APEI - AMERICAN PUBLIC EDUCATION INC

📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Revenue Growth YoY (%)	3.9% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-22%)	4.0% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-20%)	-1.0% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-119%)	44.8% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+796%)	30.1% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+503%)	12.4% Good Good Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+148%)	-3.8% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-177%)	—	—	—	—	—	—	—	—	—	39.1% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+681%)	55.1% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1001%)	—	—
EPS Growth YoY (%)	145.6% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	51.8% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	-22.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	104.8% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-60.3% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	20.0% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	-13.3% Weak → Weak Stable Year-over-year change in earnings per share Optimal: > 10%	-22.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-17.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-0.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	0.0% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	4.4% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	39.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	23.5% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	45.1% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	31.9% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	95.8% Excellent Excellent Year-over-year change in net income	N/M	58.9% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	-5.7% Weak ↓ Weak Declining Year-over-year change in net income	88.0% Excellent ↑ Excellent Improving Year-over-year change in net income	-60.9% Weak ↓ Weak Declining Year-over-year change in net income	21.4% Good ↑ Good Improving Year-over-year change in net income	-12.6% Weak ↑ Weak Improving Year-over-year change in net income	-25.5% Weak ↓ Weak Declining Year-over-year change in net income	-20.7% Weak ↓ Weak Declining Year-over-year change in net income	-2.8% Weak ↓ Weak Declining Year-over-year change in net income	-0.7% Weak ↓ Weak Declining Year-over-year change in net income	3.8% Caution ↓ Caution Declining Year-over-year change in net income	36.5% Excellent ↓ Excellent Declining Year-over-year change in net income	24.7% Good ↓ Good Declining Year-over-year change in net income	47.9% Excellent Excellent Year-over-year change in net income	85.0% Excellent Excellent Year-over-year change in net income	—	—
FCF Growth YoY (%)	62.3% Excellent ↓ Excellent Declining Year-over-year change in free cash flow	-9.7% Weak ↓ Weak Declining Year-over-year change in free cash flow	156.7% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	177.2% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-90.8% Weak ↓ Weak Declining Year-over-year change in free cash flow	38.7% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-8.7% Weak ↑ Weak Improving Year-over-year change in free cash flow	-7.3% Weak Weak Year-over-year change in free cash flow	-13.0% Weak Weak Year-over-year change in free cash flow	—	—	—	117.9% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-60.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	89.0% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-33.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	21.3% Good Good Year-over-year change in free cash flow	21.5% Good Good Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	2.3% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	14.2% Good ↓ Good Declining Compound annual revenue growth over 3 years	23.1% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	28.4% Excellent Excellent Compound annual revenue growth over 3 years	12.1% Good Good Compound annual revenue growth over 3 years	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenue CAGR 5Y (%)	15.1% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	16.9% Excellent Excellent Compound annual revenue growth over 5 years	15.1% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS CAGR 3Y (%)	—	-16.5% Weak Weak Compound annual EPS growth over 3 years	—	—	-14.4% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-0.8% Weak ↑ Weak Improving Compound annual EPS growth over 3 years	-25.5% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-7.0% Weak ↑ Weak Improving Compound annual EPS growth over 3 years	-18.0% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-14.3% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-6.6% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	1.2% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	13.4% Good ↓ Good Declining Compound annual EPS growth over 3 years	21.7% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	35.8% Excellent Excellent Compound annual EPS growth over 3 years	33.2% Excellent Excellent Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Operating Margin (%) (%)	7.4% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-38%)	5.3% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-56%)	-8.0% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-167%)	-22.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-289%)	7.3% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-40%)	7.7% Caution → Caution Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-36%)	4.5% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-63%)	10.9% Caution Caution Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-9%)	—	—	—	—	—	—	—	—	26.8% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+123%)	24.0% Good Good Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+100%)	21.3% Good Good Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+77%)	—
Effective Tax Rate (%) (%)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	40.4% Weak Weak Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—
Profit Margin (%) (%)	4.9% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-39%)	2.6% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-68%)	-7.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-198%)	-19.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-337%)	4.2% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-47%)	5.8% Caution → Caution Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-27%)	3.5% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-56%)	8.6% Caution Caution Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+8%)	—	—	—	—	—	—	—	—	16.1% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+101%)	15.1% Good Good Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+89%)	12.7% Fair Fair Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+58%)	—
FCF Margin (%) (%)	7.1% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	4.4% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	5.3% Caution → Caution Stable Free cash flow as a percentage of revenue Optimal: > 10%	2.1% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	1.1% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	12.4% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	10.9% Fair Fair Free cash flow as a percentage of revenue Optimal: > 10%	11.7% Fair Fair Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	—	—	—	—	—	24.7% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	27.8% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	25.4% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	1.46x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	1.72x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	-0.67x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-0.11x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.25x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	2.12x Excellent → Excellent Stable Free cash flow relative to reported net income Optimal: > 1x	3.11x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.36x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	1.76x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	1.75x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—	—	0.92x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.42x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.12x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	0.82x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.54x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	1.84x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	2.00x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Return on Invested Capital (%)	9.7% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	6.6% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	-9.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-24.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	4.2% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	6.4% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	3.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	8.0% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	9.5% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	11.4% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	17.4% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	22.2% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	25.7% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	31.8% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	37.1% Excellent → Excellent Stable Return earned on debt + equity capital invested Optimal: > 10%	30.6% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	38.4% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	37.9% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	34.6% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	9.2% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	5.8% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	-8.7% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-22.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	4.2% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	6.7% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	3.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	8.8% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	10.3% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	12.1% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	17.2% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	22.1% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	24.8% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	29.0% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	31.6% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	35.3% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	34.4% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	32.6% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	10.7% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-29%)	5.3% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-65%)	-16.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-208%)	-32.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-319%)	4.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-72%)	6.1% Caution → Caution Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-59%)	3.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-78%)	8.0% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-47%)	7.3% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-51%)	9.1% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-39%)	13.7% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-9%)	17.5% Good ↓ Good Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+16%)	20.3% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+35%)	24.7% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+65%)	30.5% Excellent → Excellent Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+103%)	30.7% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+105%)	29.2% Excellent → Excellent Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+95%)	30.3% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+102%)	26.1% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+74%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Debt to Equity (x)	0.32x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-54%)	0.31x Good ↓ Good Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-56%)	0.32x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-54%)	0.27x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-62%)	0.39x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-45%)	0.00x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Interest Coverage (x)	4.97x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	3.08x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	-4.56x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-10.99x Weak Weak Operating income divided by interest expense Optimal: > 5x	8.26x Good Good Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	—	—	—	—	—	—	—	—	262.34x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$-79.43M	$-38.50M	$-21.98M	$-9.37M	$160.52M	$0.00	—	—	$-179.21M	$-146.35M	$-105.73M	$-115.63M	$-94.82M	$-114.90M	$-119.01M	$-81.35M	$-74.87M	$-47.71M	$-26.95M	$-11.68M
Debt / EBITDA (x)	1.48x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.90x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-2.89x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.77x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.73x Caution Caution Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.00x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—	—	—	—	—	—	—	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Revenue per Share (USD)	$36.03	$35.44	$33.16	$32.15	$23.16	$21.63	$17.79	$18.15	—	—	—	—	—	—	—	—	$8.20	$6.01	$5.42	—
Basic EPS, GAAP (USD)	$1.40	$0.57	$-2.94	$-6.10	$0.98	$1.27	$0.62	$1.56	$1.30	$1.50	$1.94	$2.36	$2.38	$2.38	$2.28	$1.63	$1.32	$0.91	$0.69	—
Free Cash Flow per Share (USD)	$2.56	$1.58	$1.75	$0.68	$0.25	$2.68	$1.93	$2.12	$2.28	$2.63	—	—	$2.20	$1.01	$2.55	$1.35	$2.02	$1.67	$1.37	—
Book Value per Share (USD)	$16.26	$17.16	$16.59	$18.51	$22.21	$20.73	$19.55	$19.56	$17.79	$16.43	$14.83	$13.66	$11.78	$9.64	$7.50	$5.43	$4.49	$2.97	$2.63	—
Tangible Book Value per Share (USD)	$11.42	$12.20	$11.41	$9.65	$4.65	$18.68	$17.55	$17.25	$15.42	$14.00	$12.05	$11.40	$9.16	$9.64	$7.50	$5.43	$4.49	$2.97	$2.63	—
Basic Weighted Avg Shares (shares)	18.01M	17.62M	18.11M	18.86M	18.09M	14.88M	16.09M	16.40M	16.24M	16.07M	16.68M	17.36M	17.66M	17.77M	17.88M	18.28M	18.17M	17.84M	12.76M	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Working Capital (USD)	$184.77M	$181.42M	$143.39M	$115.33M	$118.96M	$196.75M	$177.63M	$188.24M	$147.78M	$116.45M	$80.31M	$87.97M	$62.33M	$86.00M	$82.03M	$60.42M	$59.42M	$36.36M	—	—
LT Debt (USD)	$94.67M	$93.42M	$94.68M	$93.15M	$160.52M	$0.00	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Equity (USD)	$294.78M	$303.88M	$291.98M	$349.73M	$415.61M	$306.93M	$296.73M	$321.27M	$289.41M	$264.67M	$237.15M	$234.22M	$207.07M	$171.15M	$133.83M	$97.30M	$82.02M	$53.48M	$33.51M	$16.82M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Sales/Revenue/Turnover (USD)	$648.86M	$624.56M	$600.54M	$606.33M	$418.80M	$321.79M	$286.27M	$297.69M	—	—	—	—	—	—	—	—	$149.00M	$107.15M	$69.09M	—
Depreciation Expense (USD)	$16.10M	$16.00M	$15.60M	$16.20M	$12.70M	$13.00M	$15.30M	$16.90M	$18.18M	$18.67M	$19.63M	$14.98M	$13.22M	$11.00M	$9.09M	$6.35M	—	—	—	—
Net Income, GAAP (USD)	$31.56M	$16.11M	$-47.29M	$-114.99M	$17.75M	$18.82M	$10.01M	$25.64M	$21.12M	$24.16M	$32.41M	$40.88M	$42.03M	$42.32M	$40.76M	$29.87M	$23.94M	$16.19M	$8.75M	—
Operating Cash Flow (USD)	$61.97M	$48.87M	$45.51M	$29.21M	$16.27M	$44.81M	$38.37M	$44.18M	$47.94M	$56.01M	—	—	$59.41M	$52.92M	$70.44M	$47.08M	$36.76M	$29.76M	$17.52M	—

AMERICAN PUBLIC EDUCATION INC

Analytical Summary

20-Year Financial Trajectory

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