AMERICAN PUBLIC EDUCATION INC

APEI

AMERICAN PUBLIC EDUCATION INC

APEI

Insider Sentiment (TTM):

Last Purchase:2024-08-30Last Sale:2026-06-22Shares Purchased (TTM):0Shares Sold (TTM):191,163

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:18,598,798Shares Outstanding:18,282,000Institutional Ownership Pct.:101.73%

Earnings Market Reaction:

Filing Date:2026-05-11Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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AMERICAN PUBLIC EDUCATION INC (APEI) — SEC Financial Statements & Analysis

AMERICAN PUBLIC EDUCATION INC (APEI) files its annual 10-K and quarterly 10-Q reports directly with the SEC. The financial data below is sourced as-filed from EDGAR — balance sheet, income statement, and cash flow as reported, without normalization or third-party adjustments.

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Cash And Cash Equivalents At Carrying Value	221	176	193	177	188	159	162	156	153	144	155	139
Accounts Receivable Net Current	39	66	44	38	42	62	43	39	45	51	29	30
Prepaid Expense Current	19	14	14	18	21	14	18	16	17	13	15	15
Income Taxes Receivable	3	3	8	2	0	1	5	4	0	0	4	4
Assets Held For Sale Not Part Of Disposal Group Cu…	-	0	0	0	22	24	9	9	9	9	-	-
Assets Current	282	260	259	235	273	261	237	223	224	217	203	189
Property Plant And Equipment Net	69	71	71	73	73	73	93	92	90	88	98	100
Operating Lease Right Of Use Asset	55	58	62	89	93	95	97	100	98	100	102	105
Deferred Income Tax Assets Net	38	39	40	46	46	47	51	51	51	51	49	53
Intangible Assets Net Excluding Goodwill	28	28	28	28	28	28	28	29	30	32	33	36
Goodwill	60	60	60	60	60	60	60	60	60	60	60	60
Other Assets Noncurrent	6	6	6	7	7	6	4	5	7	10	11	17
Assets	538	521	525	537	579	570	570	561	559	557	555	559
Liabilities Current
Accounts Payable Current	8	5	8	10	8	8	10	7	7	9	8	6
Employee Related Liabilities Current	22	22	30	20	18	21	22	17	17	17	19	18
Accrued Liabilities Current	23	13	18	14	19	14	16	17	15	11	12	13
Contract With Customer Liability Current	25	23	24	25	25	23	27	26	27	24	29	29
Taxes Payable Current	-	-	-	-	0	-	-	-	-	-	-	-
Long Term Debt Current	5	-	-	-	-	-	-	-	-	-	-	-
Liabilities Current	95	75	91	83	83	79	89	79	80	74	82	79
Long Term Debt Noncurrent	83	95	94	94	94	93	93	93	95	95	94	94
Liabilities	232	227	246	265	269	266	279	272	271	265	274	274
Preferred Stock Value	-	0	0	0	40	40	40	40	40	40	40	40
Common Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Additional Paid In Capital Common Stock	306	311	308	307	305	306	304	302	300	300	298	296
Accumulated Other Comprehensive Income Loss Net Of…	0	-0	-0	-0	-0	-0	0	1	1	2	3	3
Retained Earnings Accumulated Deficit	0	-17	-29	-35	-34	-42	-53	-54	-53	-49	-59	-54
Stockholders Equity	306	295	279	272	310	304	290	289	288	292	281	285
Liabilities And Stockholders Equity	538	521	525	537	579	570	570	561	559	557	555	559
Assets
Allowance For Doubtful Accounts Receivable Current	22	21	20	20	20	19	18	20	19	15	14	13
Series A Preferred Stock	-	0	-	-	-	0	-	-2	53	0	0	0
Liabilities And Stockhold…
Stockholders Equity
Preferred Stock Par Or Stated Value Per Share	-	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Preferred Stock Shares Authorized	-	10	10	10	10	10	10	10	10	10	10	10
Preferred Stock Shares Issued	-	-	-	-	0	-	0	0	0	-	-	-
Preferred Stock Shares Outstanding	-	-	-	-	0	-	0	0	0	-	-	-
Preferred Stock Liquidation Preference	-	-	-	-	0	-	0	0	0	-	-	-
Preferred Stock Liquidation Preference Value	-	47	-	-	45	47	49	51	53	55	57	59
Common Stock Par Or Stated Value Per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Common Stock Shares Authorized	100	100	100	100	100	100	100	100	100	100	100	100
Common Stock Shares Issued	18	18	18	18	18	18	18	18	18	18	18	18
Shares Outstanding	18	18	18	18	18	18	18	18	18	18	18	18

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-6.60%	0.62%	-	-	-	-	-	-	-	-	-	-
2025	8.49%	16.01%	12.79%	-4.28%	22.23%	14.75%	4.61%	9.58%	26.64%	21.19%	22.36%	3.97%
2024	14.62%	15.81%	33.93%	-2.05%	-13.83%	-17.40%	21.42%	22.46%	28.00%	16.78%	24.47%	52.26%
2023	-	-	-	-2.61%	-7.26%	-22.72%	90.93%	124.42%	175.81%	24.89%	25.68%	55.06%
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Performance and Valuation Metrics

Metrics	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Liquidity Ratios
Current Ratio	2.98	3.46	2.84	2.83	3.27	3.29	2.65	2.83	2.81	2.94	2.47	2.39
Quick Ratio	2.78	3.27	2.68	2.61	3.02	3.12	2.45	2.63	2.60	2.76	2.29	2.19
Working Capital	187.59M	184.77M	167.72M	152.05M	189.08M	181.42M	147.09M	144.62M	144.13M	143.39M	120.85M	109.79M
Leverage & Debt
Debt to Equity	0.76	0.77	0.88	0.97	0.87	0.88	0.96	0.94	0.94	0.91	0.97	0.96
Interest Coverage TTM	14.09	11.33	13.84	13.99	13.90	15.55	11.77	11.92	-13.45	-10.83	-5.83	-5.19
Debt Ratio	0.43	0.43	0.47	0.49	0.46	0.47	0.49	0.49	0.48	0.48	0.49	0.49
Efficiency & Turnover
Asset Turnover TTM	1.18	1.19	1.20	1.17	1.12	1.11	1.09	1.09	1.03	1.02	0.99	0.98
Days Sales Outstanding TTM	22.31	36.04	24.13	21.63	24.86	33.15	21.34	20.70	24.62	28.36	17.20	17.46
Receivables Turnover TTM	16.36	10.13	15.13	16.87	14.68	11.01	17.11	17.64	14.83	12.87	21.22	20.91
Per Share Metrics
Diluted EPS TTM	2.22	1.69	1.30	1.14	0.92	0.55	0.64	0.33	-2.64	-2.93	-3.83	-3.82
Free Cash Flow Per Share TTM	4.04	2.56	3.32	2.78	2.60	1.58	1.25	1.78	2.09	1.75	0.60	-0.59
Dividend Per Share TTM	0.07	0.15	0.23	0.32	0.33	0.34	0.35	0.35	0.35	0.33	0.25	0.16
Margin Metrics
Gross Profit Margin TTM	54.98%	54.22%	54.22%	53.39%	53.01%	52.65%	51.93%	52.11%	51.86%	51.23%	50.85%	50.98%
Operating Profit Margin TTM	8.70%	7.39%	7.71%	6.97%	6.32%	5.29%	4.48%	4.87%	-6.24%	-8.04%	-10.75%	-12.01%
Net Profit Margin TTM	6.35%	4.86%	3.73%	3.28%	2.68%	1.61%	1.90%	0.99%	-7.77%	-8.87%	-11.38%	-11.48%
Growth Metrics
Net Revenue Growth (1Y)	3.84%	3.89%	6.75%	5.50%	4.86%	4.00%	2.18%	2.02%	0.67%	-0.95%	-1.27%	7.59%
Net Income Growth (1Y)	146.01%	213.78%	109.80%	249.09%	-136.15%	-118.87%	-117.04%	-108.80%	-62.69%	-53.65%	-31.04%	-28.07%
EPS Growth (1Y)	140.06%	207.06%	105.26%	241.21%	-135.48%	-119.39%	-117.14%	-108.95%	-59.55%	-51.74%	-26.75%	-24.32%
Valuation Metrics
P/E TTM	24.86	21.57	29.20	26.00	23.42	37.80	22.40	51.20	-5.29	-3.28	-1.30	-1.24
P/B	3.40	2.31	2.55	2.02	1.28	1.25	0.90	1.07	0.86	0.60	0.31	0.30
P/S TTM	1.58	1.05	1.09	0.85	0.63	0.61	0.43	0.51	0.41	0.29	0.15	0.14
Market Cap	1.04B	680.82M	713.22M	549.32M	398.19M	380.17M	260.77M	309.88M	248.64M	174.78M	88.53M	85.00M
Enterprise Value	907.15M	598.98M	614.45M	466.80M	304.43M	314.65M	191.61M	246.44M	190.48M	125.12M	27.70M	39.54M
Calculated Values
Free Cash Flow TTM	73.78M	46.10M	59.97M	50.22M	46.36M	27.79M	22.01M	31.46M	36.59M	31.62M	10.64M	-10.62M
Net Debt	-132.73M	-81.83M	-98.78M	-82.52M	-93.76M	-65.52M	-69.16M	-63.44M	-58.16M	-49.66M	-60.84M	-45.46M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
Valuation Ratios
P/CF TTM
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-06-22Sale

Owner: Beckett, Thomas

Title: SVP, General Counsel

Shares: 2,000

Price/Share: $54.00

Value: $108,000.00

Shares Owned: 52,172

Relationship: Officer

Ownership: Direct

2026-06-15Sale

Owner: Beckett, Thomas

Title: SVP, General Counsel

Shares: 8,000

Price/Share: $52.28

Value: $418,240.00

Shares Owned: 54,172

Relationship: Officer

Ownership: Direct

2026-05-13Sale

Owner: Fernandes, Nuno S.

Title: President, APUS

Shares: 4,500

Price/Share: $53.34

Value: $240,030.00

Shares Owned: 78,575

Relationship: Officer

Ownership: Direct

2026-03-20Sale

Owner: 325, Capital Llc, Friedbe…

Title: -

Shares: 65,000

Price/Share: $54.17

Value: $3,521,050.00

Shares Owned: 836,234

Relationship: Other

Ownership: Direct

2026-03-19Sale

Owner: Fernandes, Nuno S.

Title: President, APUS

Shares: 1,100

Price/Share: $54.08

Value: $59,488.00

Shares Owned: 83,075

Relationship: Officer

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2026-06-22	Beckett, Thomas	Officer	SVP, General Counsel	Direct	Sale	2,000	54.00	$108,000.00	52,172	4
2026-06-15	Beckett, Thomas	Officer	SVP, General Counsel	Direct	Sale	8,000	52.28	$418,240.00	54,172	4
2026-05-13	Fernandes, Nuno S.	Officer	President, APUS	Direct	Sale	4,500	53.34	$240,030.00	78,575	4
2026-03-20	325, Capital Llc, Friedbe…	Other	-	Direct	Sale	65,000	54.17	$3,521,050.00	836,234	4
2026-03-19	Fernandes, Nuno S.	Officer	President, APUS	Direct	Sale	1,100	54.08	$59,488.00	83,075	4
2026-03-18	325, Capital Llc, 325 Cap…	Other	-	Direct	Sale	63,500	55.41	$3,518,535.00	996,746	4
2026-03-17	Gaffney, Karmela	Officer	SVP, Chief Marketing Officer	Direct	Sale	2,700	55.87	$150,849.00	40,527	4
2026-03-16	Beckett, Thomas	Officer	SVP, General Counsel	Direct	Sale	2,000	57.70	$115,400.00	62,172	4
2026-03-16	Axenson, Tanya Joy	Officer	SVP, Chief HR Officer	Direct	Sale	20,000	56.09	$1,121,800.00	49,917	4
2026-03-16	Fernandes, Nuno S.	Officer	President, APUS	Direct	Sale	6,500	53.87	$350,155.00	84,175	4
2025-11-12	Axenson, Tanya Joy	Officer	SVP, Chief HR Officer	Direct	Sale	10,363	34.77	$360,321.51	58,403	4
2025-11-12	Fernandes, Nuno S.	Officer	President, APUS	Direct	Sale	5,500	34.68	$190,740.00	82,249	4
2025-06-06	Braner, Michael David, 32…	Other	-	Direct	Sale	214,396	28.04	$6,011,663.84	1,181,005	4
2025-06-04	Kenigsberg, James	Director	-	Direct	Sale	6,369	28.36	$180,624.84	23,215	4
2025-06-03	325, Capital Llc, 325 Cap…	TenPercentOwner,Other	-	Direct	Sale	54,913	29.32	$1,610,049.16	1,526,446	4
2025-06-02	Sunderland, Richard W Jr	Officer	EVP, Chief Financial Officer	Direct	Sale	11,902	29.16	$347,062.32	159,559	4
2025-05-29	Shrivastava, Anil K, Bran…	Other	-	Indirect	Sale	46,418	29.36	$1,362,832.48	1,055,012	4
2025-05-27	Braner, Michael David, 32…	TenPercentOwner,Other	-	Direct	Sale	87,636	29.60	$2,594,025.60	1,834,974	4/A
2025-05-16	Sunderland, Richard W Jr	Officer	EVP, Chief Financial Officer	Direct	Sale	5,843	27.72	$161,967.96	171,461	4
2025-05-15	Sunderland, Richard W Jr	Officer	EVP, Chief Financial Officer	Direct	Sale	5,944	27.66	$164,411.04	177,304	4
2025-05-14	Fernandes, Nuno S.	Officer	President, APUS	Direct	Sale	7,272	27.12	$197,216.64	85,459	4
2025-05-14	Beckett, Thomas	Officer	SVP, General Counsel	Direct	Sale	3,000	27.70	$83,100.00	57,253	4
2025-05-14	Axenson, Tanya Joy	Officer	SVP, Chief HR Officer	Direct	Sale	6,500	27.17	$176,605.00	59,785	4
2025-05-08	Kenigsberg, James	Director	-	Direct	Sale	600	25.67	$15,402.00	25,832	4
2025-03-13	Macgibbon, Craig S	Officer	EVP, Chief Information Officer	Direct	Sale	3,487	21.25	$74,098.75	63,892	4
2025-03-10	Beckett, Thomas	Officer	SVP, General Counsel	Direct	Sale	3,700	22.07	$81,659.00	60,253	4
2025-02-06	Kenigsberg, James	Director	-	Direct	Sale	600	22.39	$13,434.00	26,432	4
2024-11-13	Kenigsberg, James	Director	-	Direct	Sale	600	19.00	$11,400.00	27,032	4
2024-08-30	325, Capital Master Fund …	Other	-	Indirect	Purchase	17,872	16.77	$299,713.44	1,922,610	4
2024-08-29	325, Capital Llc, Friedbe…	TenPercentOwner,Other	-	Indirect	Purchase	20,000	16.63	$332,600.00	1,904,738	4
2024-08-28	325, Capital Gp, Llc, 325…	TenPercentOwner,Other	-	Indirect	Purchase	20,000	16.11	$322,200.00	1,884,738	4
2024-08-26	Shrivastava, Anil K, Bran…	TenPercentOwner,Other	-	Indirect	Purchase	14,393	15.69	$225,826.17	1,846,299	4
2024-08-26	325, Capital Gp, Llc, 325…	TenPercentOwner,Other	-	Indirect	Purchase	14,393	15.69	$225,826.17	1,846,299	4/A
2024-08-23	Friedberg, Daniel M., 325…	Director,TenPercentOwner,Other	-	Indirect	Purchase	7,920	15.47	$122,522.40	1,831,906	4
2024-08-21	325, Capital Master Fund …	TenPercentOwner,Other	-	Indirect	Purchase	13,843	14.61	$202,246.23	1,801,074	4
2024-08-19	325, Capital Gp, Llc, 325…	TenPercentOwner,Other	-	Indirect	Purchase	52,733	14.55	$767,265.15	1,735,738	4
2024-08-15	325, Capital Llc, 325 Cap…	Other	-	Indirect	Purchase	24,738	14.54	$359,690.52	1,658,349	4
2024-08-13	Friedberg, Daniel M., 325…	Other	-	Indirect	Purchase	290,098	13.49	$3,913,422.02	1,578,679	4
2024-05-22	Macgibbon, Craig S	Officer	EVP, Chief Information Officer	Direct	Sale	6,519	17.35	$113,104.65	37,751	4
2024-05-20	Macgibbon, Craig S	Officer	EVP, Chief Information Officer	Direct	Sale	1,500	18.40	$27,600.00	41,783	4
2024-03-12	Halle, Jean C.	Director	-	Direct	Sale	11,874	11.68	$138,688.32	21,739	4
2024-03-08	Beckett, Thomas	Officer	SVP, General Counsel	Direct	Sale	2,900	12.89	$37,381.00	42,908	4
2024-02-29	Pianko, Daniel S.	Director	-	Direct	Sale	2,554	10.49	$26,791.46	25,889	4
2023-11-28	Kurshan, Barbara	Director	-	Direct	Sale	7,333	7.32	$53,677.56	23,694	4
2023-11-14	Macgibbon, Craig S	Officer	EVP, Chief Information Officer	Direct	Sale	10,864	5.96	$64,747.71	13,634	4
2023-11-09	Beckett, Thomas	Officer	SVP, General Counsel	Direct	Sale	7,500	5.44	$40,800.00	27,371	4
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Institutional Ownership

No data available for chart

2026-03-31

101.73%

Inst. Shares: 18,598,798

Shares Outstanding: 18,282,000

2025-12-31

105.48%

Inst. Shares: 18,997,498

Shares Outstanding: 18,011,000

2025-09-30

99.03%

Inst. Shares: 17,895,475

Shares Outstanding: 18,070,000

2025-06-30

93.28%

Inst. Shares: 16,822,602

Shares Outstanding: 18,034,000

2025-03-31

94.29%

Inst. Shares: 16,821,366

Shares Outstanding: 17,840,000

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	18,598,798	18,282,000	101.73%
2025-12-31	18,997,498	18,011,000	105.48%
2025-09-30	17,895,475	18,070,000	99.03%
2025-06-30	16,822,602	18,034,000	93.28%
2025-03-31	16,821,366	17,840,000	94.29%
2024-12-31	16,513,001	17,625,000	93.69%
2024-09-30	15,822,611	17,679,000	89.50%
2024-06-30	15,196,787	17,627,000	86.21%
2024-03-31	13,645,102	17,510,000	77.93%
2023-12-31	12,816,260	18,112,000	70.76%
2023-09-30	12,746,793	17,778,000	71.70%
2023-06-30	13,419,662	17,932,000	74.84%
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AMERICAN PUBLIC EDUCATION INC (APEI) — SEC Financial Statements & Analysis

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