APEI Consumer Defensive

American Public Education, Inc.

$42.33+1.78%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Consumer Defensive
Industry: Education & Training Services
Country: United States
Market cap: 774.7M USD
Enterprise value: 764.7M USD
Full-time employees: 2,360

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.41 vs a peer median of 0.41)bigger price swings (beta 1.41 vs peers 0.41)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #167 of 761 consumer defensive companies (top 22%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $24M vs $19M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −3.1% from December 2022 to August 2026.
Over three fiscal years American Public Education recorded $24M of stock-based pay expense and spent $19M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years American Public Education recorded $24M of stock-based pay expense and spent $19M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Profit is backed by cash. Free cash flow is 153% of reported profit.
American Public Education's free cash flow is 153% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
More volatile share price. Beta 1.41: tends to move more than the market.
American Public Education's shares have swung more with the market than most peers' (beta 1.41, above the market's 1.0).

StockQuotient Score

65/ 100▲ 2 since Oct 27 close

Oct 5 64 → Nov 4 65 (+1)

Valuation

Is the price right?

69/100

Moderate▲ 6 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 63 → 69

Share price -8.3%+6

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ EBITDA yield
▲ Earnings yield
▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.9%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.45Sector median: 0.0453 · MAD: 0.0301

EBITDA yield12.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.84Sector median: 0.0865 · MAD: 0.0435

Free cash flow yield9.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.64Sector median: 0.0622 · MAD: 0.0441

Other data (not scored)

Book yield40.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5381 · MAD: 0.2865

Growth

Is it growing?

73/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth57.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.22Sector median: 0.0154 · MAD: 0.2529

3-year revenue growth3.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.01Sector median: 0.0366 · MAD: 0.0470

Revenue growth3.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.15Sector median: 0.0278 · MAD: 0.0585

Profitability

Does it earn well?

78/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin9.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.39Sector median: 0.0759 · MAD: 0.0508

Return on assets8.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.73Sector median: 0.0396 · MAD: 0.0262

Return on invested capital19.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.80Sector median: 0.0766 · MAD: 0.0673

Other data (not scored)

Gross margin55.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3182 · MAD: 0.1263

Return on equity14.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0831 · MAD: 0.0675

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.41

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.30Sector median: 0.4070 · MAD: 0.1690

Current ratio3.25×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.67Sector median: 1.5250 · MAD: 0.6460

Debt / equity0.28×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.41Sector median: 0.4234 · MAD: 0.3581

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about American Public Education

Is American Public Education getting weaker?: Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is 65/100, up 2 since Oct 28, 2026.
How is American Public Education valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 69/100 against 823 consumer defensive peers. EBITDA yield 12.3% vs a peer median of 8.7% (stronger than 71% of peers).EBITDA yield 12.3% vs peers 8.7% (stronger than 71% of peers).
Is American Public Education growing?: Yes, faster than most of its peers. Growth scores 73/100 against 823 consumer defensive peers. Earnings per share growth 57.6% vs a peer median of 1.5% (stronger than 86% of peers).Earnings per share growth 57.6% vs peers 1.5% (stronger than 86% of peers).
How profitable is American Public Education?: More profitable than most of its peers. Profitability scores 78/100 against 823 consumer defensive peers. Return on assets 8.5% vs a peer median of 4.0% (stronger than 84% of peers).Return on assets 8.5% vs peers 4.0% (stronger than 84% of peers).
How risky is American Public Education?: Moderate risk relative to 823 consumer defensive peers, judged on debt, liquidity and share-price swings. Current ratio 3.25× vs a peer median of 1.52× (stronger than 82% of peers).Current ratio 3.25× vs peers 1.52× (stronger than 82% of peers). Beta 1.41 vs a peer median of 0.41 (weaker than 100% of peers).Beta 1.41 vs peers 0.41 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	659.0M USD	668.0M USD	+1.4%
Net income (12 months)	40.4M USD	45.7M USD	+13.1%
Operating margin	8.7%	9.6%	+0.9 pts
Free cash flow (12 months)	73.8M USD	70.1M USD	−5.0%
Debt	88.3M USD	87.3M USD	−1.1%
Cash	221.0M USD	146.5M USD	−33.7%
Shares outstanding	18.3M	18.3M	−0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Defensive · 91 companies

Valuations in Consumer Defensive are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
18% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −4% and earnings +7% (medians): prices and earnings moved broadly together.
Median price-to-sales is −58% vs the whole market, against a usual −39%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Defensive: too few Education & Training Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	58.8%	52.4%	51.2%	52.7%	54.2%	▲ 1.6 pts
Operating margin	7.3%	-22.7%	-8.0%	5.3%	7.4%	▲ 2.1 pts
Net margin	4.2%	-19.0%	-7.9%	2.6%	4.9%	▲ 2.3 pts
Return on assets (ROA)	2.4%	-18.7%	-8.5%	2.8%	6.1%	▲ 3.2 pts
Return on equity (ROE)	4.3%	-32.9%	-16.2%	5.3%	10.7%	▲ 5.4 pts
Free cash flow margin	1.1%	2.1%	5.3%	4.4%	7.1%	▲ 2.7 pts
Current ratio	2.42×	2.63×	2.94×	3.29×	3.46×	▲ 5.2%
Debt to equity	0.39×	0.27×	0.32×	0.31×	0.32×	▲ 4.5%
Interest coverage	—	-35.22×	—	—	—	—

APEI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.41 vs a peer median of 0.41)bigger price swings (beta 1.41 vs peers 0.41)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #167 of 761 consumer defensive companies (top 22%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $24M vs $19M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −3.1% from December 2022 to August 2026.

Over three fiscal years American Public Education recorded $24M of stock-based pay expense and spent $19M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years American Public Education recorded $24M of stock-based pay expense and spent $19M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Profit is backed by cash. Free cash flow is 153% of reported profit.

American Public Education's free cash flow is 153% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

More volatile share price. Beta 1.41: tends to move more than the market.

American Public Education's shares have swung more with the market than most peers' (beta 1.41, above the market's 1.0).

Questions investors ask about American Public Education

Is American Public Education getting weaker?

Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is 65/100, up 2 since Oct 28, 2026.

How is American Public Education valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 69/100 against 823 consumer defensive peers. EBITDA yield 12.3% vs a peer median of 8.7% (stronger than 71% of peers).EBITDA yield 12.3% vs peers 8.7% (stronger than 71% of peers).

Is American Public Education growing?

Yes, faster than most of its peers. Growth scores 73/100 against 823 consumer defensive peers. Earnings per share growth 57.6% vs a peer median of 1.5% (stronger than 86% of peers).Earnings per share growth 57.6% vs peers 1.5% (stronger than 86% of peers).

How profitable is American Public Education?

More profitable than most of its peers. Profitability scores 78/100 against 823 consumer defensive peers. Return on assets 8.5% vs a peer median of 4.0% (stronger than 84% of peers).Return on assets 8.5% vs peers 4.0% (stronger than 84% of peers).

How risky is American Public Education?

Moderate risk relative to 823 consumer defensive peers, judged on debt, liquidity and share-price swings. Current ratio 3.25× vs a peer median of 1.52× (stronger than 82% of peers).Current ratio 3.25× vs peers 1.52× (stronger than 82% of peers). Beta 1.41 vs a peer median of 0.41 (weaker than 100% of peers).Beta 1.41 vs peers 0.41 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

659.0M USD

668.0M USD

+1.4%

Net income (12 months)

40.4M USD

45.7M USD

+13.1%

Operating margin

8.7%

9.6%

+0.9 pts

Free cash flow (12 months)

73.8M USD

70.1M USD

−5.0%

Debt

88.3M USD

87.3M USD

−1.1%

Cash

221.0M USD

146.5M USD

−33.7%

Shares outstanding

18.3M

18.3M

−0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

58.8%

52.4%

51.2%

52.7%

54.2%

▲ 1.6 pts

Operating margin

7.3%

-22.7%

-8.0%

5.3%

7.4%

▲ 2.1 pts

Net margin

4.2%

-19.0%

-7.9%

2.6%

4.9%

▲ 2.3 pts

Return on assets (ROA)

2.4%

-18.7%

-8.5%

2.8%

6.1%

▲ 3.2 pts

Return on equity (ROE)

4.3%

-32.9%

-16.2%

5.3%

10.7%

▲ 5.4 pts

Free cash flow margin

1.1%

2.1%

5.3%

4.4%

7.1%

▲ 2.7 pts

Current ratio

2.42×

2.63×

2.94×

3.29×

3.46×

▲ 5.2%

Debt to equity

0.39×

0.27×

0.32×

0.31×

0.32×

▲ 4.5%

Interest coverage

—

-35.22×

—