15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $649M | $32M | 54.2% | 7.4% | $46M | $95M | $176M |
| 2024 | $625M | $16M | 52.7% | 5.3% | $28M | $93M | $159M |
| 2023 | $601M | -$47M | 51.2% | -8.0% | $32M | $95M | $144M |
| 2022 | $606M | -$115M | 52.4% | -22.7% | $13M | $93M | $129M |
| 2021 | $419M | $18M | 58.8% | 7.3% | $4M | $161M | $150M |
| 2020 | $322M | $19M | 62.0% | 7.7% | $40M | $0 | $228M |
| 2019 | $286M | $10M | 60.9% | 4.5% | $31M | — | $203M |
| 2018 | $298M | $26M | 61.3% | 10.9% | $35M | — | $212M |
| 2017 | $299M | $21M | 61.2% | 11.6% | $33M | — | $179M |
| 2016 | $313M | $24M | 62.6% | 12.2% | $40M | — | $146M |
| 2015 | — | $32M | — | — | $31M | — | $106M |
| 2014 | — | $41M | — | — | — | — | — |
| 2013 | — | $42M | — | — | $39M | — | — |
| 2012 | — | $42M | — | — | $18M | — | — |
| 2011 | — | $41M | — | — | $46M | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $175M | $18M | 57.3% | 12.4% | $61M | $88M | $221M |
| Dec '25 | $158M | $13M | 56.4% | 12.0% | -$16M | $95M | $176M |
| Sep '25 | $163M | $6M | 54.2% | 5.9% | $18M | $94M | $193M |
| Jun '25 | $163M | $4M | 51.8% | 4.3% | $11M | $94M | $177M |
| Mar '25 | $165M | $9M | 54.5% | 7.4% | $33M | $94M | $188M |
| Dec '24 | $164M | $13M | 56.3% | 13.1% | -$2M | $93M | $159M |
| Sep '24 | $153M | $2M | 50.8% | 2.7% | $8M | $93M | $162M |
| Jun '24 | $153M | $371000 | 50.2% | 1.5% | $7M | $93M | $156M |
| Mar '24 | $154M | $516000 | 53.1% | 3.4% | $15M | $95M | $153M |
| Dec '23 | $153M | $13M | 53.7% | 10.4% | -$8M | $95M | $144M |
| Sep '23 | $151M | -$3M | 51.5% | 4.2% | $17M | $94M | $155M |
| Jun '23 | $147M | -$51M | 49.1% | -44.3% | $12M | $94M | $139M |
| Mar '23 | $150M | -$6M | 50.6% | -3.6% | $10M | $94M | $136M |
| Dec '22 | $152M | -$7M | 52.2% | -0.2% | -$29M | $93M | $129M |
| Sep '22 | $150M | -$4M | 52.0% | -0.7% | $3M | $156M | $186M |
| Jun '22 | $150M | -$110M | 51.8% | -94.4% | $16M | $157M | $185M |
| Mar '22 | $155M | $5M | 53.7% | 3.4% | $22M | $159M | $171M |
| Dec '21 | $154M | $9M | 56.3% | 10.7% | $10M | $161M | $150M |
| Sep '21 | $98M | -$267000 | 56.7% | 1.3% | -$11M | $162M | $141M |
| Jun '21 | $78M | $531000 | 61.0% | 2.5% | -$4M | — | $317M |
How the market has priced APEI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, American Public Education Inc's revenue has grown 15.1% per year, and net income grown 10.9% per year. These are computed facts, not advice.
As of FY2025, American Public Education Inc reported $95M of total debt against $176M of cash.
In FY2025, gross margin was 54.2%, operating margin 7.4%, and net margin 4.9%.
As of Jun '26, American Public Education Inc traded at a price-to-earnings ratio of about 31.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.