Balance Sheet American Public Education, Inc.

Stocks

APEI

US02913V1035

Miscellaneous Educational Service Providers

Real-time Estimate Cboe BZX Other stock markets 12:39:00 2026-06-11 pm EDT			5-day change	1st Jan Change
53.65 ^USD	-0.45%		+1.32%	+42.04%

May. 14	Barrington Adjusts PT on American Public Education to $62 From $56, Maintains Outperform Rating	MT
May. 12	B. Riley Adjusts American Public Education Price Target to $68 From $67, Maintains Buy Rating	MT

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Published financial data: AMERICAN PUBLIC EDUCATION, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	419M	606M	601M	625M	649M
Total Revenues	419M	606M	601M	625M	649M
Cost of Goods Sold, Total	173M	288M	293M	296M	297M
Gross Profit	246M	318M	308M	329M	352M
Selling General & Admin Expenses, Total	190M	273M	259M	271M	282M
Depreciation & Amortization - (IS)	17.83M	32.13M	27.82M	19.3M	16.15M
Other Operating Expenses, Total	208M	305M	287M	290M	298M
Operating Income	37.95M	12.63M	21.07M	38.78M	53.86M
Interest Expense, Total	-4.28M	-17.73M	-4.46M	-2.13M	-4.23M
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-4.28M	-17.73M	-4.46M	-2.13M	-4.23M
Income (Loss) On Equity Invest.	-831K	-21K	-5.24M	-4.41M	-
EBT, Excl. Unusual Items	32.84M	-5.12M	11.38M	32.25M	49.63M
Restructuring Charges	-	-	-2.4M	-	-
Merger & Related Restructuring Charges	-6.3M	-1.9M	-	-	-
Impairment of Goodwill	-	-131M	-53M	-	-
Gain (Loss) On Sale Of Assets	-1.28M	-1.18M	-2.98M	-2M	-5.85M
Asset Writedown	-	-15.5M	-11M	-	-
Other Unusual Items	-	3.83M	-	-3.72M	-77K
EBT, Incl. Unusual Items	25.26M	-151M	-58M	26.53M	43.7M
Income Tax Expense	7.51M	-36.28M	-10.72M	10.42M	12.15M
Earnings From Continuing Operations	17.75M	-115M	-47.29M	16.11M	31.56M
Net Income to Company	17.75M	-115M	-47.29M	16.11M	31.56M
Net Income - (IS)	17.75M	-115M	-47.29M	16.11M	31.56M
Preferred Dividend and Other Adjustments	-	48K	6.01M	6.06M	6.25M
Net Income to Common Incl Extra Items	17.75M	-115M	-53.29M	10.06M	25.3M
Net Income to Common Excl. Extra Items	17.75M	-115M	-53.29M	10.06M	25.3M
Per Share Items
Net EPS - Basic	0.98	-6.1	-2.94	0.57	1.4
Basic EPS - Continuing Operations	0.98	-6.1	-2.94	0.57	1.4
Basic Weighted Average Shares Outstanding	18.08M	18.86M	18.11M	17.62M	18.01M
Net EPS - Diluted	0.97	-6.1	-2.94	0.55	1.36
Diluted EPS - Continuing Operations	0.97	-6.1	-2.94	0.55	1.36
Diluted Weighted Average Shares Outstanding	18.26M	18.86M	18.11M	18.15M	18.66M
Normalized Basic EPS	1.14	-0.17	0.39	1.14	1.72
Normalized Diluted EPS	1.12	-0.17	0.39	1.11	1.66
Payout Ratio	-	-	-12.7	37.58	8.72
Supplemental Items
EBITDA	55.78M	44.76M	48.89M	58.08M	70.01M
EBITA	43.09M	28.43M	33.27M	42.08M	53.86M
EBIT	37.95M	12.63M	21.07M	38.78M	53.86M
EBITDAR	63.28M	64.66M	69.59M	76.98M	86.91M
Effective Tax Rate - (Ratio)	29.73	23.98	18.47	39.27	27.8
Current Domestic Taxes	2.05M	6.38M	4.81M	5.83M	4.01M
Total Current Taxes	2.05M	6.38M	4.81M	5.83M	4.01M
Deferred Domestic Taxes	5.46M	-42.66M	-15.53M	4.59M	8.14M
Total Deferred Taxes	5.46M	-42.66M	-15.53M	4.59M	8.14M
Normalized Net Income	20.53M	-3.2M	7.11M	20.16M	31.02M
Supplemental Operating Expense Items
Advertising Expense	60.3M	90.5M	82.6M	78.6M	84.4M
Selling and Marketing Expenses	93.32M	155M	131M	129M	137M
General and Administrative Expenses	97.08M	118M	128M	142M	145M
Net Rental Expense, Total	7.5M	19.9M	20.7M	18.9M	16.9M
Imputed Operating Lease Interest Expense	2.03M	12.47M	3.57M	1.59M	3.15M
Imputed Operating Lease Depreciation	5.47M	7.43M	17.13M	17.31M	13.75M
Stock-Based Comp., COGS (Total)	1.48M	1.25M	895K	808K	770K
Stock-Based Comp., S&M Exp. (Total)	771K	823K	490K	562K	759K
Stock-Based Comp., G&A Exp. (Total)	5.4M	5.93M	6.36M	6.3M	6.82M
Total Stock-Based Compensation	7.65M	8.01M	7.74M	7.67M	8.35M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	123M	103M	117M	132M	174M
Total Cash And Short Term Investments	123M	103M	117M	132M	174M
Accounts Receivable, Total	36.03M	42.35M	50.97M	62.46M	65.66M
Other Receivables	5.3M	2.87M	474K	949K	3.46M
Total Receivables	41.33M	45.22M	51.45M	63.41M	69.12M
Prepaid Expenses	11.68M	11.41M	13.03M	13.75M	14.2M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	27M	26.9M	27.68M	27.02M	2.4M
Other Current Assets, Total	-	-	8.56M	24.47M	-
Total Current Assets	203M	186M	217M	261M	260M
Gross Property Plant And Equipment	299M	335M	323M	300M	252M
Accumulated Depreciation	-118M	-125M	-136M	-132M	-124M
Net Property Plant And Equipment	180M	210M	188M	168M	128M
Long-term Investments	500K	4.5M	5.9M	-	-
Goodwill	243M	113M	59.59M	59.59M	59.59M
Other Intangibles, Total	85.08M	54.73M	31.54M	28.22M	28.22M
Deferred Tax Assets Long-Term	-	35.36M	51.36M	47.31M	39.18M
Other Long-Term Assets, Total	13.54M	12.02M	4.09M	6.25M	6.33M
Total Assets	726M	615M	557M	570M	521M
Liabilities
Accounts Payable, Total	13.5M	3.81M	8.66M	7.85M	4.82M
Accrued Expenses, Total	25.95M	28.79M	28.19M	34.28M	35.84M
Current Portion of Long-Term Debt	8.75M	-	-	-	-
Current Portion of Leases	13.7M	14.4M	13.31M	13.55M	11.37M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	21.78M	23.76M	23.83M	23.47M	23.02M
Total Current Liabilities	83.68M	70.76M	73.99M	79.16M	75.05M
Long-Term Debt	152M	93.15M	94.68M	93.42M	94.66M
Long-Term Leases	69.49M	101M	96.74M	93.64M	56.92M
Deferred Tax Liability Non Current	5.06M	-	-	-	-
Total Liabilities	310M	265M	265M	266M	227M
Preferred Stock Redeemable	-	39.69M	39.69M	39.69M	-
Total Preferred Equity	-	39.69M	39.69M	39.69M	-
Common Stock, Total	187K	189K	176K	177K	181K
Additional Paid In Capital	286M	293M	300M	306M	311M
Retained Earnings	129M	13.89M	-49.1M	-41.8M	-16.5M
Comprehensive Income and Other	108K	3.1M	1.64M	-7K	-18K
Total Common Equity	416M	310M	252M	264M	295M
Total Equity	416M	350M	292M	304M	295M
Total Liabilities And Equity	726M	615M	557M	570M	521M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	18.86M	19.03M	17.51M	18M	18.38M
ECS Total Common Shares Outstanding	18.71M	18.89M	17.6M	17.71M	18.13M
Book Value / Share	22.21	16.41	14.33	14.92	16.26
Tangible Book Value	87.04M	143M	161M	176M	207M
Tangible Book Value Per Share	4.65	7.55	9.15	9.96	11.42
Total Debt	244M	209M	205M	201M	163M
Net Debt	121M	106M	88.07M	68.7M	-11.14M
Debt Equivalent Oper. Leases	60M	159M	166M	151M	135M
Account Code - Inventory Valuation	-	3	3	3	3
Land - (BS)	8.95M	8.8M	8.27M	3.16M	3.16M
Buildings, Total	51.94M	50.59M	40.11M	16.72M	16.72M
Machinery, Total	39.08M	43.04M	47.48M	46.9M	40.08M
Full Time Employees	2.59K	2.36K	2.39K	2.49K	2.36K
Part Time Employees	3.21K	3.89K	3.64K	3.62K	3.48K
Accumulated Allowance for Doubtful Accounts (Supple)	11.4M	13.33M	15.36M	19.28M	21.11M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	17.75M	-115M	-47.29M	16.11M	31.56M
Depreciation & Amortization - CF	12.69M	16.33M	15.62M	16M	16.15M
Amortization of Goodwill and Intangible Assets - (CF)	5.14M	15.8M	12.2M	3.3M	-
Depreciation & Amortization, Total	17.83M	32.13M	27.82M	19.3M	16.15M
Amortization of Deferred Charges, Total - (CF)	885K	6.48M	1.63M	1.48M	1.34M
(Gain) Loss From Sale Of Asset	1.28M	1.18M	2.98M	2M	4.52M
Asset Writedown & Restructuring Costs	-	147M	64M	-	-
(Income) Loss On Equity Investments - (CF)	831K	21K	5.24M	4.41M	-
Stock-Based Compensation (CF)	7.65M	8.01M	7.74M	7.67M	8.35M
Other Operating Activities, Total	5.54M	-45.72M	-16M	4.05M	8.14M
Change In Accounts Receivable	-7.64M	-2.04M	-8.62M	-11.49M	-5.32M
Change In Accounts Payable	8.03M	-10.21M	4.86M	-816K	-1.85M
Change in Unearned Revenues	-23.06M	15K	70K	-356K	1.85M
Change In Income Taxes	-5.48M	2.43M	2.4M	-475K	-2.51M
Change in Other Net Operating Assets	-7.36M	5.02M	701K	6.99M	-258K
Cash from Operations	16.26M	29.22M	45.51M	48.87M	61.96M
Capital Expenditure	-11.83M	-16.39M	-13.9M	-21.08M	-15.86M
Cash Acquisitions	-326M	1.95M	-	-	-
Divestitures	-	-	-	-	-2.29M
Sale (Purchase) of Real Estate properties	672K	765K	123K	-	22.96M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-337M	-13.67M	-13.77M	-21.08M	4.8M
Long-Term Debt Issued, Total	175M	-	-	-	-
Total Debt Issued	175M	-	-	-	-
Long-Term Debt Repaid, Total	-2.19M	-73.86M	-114K	-2.96M	-213K
Total Debt Repaid	-2.19M	-73.86M	-114K	-2.96M	-213K
Issuance of Common Stock	86.2M	-	-	67K	1.21M
Repurchase of Common Stock	-3.03M	-1.54M	-10.74M	-4.24M	-4.26M
Issuance of Preferred Stock	-	39.69M	-	-	-
Repurchase of Preferred Stock	-	-	-	-	-43.19M
Preferred Dividends Paid	-	-	-6M	-6.06M	-2.75M
Common & Preferred Stock Dividends Paid	-	-	-6M	-6.06M	-2.75M
Other Financing Activities, Total	-13.64M	-	-	-	-
Cash from Financing	242M	-35.71M	-16.86M	-13.19M	-49.21M
Net Change in Cash	-78.06M	-20.17M	14.88M	14.6M	17.56M
Supplemental Items
Cash Interest Paid	3.68M	12.5M	10.6M	10.72M	9.64M
Cash Income Tax Paid (Refund)	7.46M	4M	2.42M	6.3M	6.52M
Levered Free Cash Flow	-10.54M	18.66M	20.84M	7.28M	81.99M
Unlevered Free Cash Flow	-8.75M	23.26M	22M	7.13M	83.3M
Change In Net Working Capital	46.13M	8.38M	12.83M	23M	-41M
Net Debt Issued / Repaid	173M	-73.86M	-114K	-2.96M	-213K

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.33	1.18	2.25	4.3	6.17
Return on Total Capital	4.87	1.3	2.5	4.84	7
Return On Equity %	4.91	-30.05	-14.74	5.41	10.54
Return on Common Equity	4.91	-31.71	-18.96	3.89	9.05
Margin Analysis
Gross Profit Margin %	58.78	52.42	51.23	52.65	54.22
SG&A Margin	45.46	45.04	43.09	43.35	43.44
EBITDA Margin %	13.32	7.38	8.14	9.3	10.79
EBITA Margin %	10.29	4.69	5.54	6.74	8.3
EBIT Margin %	9.06	2.08	3.51	6.21	8.3
Income From Continuing Operations Margin %	4.24	-18.97	-7.87	2.58	4.86
Net Income Margin %	4.24	-18.97	-7.87	2.58	4.86
Net Avail. For Common Margin %	4.24	-18.97	-8.87	1.61	3.9
Normalized Net Income Margin	4.9	-0.53	1.18	3.23	4.78
Levered Free Cash Flow Margin	-2.52	3.08	3.47	1.16	12.64
Unlevered Free Cash Flow Margin	-2.09	3.84	3.66	1.14	12.84
Asset Turnover
Asset Turnover	0.76	0.9	1.02	1.11	1.19
Fixed Assets Turnover	3.25	3.11	3.02	3.51	4.38
Receivables Turnover (Average Receivables)	15.6	15.47	12.87	11.01	10.13
Short Term Liquidity
Current Ratio	2.42	2.63	2.94	3.29	3.46
Quick Ratio	1.96	2.09	2.27	2.47	3.24
Operating Cash Flow to Current Liabilities	0.19	0.41	0.62	0.62	0.83
Days Sales Outstanding (Average Receivables)	23.39	23.59	28.36	33.24	36.04
Average Days Payable Outstanding	18.24	10.95	7.77	10.22	7.78
Long Term Solvency
Total Debt/Equity	58.64	59.75	70.12	66.02	55.28
Total Debt / Total Capital	36.96	37.4	41.22	39.77	35.6
LT Debt/Equity	53.24	55.64	65.56	61.56	51.42
Long-Term Debt / Total Capital	33.56	34.83	38.54	37.08	33.12
Total Liabilities / Total Assets	42.72	43.14	47.62	46.7	43.47
EBIT / Interest Expense	8.87	0.71	4.73	18.23	12.73
EBITDA / Interest Expense	14.8	3.65	15.61	36.19	20.55
(EBITDA - Capex) / Interest Expense	12.03	2.72	12.49	26.28	16.8
Total Debt / EBITDA	3.85	3.23	2.94	2.61	1.88
Net Debt / EBITDA	1.91	1.65	1.27	0.89	-0.13
Total Debt / (EBITDA - Capex)	4.74	4.33	3.68	3.59	2.29
Net Debt / (EBITDA - Capex)	2.35	2.2	1.58	1.23	-0.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	30.15	44.78	-0.95	4	3.89
Gross Profit, 1 Yr. Growth %	23.32	29.11	-3.2	6.88	6.99
EBITDA, 1 Yr. Growth %	44.55	-21.6	0.48	18.81	18.89
EBITA, 1 Yr. Growth %	68.28	-35.91	2.92	26.47	25.6
EBIT, 1 Yr. Growth %	48.21	-67.83	27.5	84.04	36.07
Earnings From Cont. Operations, 1 Yr. Growth %	-5.68	-747.77	-58.88	-134.08	95.85
Net Income, 1 Yr. Growth %	-5.68	-747.77	-58.88	-134.08	95.85
Normalized Net Income, 1 Yr. Growth %	23.05	-115	-1.03K	183.42	50.18
Diluted EPS Before Extra, 1 Yr. Growth %	-22.4	-728.87	-51.76	-118.69	147.27
Accounts Receivable, 1 Yr. Growth %	104.09	17.56	20.35	22.55	5.12
Net Property, Plant and Equip., 1 Yr. Growth %	133.7	16.3	-10.6	-10.33	-23.71
Total Assets, 1 Yr. Growth %	95.57	-15.24	-9.38	2.28	-8.54
Tangible Book Value, 1 Yr. Growth %	-68.54	63.95	12.92	9.44	17.35
Common Equity, 1 Yr. Growth %	35.41	-25.4	-18.63	4.72	11.58
Cash From Operations, 1 Yr. Growth %	-63.7	79.62	55.79	7.38	26.79
Capital Expenditures, 1 Yr. Growth %	140.11	38.56	-15.22	51.72	-24.75
Levered Free Cash Flow, 1 Yr. Growth %	-128.52	-291.81	-1	-65.09	954.41
Unlevered Free Cash Flow, 1 Yr. Growth %	-123.68	-392.97	-14.24	-67.61	992.32
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.95	37.27	19.75	1.49	3.94
Gross Profit, 2 Yr. CAGR %	18.83	26.19	11.8	1.72	6.94
EBITDA, 2 Yr. CAGR %	24.06	2.15	-7.46	14.56	22.72
EBITA, 2 Yr. CAGR %	44.46	-2.51	-7.93	22.75	32.08
EBIT, 2 Yr. CAGR %	35.58	-35.02	-26.73	78.82	69.83
Earnings From Cont. Operations, 2 Yr. CAGR %	33.15	147.17	63.21	-62.57	-18.31
Net Income, 2 Yr. CAGR %	33.15	147.17	63.21	-62.57	-18.31
Normalized Net Income, 2 Yr. CAGR %	19.26	-59.35	-42.27	139.52	135.12
Diluted EPS Before Extra, 2 Yr. CAGR %	25.08	120.91	74.17	-69.97	-32.02
Accounts Receivable, 2 Yr. CAGR %	78.36	54.9	18.95	21.44	13.5
Net Property, Plant and Equip., 2 Yr. CAGR %	41.44	64.86	1.97	-10.46	-17.29
Total Assets, 2 Yr. CAGR %	42.99	28.75	-12.36	-3.72	-3.28
Tangible Book Value, 2 Yr. CAGR %	-42.84	-28.18	36.07	11.17	13.33
Common Equity, 2 Yr. CAGR %	18.35	0.51	-22.09	-7.69	8.09
Cash From Operations, 2 Yr. CAGR %	-34.89	-19.26	67.28	29.34	16.68
Capital Expenditures, 2 Yr. CAGR %	27.68	82.4	8.39	13.42	6.85
Levered Free Cash Flow, 2 Yr. CAGR %	-36.99	-31.4	46.39	-36.95	105.88
Unlevered Free Cash Flow, 2 Yr. CAGR %	-42.58	-23.41	66.48	-44.22	101.58
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	12.05	28.42	23.12	14.25	2.29
Gross Profit, 3 Yr. CAGR %	10.51	22.16	15.51	10.13	3.44
EBITDA, 3 Yr. CAGR %	3.1	7.28	4.46	0.58	16.52
EBITA, 3 Yr. CAGR %	8.21	11.25	3.62	2.35	24.47
EBIT, 3 Yr. CAGR %	4.34	-15.12	-11.02	-0.4	64.37
Earnings From Cont. Operations, 3 Yr. CAGR %	-11.53	125.62	35.94	-3.18	-35.02
Net Income, 3 Yr. CAGR %	-11.53	125.62	35.94	-3.18	-35.02
Normalized Net Income, 3 Yr. CAGR %	-2.84	-39.47	-28.4	-1.89	106.69
Diluted EPS Before Extra, 3 Yr. CAGR %	-14.28	114.28	33.03	-17.23	-39.36
Accounts Receivable, 3 Yr. CAGR %	36.84	55.22	42.4	20.14	15.74
Net Property, Plant and Equip., 3 Yr. CAGR %	27.57	32.51	34.44	-2.31	-15.12
Total Assets, 3 Yr. CAGR %	25.06	20.12	14.53	-7.73	-5.36
Tangible Book Value, 3 Yr. CAGR %	-32.52	-18.79	-16.48	26.54	13.19
Common Equity, 3 Yr. CAGR %	8.96	1.47	-6.33	-14.02	-1.67
Cash From Operations, 3 Yr. CAGR %	-28.33	-8.69	0.52	44.3	28.48
Capital Expenditures, 3 Yr. CAGR %	7.84	31.21	41.29	21.25	-1.08
Levered Free Cash Flow, 3 Yr. CAGR %	-28.8	-11.09	-19.29	-9.22	64.85
Unlevered Free Cash Flow, 3 Yr. CAGR %	-33.08	-4.31	-17.82	-3.53	53.78
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.99	15.17	15.07	16.89	15.06
Gross Profit, 5 Yr. CAGR %	4.38	11.34	11.02	13.53	12
EBITDA, 5 Yr. CAGR %	-3.99	-4.29	-0.81	9.89	10.29
EBITA, 5 Yr. CAGR %	-2.81	-5.41	-0.44	15.3	12.49
EBIT, 5 Yr. CAGR %	-4.97	-19.32	-8.8	13.44	12.49
Earnings From Cont. Operations, 5 Yr. CAGR %	-5.97	40.34	13.02	9.98	10.89
Net Income, 5 Yr. CAGR %	-5.97	40.34	13.02	9.98	10.89
Normalized Net Income, 5 Yr. CAGR %	-7.99	-31.8	-20.49	6.91	9.87
Diluted EPS Before Extra, 5 Yr. CAGR %	-8.23	36.44	13.83	-2.37	1.7
Accounts Receivable, 5 Yr. CAGR %	38.98	42.79	29.38	40.71	30.05
Net Property, Plant and Equip., 5 Yr. CAGR %	13.05	17.1	16.63	13.28	10.7
Total Assets, 5 Yr. CAGR %	18.12	12.65	8.48	9.94	7.04
Tangible Book Value, 5 Yr. CAGR %	-17.34	-10.67	-10.67	-7.92	-5.64
Common Equity, 5 Yr. CAGR %	9.45	1.39	-4.72	-2.3	-0.8
Cash From Operations, 5 Yr. CAGR %	-21.91	-9.43	0.6	4.96	6.7
Capital Expenditures, 5 Yr. CAGR %	-6.33	2.08	8.06	23.78	26.35
Levered Free Cash Flow, 5 Yr. CAGR %	-24.61	-10.54	-6.52	-22.8	15.65
Unlevered Free Cash Flow, 5 Yr. CAGR %	-27.37	-6.51	-5.5	-23.13	16.01