MARKETS / NASDAQ / APEI

NASDAQ · SERVICES-EDUCATIONAL SERVICES · MID CAP

American Public Education Inc. APEI

19 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$648.9M

▲ 3.9% YoY

Net income

$31.6M

▲ 95.8% YoY

Free cash flow

$46.1M

▲ 65.9% YoY

In brief

What this company does

American Public Education, Inc. provides online and campus-based postsecondary education to approximately 108,600 students through its subsidiary institutions. It has three subsidiary institutions: American Public University System, Rasmussen University, and Hondros College of Nursing. APUS traces its roots to American Military University, which was founded in 1991 as a distance-learning, graduate-level institution for military officers. APEI was incorporated in Delaware in 2002 as the successor to a Virginia corporation incorporated in 1991.

Written from the business description in AMERICAN PUBLIC EDUCATION INC's annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth

USD 648.9M

Revenue, FY2025 · full 19-year series below

Revenue $M Net income $M

FY2025 · Revenue 648.9 · Net income 31.6

Compound annual growth

Revenue

+2.3%

+15.1%

+7.1%

+8.2%

Net income

+10.9%

−0.3%

+0.4%

EPS, diluted

+1.7%

−3.4%

Returned to shareholders

+25.7%

−27.9%

−21.7%

−11.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +15.1% a year over five years — but profit grew slower: net income at +10.9%, earnings per share at +1.7%.

The share count rose from 0.01B to 0.02B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

5 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 7.4% · Net 4.9%

ROE

FY2025 · ROE 10.5%

Gross margin54.2%

Operating margin7.4%

Net margin4.9%

Return on assets5.8%

EBITDAUSD 64.0M

Each USD of equity produced 11 cents of profit this year.

Cash & shareholders

USD 3.1M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 46.1

Net buybacks $M Dividends $M

FY2025 · Dividends — · Net buybacks 3.1

Dividends paid—

Net buybacksUSD 3.1M

Share of profit9.7%

Consecutive raises—

USD 3.1M in buybacks — 10% of the year's profit went back to shareholders.

Total assetsUSD 521.4M

EquityUSD 294.8M

CashUSD 174.1M

Gross debtUSD 94.7M

Net debtUSD -79.4M

Current ratio3.46×

The company holds more cash than debt.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	0.6	0.6	0.6	0.6	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.3	0.3	0.2	0.1	0.1	0.1
Operating income $B	0.0	0.0	−0.0	−0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0
EBITDA $B	0.1	0.0	−0.0	−0.1	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	·	·
Income tax $B	0.0	0.0	−0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.0	0.0	−0.0	−0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Free cash flow $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EPS, diluted $	1.36	0.55	−2.93	−6.08	0.97	1.25	0.62	1.54	1.29	1.49	1.93	2.33	2.35	2.35	2.23	1.59	1.27	0.86	0.64
Dividend / sh $	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Payout %	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	1071
ROE %	10.5	5.4	−14.7	−30.1	4.9	6.2	3.2	8.4	7.6	9.6	13.8	18.5	22.2	27.8	35.3	33.3	35.3	37.2	26.1
Shares out B	0.02	0.02	0.02	0.02	0.02	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 74 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 11 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityServices-Educational Services

Listed onNASDAQ

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2007