American Public Education Inc
NASDAQ: APEI · CONSUMER DEFENSIVE · EDUCATION & TRAINING SERVICES
Updated 2026-06-05
American Public Education Inc (APEI) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $28.75M | $48.98M | $78.81M | $115.75M | $141.84M | $198.89M | $237.60M | $271.65M | $297.90M | $303.90M | $320.71M | $339.04M | $370.96M | $354.90M | $371.02M | $725.61M | $685.25M | $557.39M | $570.10M | $543.43M |
| Cash & equivalents | $11.68M | $26.95M | $47.71M | $74.87M | $81.35M | $119.01M | $114.90M | $94.82M | $115.63M | $105.73M | $146.35M | $179.21M | $212.13M | $201.44M | $226.49M | $122.63M | $129.46M | $116.66M | $131.93M | $176.50M |
| Current assets | $18.99M | $34.84M | $58.00M | $88.38M | $98.00M | $138.72M | $141.07M | $116.58M | $136.22M | $131.11M | $163.72M | $191.13M | $232.57M | $222.91M | $251.81M | $202.64M | $186.09M | $217.38M | $260.57M | $259.82M |
| Total liabilities | $11.93M | $15.47M | $25.34M | $33.73M | $44.54M | $65.06M | $66.45M | $64.59M | $63.69M | $66.74M | $56.04M | $49.63M | $49.69M | $58.16M | $64.09M | $310.00M | $335.52M | $265.41M | $266.22M | $248.65M |
| Current liabilities | $8.55M | $13.41M | $21.65M | $28.96M | $37.59M | $56.69M | $55.07M | $54.26M | $48.25M | $50.80M | $42.17M | $43.35M | $44.33M | $45.28M | $55.06M | $83.68M | $70.76M | $73.99M | $79.16M | $75.05M |
| Long-term debt | $1.94M | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | $151.77M | $93.15M | $94.68M | $93.42M | $94.67M |
| Shareholder equity | $16.82M | $33.51M | $53.48M | $82.02M | $97.30M | $133.83M | $171.15M | $207.07M | $234.22M | $237.15M | $264.67M | $289.41M | $321.27M | $296.73M | $306.93M | $415.61M | $349.73M | $291.98M | $303.88M | $294.78M |
| Retained earnings | $-9.68M | $-94.67M | $-78.49M | $-54.55M | $-24.68M | $-13.40M | $13.53M | $41.98M | $64.39M | $63.29M | $87.45M | $108.57M | $133.93M | $105.96M | $111.18M | $128.93M | $13.89M | $-49.10M | $-41.80M | $-16.50M |
| Accounts receivable | $6.13M | $5.99M | $7.49M | $9.53M | $11.05M | $11.10M | $15.38M | $12.73M | $8.16M | $7.92M | $6.95M | $7.14M | $14.96M | $11.32M | $17.65M | $41.33M | $45.22M | $51.45M | $63.41M | $65.66M |
| Inventory | $1.16M | — | — | $0.00 | $0.00 | $0.00 | $6.50M | $0.00 | $1.00 | $0.00 | $0.00 | $0.00 | $1.00 | $-1.76M | — | $21.70M | — | $27.21M | — | — |
| Goodwill | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $38.15M | $38.63M | $38.63M | $38.63M | $33.90M | $33.90M | $26.56M | $26.56M | $243.49M | $112.59M | $59.59M | $59.59M | $59.59M |
Frequently asked questions
What is American Public Education Inc's revenue?
American Public Education Inc's trailing twelve-month revenue is $659.05M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is APEI?
In its most recent fiscal year, APEI ran a gross margin of 51.74%, an operating margin of 8.30%, and a net margin of 4.86%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does APEI generate?
APEI produced $46.10M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is APEI's balance sheet healthy?
APEI holds $176.50M in cash and equivalents against $94.67M in long-term debt, on $294.78M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.