American Public Education, Inc. Financial Ratios — APEI

Profitability (USD)

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	150.5	76.61	50.64	31.98	21.51	21.12	8.34	17.31	14.77	-160.67	- -	- -	- -
Return on Assets (%)	23.92	19.39	16.51	14.35	10.85	7.85	6.45	7.22	2.76	5.19	3.24	-17.15	-8.07	2.86	5.78
Return on Capital (%)	-216.15	17,488.84	150.5	76.61	50.64	31.98	21.51	21.12	7.95	15.81	8.44	- -	- -	8.89	20.05
Return on Invested Capital (%)	35.98	29.3	23.68	19.59	14.61	12.42	9.16	8.22	4.61	6.09	4.71	- -	- -	5.32	8.44
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
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
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
Incremental Operating Margin (%)	20.64	11.18	-8.55	-7.25	58.11	27.87	86.6	227.03	111.76	13.97	6.23	-11.16	-137.39	83.74	62.04
Pretax Margin (%)	24.18	21.99	20.56	18.91	15.98	12.26	11.71	11.91	5.82	8.03	6.23	-24.94	-8.79	4.95	6.74
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
Net Income to Common 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	-8.87	1.61	4.44
Effective Tax Rate (%)	35.27	38.48	37.85	37.99	38.31	38.91	32.8	26.2	31.13	27.16	28.78	- -	- -	33.68	27.8
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.04	0.01	- -	- -
Sustainable Growth Rate (%)	- -	- -	150.5	76.61	50.64	31.98	21.51	21.12	8.34	17.31	14.77	-160.61	- -	- -	- -

Credit (USD)

API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	12	9	244	209	205	201	163
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	2	2	22	14	13	14	11
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	9	6	221	195	191	187	152
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	0.32	0.23	4.93	4.88	4.4	3.45	2.33
Net Debt/EBITDA	-1.65	-1.44	-1.17	-1.41	-1.44	-2.14	-3.22	-4.17	-5.59	-5.87	0.77	-0.22	-0.47	-0.66	-1.13
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	0.57	0.35	7.7	19.48	10.96	5.17	3.03
Net Debt/EBIT	-1.89	-1.67	-1.41	-1.75	-1.99	-2.99	-4.85	-6.35	-9.82	-8.84	1.2	-0.87	-1.18	-0.99	-1.47
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.57	2.42	10.43	27.31	16.55
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.57	2.42	10.43	27.31	16.55
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.4	0.61	4.19	18.23	12.73
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	18	4	2	4
Common Equity/Total Assets	-6.65	5.77	15.52	21.67	21.19	27.76	32.07	36.15	29.9	30.01	17.79	2.29	-8.78	-7.3	-3.13
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	3.2	2.1	53.24	55.64	65.56	61.56	51.42
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	8.05	5.37	59.35	74.06	97.91	94.15	103.37
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.68	1.74	30.49	31.63	34.34	32.81	29.07
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	3.97	2.88	58.64	59.75	70.12	66.02	55.28
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.99	7.36	65.37	79.53	104.72	100.97	111.13
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	3.32	2.38	33.59	33.98	36.73	35.19	31.25
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
Net Debt/Capital (%)	90	113.54	180.05	226.42	250.07	249.14	254.29	271.83	238.94	213.04	15.15	-5.85	-27.88	-57.67	289.32
EBITDA	72	80	81	82	74	68	56	51	36	39	49	43	46	58	70
EBITDA-CapEx	72	80	81	82	74	68	56	51	36	39	49	43	46	58	70
Operating Income (Loss)	63	69	67	66	53	49	37	33	21	26	32	11	19	39	54

Liquidity (USD)

API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	2.1	2.09	1.75	2.4	2.28	3.47	4.13	4.79	4.48	4.11	1.47	1.45	1.58	1.67	2.32
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
Quick Ratio	2.3	2.37	1.98	2.57	2.45	3.63	4.3	5.12	4.77	4.43	1.96	2.09	2.27	2.47	3.24
CFO/Avg Current Liab	1.49	0.95	1.09	1.19	1.21	1.27	1.12	1.01	0.86	0.89	0.23	0.38	0.63	0.64	0.8
Common Equity/Total Assets	-6.65	5.77	15.52	21.67	21.19	27.76	32.07	36.15	29.9	30.01	17.79	2.29	-8.78	-7.3	-3.13
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	3.2	2.1	53.24	55.64	65.56	61.56	51.42
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	8.05	5.37	59.35	74.06	97.91	94.15	103.37
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.68	1.74	30.49	31.63	34.34	32.81	29.07
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	3.97	2.88	58.64	59.75	70.12	66.02	55.28
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.99	7.36	65.37	79.53	104.72	100.97	111.13
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	3.32	2.38	33.59	33.98	36.73	35.19	31.25
CFO/Total Liabilities	108.27	79.64	91.99	95.83	91.55	109.94	96.59	88.91	65.97	69.91	5.25	11.01	17.15	18.36	27.34
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	9.89	8.59	10.07	8.97	5.63	7.26	7.38	8.1	6.75	6.59	2.91	2.31	2.04	2.75	4.17

Working Capital (USD)

API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	26.34	31.47	33.03	44.73	46.69	42.13	42.49	28.09	22.56	22.21	15.6	15.47	12.87	11.01	10.13
Days Sales Outstanding	13.86	11.6	11.05	8.16	7.82	8.66	8.59	12.99	16.18	16.43	23.39	23.59	28.36	33.15	36.04
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	7.4	6.57	7.83	10.96	13.75	17.84	14.8	12.84	17.69	33.46	20.01	33.34	46.97	35.82	46.89
Accounts Payable Turnover Days	49.34	55.6	46.63	33.31	26.55	20.46	24.66	28.42	20.64	10.91	18.24	10.95	7.77	10.19	7.78
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
Inventory to Cash Days	13.86	11.6	11.05	8.16	7.82	8.66	8.59	12.99	16.18	16.43	23.39	23.59	28.36	33.15	36.04
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	774	642	768	640	310	394	407	467	441	453	402	232	175	380	681
- Cash & Cash Equivalents	119	115	95	116	106	146	179	212	203	226	123	103	117	132	174
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	40	40	40	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	12	9	244	209	205	201	163
Enterprise Value	655	527	673	524	205	248	228	255	250	236	523	378	303	489	670
Total Capital	-13	14	42	65	63	88	109	134	118	120	373	263	196	199	147
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.99	7.36	65.37	79.53	104.72	100.97	111.13
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.05	0.04	0.47	0.55	0.68	0.41	0.24
EV/Sales	2.51	1.68	2.04	1.5	0.62	0.79	0.76	0.86	0.87	0.73	1.25	0.62	0.5	0.78	1.03
EV/EBITDA	9.08	6.59	8.31	6.39	2.78	3.63	4.08	5	6.89	6.11	10.58	8.82	6.51	8.41	9.57
EV/EBIT	10.42	7.66	9.98	7.95	3.85	5.07	6.16	7.62	12.1	9.21	16.54	35.23	16.2	12.6	12.43
EV/Cash Flow to Firm	9.29	9.96	11.32	8.59	3.59	4.43	4.75	5.77	6.51	5.26	27.11	8.85	6.17	9.72	10.3
EV/Free Cash Flow to Firm	9.29	9.96	11.32	8.59	3.59	4.43	4.75	5.77	6.51	5.26	27.11	8.85	6.17	9.72	10.3
Diluted Market Cap	792	652	779	647	313	398	410	473	445	459	406	232	176	391	705
Diluted Enterprise Value	673	537	684	531	207	252	231	261	254	241	527	379	303	500	694
EV per Share	36.62	29.65	38.1	30.21	12.27	15.44	14.01	15.53	15.52	15.85	28.95	20.04	16.7	27.72	37.18
TTM Sales	260	314	329	350	328	313	299	298	286	322	419	606	601	625	649
TTM EBITDA	72	80	81	82	74	68	56	51	36	39	49	43	46	58	70
TTM Operating Income	63	69	67	66	53	49	37	33	21	26	32	11	19	39	54
TTM Cash Flow to Firm	70	53	59	61	57	56	48	44	38	45	19	43	49	50	65
TTM Free Cash Flow to Firm	70	53	59	61	57	56	48	44	38	45	19	43	49	50	65

Multiples (USD)

API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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
EV/EBIT	10.42	7.66	9.98	7.95	3.85	5.07	6.16	7.62	12.1	9.21	16.54	35.23	16.2	12.6	12.43
Enterprise Value	655	527	673	524	205	248	228	255	250	236	523	378	303	489	670
Low Price	27.2	24.88	29.2	26.24	18.56	13.8	17.4	23.15	21.51	18.47	18.11	7.83	3.76	9.65	18.77
EV/Sales	2.51	1.68	2.04	1.5	0.62	0.79	0.76	0.86	0.87	0.73	1.25	0.62	0.5	0.78	1.03
EV/EBITDA	9.08	6.59	8.31	6.39	2.78	3.63	4.08	5	6.89	6.11	10.58	8.82	6.51	8.41	9.57
Price/Earnings	18.98	15.17	18.26	15.66	9.57	16.33	19.26	18.21	44.02	24.09	22.67	- -	- -	37.8	23.63
Price/Earnings Average	17.65	14.78	16.12	14.77	13.61	14.83	17.25	22.66	45.48	22.45	28.65	-2.57	-2.33	27.15	18.16
Price/Earnings High	21.62	19.72	19.61	19.8	19.08	20.48	21.06	29.53	56.21	32.48	39.93	-4.05	-4.67	41.78	24.9
Price/Earnings Low	11.93	10.45	12.27	11.14	9.55	9.18	13.38	14.81	34.57	14.6	18.45	-1.28	-1.28	16.91	11.74
Price/Book Value	-58.53	46.84	18.21	9.91	4.89	4.5	3.74	3.48	4.15	4.07	3.12	16.46	-3.57	-9.13	-41.72
Price/Book Value Average	-54.4	45.66	16.07	9.35	6.95	4.09	3.35	4.33	4.29	3.79	3.94	21.02	-2.53	-6.56	-32.06
Price/Book Value High	-66.65	60.9	19.55	12.53	9.74	5.65	4.09	5.65	5.3	5.49	5.49	33.12	-5.09	-10.09	-43.96
Price/Book Value Low	-36.78	32.27	12.23	7.05	4.88	2.53	2.6	2.83	3.26	2.47	2.54	10.49	-1.39	-4.09	-20.72
Price/Tangible Book Value	5.78	3.75	4.54	3.27	1.56	1.71	1.59	1.65	1.65	1.64	4.62	1.62	1.08	2.16	3.29
Price/Tangible Book Value Average	5.37	3.66	4.01	3.09	2.22	1.55	1.43	2.05	1.71	1.53	5.84	2.07	0.77	1.55	2.53
Price/Tangible Book Value High	6.58	4.88	4.88	4.14	3.11	2.14	1.74	2.67	2.11	2.21	8.14	3.27	1.54	2.38	3.47
Price/Tangible Book Value Low	3.63	2.58	3.05	2.33	1.56	0.96	1.11	1.34	1.3	0.99	3.76	1.03	0.42	0.96	1.63
Price/Sales	2.97	2.05	2.33	1.83	0.95	1.26	1.36	1.57	1.54	1.41	0.96	0.38	0.29	0.61	1.05
Price/Sales Average	2.76	2	2.06	1.72	1.35	1.14	1.22	1.95	1.59	1.31	1.21	0.49	0.21	0.44	0.81
Price/Sales High	3.38	2.66	2.5	2.31	1.89	1.58	1.49	2.54	1.97	1.9	1.69	0.77	0.41	0.67	1.11
Price/Sales Low	1.87	1.41	1.56	1.3	0.94	0.71	0.94	1.28	1.21	0.85	0.78	0.24	0.11	0.27	0.52
Price/Cash Flow	10.98	12.13	12.92	10.49	5.44	7.04	8.48	10.57	11.49	10.12	24.74	7.93	3.84	7.78	10.99
Price/Cash Flow Average	10.21	11.82	11.4	9.89	7.74	6.4	7.6	13.15	11.87	9.43	31.26	10.13	2.72	5.59	8.44
Price/Cash Flow High	12.51	15.77	13.87	13.26	10.85	8.83	9.28	17.14	14.67	13.64	43.58	15.96	5.47	8.6	11.58
Price/Cash Flow Low	6.9	8.35	8.68	7.46	5.43	3.96	5.89	8.6	9.02	6.13	20.14	5.05	1.5	3.48	5.46
Price/Free Cash Flow Average	10.45	12	11.57	10	7.8	6.46	7.67	13.34	11.99	9.54	31.56	10.16	2.74	5.75	8.75
Price/Free Cash Flow High	12.8	16.01	14.08	13.4	10.92	8.91	9.36	17.38	14.81	13.8	43.98	16.01	5.49	8.85	11.99
Price/Free Cash Flow Low	7.06	8.48	8.81	7.54	5.47	3.99	5.95	8.72	9.11	6.2	20.33	5.07	1.5	3.58	5.65
EV/Sales Average	2.3	1.63	1.77	1.39	1.02	0.68	0.62	1.24	0.92	0.64	1.5	0.73	0.42	0.61	0.79
EV/Sales High	2.93	2.3	2.21	1.98	1.56	1.11	0.89	1.83	1.3	1.22	1.98	1.01	0.63	0.85	1.09
EV/Sales Low	1.41	1.04	1.28	0.97	0.62	0.24	0.35	0.56	0.54	0.18	1.07	0.48	0.33	0.45	0.5
EV/EBITDA Average	8.32	6.39	7.2	5.95	4.56	3.1	3.32	7.25	7.3	5.31	12.72	10.32	5.41	6.57	7.31
EV/EBITDA High	10.57	9	9.01	8.45	6.96	5.1	4.77	10.7	10.26	10.2	16.77	14.29	8.1	9.1	10.09
EV/EBITDA Low	5.09	4.09	5.2	4.14	2.77	1.1	1.85	3.29	4.28	1.48	9.07	6.86	4.21	4.79	4.67
EV/EBIT Average	9.55	7.42	8.64	7.4	6.32	4.33	5.01	11.04	12.81	8	19.89	41.21	13.48	9.84	9.51
EV/EBIT High	12.12	10.46	10.82	10.52	9.65	7.11	7.19	16.31	18.01	15.37	26.22	57.1	20.17	13.63	13.11
EV/EBIT Low	5.84	4.76	6.24	5.15	3.84	1.54	2.8	5.02	7.52	2.23	14.17	27.39	10.49	7.18	6.07
Last Price	43.28	36.12	43.47	36.87	18.61	24.55	25.05	28.46	27.39	30.48	22.25	12.29	9.65	21.57	37.8
High Price	49.29	46.96	46.69	46.62	37.08	30.79	27.4	46.15	34.97	41.09	39.19	24.73	13.74	23.84	39.83
Enterprise Value Average	600	511	583	488	336	212	185	369	264	205	630	442	252	381	512
Enterprise Value High	762	720	730	694	513	348	266	545	372	394	830	613	377	529	706
Enterprise Value Low	367	327	421	340	204	75	103	168	155	57	449	294	196	278	327

Shares Outstanding	18	18	18	17	16	16	16	16	15	15	19	19	18	18	18
Diluted Weighted Avg Shares	18	18	18	18	17	16	16	17	16	15	18	19	18	18	19
Basic Weighted Avg Shares	18	18	18	17	17	16	16	16	16	15	18	19	18	18	18
Revenue per Share	14.56	17.64	18.66	20.17	19.66	19.49	18.43	18.15	17.79	21.63	23.16	32.15	33.16	35.44	36.03
EBITDA per Share	4.03	4.5	4.58	4.73	4.41	4.25	3.43	3.1	2.25	2.59	2.74	2.27	2.57	3.3	3.89
Operating Income per Share	3.52	3.87	3.82	3.8	3.18	3.05	2.28	2.04	1.28	1.72	1.75	0.57	1.03	2.2	2.99
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 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
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.33	0.34	0.15
Cash Flow per 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
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
Cash & Equivalents per Share	6.66	6.47	5.37	6.66	6.34	9.11	11.04	12.93	12.6	15.22	6.78	5.44	6.44	7.49	9.67
Book Value per Share	-0.74	0.77	2.39	3.72	3.81	5.45	6.7	8.17	6.59	7.48	7.14	0.75	-2.7	-2.36	-0.91
Tangible Book Value per Share	7.49	9.63	9.57	11.27	11.9	14.36	15.74	17.29	16.56	18.6	4.81	7.57	8.9	10.01	11.49

American Public Education, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)