Strategic Education, Inc. Financial Ratios — STRA Stock

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 (%)	97.57	156.91	44.9	84.41	40.8	25.68	13.09	-11.17	59.75	51.82	31.06	27.88	42.42	58.12	53.38
Return on Assets (%)	32.94	28.73	6.81	16.49	14.39	12.72	6.65	-1.58	4.7	4.22	2.39	2.09	3.26	5.4	6.19
Return on Capital (%)	63.92	41.18	12.13	28.07	26.54	25.42	13.02	- -	42.74	23.91	11.37	10.09	17.41	31.03	35.73
Return on Invested Capital (%)	66.48	43.07	12.42	27.53	24.55	20.51	11.56	- -	5.91	5.83	4	2.58	4.26	6.17	8.13
Gross Margin (%)	53.46	46.6	38.35	47.02	46.11	45.11	40.87	41.41	46.79	48.17	46.25	43.94	44.93	46.68	48.97
EBITDA Margin (%)	31.98	24.48	13.56	22.95	20.21	16.34	16.56	15.37	23.8	23.81	18.91	12.87	15.04	16.53	19.28
Operating Margin (%)	28.55	20.21	6.49	18.33	16.04	12.3	12.44	6.77	13.28	13.19	9.77	6.94	9.98	12.89	15.47
Incremental Operating Margin (%)	393.93	100.15	138.55	-85.21	103.83	-232.13	16.83	-7.62	24.67	10.1	-23.98	55.27	58.02	50.75	80.48
Pretax Margin (%)	27.97	19.39	5.42	17.18	15.22	12.99	11.57	-3.02	12.41	11.09	6.77	6.53	8.89	13.23	13.99
Profit Margin (%)	16.9	11.73	3.26	10.39	9.21	7.89	4.53	-2.47	8.14	8.39	4.87	4.38	6.16	9.24	9.98
Net Income to Common Margin (%)	16.9	11.73	3.26	10.39	9.21	7.89	4.53	-2.47	8.14	8.39	4.87	4.38	6.16	9.24	9.98
Effective Tax Rate (%)	39.58	39.5	39.8	39.5	39.48	39.26	60.85	- -	34.42	24.3	28.08	32.92	30.71	30.2	28.63
Dvd Payout Ratio (%)	46.31	71.79	- -	- -	- -	- -	55.39	-177.67	57.46	64.86	107.18	126.93	84.22	52.33	45.45
Sustainable Growth Rate (%)	52.39	44.27	44.9	84.41	40.8	25.68	5.84	-31.01	25.42	18.21	-2.23	-7.51	6.69	27.7	29.12

Credit (USD)

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	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	122	128	123	120	3	3	3	2	106	283	331	259	213	125	109
ST Debt	28	3	3	6	- -	- -	- -	- -	25	35	27	24	24	22	16
LT Debt	94	125	120	114	3	3	3	2	81	248	304	235	189	103	93
Total Debt/EBITDA	0.61	0.93	1.81	1.17	0.04	0.04	0.04	0.02	0.45	1.16	1.55	1.89	1.25	0.62	0.45
Net Debt/EBITDA	0.3	0.56	0.4	-0.43	-1.22	-1.79	-2.07	-3.2	-1.77	-0.19	-0.59	-0.82	-0.63	-0.68	-0.58
Total Debt/EBIT	0.68	1.13	3.77	1.47	0.04	0.05	0.05	0.05	0.8	2.09	3	3.5	1.89	0.8	0.56
Net Debt/EBIT	0.34	0.68	0.83	-0.53	-1.53	-2.38	-2.76	-7.26	-3.17	-0.34	-1.15	-1.52	-0.95	-0.87	-0.72
EBITDA to Interest Expense	53.19	29.8	12.6	19.51	22.81	112.27	117.3	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	45.24	24.44	10.99	18.19	19.51	91.77	89.19	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	47.48	24.61	6.03	15.58	18.1	84.52	88.12	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	4	5	5	5	4	1	1	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	18.43	18.19	12.48	25.37	47.55	51.2	50.46	7.14	8.55	7.84	7.58	7.4	7.96	10.67	12.54
Long-Term Debt/Equity (%)	222.47	305.03	308.73	122.46	2.19	1.42	1.35	0.16	5.51	14.18	17.76	14.39	11.45	6.2	5.66
Long-Term Debt/Capital (%)	57.3	73.73	77.5	57.38	2.58	1.72	1.72	1.9	31.12	53.6	60.14	56.15	49.45	29.95	25.55
Long-Term Debt/Total Assets (%)	40.71	54.89	47.24	36.89	1.26	0.9	0.88	0.14	4.5	10.8	13.2	10.89	8.9	5.03	4.57
Total Debt/Equity (%)	287.49	312.65	316.77	129.2	2.19	1.42	1.35	0.16	7.24	16.17	19.34	15.85	12.91	7.53	6.63
Total Debt/Capital (%)	74.05	75.57	79.52	60.54	2.58	1.72	1.72	1.9	40.88	61.12	65.47	61.85	55.78	36.42	29.91
Total Debt/Total Assets (%)	52.61	56.26	48.46	38.92	1.26	0.9	0.88	0.14	5.91	12.32	14.37	11.99	10.04	6.11	5.35
Net Debt to Equity	142.73	189.04	69.7	-46.94	-74.82	-68.61	-74.54	-21.87	-28.69	-2.61	-7.43	-6.86	-6.48	-8.25	-8.55
Net Debt/Capital (%)	56.38	63.48	45.04	-122.23	-744.66	-490.31	-1,729.32	163.3	260.98	-16.6	-53.63	-54.62	-50.05	-66.28	-62.81
EBITDA	201	138	68	102	88	72	75	97	237	245	214	137	170	202	245
EBITDA-CapEx	171	113	60	95	75	59	57	70	199	198	165	94	133	161	200
Operating Income (Loss)	179	114	33	82	70	54	57	43	132	136	111	74	113	157	196

Liquidity (USD)

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	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	0.74	1.1	2.1	2.88	1.86	2.16	2.26	2.79	2.9	0.98	1.41	1.06	0.99	0.85	0.68
Current Ratio	1.23	2.08	2.82	3.49	2.3	2.68	2.76	3.36	3.34	1.43	1.88	1.57	1.57	1.41	1.27
Quick Ratio	1.07	1.75	2.45	3.18	2.18	2.5	2.59	3.23	3.23	1.23	1.67	1.36	1.36	1.2	1.05
CFO/Avg Current Liab	1.02	1.37	1.91	1.54	1.36	0.76	0.87	0.48	1.43	0.8	0.91	0.62	0.56	0.79	0.91
Common Equity/Total Assets	18.43	18.19	12.48	25.37	47.55	51.2	50.46	7.14	8.55	7.84	7.58	7.4	7.96	10.67	12.54
Long-Term Debt/Equity (%)	222.47	305.03	308.73	122.46	2.19	1.42	1.35	0.16	5.51	14.18	17.76	14.39	11.45	6.2	5.66
Long-Term Debt/Capital (%)	57.3	73.73	77.5	57.38	2.58	1.72	1.72	1.9	31.12	53.6	60.14	56.15	49.45	29.95	25.55
Long-Term Debt/Total Assets (%)	40.71	54.89	47.24	36.89	1.26	0.9	0.88	0.14	4.5	10.8	13.2	10.89	8.9	5.03	4.57
Total Debt/Equity (%)	287.49	312.65	316.77	129.2	2.19	1.42	1.35	0.16	7.24	16.17	19.34	15.85	12.91	7.53	6.63
Total Debt/Capital (%)	74.05	75.57	79.52	60.54	2.58	1.72	1.72	1.9	40.88	61.12	65.47	61.85	55.78	36.42	29.91
Total Debt/Total Assets (%)	52.61	56.26	48.46	38.92	1.26	0.9	0.88	0.14	5.91	12.32	14.37	11.99	10.04	6.11	5.35
CFO/Total Liabilities	81.74	43.93	39.05	36.25	73.45	40.36	50.1	19.88	61.88	26.1	30.5	23.97	24.78	43.73	50.54
CFO/CapEx	5.15	3.32	9.64	11.3	6.11	3.38	3.11	1.7	5.22	3.05	3.65	2.92	3.17	4.17	4.48
Altman's Z-Score	9.47	6.81	4.06	5.49	7.42	8.09	8.58	6.54	9	5.18	4.02	4.69	5.78	6.99	7.08

Working Capital (USD)

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	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	5.59	23.29	25.76	27.21	24.5	22.59	20.84	16.09	18.6	20.21	22.31	18.65	16.29	16.03	16.44
Days Sales Outstanding	65.33	15.67	14.17	13.41	14.9	16.16	17.52	22.68	19.62	18.06	16.36	19.57	22.4	22.77	22.21
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	8.94	8.2	8	5.74	5.44	5.81	6.16	8.98	12.62	9.55	11.12	13.1	13.12	12.39	11.58
Accounts Payable Turnover Days	40.82	44.49	45.65	63.61	67.11	62.86	59.25	40.64	28.92	38.22	32.82	27.85	27.81	29.45	31.51
Cash Conversion Cycle	24.51	-28.82	-31.48	-50.2	-52.22	-46.7	-41.73	-17.96	-9.29	-20.16	-16.46	-8.29	-5.41	-6.68	-9.3
Inventory to Cash Days	65.33	15.67	14.17	13.41	14.9	16.16	17.52	22.68	19.62	18.06	16.36	19.57	22.4	22.77	22.21
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	1,157	640	365	784	637	855	957	1,723	3,452	2,158	1,386	1,855	2,162	2,187	1,824
- Cash & Cash Equivalents	57	48	95	162	107	129	156	312	420	188	269	214	168	137	141
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	122	128	123	120	3	3	3	2	106	283	331	259	213	125	109
Enterprise Value	1,222	720	393	742	533	729	803	1,376	3,103	2,245	1,442	1,891	2,167	2,128	1,786
Total Capital	164	170	155	198	121	156	165	121	259	463	506	419	382	344	365
Total Debt/Capital (%)	74.05	75.57	79.52	60.54	2.58	1.72	1.72	1.9	40.88	61.12	65.47	61.85	55.78	36.42	29.91
Total Debt / EV	0.1	0.18	0.31	0.16	0.01	- -	- -	- -	0.03	0.13	0.23	0.14	0.1	0.06	0.06
EV/Sales	1.95	1.28	0.78	1.66	1.23	1.65	1.77	2.17	3.11	2.18	1.27	1.77	1.91	1.74	1.41
EV/EBITDA	6.09	5.24	5.76	7.25	6.07	10.11	10.67	14.12	13.08	9.18	6.74	13.79	12.71	10.55	7.3
EV/EBIT	6.82	6.34	12.03	9.08	7.64	13.43	14.2	32.07	23.43	16.57	13.04	25.56	19.16	13.53	9.1
EV/Cash Flow to Firm	7.8	8.49	4.5	9.14	6.67	16.23	14.24	29.37	15.35	15.71	7.99	15	18.5	12.57	9.01
EV/Free Cash Flow to Firm	6.55	6.57	4.09	8.43	5.76	12.55	10.79	18.5	12.89	11.84	6.27	11.17	14.06	10.14	7.36
Diluted Market Cap	1,161	643	366	791	646	874	1,003	1,792	3,511	2,179	1,395	1,880	2,213	2,255	1,877
Diluted Enterprise Value	1,225	723	395	749	542	748	850	1,483	3,197	2,275	1,458	1,925	2,258	2,243	1,845
EV per Share	102.6	63.25	37.16	70.26	50.32	68.7	75.24	90.61	142.85	99.21	60.18	79.86	92.59	90.91	78.49
TTM Sales	627	562	504	446	434	441	455	634	997	1,028	1,132	1,065	1,133	1,220	1,268
TTM EBITDA	201	138	68	102	88	72	75	97	237	245	214	137	170	202	245
TTM Operating Income	179	114	33	82	70	54	57	43	132	136	111	74	113	157	196
TTM Cash Flow to Firm	157	85	87	81	80	45	56	47	202	143	181	126	117	169	198
TTM Free Cash Flow to Firm	187	110	96	88	93	58	74	74	241	190	230	169	154	210	242

Multiples (USD)

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	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	6.3	6.02	3.95	9.32	7.16	15.16	13.52	24.08	14.58	11.49	6.07	11.11	14.36	10.74	7.74
EV/EBIT	6.82	6.34	12.03	9.08	7.64	13.43	14.2	32.07	23.43	16.57	13.04	25.56	19.16	13.53	9.1
Enterprise Value	1,222	720	393	742	533	729	803	1,376	3,103	2,245	1,442	1,891	2,167	2,128	1,786
Low Price	69.34	42.98	33.64	33.51	41.5	42.39	71.31	80.75	106.2	81.83	52.67	48.01	64.53	85.11	72.25
EV/Sales	1.95	1.28	0.78	1.66	1.23	1.65	1.77	2.17	3.11	2.18	1.27	1.77	1.91	1.74	1.41
EV/EBITDA	6.09	5.24	5.76	7.25	6.07	10.11	10.67	14.12	13.08	9.18	6.74	13.79	12.71	10.55	7.3
Price/Earnings	10.91	9.7	22.21	16.92	15.9	24.58	46.41	- -	42.55	25.01	25.15	39.74	30.97	19.4	14.41
Price/Earnings Average	12.73	14.39	30.06	12.51	14.6	16	44.53	-110.98	39.9	34.23	33.27	33.81	27.68	20.92	15.12
Price/Earnings High	17.36	20.73	41.69	18.17	19.76	25.58	52.18	-150.14	50.82	49.32	42.06	41.82	32.94	25.68	18.78
Price/Earnings Low	7.79	7.43	21.68	7.63	10.98	12.92	36.94	-78.27	28.44	21.47	22.9	24.36	21.64	17.68	12.98
Price/Book Value	27.16	15.44	11.5	10.05	5.39	5.59	5.9	14.53	22.56	11.99	7.93	11.6	12.78	10	7.13
Price/Book Value Average	31.69	22.9	15.56	7.42	4.95	3.64	5.66	14.67	21.16	16.41	10.48	9.87	11.42	10.78	7.48
Price/Book Value High	43.2	32.99	21.58	10.79	6.7	5.82	6.63	19.85	26.94	23.65	13.25	12.2	13.59	13.23	9.3
Price/Book Value Low	19.38	11.82	11.22	4.53	3.72	2.94	4.7	10.35	15.08	10.3	7.22	7.11	8.93	9.11	6.43
Price/Tangible Book Value	32.6	18.71	11.36	9.13	4.68	5.1	5.28	4.73	7.54	20.87	9.13	14.96	14.51	10.39	11.79
Price/Tangible Book Value Average	38.04	27.75	15.38	6.75	4.3	3.32	5.07	4.77	7.08	28.56	12.08	12.73	12.97	11.2	12.37
Price/Tangible Book Value High	51.86	39.98	21.33	9.8	5.81	5.31	5.94	6.46	9.01	41.16	15.27	15.74	15.43	13.74	15.36
Price/Tangible Book Value Low	23.26	14.32	11.09	4.12	3.23	2.68	4.2	3.37	5.04	17.92	8.31	9.17	10.14	9.46	10.62
Price/Sales	1.84	1.14	0.72	1.76	1.47	1.94	2.1	2.72	3.46	2.1	1.22	1.74	1.91	1.79	1.44
Price/Sales Average	2.15	1.69	0.98	1.3	1.35	1.26	2.02	2.74	3.25	2.87	1.62	1.48	1.71	1.93	1.51
Price/Sales High	2.93	2.43	1.36	1.89	1.82	2.02	2.36	3.71	4.14	4.14	2.05	1.83	2.03	2.37	1.87
Price/Sales Low	1.32	0.87	0.71	0.79	1.01	1.02	1.67	1.93	2.31	1.8	1.11	1.07	1.33	1.63	1.3
Price/Cash Flow	7.5	7.8	4.34	10.06	8.21	19.21	17.03	36.76	17.08	15.1	7.68	14.71	18.46	12.91	9.21
Price/Cash Flow Average	8.75	11.56	5.87	7.43	7.54	12.51	16.35	37.11	16.02	20.66	10.15	12.52	16.5	13.92	9.66
Price/Cash Flow High	11.93	16.66	8.14	10.8	10.2	20	19.15	50.2	20.4	29.77	12.84	15.48	19.63	17.09	12
Price/Cash Flow Low	5.35	5.97	4.23	4.54	5.67	10.1	13.56	26.17	11.41	12.96	6.99	9.02	12.89	11.76	8.29
Price/Free Cash Flow Average	7.35	8.92	5.34	6.89	6.57	9.87	12.97	24.31	13.67	15.72	8.03	9.45	12.84	11.58	8.12
Price/Free Cash Flow High	10.02	12.85	7.41	10.01	8.89	15.78	15.2	32.89	17.41	22.65	10.15	11.69	15.27	14.22	10.09
Price/Free Cash Flow Low	4.49	4.6	3.85	4.2	4.94	7.97	10.76	17.15	9.74	9.86	5.52	6.81	10.03	9.79	6.97
EV/Sales Average	2.25	1.83	1.04	1.2	1.11	0.98	1.68	2.25	2.93	2.97	1.67	1.52	1.74	1.92	1.48
EV/Sales High	3.04	2.58	1.42	1.79	1.58	1.73	2.03	3.22	3.82	4.23	2.1	1.87	2.07	2.36	1.85
EV/Sales Low	1.42	1.01	0.76	0.7	0.77	0.73	1.34	1.45	2	1.89	1.17	1.11	1.37	1.62	1.27
EV/EBITDA Average	7.05	7.48	7.65	5.25	5.47	5.97	10.16	14.67	12.32	12.46	8.86	11.84	11.6	11.63	7.7
EV/EBITDA High	9.49	10.52	10.45	7.81	7.83	10.6	12.25	20.97	16.05	17.78	11.12	14.57	13.75	14.29	9.59
EV/EBITDA Low	4.44	4.14	5.63	3.04	3.82	4.48	8.08	9.41	8.4	7.96	6.19	8.62	9.12	9.82	6.59
EV/EBIT Average	7.9	9.06	15.97	6.57	6.9	7.93	13.52	33.32	22.07	22.49	17.14	21.94	17.47	14.92	9.6
EV/EBIT High	10.64	12.74	21.81	9.79	9.86	14.08	16.3	47.61	28.76	32.09	21.52	26.99	20.72	18.32	11.96
EV/EBIT Low	4.97	5.02	11.76	3.81	4.82	5.96	10.75	21.37	15.05	14.37	11.97	15.98	13.75	12.59	8.22
Last Price	97.19	56.17	34.47	74.28	60.12	80.63	89.58	113.42	158.9	95.33	57.84	78.32	92.37	93.42	80.2
High Price	154.61	120	64.7	79.77	74.69	83.92	100.72	154.89	189.79	187.98	96.73	82.42	98.22	123.62	104.51
Enterprise Value Average	1,415	1,029	522	537	481	430	765	1,430	2,924	3,048	1,895	1,624	1,977	2,346	1,882
Enterprise Value High	1,905	1,447	713	800	687	764	922	2,043	3,809	4,350	2,380	1,997	2,343	2,882	2,346
Enterprise Value Low	890	570	385	311	336	323	608	917	1,993	1,947	1,324	1,182	1,555	1,980	1,612

Shares Outstanding	12	11	11	11	11	11	11	22	22	24	25	24	24	25	23
Diluted Weighted Avg Shares	12	11	11	11	11	11	11	16	22	23	24	24	24	24	23
Basic Weighted Avg Shares	12	11	11	11	11	11	11	15	22	23	24	24	23	23	23
Revenue per Share	52.7	49.34	47.58	42.23	41.03	41.57	42.6	41.75	45.9	45.41	47.24	45	48.41	52.12	55.75
EBITDA per Share	16.85	12.08	6.45	9.69	8.29	6.79	7.05	6.42	10.92	10.81	8.93	5.79	7.28	8.62	10.75
Operating Income per Share	15.05	9.97	3.09	7.74	6.58	5.11	5.3	2.83	6.1	5.99	4.62	3.12	4.83	6.72	8.62
Basic EPS, GAAP	8.91	5.79	1.55	4.39	3.78	3.28	1.93	-1.03	3.73	3.81	2.3	1.97	2.98	4.81	5.57
Basic EPS from Cont Ops	8.91	5.79	1.55	4.39	3.78	3.28	1.93	-1.03	3.73	3.81	2.3	1.97	2.98	4.81	5.57
Diluted EPS, GAAP	8.88	5.76	1.55	4.35	3.73	3.21	1.84	-0.99	3.67	3.77	2.28	1.94	2.91	4.67	5.41
Diluted EPS from Cont Ops	8.88	5.76	1.55	4.35	3.73	3.21	1.84	-0.99	3.67	3.77	2.28	1.94	2.91	4.67	5.41
Dividend per Share	4.12	4.16	- -	- -	- -	- -	1.07	1.83	2.15	2.47	2.46	2.5	2.51	2.52	2.53
Cash Flow per Share	12.97	7.2	7.95	7.38	7.32	4.2	5.26	3.09	9.3	6.31	7.54	5.32	5	7.23	8.71
Free Cash Flow per Basic Share	10.45	5.03	7.12	6.73	6.13	2.96	3.57	1.27	7.52	4.25	5.47	3.5	3.43	5.5	6.77
Cash & Equivalents per Share	4.8	4.17	8.95	15.37	10.1	12.18	14.6	22.97	20.92	8.62	11.5	9.41	8.9	7.86	6.51
Book Value per Share	3.58	3.64	3	7.39	11.16	14.41	15.18	7.8	7.04	7.95	7.3	6.75	7.23	9.34	11.24
Tangible Book Value per Share	2.98	3	3.03	8.14	12.85	15.8	16.97	23.99	21.06	4.57	6.33	5.24	6.37	8.99	6.8

Strategic Education, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)