American Public Education, Inc.

APEI

APEIAmerican Public Education, Inc. US flag

NASDAQ Global Select

52.39

USD

+0.11

- -

961.02MMarket Cap

Income Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	260	314	329	350	328	313	299	298	286	322	419	606	601	625	649
+ Sales & Services Revenue	260	314	329	350	328	313	299	298	286	322	419	606	601	625	649
- Cost of Revenue	95	110	113	124	119	117	116	115	112	122	173	288	293	296	297
+ Cost of Goods & Services	95	110	113	124	119	117	116	115	112	122	173	288	293	296	297
Gross Profit	165	203	217	226	209	196	183	182	174	200	246	318	308	329	352
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	102	135	149	160	156	147	146	149	154	174	215	307	289	290	298
+ Selling, General & Admin	93	123	136	144	135	128	127	131	138	161	197	275	261	271	282
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	9	11	14	16	21	19	19	18	16	13	18	32	28	19	16
Operating Income (Loss)	63	69	67	66	53	49	37	33	21	26	32	11	19	39	54
- Non-Operating (Income) Loss	- -	- -	- -	- -	1	11	2	-2	4	- -	6	162	71	8	10
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -	- -	-3	-4	-1	4	18	4	2	4
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	18	4	2	4
- Interest Income	- -	- -	- -	- -	- -	- -	- -	3	4	1	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	- -	- -	- -	1	11	2	1	8	1	1	144	67	6	6
Pretax Income	63	69	68	66	52	38	35	35	17	26	26	-151	-53	31	44
- Income Tax Expense (Benefit)	22	27	26	25	20	15	11	9	5	7	8	-36	-11	10	12
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	41	42	42	41	32	24	21	26	10	19	18	-115	-47	16	32
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	41	42	42	41	32	24	21	26	10	19	18	-115	-47	16	32
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	41	42	42	41	32	24	21	26	10	19	18	-115	-47	16	32
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	6	3
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	41	42	42	41	32	24	21	26	10	19	18	-115	-53	10	29
EBIT	63	69	67	66	53	49	37	33	21	26	32	11	19	39	54
EBITDA	72	80	81	82	74	68	56	51	36	39	49	43	46	58	70
EBITDA Margin (%)	27.69	25.5	24.57	23.45	22.45	21.83	18.62	17.1	12.66	11.99	11.82	7.07	7.74	9.3	10.79
EBITA	63	69	67	66	53	49	37	33	21	26	32	11	19	39	54
Gross Margin (%)	63.43	64.85	65.77	64.64	63.76	62.63	61.18	61.27	60.91	62.04	58.78	52.42	51.23	52.65	54.22
Operating Margin (%)	24.14	21.95	20.47	18.84	16.19	15.64	12.35	11.22	7.21	7.96	7.56	1.77	3.11	6.21	8.3
Profit Margin (%)	15.65	13.5	12.76	11.68	9.89	7.71	7.06	8.61	3.5	5.85	4.24	-18.97	-7.87	2.58	4.86
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.33	0.34	0.15
Depreciation Expense	9	11	14	16	21	19	19	18	16	13	18	32	28	19	16
Basic Weighted Avg Shares	18	18	18	17	17	16	16	16	16	15	18	19	18	18	18
Basic EPS, GAAP	2.28	2.38	2.38	2.36	1.94	1.5	1.3	1.56	0.62	1.27	0.98	-6.1	-2.94	0.57	1.6
Basic EPS from Cont Ops	2.28	2.38	2.38	2.36	1.94	1.5	1.3	1.56	0.62	1.27	0.98	-6.1	-2.61	0.91	1.75
Diluted Weighted Avg Shares	18	18	18	18	17	16	16	17	16	15	18	19	18	18	19
Diluted EPS, GAAP	2.23	2.35	2.35	2.33	1.93	1.49	1.29	1.54	0.62	1.25	0.97	-6.08	-2.93	0.55	1.54
Diluted EPS from Cont Ops	2.23	2.35	2.35	2.33	1.93	1.49	1.29	1.54	0.62	1.25	0.97	-6.08	-2.6	0.89	1.69

Balance Sheet (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	139	141	117	136	127	159	191	233	223	252	203	186	217	261	260
+ Cash, Cash Equivalents & STI	119	115	95	116	106	146	179	212	203	226	123	103	117	132	174
+ Cash & Cash Equivalents	119	115	95	116	106	146	179	212	203	226	123	103	117	132	174
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	11	15	13	8	8	7	7	15	13	18	41	45	51	63	69
+ Accounts Receivable, Net	9	10	10	6	8	7	7	14	11	18	36	42	51	62	66
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	2	5	3	2	- -	- -	- -	1	2	- -	5	3	- -	1	3
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	9	11	9	12	13	5	5	5	7	8	39	38	49	65	17
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	60	97	155	162	173	157	148	138	132	119	523	429	340	310	262
+ Property, Plant & Equip, Net	59	83	91	102	109	98	95	87	90	77	180	210	188	168	128
+ Property, Plant & Equip	87	121	142	166	186	184	194	201	210	205	299	335	323	300	252
- Accumulated Depreciation	28	38	51	64	77	87	99	114	120	128	118	125	136	132	124
+ LT Investments & Receivables	- -	7	11	12	16	15	12	12	11	10	- -	- -	- -	- -	- -
+ LT Investments	- -	7	11	12	16	15	12	12	11	10	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1	7	54	47	48	45	40	40	31	32	343	219	152	141	133
+ Total Intangible Assets	- -	- -	38	39	39	34	34	38	30	30	329	167	91	88	88
+ Goodwill	- -	- -	38	39	39	34	34	34	27	27	243	113	60	60	60
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	4	4	4	85	55	32	28	28
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1	7	16	9	9	11	6	2	1	1	14	52	61	54	46
Total Assets	199	238	272	298	299	316	339	371	355	371	726	615	557	570	521
+ Payables & Accruals	31	29	29	24	21	22	14	13	12	15	24	18	20	22	18
+ Accounts Payable	16	17	12	11	6	7	9	9	4	4	13	4	9	8	5
+ Accrued Taxes	- -	- -	- -	- -	1	1	2	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	14	12	18	13	14	14	4	4	8	11	11	14	11	14	13
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	2	2	22	14	13	14	11
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	2	2	14	14	13	14	11
+ Other ST Liabilities	26	26	25	24	25	21	29	31	31	38	37	39	41	44	45
+ Deferred Revenue	26	26	25	24	25	21	19	18	17	22	22	24	24	23	23
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	10	13	14	16	15	15	17	21	22
Total Current Liabilities	57	55	54	48	46	42	43	44	45	55	84	71	74	79	75
+ LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	9	6	221	195	191	187	152
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	152	93	95	93	95
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	9	6	69	101	97	94	57
+ Other LT Liabilities	8	11	10	15	16	9	6	5	3	3	5	- -	- -	- -	- -
+ Accrued Liabilities	8	11	10	15	16	9	6	5	3	3	5	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	8	11	10	15	16	9	6	5	13	9	226	195	191	187	152
Total Liabilities	65	66	65	64	62	51	50	50	58	64	310	265	265	266	227
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	40	40	40	- -
+ Share Capital & APIC	147	158	165	170	174	177	181	187	191	196	287	293	300	306	311
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	147	157	165	170	174	177	181	187	191	196	286	293	300	306	311
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-13	14	42	64	63	87	109	134	106	111	129	14	-49	-42	-16
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	2	- -	- -
Equity Before Minority Interest	134	171	207	234	237	265	289	321	297	307	416	350	292	304	295
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	134	171	207	234	237	265	289	321	297	307	416	350	292	304	295
Total Liabilities & Equity	199	238	272	298	299	316	339	371	355	371	726	615	557	570	521
Shares Outstanding	18	18	18	17	16	16	16	16	15	15	19	19	18	18	18
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	12	9	83	116	110	107	68
Net Debt	-119	-115	-95	-116	-106	-146	-179	-212	-203	-226	38	-9	-22	-39	-79
Net Debt to Equity	-88.92	-67.13	-45.79	-49.37	-44.58	-55.3	-61.92	-66.03	-68.32	-73.79	9.12	-2.68	-7.53	-12.67	-26.95
Tangible Common Equity Ratio	67.29	72.03	72.34	75.44	76.12	81.91	83.73	85.09	82.08	81.19	21.92	31.87	34.56	36.57	47.73
Current Ratio	2.45	2.56	2.15	2.82	2.73	3.76	4.41	5.25	4.92	4.57	2.42	2.63	2.94	3.29	3.46
Cash Conversion Cycle	-35.48	-44	-35.58	-25.15	-18.74	-11.79	-16.07	-15.43	-4.46	5.52	5.15	12.64	20.59	22.96	28.25

Cash Flow Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	41	42	42	41	32	24	21	26	10	19	18	-115	-47	16	32
+ Depreciation & Amortization	9	11	14	16	21	19	19	18	16	13	18	32	28	19	16
+ Non-Cash Items	6	4	6	8	6	15	9	8	13	7	16	117	66	20	22
+ Stock-Based Compensation	3	4	4	5	6	5	6	7	6	7	8	8	8	8	8
+ Deferred Income Taxes	-1	- -	2	2	- -	- -	-2	-1	-2	-1	6	-42	-16	4	8
+ Asset Impairment Charge	- -	- -	- -	- -	- -	5	- -	- -	7	- -	- -	147	64	- -	- -
+ Other Non-Cash Adj	4	- -	- -	- -	1	6	5	2	2	1	3	4	10	8	6
+ Chg in Non-Cash Work Cap	14	-5	-2	-4	-2	-3	-1	-7	-1	6	-36	-5	-1	-6	-8
+ (Inc) Dec in Accts Receiv	-4	-4	4	5	- -	1	- -	-8	3	-6	-8	-2	-9	-11	-5
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-1	1	-1	-1	- -	1	1	-1	-1	- -	-1	- -	-2	-1	-1
+ Inc (Dec) in Accts Payable	12	-2	-1	-7	-4	-3	2	-1	-2	4	4	-7	4	5	- -
+ Inc (Dec) in Other	7	- -	-5	-1	1	-1	-3	2	- -	8	-31	4	5	1	-2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	70	53	59	61	57	56	48	44	38	45	16	29	46	49	62
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	1	1	- -	- -	1	1	1	- -	- -	23
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	1	1	- -	- -	1	1	1	- -	- -	23
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-9	-12	-11	-19	-35	-1	-1	-2	-41	-16	83	-2	-11	-4	-4
+ Increase in Capital Stock	1	4	3	1	- -	- -	- -	- -	- -	- -	86	- -	- -	- -	- -
+ Decrease in Capital Stock	-10	-16	-14	-20	-35	-1	-2	-2	-41	-16	-3	-2	-11	-4	-4
+ Net Change in LT Investment	- -	-7	-4	-2	-4	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	-7	-4	-2	-4	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	-7	-48	-2	-4	-1	- -	- -	- -	- -	-326	2	- -	- -	-2
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	- -	- -
+ Cash for Acq of Subs	- -	-7	-48	-2	-4	-1	- -	- -	- -	- -	-326	- -	- -	- -	-2
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-25	-35	-17	-18	-23	-12	-14	-9	-7	-5	-12	-16	-14	-21	-16
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-25	-48	-69	-21	-31	-14	-14	-9	-7	-4	-337	-14	-14	-21	5
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6	-6	-3
+ Net Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	173	-74	- -	-3	- -
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	175	- -	- -	- -	- -
+ Repayments of Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	-74	- -	-3	- -
+ Other Financing Activities	1	3	1	- -	-1	-1	- -	- -	- -	- -	-14	40	- -	- -	-42
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-8	-9	-10	-19	-36	-2	-1	-2	-41	-16	242	-36	-17	-13	-49
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	38	-4	-20	21	-10	41	33	33	-9	25	-78	-20	15	15	18
EBITDA	72	80	81	82	74	68	56	51	36	39	49	43	46	58	70
EBITDA Margin (%)	27.69	25.5	24.57	23.45	22.45	21.83	18.62	17.1	12.66	11.99	11.82	7.07	7.74	9.3	10.79
Free Cash Flow	70	53	59	61	57	56	48	44	38	45	16	29	46	49	62
Net Cash Paid for Acquisitions	- -	7	48	2	4	1	- -	- -	- -	- -	326	-2	- -	- -	2
Free Cash Flow to Firm	70	53	59	61	57	56	48	44	38	45	19	- -	- -	50	65
Free Cash Flow to Equity	70	53	59	61	57	57	49	44	38	46	190	-4	40	40	42
Free Cash Flow per Basic Share	3.94	2.98	3.37	3.52	3.42	3.49	2.95	2.69	2.38	3.01	0.9	1.55	2.51	2.77	3.44
Price/Free Cash Flow	11.24	12.31	13.11	10.6	5.48	7.11	8.56	10.72	11.6	10.24	24.97	7.96	3.86	8.01	11.38
Cash Flow to Net Income	1.73	1.25	1.41	1.49	1.76	2.32	2.27	1.72	3.83	2.38	0.92	-0.25	-0.96	3.03	1.96
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -