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Stocks · Consumer discretionary · Services-Educational Services

AMERICAN PUBLIC EDUCATION INC

APEI Clue Score59
United States Fiscal year ends December CIK 0001201792
$48.15 +0.58% Close, 12 Oct 2026
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Price $48.15 +90.39% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue313.1Operating income38.3Net income24.2EPS, diluted1.49Fiscal year 2017Revenue299.2 −4.4%Operating income34.9Net income21.1 −12.6%EPS, diluted1.29 −13.4%Fiscal year 2018Revenue297.7 −0.5%Operating income32.5Net income25.6 +21.4%EPS, diluted1.54 +19.4%Fiscal year 2019Revenue286.3 −3.8%Operating income12.8Net income10.0 −60.9%EPS, diluted0.62 −59.7%Fiscal year 2020Revenue321.8 +12.4%Operating income24.8Net income18.8 +88.0%EPS, diluted1.25 +101.6%Fiscal year 2021Revenue418.8 +30.1%Operating income30.4Net income17.8 −5.7%EPS, diluted0.97 −22.4%Fiscal year 2022Revenue606.3 +44.8%Operating income−137.3Net income−115.0 −747.8%EPS, diluted−6.08 −726.8%Fiscal year 2023Revenue600.5 −1.0%Operating income−48.3Net income−47.3EPS, diluted−2.93Fiscal year 2024Revenue624.6 +4.0%Operating income33.1Net income16.1EPS, diluted0.55Fiscal year 2025Revenue648.9 +3.9%Operating income47.9Net income31.6 +95.8%EPS, diluted1.36 +147.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 313.1 299.2 297.7 286.3 321.8 418.8 606.3 600.5 624.6 648.9
Growth −4.4% −0.5% −3.8% +12.4% +30.1% +44.8% −1.0% +4.0% +3.9%
Operating income 38.3 34.9 32.5 12.8 24.8 30.4 −137.3 −48.3 33.1 47.9
Net income 24.2 21.1 25.6 10.0 18.8 17.8 −115.0 −47.3 16.1 31.6
Growth −12.6% +21.4% −60.9% +88.0% −5.7% −747.8% +95.8%
EPS, diluted 1.49 1.29 1.54 0.62 1.25 0.97 −6.08 −2.93 0.55 1.36
Growth −13.4% +19.4% −59.7% +101.6% −22.4% −726.8% +147.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin12.2%Net margin7.7%Free cash flow margin12.7%Fiscal year 2017Operating margin11.6%Net margin7.1%Free cash flow margin11.1%Fiscal year 2018Operating margin10.9%Net margin8.6%Free cash flow margin11.7%Fiscal year 2019Operating margin4.5%Net margin3.5%Free cash flow margin10.9%Fiscal year 2020Operating margin7.7%Net margin5.8%Free cash flow margin12.4%Fiscal year 2021Operating margin7.3%Net margin4.2%Free cash flow margin1.1%Fiscal year 2022Operating margin−22.7%Net margin−19.0%Free cash flow margin2.1%Fiscal year 2023Operating margin−8.0%Net margin−7.9%Free cash flow margin5.3%Fiscal year 2024Operating margin5.3%Net margin2.6%Free cash flow margin4.4%Fiscal year 2025Operating margin7.4%Net margin4.9%Free cash flow margin7.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 12.2% 11.6% 10.9% 4.5% 7.7% 7.3% −22.7% −8.0% 5.3% 7.4%
Net margin 7.7% 7.1% 8.6% 3.5% 5.8% 4.2% −19.0% −7.9% 2.6% 4.9%
Free cash flow margin 12.7% 11.1% 11.7% 10.9% 12.4% 1.1% 2.1% 5.3% 4.4% 7.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow56.0Capital expenditure−16.4Free cash flow39.6Buybacks−0.8Fiscal year 2017Operating cash flow47.9Capital expenditure−14.8Free cash flow33.2 −16.3%Buybacks−1.6Fiscal year 2018Operating cash flow44.2Capital expenditure−9.4Free cash flow34.7 +4.8%Buybacks−1.8Fiscal year 2019Operating cash flow38.4Capital expenditure−7.3Free cash flow31.1 −10.5%Buybacks−40.5Fiscal year 2020Operating cash flow44.8Capital expenditure−4.9Free cash flow39.9 +28.2%Buybacks−15.7Fiscal year 2021Operating cash flow16.3Capital expenditure−11.8Free cash flow4.4 −88.9%Buybacks−3.0Fiscal year 2022Operating cash flow29.2Capital expenditure−16.4Free cash flow12.8 +189.1%Buybacks−1.5Fiscal year 2023Operating cash flow45.5Capital expenditure−13.9Free cash flow31.6 +146.5%Buybacks−10.7Fiscal year 2024Operating cash flow48.9Capital expenditure−21.1Free cash flow27.8 −12.1%Buybacks−4.2Fiscal year 2025Operating cash flow62.0Capital expenditure−15.9Free cash flow46.1 +65.9%Buybacks−4.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 56.0 47.9 44.2 38.4 44.8 16.3 29.2 45.5 48.9 62.0
Capital expenditure −16.4 −14.8 −9.4 −7.3 −4.9 −11.8 −16.4 −13.9 −21.1 −15.9
Free cash flow 39.6 33.2 34.7 31.1 39.9 4.4 12.8 31.6 27.8 46.1
Growth −16.3% +4.8% −10.5% +28.2% −88.9% +189.1% +146.5% −12.1% +65.9%
Buybacks −0.8 −1.6 −1.8 −40.5 −15.7 −3.0 −1.5 −10.7 −4.2 −4.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash146.4Shareholders’ equity264.7Fiscal year 2017Cash179.2Shareholders’ equity289.4Fiscal year 2018Cash212.1Shareholders’ equity321.3Fiscal year 2019Cash202.7Shareholders’ equity296.7Fiscal year 2020Cash227.7Total debt0.0Net cash (debt)227.7Shareholders’ equity306.9Debt to equity0.00Fiscal year 2021Cash149.6Total debt160.5Net cash (debt)−10.9Shareholders’ equity415.6Debt to equity0.39Fiscal year 2022Cash102.5Total debt93.2Net cash (debt)9.4Shareholders’ equity349.7Debt to equity0.27Fiscal year 2023Cash116.7Total debt94.7Net cash (debt)22.0Shareholders’ equity292.0Debt to equity0.32Fiscal year 2024Cash131.9Total debt93.4Net cash (debt)38.5Shareholders’ equity303.9Debt to equity0.31Fiscal year 2025Cash174.1Total debt94.7Net cash (debt)79.4Shareholders’ equity294.8Debt to equity0.32
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 146.4 179.2 212.1 202.7 227.7 149.6 102.5 116.7 131.9 174.1
Total debt n/a n/a n/a n/a 0.0 160.5 93.2 94.7 93.4 94.7
Net cash (debt) n/a n/a n/a n/a 227.7 −10.9 9.4 22.0 38.5 79.4
Shareholders’ equity 264.7 289.4 321.3 296.7 306.9 415.6 349.7 292.0 303.9 294.8
Debt to equity n/a n/a n/a n/a 0.00 0.39 0.27 0.32 0.31 0.32

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
313.1 299.2 297.7 286.3 321.8 418.8 606.3 600.5 624.6 648.9
Growth −4.4% −0.5% −3.8% +12.4% +30.1% +44.8% −1.0% +4.0% +3.9%
117.0 116.2 115.3 111.9 122.2 172.6 288.5 292.9 295.7 297.0
68.7 69.0 74.5 78.1 88.0 103.4 120.4 128.2 142.0 144.6
38.3 34.9 32.5 12.8 24.8 30.4 −137.3 −48.3 33.1 47.9
Growth −8.9% −6.7% −60.8% +94.1% +22.7% −552.2% +45.0%
38.4 35.0 35.4 16.7 25.8 26.1 −151.2 −52.8 30.9 43.7
14.9 11.5 9.3 5.2 7.0 7.5 −36.3 −10.7 10.4 12.1
24.2 21.1 25.6 10.0 18.8 17.8 −115.0 −47.3 16.1 31.6
Growth −12.6% +21.4% −60.9% +88.0% −5.7% −747.8% +95.8%
Per share
1.50 1.30 1.56 0.62 1.27 0.98 −6.10 −2.94 0.57 1.40
1.49 1.29 1.54 0.62 1.25 0.97 −6.08 −2.93 0.55 1.36
Growth −13.4% +19.4% −59.7% +101.6% −22.4% −726.8% +147.3%
16.1 16.2 16.4 16.1 14.9 18.1 18.9 18.1 17.6 18.0
16.2 16.4 16.6 16.3 15.0 18.3 18.9 18.2 18.1 18.7
Growth +1.0% +1.6% −2.3% −7.4% +21.3% +3.6% −3.8% −0.2% +2.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 15.1% a year over five years, and earnings per share grew 1.7% a year.
  • The diluted share count rose 24.0% in five years, which is dilution.
  • Operating margin is flat at 7.4%.
  • A net loss in 2 of 10 years on file.