American Public Education, Inc. (APEI) Stock

American Public Education, Inc. (APEI) is a Consumer Discretionary stock trading at $44.32 (as of 2026-08-20), with a market capitalization of $812.98M and a trailing P/E of 22.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

American Public Education, Inc., through subsidiaries, provides postsecondary education delivered online and on campus. It operates American Public University System, Rasmussen University, and Hondros College of Nursing, offering degree and certificate programs in areas including business, health science, technology, and criminal justice, as well as nursing and related health sciences programs.

Understand American Public Education, Inc.: how it makes money

American Public Education provides online and campus-based postsecondary education through three schools (American Public University System, Rasmussen University, and Hondros College of Nursing), and it makes money by offering tuition for degree and certificate programs.

Because the company sells degree and certificate programs, its profit model is structurally tied to student participation, which shows up operationally in net course registrations at its schools.

Revenue by segment (latest quarter)
APUS$0.1B
Rasmussen$0.1B
Hondros$0.0B

Business quality (Mixed): The reportable segment breakdown is clear for three schools (about 0.17B total), and the operational KPI set is enrollment-focused (net course registrations), which helps connect demand to revenue.

Valuation: At 28× earnings, APEI trades 65% above the Personal Services average (17×). Note: one-time items can distort reported P/E.

Bull case

  • Tuition revenue is supported by a broad set of offerings, the company provides 130 degree programs and 111 certificate programs across multiple fields of study: Product breadth can support enrollment across different student interests and needs.
  • The business is diversified across three schools and school-level revenue is reported (APUS, Rasmussen, and Hondros): Operational performance can be tracked by segment revenue rather than just the consolidated total.

Bear case

  • The company’s operating driver is enrollment, net course registrations, so changes in participation can directly affect revenue: Lower registrations can pressure tuition revenue.
  • Its segment revenue mix implies concentration, with American Public University System and Rasmussen accounting for the majority of segment revenue shown: If one major school underperforms, consolidated results may be more impacted.
  • Operating margin is 12.4% (operating_margin_pct for the latest quarter provided): With a thinner operating buffer than gross margin (57.3%), cost increases or demand softness can reduce profitability.
Valuation — source: SEC EDGAR (first-party)
Price$44.32
Market Cap$812.98M
P/E Ratio22.2
EV / EBITDA10.2
Price / Book2.66
Price / Sales1.22
FCF Yield24.6%
DCF Value (model)$36.06
DCF Upside vs Price-18.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$648.86M
Net Margin4.9%
Revenue Growth (YoY)3.9%
EPS Growth (YoY)145.6%
FCF Growth (YoY)65.9%
Financial Health — source: SEC EDGAR
Altman Z-Score4.09 (safe)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E22.2
Sector P/E (Consumer Discretionary)20.5
Industry P/E (Personal Services)13.9
vs Sector8.2%
vs Industry60.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($82.50M)
Institutional Holders Tracked10
Company
SectorConsumer Discretionary
IndustryPersonal Services
CEOAngela K. Selden
Employees2,493
CountryUS
IPO Date2007-11-09

Related Companies (Business model: Consumer Subscription Content (Streaming, News, Audio); 8 closest by market cap; US-domiciled)

  • Graham Holdings Company (GHC)
  • Covista Inc. (CVSA)
  • Perdoceo Education Corporation (PRDO)
  • Strategic Education, Inc. (STRA)
  • Amundi STOXX Europe 600 Utilities UCITS ETF Acc (UTI)
  • Phoenix Education Partners, Inc (PXED)
  • Lincoln Educational Services Corporation (LINC)
  • Legacy Education Inc. (LGCY)
APEI earnings history · APEI institutional & insider holders · APEI KPIs & operating metrics · APEI financials · APEI investor presentations & press releases · APEI SEC filings · APEI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.