision | -36.28 | -10.71 | 10.42 | 12.15 |
| Net Income | -114.99 | -47.29 | 16.11 | 31.56 |
| Net Income Common Stockholders | -115.04 | -53.29 | 10.06 | 25.30 |
| Total Expenses | 595.60 | 581.87 | 585.78 | 595 |
| Interest Expense | 17.73 | 4.46 | 2.13 | 4.23 |
| Selling General And Administration | 275 | 261.19 | 270.77 | 281.83 |
| Normalized EBITDA | 42.85 | 46.49 | 58.09 | 70.01 |
| Normalized Income | -5.32 | 7.32 | 19.58 | 35.83 |
| Basic EPS | -6.10 | -2.94 | 0.57 | 1.40 |
| Diluted EPS | -6.10 | -2.94 | 0.55 | 1.40 |
| Tax Effect Of Unusual Items | -34.58 | -12.37 | -2.24 | -1.65 |
| Tax Rate For Calcs | 0.24 | 0.18 | 0.39 | 0.28 |
| Total Unusual Items | -144.25 | -66.98 | -5.72 | -5.92 |
| Total Unusual Items Excluding Goodwill | -144.25 | -66.98 | -5.72 | -5.92 |
| Net Income From Continuing Operation Net Minority Interest | -114.99 | -47.29 | 16.11 | 31.56 |
| Reconciled Depreciation | 32.13 | 27.82 | 19.30 | 16.15 |
| Reconciled Cost Of Revenue | 288.47 | 292.86 | 295.70 | 297.02 |
| Net Interest Income | -17.73 | -4.46 | -2.13 | -4.23 |
| Net Income From Continuing And Discontinued Operation | -114.99 | -47.29 | 16.11 | 31.56 |
| Total Operating Income As Reported | -137.35 | -48.31 | 33.07 | 47.94 |
| Diluted Average Shares | 18.91 | 18.19 | 18.15 | 18.66 |
| Basic Average Shares | 18.86 | 18.11 | 17.62 | 18.01 |
| Diluted NI Availto Com Stockholders | -115.04 | -53.29 | 10.06 | 25.30 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 3.50 |
| Preferred Stock Dividends | 0.05 | 6.01 | 6.06 | 2.75 |
| Net Income Including Noncontrolling Interests | -114.99 | -47.29 | 16.11 | 31.56 |
| Net Income Continuous Operations | -114.99 | -47.29 | 16.11 | 31.56 |
| Earnings From Equity Interest Net Of Tax | -0.02 | -5.24 | -4.41 | 0 |
| Other Income Expense | -144.25 | -66.98 | -5.72 | -5.92 |
| Special Income Charges | -144.25 | -66.98 | -5.72 | -5.92 |
| Gain On Sale Of Ppe | -1.18 | -2.98 | -2 | -1.97 |
| Gain On Sale Of Business | 0 | 0 | 0 | -3.88 |
| Other Special Charges | 0 | 0 | 3.71 | 0.08 |
| Impairment Of Capital Assets | 146.90 | 64 | 0 | 0 |
| Restructuring And Mergern Acquisition | -3.83 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -17.73 | -4.46 | -2.13 | -4.23 |
| Total Other Finance Cost | 17.73 | 0 | 0 | 0 |
| Interest Expense Non Operating | 17.73 | 4.46 | 2.13 | 4.23 |
| 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 |
| Selling And Marketing Expense | 154.65 | 132.96 | 128.81 | 137.25 |
| General And Administrative Expense | 120.35 | 128.24 | 141.96 | 144.58 |
| Other Gand A | 120.35 | 128.24 | 141.96 | 144.58 |
| Operating Revenue | 606.33 | 600.54 | 624.56 | 648.86 |
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 | $1.1B | 41.13↑ premium | 3.54 | 10.7% | 14.96 |
| Universal Corporation | UVV | $1.3B | 14.07 | 0.92 | 6.5% | 7.43 |
| Lincoln Educational Services Corporation | LINC | $1.3B | 63.05 | 6.39 | 10.0% | 29.34 |
| Edgewell Personal Care Company | EPC | $1.1B | 43.06 | 0.70 | 1.6% | 12.29 |
| Coursera, Inc. |
| COUR |
| $1.0B |
| - |
| 1.63 |
| -8.0% |
| -3.74 |
| Phoenix Education Partners, Inc. | PXED | $979M | 10.05 | 3.48 | 55.8% | 4.56 |
| Mission Produce, Inc. | AVO | $974M | 29.89 | 1.66 | 6.1% | 11.51 |
| John B. Sanfilippo & Son, Inc. | JBSS | $952M | 16.20 | 2.65 | 16.3% | 9.32 |
| Seneca Foods Corporation | SENEA | $927M | 10.38 | 1.29 | 6.5% | 6.69 |
| Peer Median | - | 16.20 | 1.65 | 6.5% | 8.37 | |