American Public Education (APEI) Financials

$28.32 -0.46 (-1.58%)

As of 11:21 AM Eastern

Annual Income Statements for American Public Education

This table shows American Public Education's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	10	-53	-115
Consolidated Net Income / (Loss)	16	-47	-115
Net Income / (Loss) Continuing Operations	16	-47	-115
Total Pre-Tax Income	31	-53	-151
Total Operating Income	33	-48	-137
Total Gross Profit	329	308	318
Total Revenue	625	601	606
Operating Revenue	625	601	606
Total Cost of Revenue	296	293	288
Operating Cost of Revenue	296	293	288
Total Operating Expenses	296	356	455
Selling, General & Admin Expense	142	128	120
Marketing Expense	129	133	155
Depreciation Expense	19	28	32
Other Operating Expenses / (Income)	5.33	2.43	0.00
Impairment Charge	0.00	64	147
Other Special Charges / (Income)	0.38	0.55	1.18
Total Other Income / (Expense), net	-2.13	-4.46	-14
Interest & Investment Income	-2.13	-4.46	-18
Other Income / (Expense), net	0.00	0.00	3.83
Income Tax Expense	10	-11	-36
Other Gains / (Losses), net	-4.41	-5.24	-0.02
Preferred Stock Dividends Declared	6.06	6.01	0.05
Basic Earnings per Share	$0.57	($2.94)	($6.10)
Weighted Average Basic Shares Outstanding	17.63M	18.11M	18.86M
Diluted Earnings per Share	$0.55	($2.93)	($6.08)
Weighted Average Diluted Shares Outstanding	18.15M	18.19M	18.91M
Weighted Average Basic & Diluted Shares Outstanding	18.00M	17.51M	19.03M

This table shows American Public Education's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	12	0.73	-1.16	-1.02	11	-4.85	-53	-7.20	-6.58	-3.76
Consolidated Net Income / (Loss)	13	2.26	0.37	0.52	13	-3.33	-51	-5.74	-6.54	-3.76
Net Income / (Loss) Continuing Operations	13	2.26	0.37	0.52	13	-3.33	-51	-5.74	-6.54	-3.76
Total Pre-Tax Income	21	3.50	1.44	5.06	15	5.61	-66	-7.15	-7.65	-4.62
Total Operating Income	22	4.13	2.22	5.18	16	6.40	-65	-5.37	-0.26	-1.03
Total Gross Profit	92	78	77	82	82	78	72	76	80	78
Total Revenue	164	153	153	154	153	151	147	150	152	150
Operating Revenue	164	153	153	154	153	151	147	150	152	150
Total Cost of Revenue	72	75	76	72	71	73	75	74	73	72
Operating Cost of Revenue	72	75	76	72	71	73	75	74	73	72
Total Operating Expenses	71	74	74	77	66	71	137	81	80	79
Selling, General & Admin Expense	36	35	34	36	31	31	33	33	31	30
Marketing Expense	29	33	34	32	27	33	33	40	39	41
Depreciation Expense	3.86	5.08	5.23	5.13	5.08	7.03	7.95	7.76	7.88	7.98
Other Operating Expenses / (Income)	1.62	0.00	0.78	2.94	-	-	-	-	-	-
Other Special Charges / (Income)	0.15	0.02	0.18	0.03	0.54	-0.02	0.03	0.00	0.21	0.18
Total Other Income / (Expense), net	-0.59	-0.63	-0.79	-0.13	-0.78	-0.79	-1.10	-1.78	-7.39	-3.59
Interest & Investment Income	-0.59	-0.63	-0.79	-0.13	-0.78	-0.79	-1.10	-1.78	-7.39	-3.59
Income Tax Expense	7.99	1.24	-0.02	1.21	2.12	3.71	-15	-1.41	-1.12	-0.86
Preferred Stock Dividends Declared	1.46	1.53	1.53	1.54	1.54	1.53	1.49	1.46	0.05	0.00
Basic Earnings per Share	$0.66	$0.04	($0.07)	($0.06)	$0.65	($0.27)	($2.94)	($0.38)	($0.35)	($0.20)
Weighted Average Basic Shares Outstanding	17.63M	17.68M	17.63M	17.51M	18.11M	17.78M	17.93M	18.98M	18.86M	18.89M
Diluted Earnings per Share	$0.63	$0.04	($0.06)	($0.06)	$0.65	($0.27)	($2.93)	($0.38)	($0.34)	($0.20)
Weighted Average Diluted Shares Outstanding	18.15M	18.25M	18.13M	17.81M	18.19M	17.82M	17.99M	19.07M	18.91M	18.93M
Weighted Average Basic & Diluted Shares Outstanding	18.00M	17.71M	17.70M	17.58M	17.51M	17.78M	17.77M	17.72M	19.03M	18.89M

This table details how cash moves in and out of American Public Education's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	15	15	-20
Net Cash From Operating Activities	49	46	29
Net Cash From Continuing Operating Activities	49	46	29
Net Income / (Loss) Continuing Operations	16	-47	-115
Consolidated Net Income / (Loss)	16	-47	-115
Depreciation Expense	19	28	32
Amortization Expense	1.48	1.63	6.48
Non-Cash Adjustments To Reconcile Net Income	17	83	154
Changes in Operating Assets and Liabilities, net	-4.82	-20	-48
Net Cash From Investing Activities	-21	-14	-14
Net Cash From Continuing Investing Activities	-21	-14	-14
Purchase of Property, Plant & Equipment	-21	-14	-16
Acquisitions	0.00	0.00	1.95
Sale of Property, Plant & Equipment	0.00	0.12	0.77
Net Cash From Financing Activities	-13	-17	-36
Net Cash From Continuing Financing Activities	-13	-17	-36
Repayment of Debt	-2.96	-0.11	-74
Repurchase of Common Equity	-4.24	-11	-1.54
Payment of Dividends	-6.06	-6.01	0.00
Issuance of Preferred Equity	0.00	0.00	40
Other Financing Activities, net	0.07	0.00	0.00
Cash Interest Paid	11	11	12
Cash Income Taxes Paid	6.30	2.42	4.00

This table details how cash moves in and out of American Public Education's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-3.31	6.06	2.99	8.86	-11	16	3.24	6.70	-56	0.98
Net Cash From Operating Activities	1.60	14	12	21	-3.14	20	16	13	-23	6.85
Net Cash From Continuing Operating Activities	1.60	14	12	21	-3.14	20	16	13	-23	6.85
Net Income / (Loss) Continuing Operations	13	2.26	0.37	0.52	13	-3.33	-51	-5.74	-6.54	-3.76
Consolidated Net Income / (Loss)	13	2.26	0.37	0.52	13	-3.33	-51	-5.74	-6.54	-3.76
Depreciation Expense	3.86	5.08	5.23	5.13	5.08	7.03	7.95	7.76	7.88	7.98
Amortization Expense	0.36	0.37	0.38	0.38	0.39	0.40	0.41	0.43	4.54	0.64
Non-Cash Adjustments To Reconcile Net Income	6.66	1.78	1.58	6.78	4.87	7.16	69	2.23	4.90	2.18
Changes in Operating Assets and Liabilities, net	-22	4.58	4.90	7.94	-26	8.90	-10	8.08	-34	-0.19
Net Cash From Investing Activities	-3.35	-6.31	-5.20	-6.22	-4.39	-2.83	-3.35	-3.21	-5.48	-3.58
Net Cash From Continuing Investing Activities	-3.35	-6.31	-5.20	-6.22	-4.39	-2.83	-3.35	-3.21	-5.48	-3.58
Purchase of Property, Plant & Equipment	-3.35	-6.31	-5.20	-6.22	-4.39	-2.95	-3.35	-3.21	-5.48	-3.60
Net Cash From Financing Activities	-1.55	-1.71	-4.26	-5.67	-3.28	-1.58	-9.15	-2.85	-28	-2.30
Net Cash From Continuing Financing Activities	-1.55	-1.71	-4.26	-5.67	-3.28	-1.58	-9.15	-2.85	-28	-2.30
Repayment of Debt	-0.08	-0.08	-2.77	-0.03	-0.03	-0.03	-0.03	-0.03	-67	-2.22
Repurchase of Common Equity	-0.01	-0.09	-0.03	-4.11	-1.71	-0.03	-7.64	-1.37	-0.00	-0.08
Payment of Dividends	-1.46	-1.53	-1.53	-1.54	-1.54	-1.52	-1.49	-1.46	-	-
Cash Interest Paid	2.54	2.75	2.72	2.71	2.74	2.72	2.63	2.51	3.75	3.31
Cash Income Taxes Paid	0.28	1.73	3.68	0.62	0.87	0.02	1.47	0.06	0.60	2.76

This table presents American Public Education's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	570	557	615
Total Current Assets	261	217	186
Restricted Cash	159	144	-
Accounts Receivable	62	51	42
Prepaid Expenses	14	13	11
Current Deferred & Refundable Income Taxes	0.95	0.47	2.87
Other Current Assets	24	8.56	0.00
Plant, Property, & Equipment, net	73	88	101
Total Noncurrent Assets	236	253	328
Goodwill	60	60	113
Intangible Assets	28	32	55
Noncurrent Deferred & Refundable Income Taxes	47	51	35
Other Noncurrent Operating Assets	101	110	125
Total Liabilities & Shareholders' Equity	570	557	615
Total Liabilities	266	265	265
Total Current Liabilities	79	74	71
Accounts Payable	7.85	8.66	3.81
Accrued Expenses	14	11	14
Customer Deposits	23	24	-
Current Employee Benefit Liabilities	21	17	15
Other Current Liabilities	14	13	14
Total Noncurrent Liabilities	187	191	195
Long-Term Debt	93	95	93
Capital Lease Obligations	94	97	-
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	304	292	350
Total Preferred & Common Equity	304	292	350
Preferred Stock	40	40	40
Total Common Equity	264	252	310
Common Stock	306	300	293
Retained Earnings	-42	-49	14
Accumulated Other Comprehensive Income / (Loss)	-0.01	1.64	3.10

This table presents American Public Education's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	570	561	559	555	559	619	661
Total Current Assets	237	223	224	203	189	196	229
Restricted Cash	162	156	-	155	139	136	186
Accounts Receivable	43	39	45	29	30	37	28
Prepaid Expenses	18	16	17	15	15	17	11
Current Deferred & Refundable Income Taxes	5.36	4.08	0.32	4.17	3.70	5.19	4.16
Other Current Assets	8.56	8.56	8.56	-	-	-	-
Plant, Property, & Equipment, net	93	92	90	98	100	100	100
Total Noncurrent Assets	240	245	245	254	270	322	333
Goodwill	60	60	60	60	60	113	113
Intangible Assets	28	29	30	33	36	51	61
Noncurrent Deferred & Refundable Income Taxes	51	51	51	49	53	35	32
Other Noncurrent Operating Assets	102	105	105	113	122	124	127
Total Liabilities & Shareholders' Equity	570	561	559	555	559	619	661
Total Liabilities	279	272	271	274	274	276	345
Total Current Liabilities	89	79	80	82	79	79	96
Accounts Payable	10	7.00	7.34	7.98	5.66	6.80	27
Accrued Expenses	16	17	15	12	13	14	-
Customer Deposits	27	26	-	29	29	29	28
Current Employee Benefit Liabilities	22	17	17	19	18	16	19
Other Current Liabilities	14	12	13	14	14	14	14
Total Noncurrent Liabilities	190	193	191	192	195	196	250
Long-Term Debt	93	93	95	94	94	94	147
Other Noncurrent Operating Liabilities	97	100	96	97	101	103	103
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	290	289	288	281	285	343	315
Total Preferred & Common Equity	290	289	288	281	285	343	315
Preferred Stock	40	40	40	40	40	40	0.00
Total Common Equity	251	249	249	242	245	303	315
Common Stock	304	302	300	298	296	294	292
Retained Earnings	-53	-54	-53	-59	-54	6.32	20
Accumulated Other Comprehensive Income / (Loss)	0.19	0.87	1.35	2.54	2.88	2.63	3.14

This table displays calculated financial ratios and metrics derived from American Public Education's official financial filings.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	4.00%	-0.95%	44.78%
EBITDA Growth	385.53%	80.13%	-293.35%
EBIT Growth	168.45%	63.82%	-539.63%
NOPAT Growth	164.86%	64.83%	-544.51%
Net Income Growth	134.08%	58.88%	-747.77%
EPS Growth	118.77%	51.81%	-726.80%
Operating Cash Flow Growth	7.38%	55.79%	79.62%
Free Cash Flow Firm Growth	148.75%	-450.89%	105.20%
Invested Capital Growth	-2.08%	8.18%	-26.51%
Revenue Q/Q Growth	1.84%	0.06%	-0.26%
EBITDA Q/Q Growth	8.79%	32.90%	-11.05%
EBIT Q/Q Growth	20.40%	25.11%	-10.72%
NOPAT Q/Q Growth	-2.46%	25.11%	-13.90%
Net Income Q/Q Growth	-0.31%	29.25%	-16.06%
EPS Q/Q Growth	-3.51%	25.26%	-15.15%
Operating Cash Flow Q/Q Growth	10.75%	77.60%	-56.99%
Free Cash Flow Firm Q/Q Growth	33.09%	-397.69%	-62.59%
Invested Capital Q/Q Growth	50.05%	53.73%	9.71%
Profitability Metrics	-	-	-
Gross Margin	52.65%	51.23%	52.42%
EBITDA Margin	8.62%	-3.14%	-15.65%
Operating Margin	5.29%	-8.04%	-22.65%
EBIT Margin	5.29%	-8.04%	-22.02%
Profit (Net Income) Margin	2.58%	-7.87%	-18.97%
Tax Burden Percent	52.08%	89.62%	76.03%
Interest Burden Percent	93.57%	109.23%	113.28%
Effective Tax Rate	33.68%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.54%	-10.36%	-25.99%
ROIC Less NNEP Spread (ROIC-NNEP)	-8.94%	-260.49%	122.36%
Return on Net Nonoperating Assets (RNNOA)	-1.13%	-4.37%	-4.06%
Return on Equity (ROE)	5.41%	-14.74%	-30.05%
Cash Return on Invested Capital (CROIC)	8.64%	-18.22%	4.58%
Operating Return on Assets (OROA)	5.87%	-8.24%	-19.92%
Return on Assets (ROA)	2.86%	-8.07%	-17.15%
Return on Common Equity (ROCE)	4.69%	-12.91%	-28.49%
Return on Equity Simple (ROE_SIMPLE)	5.30%	-16.20%	-32.88%
Net Operating Profit after Tax (NOPAT)	22	-34	-96
NOPAT Margin	3.51%	-5.63%	-15.86%
Net Nonoperating Expense Percent (NNEP)	15.47%	250.13%	-148.34%
Return On Investment Capital (ROIC_SIMPLE)	4.47%	-7.00%	-21.71%
Cost of Revenue to Revenue	47.35%	48.77%	47.58%
SG&A Expenses to Revenue	22.73%	21.35%	19.85%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.36%	59.28%	75.08%
Earnings before Interest and Taxes (EBIT)	33	-48	-134
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	54	-19	-95
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.45	0.68	0.75
Price to Tangible Book Value (P/TBV)	2.17	1.06	1.63
Price to Revenue (P/Rev)	0.61	0.29	0.38
Price to Earnings (P/E)	37.99	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	2.63%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.36	0.76	0.75
Enterprise Value to Revenue (EV/Rev)	0.72	0.43	0.39
Enterprise Value to EBITDA (EV/EBITDA)	8.35	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	13.61	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	20.51	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.21	5.68	8.06
Enterprise Value to Free Cash Flow (EV/FCFF)	15.52	0.00	13.90
Leverage & Solvency	-	-	-
Debt to Equity	0.62	0.66	0.27
Long-Term Debt to Equity	0.62	0.66	0.27
Financial Leverage	0.13	0.02	-0.03
Leverage Ratio	1.89	1.83	1.75
Compound Leverage Factor	1.77	2.00	1.98
Debt to Total Capital	38.10%	39.60%	21.03%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.10%	39.60%	21.03%
Preferred Equity to Total Capital	8.08%	8.21%	8.96%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.81%	52.19%	70.00%
Debt to EBITDA	3.47	-10.15	-0.98
Net Debt to EBITDA	0.52	-2.50	0.38
Long-Term Debt to EBITDA	3.47	-10.15	-0.98
Debt to NOPAT	8.53	-5.66	-0.97
Net Debt to NOPAT	1.28	-1.39	0.38
Long-Term Debt to NOPAT	8.53	-5.66	-0.97
Altman Z-Score	2.43	1.36	1.05
Noncontrolling Interest Sharing Ratio	13.32%	12.37%	5.19%
Liquidity Ratios	-	-	-
Current Ratio	3.29	2.94	2.63
Quick Ratio	0.79	0.69	2.43
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	29	-59	17
Operating Cash Flow to CapEx	231.82%	330.48%	186.99%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00
Efficiency Ratios	-	-	-
Asset Turnover	1.11	1.02	0.90
Accounts Receivable Turnover	11.01	12.87	15.47
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	7.76	6.38	5.96
Accounts Payable Turnover	35.82	46.97	33.34
Days Sales Outstanding (DSO)	33.15	28.36	23.59
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10.19	7.77	10.95
Cash Conversion Cycle (CCC)	22.96	20.59	12.64
Capital & Investment Metrics	-	-	-
Invested Capital	332	339	313
Invested Capital Turnover	1.86	1.84	1.64
Increase / (Decrease) in Invested Capital	-7.05	26	-113
Enterprise Value (EV)	450	258	236
Market Capitalization	382	172	232
Book Value per Share	$14.92	$14.19	$16.41
Tangible Book Value per Share	$9.96	$9.06	$7.55
Total Capital	491	483	443
Total Debt	187	191	93
Total Long-Term Debt	187	191	93
Net Debt	28	47	-36
Capital Expenditures (CapEx)	21	14	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	22	-0.95	-14
Debt-free Net Working Capital (DFNWC)	181	143	115
Net Working Capital (NWC)	181	143	115
Net Nonoperating Expense (NNE)	5.82	13	19
Net Nonoperating Obligations (NNO)	28	47	-36
Total Depreciation and Amortization (D&A)	21	29	39
Debt-free, Cash-free Net Working Capital to Revenue	3.60%	-0.16%	-2.33%
Debt-free Net Working Capital to Revenue	29.05%	23.88%	19.02%
Net Working Capital to Revenue	29.05%	23.88%	19.02%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.57	($2.94)	($6.10)
Adjusted Weighted Average Basic Shares Outstanding	17.63M	18.11M	18.86M
Adjusted Diluted Earnings per Share	$0.55	($2.93)	($6.08)
Adjusted Weighted Average Diluted Shares Outstanding	18.15M	18.19M	18.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.00M	17.51M	19.03M
Normalized Net Operating Profit after Tax (NOPAT)	22	11	7.51
Normalized NOPAT Margin	3.55%	1.89%	1.24%
Pre Tax Income Margin	4.95%	-8.79%	-24.94%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00
Payout Ratios	-	-	-
Dividend Payout Ratio	37.58%	-12.70%	0.00%
Augmented Payout Ratio	63.89%	-35.41%	-1.34%

This table displays calculated financial ratios and metrics derived from American Public Education's official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.40%	1.51%	3.86%	3.17%	0.24%	0.87%	-1.60%	-3.27%	-1.01%	52.20%
EBITDA Growth	20.33%	-30.75%	113.75%	279.59%	76.03%	82.06%	57.28%	-84.80%	-52.19%	29.35%
EBIT Growth	35.17%	-35.48%	103.40%	196.50%	6,180.92%	723.78%	54.03%	-155.17%	-101.59%	-181.30%
NOPAT Growth	-2.71%	23.40%	104.91%	204.78%	7,568.40%	401.28%	53.80%	-186.37%	-101.59%	-181.30%
Net Income Growth	-0.38%	167.97%	100.72%	108.99%	299.14%	11.54%	53.44%	-207.63%	-169.66%	-1,308.99%
EPS Growth	-3.08%	114.81%	97.95%	84.21%	291.18%	-35.00%	49.66%	-235.71%	-173.91%	-1,900.00%
Operating Cash Flow Growth	150.88%	-30.18%	-20.88%	62.60%	86.35%	194.11%	-21.83%	-49.48%	-246.82%	182.39%
Free Cash Flow Firm Growth	270.67%	-97.09%	334.92%	-30.99%	-110.57%	-47.83%	101.21%	131.74%	133.63%	136.34%
Invested Capital Growth	-2.08%	0.32%	-5.92%	-23.31%	8.18%	-22.80%	-17.12%	-26.97%	-26.51%	-31.22%
Revenue Q/Q Growth	7.18%	0.15%	-1.00%	1.07%	1.30%	2.46%	-1.65%	-1.80%	1.94%	-0.05%
EBITDA Q/Q Growth	169.01%	22.32%	-26.80%	-50.04%	54.81%	124.30%	-2,120.09%	-76.83%	60.11%	105.70%
EBIT Q/Q Growth	421.55%	85.99%	-57.16%	-67.47%	148.94%	109.81%	-1,115.42%	-1,949.62%	74.46%	99.28%
NOPAT Q/Q Growth	399.09%	18.95%	-43.01%	-71.24%	533.02%	104.74%	-1,115.42%	-1,949.62%	74.46%	99.27%
Net Income Q/Q Growth	473.12%	509.70%	-28.10%	-96.04%	491.05%	93.50%	-792.54%	12.17%	-73.71%	96.58%
EPS Q/Q Growth	1,475.00%	166.67%	0.00%	-109.23%	340.74%	90.79%	-671.05%	-11.76%	-70.00%	96.56%
Operating Cash Flow Q/Q Growth	-88.64%	13.02%	-39.96%	760.01%	-115.59%	28.06%	23.38%	155.40%	-436.01%	-65.96%
Free Cash Flow Firm Q/Q Growth	938.94%	-88.05%	-77.81%	-12.82%	-117.74%	1,683.58%	-96.48%	-5.11%	-12.46%	141.44%
Invested Capital Q/Q Growth	50.05%	-1.77%	-2.20%	-4.95%	53.73%	-7.88%	-20.28%	-4.18%	9.71%	-1.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.33%	50.76%	50.15%	53.10%	53.70%	51.45%	49.06%	50.64%	52.20%	51.97%
EBITDA Margin	15.69%	6.25%	5.12%	6.92%	14.01%	9.17%	-38.66%	1.88%	7.98%	5.08%
Operating Margin	13.12%	2.70%	1.45%	3.36%	10.43%	4.24%	-44.34%	-3.59%	-0.17%	-0.69%
EBIT Margin	13.12%	2.70%	1.45%	3.36%	10.43%	4.24%	-44.34%	-3.59%	-0.17%	-0.69%
Profit (Net Income) Margin	7.90%	1.48%	0.24%	0.33%	8.52%	-2.21%	-34.80%	-3.83%	-4.29%	-2.52%
Tax Burden Percent	61.88%	64.67%	25.85%	10.21%	85.95%	-59.34%	77.20%	80.29%	85.41%	81.43%
Interest Burden Percent	97.28%	84.72%	64.64%	97.57%	95.04%	87.63%	101.68%	133.13%	2,920.23%	450.29%
Effective Tax Rate	38.12%	35.33%	-1.12%	23.99%	14.03%	66.19%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	15.11%	4.84%	3.86%	5.82%	16.50%	3.40%	-70.36%	-4.24%	-0.20%	-0.83%
ROIC Less NNEP Spread (ROIC-NNEP)	14.15%	5.47%	7.30%	12.61%	3.82%	15.54%	-55.09%	3.01%	49.79%	31.64%
Return on Net Nonoperating Assets (RNNOA)	1.79%	-1.24%	-1.39%	-2.01%	0.06%	-2.36%	6.65%	-0.21%	-1.65%	-0.82%
Return on Equity (ROE)	16.90%	3.60%	2.47%	3.81%	16.56%	1.04%	-63.71%	-4.46%	-1.85%	-1.66%
Cash Return on Invested Capital (CROIC)	8.64%	9.86%	15.59%	16.42%	-18.22%	7.89%	-0.34%	2.07%	4.58%	12.92%
Operating Return on Assets (OROA)	14.54%	2.94%	1.58%	3.45%	10.68%	4.19%	-43.50%	-3.10%	-0.16%	-0.60%
Return on Assets (ROA)	8.75%	1.61%	0.26%	0.34%	8.72%	-2.18%	-34.14%	-3.32%	-3.88%	-2.21%
Return on Common Equity (ROCE)	14.65%	3.10%	2.13%	3.33%	14.52%	0.98%	-59.50%	-4.23%	-1.75%	-1.66%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.57%	3.66%	-14.22%	0.00%	-23.75%	-23.61%	-36.76%	0.00%	-31.42%
Net Operating Profit after Tax (NOPAT)	13	2.67	2.24	3.94	14	2.16	-46	-3.76	-0.18	-0.72
NOPAT Margin	8.12%	1.74%	1.47%	2.55%	8.96%	1.43%	-31.03%	-2.51%	-0.12%	-0.48%
Net Nonoperating Expense Percent (NNEP)	0.96%	-0.63%	-3.44%	-6.79%	12.68%	-12.13%	-15.28%	-7.26%	-49.99%	-32.47%
Return On Investment Capital (ROIC_SIMPLE)	2.71%	-	-	-	2.83%	-	-	-	-0.04%	-
Cost of Revenue to Revenue	43.67%	49.24%	49.85%	46.90%	46.30%	48.55%	50.94%	49.36%	47.80%	48.03%
SG&A Expenses to Revenue	22.08%	22.88%	22.52%	23.49%	20.50%	20.48%	22.10%	22.37%	20.45%	19.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.21%	48.06%	48.70%	49.75%	43.27%	47.21%	93.39%	54.23%	52.37%	52.66%
Earnings before Interest and Taxes (EBIT)	22	4.13	2.22	5.18	16	6.40	-65	-5.37	-0.26	-1.03
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	9.57	7.83	11	21	14	-57	2.82	12	7.59
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.45	1.04	1.24	1.00	0.68	0.37	0.34	0.34	0.75	0.55
Price to Tangible Book Value (P/TBV)	2.17	1.60	1.93	1.56	1.06	0.59	0.56	0.74	1.63	1.21
Price to Revenue (P/Rev)	0.61	0.43	0.51	0.41	0.29	0.15	0.14	0.17	0.38	0.28
Price to Earnings (P/E)	37.99	26.04	69.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.63%	3.84%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.36	1.05	1.27	1.00	0.76	0.31	0.33	0.33	0.75	0.50
Enterprise Value to Revenue (EV/Rev)	0.72	0.38	0.47	0.38	0.43	0.11	0.13	0.17	0.39	0.24
Enterprise Value to EBITDA (EV/EBITDA)	8.35	4.68	5.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	13.61	8.43	9.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	20.51	10.30	12.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.21	5.25	5.68	4.30	5.68	2.63	6.35	6.00	8.06	2.10
Enterprise Value to Free Cash Flow (EV/FCFF)	15.52	10.64	7.87	5.28	0.00	3.37	0.00	13.64	13.90	3.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.32	0.32	0.33	0.66	0.34	0.33	0.27	0.27	0.49
Long-Term Debt to Equity	0.62	0.32	0.32	0.33	0.66	0.34	0.33	0.27	0.27	0.47
Financial Leverage	0.13	-0.23	-0.19	-0.16	0.02	-0.15	-0.12	-0.07	-0.03	-0.03
Leverage Ratio	1.89	1.97	1.95	1.86	1.83	2.04	2.03	1.81	1.75	1.92
Compound Leverage Factor	1.84	1.67	1.26	1.82	1.74	1.79	2.07	2.42	51.15	8.66
Debt to Total Capital	38.10%	24.27%	24.32%	24.78%	39.60%	25.10%	24.80%	21.43%	21.03%	33.07%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.86%
Long-Term Debt to Total Capital	38.10%	24.27%	24.32%	24.78%	39.60%	25.10%	24.80%	21.43%	21.03%	31.21%
Preferred Equity to Total Capital	8.08%	10.35%	10.41%	10.35%	8.21%	10.56%	10.48%	9.09%	8.96%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.81%	65.38%	65.28%	64.87%	52.19%	64.33%	64.72%	69.47%	70.00%	66.93%
Debt to EBITDA	3.47	1.88	1.73	-8.65	-10.15	-3.36	-2.74	-0.85	-0.98	-1.82
Net Debt to EBITDA	0.52	-1.40	-1.18	5.30	-2.50	2.16	1.32	0.39	0.38	0.35
Long-Term Debt to EBITDA	3.47	1.88	1.73	-8.65	-10.15	-3.36	-2.74	-0.85	-0.98	-1.72
Debt to NOPAT	8.53	4.14	4.21	-3.60	-5.66	-2.09	-1.87	-0.90	-0.97	-1.85
Net Debt to NOPAT	1.28	-3.08	-2.88	2.20	-1.39	1.35	0.90	0.41	0.38	0.35
Long-Term Debt to NOPAT	8.53	4.14	4.21	-3.60	-5.66	-2.09	-1.87	-0.90	-0.97	-1.74
Altman Z-Score	2.36	1.84	1.96	1.84	1.75	1.43	0.97	1.41	1.77	1.50
Noncontrolling Interest Sharing Ratio	13.32%	13.88%	13.84%	12.57%	12.37%	6.65%	6.61%	5.18%	5.19%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.29	2.65	2.83	2.81	2.94	2.47	2.39	2.47	2.63	2.39
Quick Ratio	0.79	0.48	0.49	2.48	0.69	0.35	0.38	0.47	2.43	0.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	20	1.96	16	74	-12	67	3.77	107	113	129
Operating Cash Flow to CapEx	47.67%	222.99%	239.59%	333.61%	-71.59%	682.86%	470.30%	397.94%	-419.95%	190.60%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.11	1.09	1.09	1.03	1.02	0.99	0.98	0.87	0.90	0.88
Accounts Receivable Turnover	11.01	17.11	17.64	14.83	12.87	21.22	20.91	17.00	15.47	21.34
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.76	6.41	6.36	6.37	6.38	6.06	6.00	6.00	5.96	6.02
Accounts Payable Turnover	35.82	31.98	46.24	41.23	46.97	17.07	18.23	32.17	33.34	15.88
Days Sales Outstanding (DSO)	33.15	21.34	20.70	24.62	28.36	17.20	17.46	21.47	23.59	17.10
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10.19	11.41	7.89	8.85	7.77	21.38	20.02	11.35	10.95	22.99
Cash Conversion Cycle (CCC)	22.96	9.92	12.80	15.76	20.59	-4.17	-2.57	10.12	12.64	-5.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	332	221	225	230	339	221	239	300	313	286
Invested Capital Turnover	1.86	2.78	2.63	2.28	1.84	2.37	2.27	1.69	1.64	1.73
Increase / (Decrease) in Invested Capital	-7.05	0.71	-14	-70	26	-65	-49	-111	-113	-130
Enterprise Value (EV)	450	232	285	230	258	67	78	100	236	143
Market Capitalization	382	261	309	249	172	89	84	103	232	173
Book Value per Share	$14.92	$14.16	$14.17	$14.21	$14.19	$13.60	$13.84	$15.93	$16.41	$16.71
Tangible Book Value per Share	$9.96	$9.20	$9.13	$9.08	$9.06	$8.40	$8.45	$7.35	$7.55	$7.53
Total Capital	491	384	381	384	483	376	379	436	443	471
Total Debt	187	93	93	95	191	94	94	94	93	156
Total Long-Term Debt	187	93	93	95	191	94	94	94	93	147
Net Debt	28	-69	-63	-58	47	-61	-45	-43	-36	-30
Capital Expenditures (CapEx)	3.35	6.31	5.20	6.22	4.39	2.95	3.35	3.21	5.48	3.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	22	-15	-12	-9.07	-0.95	-34	-30	-20	-14	-44
Debt-free Net Working Capital (DFNWC)	181	147	145	144	143	121	110	117	115	142
Net Working Capital (NWC)	181	147	145	144	143	121	110	117	115	133
Net Nonoperating Expense (NNE)	0.36	0.41	1.87	3.42	0.68	5.49	5.54	1.98	6.35	3.04
Net Nonoperating Obligations (NNO)	28	-69	-63	-58	47	-61	-45	-43	-36	-30
Total Depreciation and Amortization (D&A)	4.22	5.45	5.61	5.51	5.47	7.43	8.36	8.19	12	8.62
Debt-free, Cash-free Net Working Capital to Revenue	3.60%	-2.47%	-1.89%	-1.50%	-0.16%	-5.72%	-4.95%	-3.26%	-2.33%	-7.22%
Debt-free Net Working Capital to Revenue	29.05%	23.99%	23.67%	23.81%	23.88%	20.14%	18.33%	19.38%	19.02%	23.29%
Net Working Capital to Revenue	29.05%	23.99%	23.67%	23.81%	23.88%	20.14%	18.33%	19.38%	19.02%	21.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.66	$0.04	($0.07)	($0.06)	$0.65	($0.27)	($2.94)	($0.38)	($0.35)	($0.20)
Adjusted Weighted Average Basic Shares Outstanding	17.63M	17.68M	17.63M	17.51M	18.11M	17.78M	17.93M	18.98M	18.86M	18.89M
Adjusted Diluted Earnings per Share	$0.63	$0.04	($0.06)	($0.06)	$0.65	($0.27)	($2.93)	($0.38)	($0.34)	($0.20)
Adjusted Weighted Average Diluted Shares Outstanding	18.15M	18.25M	18.13M	17.81M	18.19M	17.82M	17.99M	19.07M	18.91M	18.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.00M	17.71M	17.70M	17.58M	17.51M	17.78M	17.77M	17.72M	19.03M	18.89M
Normalized Net Operating Profit after Tax (NOPAT)	13	2.68	1.68	3.96	14	4.47	-0.87	-3.76	-0.03	-0.59
Normalized NOPAT Margin	8.18%	1.75%	1.10%	2.56%	9.27%	2.96%	-0.59%	-2.51%	-0.02%	-0.40%
Pre Tax Income Margin	12.77%	2.28%	0.94%	3.27%	9.91%	3.72%	-45.08%	-4.78%	-5.02%	-3.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.58%	37.96%	57.96%	-14.83%	-12.70%	-6.68%	-4.38%	-1.15%	0.00%	0.00%
Augmented Payout Ratio	63.89%	74.69%	113.49%	-47.69%	-35.41%	-20.20%	-17.88%	-2.31%	-1.34%	-1.55%

Frequently Asked Questions About American Public Education's Financials

When does American Public Education's fiscal year end?

According to the most recent income statement we have on file, American Public Education's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has American Public Education's net income changed over the last 2 years?

American Public Education's net income appears to be on a downward trend, with a most recent value of $16.11 million in 2024, falling from -$114.99 million in 2022. The previous period was -$47.29 million in 2023. See American Public Education's forecast for analyst expectations on what’s next for the company.

What is American Public Education's operating income?

American Public Education's total operating income in 2024 was $33.07 million, based on the following breakdown:

Total Gross Profit: $328.86 million
Total Operating Expenses: $295.79 million

How has American Public Education revenue changed over the last 2 years?

Over the last 2 years, American Public Education's total revenue changed from $606.33 million in 2022 to $624.56 million in 2024, a change of 3.0%.

How much debt does American Public Education have?

American Public Education's total liabilities were at $266.22 million at the end of 2024, a 0.3% increase from 2023, and a 0.3% increase since 2022.

How has American Public Education's book value per share changed over the last 2 years?

Over the last 2 years, American Public Education's book value per share changed from 16.41 in 2022 to 14.92 in 2024, a change of -9.1%.

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This page (NASDAQ:APEI) was last updated on 5/21/2025 by MarketBeat.com Staff

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American Public Education (APEI) Financials

Frequently Asked Questions About American Public Education's Financials

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American Public Education (APEI) Financials

Annual Income Statements for American Public Education

Quarterly Income Statements for American Public Education

Annual Cash Flow Statements for American Public Education

Quarterly Cash Flow Statements for American Public Education

Annual Balance Sheets for American Public Education

Quarterly Balance Sheets for American Public Education

Annual Metrics And Ratios for American Public Education

Quarterly Metrics And Ratios for American Public Education

Frequently Asked Questions About American Public Education's Financials

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