APEI
American Public Education Inc
NASDAQ: APEI · CONSUMER DEFENSIVE · EDUCATION & TRAINING SERVICES
$58.15
+0.99% today
Updated 2026-04-30
Market cap
$1.02B
P/E ratio
39.75
P/S ratio
1.58x
EPS (TTM)
$1.40
Dividend yield
—
52W range
$22 – $62
Volume
0.4M
American Public Education Inc (APEI) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.05M | $69.09M | $107.15M | $149.00M | $198.17M | $260.38M | $313.52M | $329.48M | $350.02M | $327.91M | $313.14M | $299.25M | $297.69M | $286.27M | $321.79M | $418.80M | $606.33M | $600.54M | $624.56M | $648.86M |
| Revenue growth (YoY) | — | +72.5% | +55.1% | +39.1% | +33.0% | +31.4% | +20.4% | +5.1% | +6.2% | -6.3% | -4.5% | -4.4% | -0.5% | -3.8% | +12.4% | +30.1% | +44.8% | -1.0% | +4.0% | +3.9% |
| Cost of revenue | $17.96M | $29.48M | $43.56M | $58.38M | $75.31M | $95.22M | $110.19M | $112.78M | $123.77M | $118.85M | $117.01M | $116.16M | $115.28M | $111.92M | $122.16M | $172.62M | $288.47M | $292.86M | $295.70M | $313.17M |
| Gross profit | $22.09M | $39.62M | $63.59M | $90.61M | $122.86M | $165.16M | $203.32M | $216.69M | $226.25M | $209.06M | $196.13M | $183.09M | $182.41M | $174.35M | $199.62M | $246.18M | $317.86M | $307.68M | $328.86M | $335.69M |
| Gross margin | 55.2% | 57.3% | 59.3% | 60.8% | 62.0% | 63.4% | 64.9% | 65.8% | 64.6% | 63.8% | 62.6% | 61.2% | 61.3% | 60.9% | 62.0% | 58.8% | 52.4% | 51.2% | 52.7% | 51.7% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $14.04M | $22.10M | $33.66M | $25.04M | $32.05M | $48.35M | $63.62M | $70.06M | $75.07M | $73.86M | $68.67M | $69.02M | $74.46M | $78.08M | $88.04M | $103.38M | $120.35M | $128.24M | $141.96M | $144.58M |
| Operating income | $2.94M | $14.69M | $25.69M | $39.87M | $50.02M | $62.86M | $68.80M | $67.44M | $65.83M | $52.28M | $38.28M | $34.86M | $33.41M | $28.54M | $24.76M | $30.37M | $-137.35M | $-48.31M | $33.07M | $53.86M |
| Operating margin | 7.3% | 21.3% | 24.0% | 26.8% | 25.2% | 24.1% | 21.9% | 20.5% | 18.8% | 15.9% | 12.2% | 11.6% | 11.2% | 10.0% | 7.7% | 7.3% | -22.7% | -8.0% | 5.3% | 8.3% |
| EBITDA | $8.04M | $17.52M | $29.92M | $45.10M | $56.52M | $72.10M | $79.95M | $80.94M | $82.07M | $73.62M | $68.36M | $55.73M | $51.79M | $44.14M | $38.59M | $48.20M | $-101.39M | $-20.49M | $52.37M | $70.01M |
| EBITDA margin | 20.1% | 25.4% | 27.9% | 30.3% | 28.5% | 27.7% | 25.5% | 24.6% | 23.4% | 22.5% | 21.8% | 18.6% | 17.4% | 15.4% | 12.0% | 11.5% | -16.7% | -3.4% | 8.4% | 10.8% |
| EBIT | $6.09M | $14.69M | $25.69M | $39.87M | $50.02M | $62.86M | $68.80M | $67.44M | $65.95M | $53.10M | $48.98M | $36.95M | $34.29M | $28.54M | $25.61M | $30.37M | $-133.52M | $-48.31M | $33.07M | $53.86M |
| Interest expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $13.34M | $617000.00 | $4.28M | $17.73M | $4.46M | $2.13M | $4.23M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $1.80M | $8.75M | $16.19M | $23.94M | $29.87M | $40.76M | $42.32M | $42.03M | $40.88M | $32.41M | $24.16M | $21.12M | $25.64M | $10.01M | $18.82M | $17.75M | $-114.99M | $-47.29M | $16.11M | $31.56M |
| Net income growth (YoY) | — | +386.7% | +85.0% | +47.9% | +24.7% | +36.5% | +3.8% | -0.7% | -2.8% | -20.7% | -25.5% | -12.6% | +21.4% | -60.9% | +88.0% | -5.7% | -747.8% | +58.9% | +134.1% | +95.8% |
| Profit margin | 4.5% | 12.7% | 15.1% | 16.1% | 15.1% | 15.7% | 13.5% | 12.8% | 11.7% | 9.9% | 7.7% | 7.1% | 8.6% | 3.5% | 5.8% | 4.2% | -19.0% | -7.9% | 2.6% | 4.9% |