Latest Ratios: P/E Ratio 43.6x · EV/EBITDA 15.4x · ROE 10.5%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $705M | $391M | $176M | $232M | $406M | $459M | $445M | $473M | $410M | $398M |
| Enterprise Value | $1.1B | $692M | $460M | $264M | $312M | $541M | $241M | $256M | $261M | $231M | $252M |
| P/E Ratio → | 43.63 | 27.79 | 39.22 | — | — | 22.94 | 24.38 | 44.18 | 18.48 | 19.42 | 16.48 |
| P/S Ratio | 1.68 | 1.09 | 0.63 | 0.29 | 0.38 | 0.97 | 1.43 | 1.56 | 1.59 | 1.37 | 1.27 |
| P/B Ratio | 3.76 | 2.39 | 1.29 | 0.60 | 0.66 | 0.98 | 1.49 | 1.50 | 1.47 | 1.42 | 1.50 |
| P/FCF | 23.61 | 15.30 | 14.09 | 5.55 | 18.12 | 91.54 | 11.50 | 14.31 | 13.62 | 12.38 | 10.05 |
| P/OCF | 17.57 | 11.38 | 8.01 | 3.86 | 7.96 | 24.97 | 10.24 | 11.60 | 10.72 | 8.56 | 7.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.07 | 0.74 | 0.44 | 0.51 | 1.29 | 0.75 | 0.89 | 0.88 | 0.77 | 0.80 |
| EV / EBITDA | 15.35 | 9.88 | 8.79 | — | — | 11.22 | 6.39 | 5.79 | 5.13 | 4.31 | 4.37 |
| EV / EBIT | 19.96 | 12.84 | 13.92 | — | — | 17.81 | 9.41 | 12.38 | 7.82 | 6.25 | 5.14 |
| EV / FCF | — | 15.01 | 16.56 | 8.34 | 24.32 | 121.92 | 6.04 | 8.21 | 7.52 | 6.97 | 6.35 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.7% | 51.7% | 52.7% | 51.2% | 52.4% | 58.8% | 62.0% | 60.9% | 61.3% | 61.2% | 62.6% |
| Operating Margin | 8.3% | 8.3% | 5.3% | -8.0% | -22.7% | 7.3% | 7.7% | 10.0% | 11.2% | 11.6% | 12.2% |
| Net Profit Margin | 4.9% | 4.9% | 2.6% | -7.9% | -19.0% | 4.2% | 5.8% | 3.5% | 8.6% | 7.1% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 5.4% | -14.7% | -30.1% | 4.9% | 6.2% | 3.2% | 8.4% | 7.6% | 9.6% |
| ROA | 5.7% | 5.7% | 2.9% | -7.6% | -16.3% | 3.2% | 5.2% | 2.8% | 7.2% | 6.4% | 7.7% |
| ROIC | 12.4% | 12.4% | 6.6% | -9.0% | -21.0% | 7.1% | 18.9% | 19.8% | 22.8% | 22.9% | 23.0% |
| ROCE | 11.2% | 11.2% | 6.8% | -8.8% | -21.9% | 6.3% | 7.9% | 9.0% | 10.7% | 12.1% | 14.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.55 | 0.55 | 0.66 | 0.70 | 0.60 | 0.62 | 0.03 | 0.04 | — | — | — |
| Debt / EBITDA | 2.33 | 2.33 | 3.83 | — | — | 5.34 | 0.23 | 0.27 | — | — | — |
| Net Debt / Equity | — | -0.05 | 0.23 | 0.30 | 0.23 | 0.32 | -0.71 | -0.64 | -0.66 | -0.62 | -0.55 |
| Net Debt / EBITDA | -0.19 | -0.19 | 1.31 | — | — | 2.80 | -5.77 | -4.30 | -4.17 | -3.34 | -2.54 |
| Debt / FCF | — | -0.29 | 2.47 | 2.79 | 6.20 | 30.38 | -5.46 | -6.10 | -6.10 | -5.41 | -3.69 |
| Interest Coverage | 12.73 | 12.73 | 15.55 | -10.83 | -7.53 | 7.10 | — | — | — | — | — |
Net cash position: cash ($176M) exceeds total debt ($163M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.46 | 3.46 | 3.29 | 2.94 | 2.63 | 2.42 | 4.57 | 4.92 | 5.25 | 4.41 | 3.88 |
| Quick Ratio | 3.46 | 3.46 | 3.29 | 2.94 | 2.63 | 2.42 | 4.57 | 4.92 | 5.25 | 4.41 | 3.88 |
| Cash Ratio | 2.35 | 2.35 | 1.67 | 1.58 | 1.83 | 1.47 | 4.11 | 4.45 | 4.79 | 4.13 | 3.47 |
| Asset Turnover | — | 1.19 | 1.10 | 1.08 | 0.88 | 0.58 | 0.87 | 0.81 | 0.80 | 0.88 | 0.98 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 36.94 | 37.06 | 31.27 | 27.22 | 36.02 | 20.02 | 14.44 | 18.34 | 8.70 | 8.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.4% | 1.5% | 3.4% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 3.6% | 2.5% | — | — | 4.4% | 4.1% | 2.3% | 5.4% | 5.1% | 6.1% |
| FCF Yield | 4.2% | 6.5% | 7.1% | 18.0% | 5.5% | 1.1% | 8.7% | 7.0% | 7.3% | 8.1% | 10.0% |
| Buyback Yield | 4.4% | 6.7% | 1.1% | 6.1% | 0.7% | 0.7% | 3.4% | 9.1% | 0.4% | 0.4% | 0.2% |
| Total Shareholder Yield | 4.6% | 7.1% | 2.6% | 9.5% | 0.7% | 0.7% | 3.4% | 9.1% | 0.4% | 0.4% | 0.2% |
| Shares Outstanding | — | $19M | $18M | $18M | $19M | $18M | $15M | $16M | $17M | $16M | $16M |
Regulatory and Enrollment Volatility
Based on current market data, APEI trades at a forward P/E of 21.30, which appears elevated relative to its historical performance and suggests that investors are pricing in a significant recovery in earnings power that has yet to be fully realized in recent quarterly results.
The high PEG ratio of 23.56 indicates that the current valuation is not supported by near-term growth expectations, implying that the market may be assigning a premium for the company's potential as a specialized nursing and military educator. Investors should monitor whether the forward earnings estimates are overly optimistic given the persistent margin pressures observed in the Rasmussen and Hondros segments.
According to reported financial figures, APEI's ROIC has struggled to gain traction, fluctuating between 0.5% and 7.5% over the last ten quarters, which suggests that the company is currently failing to generate returns that consistently exceed its cost of capital following recent strategic acquisitions.
The low ROIC trend reflects the difficulty in integrating capital-intensive campus-based nursing programs into a previously lean, online-only operating model. Unless management can improve the asset turnover of these physical locations, the company may continue to see a decay in its ability to compound capital effectively compared to more efficient peers.
As indicated by recent quarterly filings, APEI's DSO has remained relatively stable in the 23-34 day range, suggesting that the company maintains effective control over its tuition collection cycles despite the inherent complexities of managing diverse student aid disbursements across three distinct academic segments.
The lack of significant inventory dependence, typical of service-based education models, allows the company to focus on managing the cash conversion cycle through efficient student enrollment and retention. However, the variability in operating margins suggests that these efficiency gains are often offset by rising student acquisition costs in a competitive digital marketing environment.
Based on the provided balance sheet data, APEI has maintained a disciplined debt-to-equity ratio of 0.23 as of 2026Q1, which represents a significant improvement from previous periods and provides the company with a robust buffer against potential regulatory-driven disruptions to its federal funding streams.
The company's ability to maintain an interest coverage ratio of 30.06 in the most recent quarter underscores a strong capacity to service its remaining debt obligations. This conservative capital structure appears to be a strategic choice, allowing the firm to navigate the high-risk regulatory environment of the for-profit education sector without the burden of excessive interest expenses.
The P/E ratio is frequently misapplied to APEI, as it obscures the significant non-cash amortization charges stemming from the Rasmussen acquisition and the inherent volatility of academic revenue recognition, which can lead to a distorted view of the company's true underlying earning power.
Investors should instead focus on EV/EBITDA or FCF-based metrics to better assess the cash-generating capability of the business, as these measures are less sensitive to the accounting nuances of goodwill impairment and non-cash expenses. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its peers in the education services industry.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying APEI stock.
American Public Education, Inc.'s current P/E ratio is 43.6x. The historical average is 26.5x. This places it at the 88th percentile of its historical range.
American Public Education, Inc.'s current EV/EBITDA is 15.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
American Public Education, Inc.'s return on equity (ROE) is 10.5%. The historical average is 14.1%.
Based on historical data, American Public Education, Inc. is trading at a P/E of 43.6x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Public Education, Inc.'s current dividend yield is 0.25%.
American Public Education, Inc. has 51.7% gross margin and 8.3% operating margin.
American Public Education, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.