olivLaw · US equity research
American Public Education, Inc. APEI
Services-Educational Services · SIC 8200 · Vertical: Services-Educational Services (SIC 8200)
American Public Education, Inc. (APEI) provides online and campus-based postsecondary education to about 108.6 thousand students through three subsidiary institutions, many of them from the military community. In August 2026 the company completed the combination of those institutions into a single HLC-accredited institution and raised its 2026 revenue and profit guidance, which makes its trajectory worth close monitoring.
At the close of 04 Nov 2026, American Public Education, Inc. (APEI) stock was 42.41 USD (+0.19% on the day), with market capitalisation 776.2 m USD, P/E 17.5 on diluted EPS of 2.43 USD over the last 12 months, beta 0.71, 52-week range 30.67–60.86 USD. Latest reported quarter (Q2 2026): revenue of 171.7 m USD (+5.5% YoY), net income of 9.8 m USD (+117.4% YoY), diluted EPS 0.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 40.94 – 52.19
- in the lower half of the band · %B 0.13 · band width 24.1%
- SMA 50 / 200
- 45.14 / 49.68
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.90 / -0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.5% | −1.1% | −3.4 pp | — |
| 3 months | −21.2% | −0.5% | −20.7 pp | — |
| 6 months | −24.1% | +4.4% | −28.5 pp | — |
| Year to date | +12.2% | +12.3% | −0.1 pp | — |
| 1 year | +34.6% | +13.5% | +21.1 pp | −30.6% |
| 3 years | +804.3% | +76.4% | +727.9 pp | −18.2% |
| 5 years | +61.5% | +63.7% | −2.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 153.1 m | 164.1 m | 164.6 m | 162.8 m | 163.2 m | 158.3 m | 174.7 m | 171.7 m |
| Cost of revenue | 75.4 m | 71.7 m | 74.9 m | 78.4 m | 74.7 m | 69.0 m | 74.6 m | 76.6 m |
| Operating income | 4.1 m | 21.5 m | 12.2 m | 7.0 m | 9.7 m | 19.0 m | 21.6 m | 13.5 m |
| Depreciation & amortisation | 5.1 m | 3.9 m | 4.0 m | 4.1 m | 3.9 m | 4.1 m | 4.2 m | 4.0 m |
| Interest expense | 1.9 m | — | 2.4 m | 2.4 m | 2.5 m | — | 2.0 m | 1.4 m |
| Pre-tax income | 3.5 m | 21.0 m | 11.4 m | 5.9 m | 8.6 m | 17.8 m | 19.2 m | 14.2 m |
| Income tax | 1.2 m | 8.0 m | 2.5 m | 1.4 m | 3.1 m | 5.2 m | 1.5 m | 4.4 m |
| Net income | 2.3 m | 13.0 m | 8.9 m | 4.5 m | 5.6 m | 12.6 m | 17.7 m | 9.8 m |
| Diluted EPS | 0.04 | 0.63 | 0.41 | -0.02 | 0.30 | 0.67 | 0.94 | 0.52 |
| Operating cash flow | 14.1 m ≈ | 1.6 m | 37.0 m | 14.8 m ≈ | 21.7 m ≈ | -11.6 m | 63.3 m | 12.1 m ≈ |
| Capex | 6.3 m ≈ | 3.4 m | 3.9 m | 3.7 m ≈ | 4.2 m ≈ | 4.1 m | 2.5 m | 4.7 m ≈ |
| Share repurchases | 92.0 k ≈ | 13.0 k | 3.7 m | 30.0 k ≈ | 206.0 k ≈ | 333.0 k | 8.7 m | 4.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 3 percentile of its own 31-quarter history (min 16.5, median 24.9, max 70.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 297.7 m | 286.3 m | 321.8 m | 418.8 m | 606.3 m | 600.5 m | 624.6 m | 648.9 m |
| Revenue YoY | −0.5% | −3.8% | +12.4% | +30.1% | +44.8% | −1.0% | +4.0% | +3.9% |
| Net income | 25.6 m | 10.0 m | 18.8 m | 17.8 m | -115.0 m | -47.3 m | 16.1 m | 31.6 m |
| Net income YoY | +21.4% | −60.9% | +88.0% | −5.7% | −747.8% | unavailable | unavailable | +95.8% |
| Diluted EPS | 1.54 | 0.62 | 1.25 | 0.97 | -6.08 | -2.93 | 0.55 | 1.36 |
| Diluted EPS YoY | +19.4% | −59.7% | +101.6% | −22.4% | −726.8% | unavailable | unavailable | +147.3% |
| net % | 8.6% | 3.5% | 5.8% | 4.2% | -19.0% | -7.9% | 2.6% | 4.9% |
| Free cash flow | 34.7 m | 31.1 m | 39.9 m | 4.4 m | 12.8 m | 31.6 m | 27.8 m | 46.1 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 174.1 m USD
- Financial debt
- 94.7 m USD
- Net debt
- -79.4 m USD
- Equity
- 294.8 m USD
- Total assets
- 521.4 m USD
- Debt / equity
- 0.32x
- Current ratio
- 3.46x
- ROE
- 10.5%
- ROA
- 5.8%
- FCF margin
- 7.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 321.8 m | 418.8 m | 606.3 m | 600.5 m | 624.6 m | 648.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 122.2 m | 172.6 m | 288.5 m | 292.9 m | 295.7 m | 297.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 199.6 m ≈ | 246.2 m ≈ | 317.9 m ≈ | 307.7 m ≈ | 328.9 m ≈ | 351.8 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Operating income | 24.8 m | 30.4 m | -137.3 m | -48.3 m | 33.1 m | 47.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 13.0 m | 17.8 m | 32.1 m | 27.8 m | 19.3 m | 16.1 m | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | 37.7 m ≈ | 48.2 m ≈ | -105.2 m ≈ | -20.5 m ≈ | 52.4 m ≈ | 64.1 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | — | — | 3.9 m | — | — | — | SEC (XBRL)· 14 Mar 2023verified |
| Pre-tax income | 25.8 m | 26.1 m | -151.2 m | -52.8 m | 30.9 m | 43.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | 7.0 m | 7.5 m | -36.3 m | -10.7 m | 10.4 m | 12.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Net income | 18.8 m | 17.8 m | -115.0 m | -47.3 m | 16.1 m | 31.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | 1.25 | 0.97 | -6.08 | -2.93 | 0.55 | 1.36 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 15.0 m | 18.3 m | 18.9 m | 18.2 m | 18.1 m | 18.7 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 227.7 m | 149.6 m | 102.5 m | 116.7 m | 131.9 m | 174.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 17.7 m | 36.0 m | 42.4 m | 51.0 m | 62.5 m | 65.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 251.8 m | 202.6 m | 186.1 m | 217.4 m | 260.6 m | 259.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 68.4 m | 102.4 m | 100.9 m | 87.5 m | 73.4 m | 70.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Goodwill | 26.6 m | 243.5 m | 112.6 m | 59.6 m | 59.6 m | 59.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.7 m | 85.1 m | 54.7 m | 31.5 m | 28.2 m | 28.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 371.0 m | 725.6 m | 615.1 m | 557.4 m | 570.1 m | 521.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 3.8 m | 13.5 m | 3.8 m | 8.7 m | 7.8 m | 4.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Short-term debt | 0 | 8.8 m | 0 | 0 | 0 | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Long-term debt | 0 | 151.8 m | 93.2 m | 94.7 m | 93.4 m | 94.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | 55.1 m | 83.7 m | 70.8 m | 74.0 m | 79.2 m | 75.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 64.1 m | 310.0 m | 265.3 m | 265.4 m | 266.2 m | 226.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 306.9 m † | 415.6 m † | 349.7 m † | 292.0 m † | 303.9 m † | 294.8 m † | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 44.8 m | 16.3 m | 29.2 m | 45.5 m | 48.9 m | 62.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 4.9 m | 11.8 m | 16.4 m | 13.9 m | 21.1 m | 15.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | 39.9 m ≈ | 4.4 m ≈ | 12.8 m ≈ | 31.6 m ≈ | 27.8 m ≈ | 46.1 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -4.2 m | -336.7 m | -13.7 m | -13.8 m | -21.1 m | 4.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | -15.7 m | 242.3 m | -35.7 m | -16.9 m | -13.2 m | -49.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Share repurchases | 15.7 m | 3.0 m | 1.5 m | 10.7 m | 4.2 m | 4.3 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 776.2 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation54
- Balance sheet68
- Quality80
- Growth19
- Returns25
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.87 – 40.16 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA36.76 – 40.00 (Mid 37.63)5 companies used · median multiple 7.9x · quartiles 7.7x – 8.4xLAUR, LFS, LGCY, LINC, LRN
- Peers: P/E15.87 – 40.16 (Mid 30.09)15 companies used · median multiple 12.4x · quartiles 6.5x – 16.5xCVSA, IH, LAUR, LFS, LGCY, LINC, LOPE, LRN, PRDO, PXED, STG, STRA, TAL, VSA, YOUL
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.8% | 82 (vs peers) | 13% |
| Net margin · Quality | 6.8% | 58 (vs peers) | 8% |
| FCF conversion · Quality | 153.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 2.3% | 19 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.7x | 56 (vs peers) | 13% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 17.5x | 37 (vs peers) | 13% |
| EV/EBITDA · Valuation | 9.0x | 33 (vs peers) | 13% |
| FCF yield · Valuation | 9.0% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.7% | 25 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet68/100 · 2/3 factors with a value
- Growth· partial19/100 · 1/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns· partial25/100 · 1/2 factors with a value
- Valuation54/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AMERICAN PUBLIC EDUCATION, INC. (APEI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 648.9 m USD in 2025; YoY growth 3.9%; net margin 6.8%; ROE 15.6%; net debt/EBITDA -0.7x.
The estimated value range is 26.31–40.08 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 33.86 USD, the price of 42.41 USD leaves a potential of -20.2% (value / price − 1) and a margin of safety of -25.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 21.8%
- FCF conversion: 153.4%
- Current ratio: 3.2x
- FCF yield: 9.0%
What contradicts it
- Revenue CAGR 3Y: 2.3%
- Shareholder yield (distributions): 1.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage, Payout ratio (FCF).
Versus the vertical median
Services-Educational Services (SIC 8200) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EDUNew Oriental Education & Technology Group Inc. | 80.7 bn | 169.7 | 12.4% | 8.4% | +15.5% | +2% / −36% |
| LAURLaureate Education, Inc. | 4.8 bn | 12.9 | 34.1% | 20.3% | +8.6% | +14% / +168% |
| CVSACovista Inc. | 4.1 bn | 17.0 | 17.9% | 12.8% | +9.3% | +34% / +118% |
| COE51Talk Online Education Group | 4.1 bn | — | — | -17.6% | +88.6% | −73% / +43% |
| LOPEGrand Canyon Education, Inc. | 3.8 bn | 16.1 | 35.9% | 21.9% | +7.1% | −4% / +10% |
| LRNStride, Inc. | 3.3 bn | 10.9 | 20.9% | 13.2% | +4.7% | +25% / +31% |
| DAOYoudao, Inc. | 2.5 bn | 159.2 | — | 1.6% | +9.6% | +105% / +397% |
| PRDOPerdoceo Education Corp | 1.9 bn | 10.9 | 17.6% | 20.6% | +24.2% | +7% / +72% |
| STRAStrategic Education, Inc. | 1.7 bn | 12.4 | 8.2% | 10.5% | +4.0% | −5% / −16% |
| YQ17 Education & Technology Group Inc. | 1.5 bn | — | -46.5% | -145.6% | −41.5% | −41% / +14% |
| UTIUniversal Technical Institute, Inc | 1.2 bn | 36.3 | 10.5% | 3.9% | +14.0% | −3% / +91% |
| PXEDPhoenix Education Partners, Inc. | 794.4 m | 9.5 | 30.1% | 8.7% | +1.0% | −36% / unavailable |
| APEIAmerican Public Education, Inc. | 776.2 m | 17.5 | 15.6% | 6.8% | +3.9% | +35% / +804% |
| LINCLincoln Educational Services Corporation | 637.9 m | 28.0 | 11.9% | 4.0% | +17.8% | −2% / +117% |
| JZJianzhi Education Technology Group Company Limited | 522.3 m | — | -44.4% | -22.4% | −70.6% | −98% / −100% |
| GOTUGaotu Techedu Inc. | 373.9 m | — | -20.8% | -5.3% | +40.9% | −0% / −9% |
| IHiHuman Inc. | 245.2 m | 22.8 | 10.0% | 11.8% | −8.7% | −60% / −59% |
| FEDUFour Seasons Education (Cayman) Inc. | 210.5 m | 46.6 | 6.8% | 12.1% | +7.6% | −30% / +13% |
| LXEHLixiang Education Holding Co. Ltd. | 155.2 m | — | -83.1% | -395.4% | −1.9% | −63% / −99% |
| LGCYLegacy Education Inc. | 118.1 m | 14.0 | 19.5% | 11.4% | +24.8% | −12% / unavailable |
| EEIQEpicQuest Education Group International Limited | 93.6 m | — | -34.8% | -27.2% | +9.6% | −23% / −81% |
| VSAVisionSys AI Inc | 81.8 m | 0.3 | — | 164,963.8% | −99.9% | −97% / −100% |
| CHGGChegg, Inc | 71.1 m | — | -30.7% | -17.2% | −39.0% | −34% / −94% |
| AMBOAmbow Education Holding Ltd. | 62.3 m | — | -2.9% | -2.6% | +0.8% | −61% / −10% |
| LFSLEIFRAS Co., Ltd. | 53.1 m | 18.5 | 23.7% | 3.7% | unavailable | −60% / unavailable |
1- and 3-year price returns: for APEI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 25.17 Total return -41% · Per year -41% | 44.55 Total return 5% · Per year 5% | 67.17 Total return 58% · Per year 58% |
| 3 years | 23.35 Total return -45% · Per year -18% | 46.61 Total return 10% · Per year 3% | 77.31 Total return 82% · Per year 22% |
| 5 years | 21.67 Total return -49% · Per year -13% | 48.76 Total return 15% · Per year 3% | 88.99 Total return 110% · Per year 16% |
- Exit P/E± 11.65
- Net margin± 8.16
- Annual revenue growth± 6.84
- Annual dilution± 0.69
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
American Public Education, Inc. (APEI) provides online and campus-based postsecondary education to about 108.6 thousand students through three subsidiary institutions, many of them from the military community. In August 2026 the company completed the combination of those institutions into a single HLC-accredited institution and raised its 2026 revenue and profit guidance, which makes its trajectory worth close monitoring.
SWOT
Strengths
- The company holds a strong position in military education, described as the number one educator of active-duty military and veterans 1. It also has a solid base of nursing programs across several credential levels 1.
- Revenue and profit grew in 2026 and the company holds substantial liquidity to fund investment 3.
- Combining the institutions into one accredited entity could simplify operations and reporting 23.
Weaknesses
Opportunities
- Developing a global digital university and new programs could attract students beyond the military community 1.
- Expanding the nursing campus network, such as the new Orlando campus, could raise Health+ revenue 13.
- If regulation becomes more predictable, the company could regain confidence and enrollment from students relying on federal aid.
Risks
- Dependence on military programshigh
A large share of APUS enrollment comes from Department of Defense tuition assistance, and budget interruptions can halt registrations 1.
- Federal student financing rulesmedium
New federal loan caps and a new accountability framework could reduce the availability of certain programs 1.
- Integration of the three institutionsmedium
Combining APUS, RU and HCN carries operational and regulatory risks, with the second step of the combination expected in the third quarter of 2026 12.
- NCLEX pass ratesmedium
If NCLEX pass rates remain low, RU and HCN could lose students or accreditation standing 1.
Investment thesis
What would need to be true (bull case)
- If revenue growth in Health+ and Military+ continues and the 2026 guidance is met, profitability could rise considerably 3.
- High liquidity and the share repurchase program give the company financial flexibility 3.
- A leading position in military and nursing education could support demand over the longer term 1.
What to watch
- Completion of the second step of the institutional combination and the required approvalsQ3 2026
- Delivery against the full-year 2026 revenue and net income guidance2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
APEI is a postsecondary education provider operating through three subsidiary institutions: American Public University System (APUS), Rasmussen University (RU) and Hondros College of Nursing (HCN) 1. APUS delivers programs exclusively online and centres on active-duty military, veterans and their families 1. RU and HCN focus on nursing and health sciences education, from diploma-level practical nursing to doctoral programs 1. From 2026 the institutions were unified into one entity, American Public University System, with two divisions 23.
Segments
Military+ (formerly APUS)
The Military+ segment offers online adult education aimed at military members, veterans and their families, through American Military University and American Public University 3. In the second quarter of 2026 it generated 85.5 mn USD of revenue, up 4.7%, driven by higher net course registrations 3.
Health+ (formerly RU and HCN)
The Health+ segment covers the nursing and health programs of Rasmussen University and Hondros College of Nursing, with both campus and online students 13. In the second quarter of 2026 revenue grew 11.0% to 86.2 mn USD, supported by higher enrollment and modest tuition increases 3.
Trends
- Dependence on federal funding for military studentsheadwind
The 2025 government shutdown suspended Department of Defense tuition assistance and course registrations fell sharply 1. Supplemental funding under the OBBBA law restored part of the registrations, but its future availability is uncertain 1.
- Growing demand in health care educationtailwind
Health+ revenue and enrollment rose in the second quarter of 2026, and the company opened a new campus in Orlando 3. Demand for qualified nursing staff supports this trend.
- Technology and digital deliverymixed
APEI is investing in technology, including artificial intelligence, and is transforming APU into a global digital university 1. If these initiatives succeed, they could attract new categories of students.
Competitive position
Online education for the military faces competition from both nonprofit and for-profit institutions, as well as from colleges near military bases 1. The armed forces themselves offer distance learning programs, and traditional universities are expanding their online offerings 1. In nursing, competition comes from equally flexible nursing schools with comparable tuition 1.
- Nonprofit and public institutions with online programs
Traditional universities expanding online offerings and competing for military students 1.
- For-profit institutions serving military students
Direct competitors for the same pool of military and veteran students 1.
- Community colleges near military installations
Provide on-campus education to personnel stationed nearby 1.
- Nursing schools and allied health colleges
Compete in practical nursing, associate and bachelor nursing programs on tuition, flexibility and reputation 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Mihai Rurac: Arăturile de toamnă ar trebui evitate. Miriștea ajută la păstrarea apei în solMoldova 1 — Teleradio-Moldova (MD) · 01 Nov 2026 · RO
- Criza apei din Curtea de Argeş şi comunele limitrofe se încheie, după aproape un an. Analizele arată că este potabilăDigi24 · 30 Oct 2026 · RO
- Lucrare spectaculoasă: Citadina 98 înlocuiește conducte vechi cu unele de 3,2 metri diametru într-un proiect ANIF. Alin Ciuntu: „Modernizarea infrastructurii pentru irigații și gestionarea apei devine o necesitate, nu doar o opțiune”Mediafax · 28 Oct 2026 · RO
- Lucrare spectaculoasă: Citadina 98 înlocuiește conducte vechi cu unele de 3,2 metri diametru într-un proiect ANIF. Alin Ciuntu: „Modernizarea infrastructurii pentru irigații și gestionarea apei devine o necesitate, nu doar o opțiune”G4Media · 28 Oct 2026 · RO
- Juliette Lassman, OECD: „Criza apei este deja aici”. Cum se pregătește Europa pentru perioadele în care apa nu mai ajunge pentru toată lumeaPressOne.ro · 27 Oct 2026 · RO
- Grup de lucru la barajele Paltinu și Măneciu pentru a evita o nouă criză a apei / Autoritățile promit un prim raport în două săptămâni / Ministru: ”Prioritatea mea este ca oamenii să nu mai rămână fără apă”G4Media · 26 Oct 2026 · RO
- Cum vrea Apa Nova să reducă inundațiile din București. Rezervoare subterane pentru preluarea apei în excesAntena 3 CNN · 23 Oct 2026 · RO
- A fost reluată furnizarea căldurii şi a apei calde în Iaşi, după incendiul de la CET. Edilul Mihai Chirica: Şcolile, spitalele şi celelalte imobile au căldură la parametri normali - News.roSurge — Google News · 23 Oct 2026 · RO
- Povestea apei minerale Dorna, de la izvor la consumator – Cum se întâlnesc natura, tehnologia și expertiza locală în fabrica Coca-Cola HBC de la Poiana NegriiHotNews.ro · 22 Oct 2026 · RO
- Dunărea ar putea lăsa România fără energie tot mai des. Problema este nivelul apei, nu debitul. Avertismentul unui expertAdevărul · 21 Oct 2026 · RO
- Pagina verde. Când una dintre piesele de puzzle lipseşte. Ce se întâmplă când seceta lasă o zonă fără apă: „Dispariţia apei din peisajul cultural înseamnă dispariţia unei localităţi“Ziarul Financiar · 20 Oct 2026 · RO
- Măsuri pentru asigurarea apei necesare centralei Cernavodă – situația din acest an, reper pentru lucrările viitoareCursDeGuvernare.ro · 20 Oct 2026 · RO
- Autoritățile au aprobat măsurile pentru asigurarea apei necesare răcirii reactoarelor de la CernavodăEconomedia · 20 Oct 2026 · RO
- Dunărea continuă să scadă și atinge noi recorduri negative, la Cernavodă. Nivelul necesar pompării apei de răcire a centralei nucleare a scăzut sub pragul critic de siguranță trei zile consecutivProfit.ro · 19 Oct 2026 · RO
- Daniel Zamfir, ministru propus al Economiei, vrea să relanseze exploatarea resurselor de grafit și cupru ale României / Planuri de export de cărbune și îmbutelierea apei minerale de către statEconomedia · 19 Oct 2026 · RO
- O soluție inovatoare ar putea combate criza apei în regiunile izolate. Tehnologia care ar putea schimba totulMediafax · 17 Oct 2026 · RO
- 5 știri by Libertatea - Actualitate: Criza apei de la Târgu-Neamț, sute de corporații care finanțează Rusia și frauda incredibilă a unui pastor românLibertatea.ro · 16 Oct 2026 · RO
- FOTO Primul sistem de gestionare a apelor uzate bazat pe soluții naturale în mediul rural din România, implementat în satul Viscri, inclus în patrimoniul UNESCO / A primit premiul special al Noului Bauhaus European pentru reziliență în domeniul apeiG4Media · 16 Oct 2026 · RO
- Argentina a închis accesul la Cascada Iguazu. Nivelul apei a crescut periculos din cauza El NinoAntena 3 CNN · 13 Oct 2026 · RO
- Determinarea nivelului minim al apei pentru rezervorul Song Ray pentru a asigura alimentarea cu apă a părții de est a orașului Ho Chi Minh. - Vietnam.vnSurge — Google News · 12 Oct 2026 · RO
SEC filings
- Current report27 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report05 Aug 2026Regulation FD disclosure
- Current report26 May 2026Shareholder vote
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Proxy statement09 Apr 2026
- Annual report12 Mar 2026
- Current report12 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / American Public Education, Inc. · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / American Public Education, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / American Public Education, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.