American Public Education, Inc. (APEI) Stock Price & Analysis
American Public Education, Inc. (APEI) closed at USD 48.86 on Thursday, October 22, 2026, up 2.26% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 47.78; the Oct 22, 2026 session ranged USD 47.69–48.91 on volume of 122,532 shares. Market capitalization is $894.21M, with a 52-week range of USD 30.2–61.59 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:54 UTC.
Also available as compact Markdown for AI agents: nexqual.com/APEI.md
Key facts (APEI)
- Last four reported quarters (through Jun 30, 2026): revenue $668M, net income $45.7M (6.8% margin), free cash flow $70.1M (SEC filings).
- Valuation: P/E 19.6x (avg 23.4x at the last 2 fiscal year-ends), EV/EBITDA 9.5x, net cash $136M.
- 1 of 80 tracked superinvestors hold APEI (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $1.2M; 2 not under a Rule 10b5-1 plan ($637K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (7 analysts), mean target USD 62.83 (range 55–70).
- Total return with dividends: 1Y +36.5% vs S&P 500 +14.9%; 5Y +100.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.36, revenue estimate $166M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (APEI)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $419M | $606M | $601M | $625M | $649M | $668M |
| Gross profit | $246M | $318M | $308M | $329M | $352M | — |
| Operating income | $30.4M | -$137M | -$48.3M | $33.1M | $47.9M | $63.8M |
| Net income | $17.8M | -$115M | -$47.3M | $16.1M | $31.6M | $45.7M |
| EPS (diluted) | $0.97 | -$6.08 | -$2.93 | $0.55 | $1.36 | — |
| Free cash flow | $4.4M | $12.8M | $31.6M | $27.8M | $46.1M | $70.1M |
| Gross margin | 58.8% | 52.4% | 51.2% | 52.7% | 54.2% | — |
| Operating margin | 7.3% | -22.7% | -8.0% | 5.3% | 7.4% | 9.6% |
| Net margin | 4.2% | -19.0% | -7.9% | 2.6% | 4.9% | 6.8% |
| Revenue growth | +30.1% | +44.8% | -1.0% | +4.0% | +3.9% | — |
| Cash + short-term investments | $150M | $103M | $117M | $132M | $174M | — |
| Total debt | $161M | $93.2M | $94.7M | $93.4M | $94.7M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (APEI)
P/E 19.6x · P/S 1.3x · EV/EBITDA 9.5x · EV/Sales 1.1x · P/FCF 12.8x · P/B 2.9x · FCF yield 7.84% · Earnings yield 5.11% · Buyback yield (TTM) 1.50% · Net cash $136M · EV $759M
P/E at fiscal year-ends: Dec 2025 22.4x, Dec 2024 24.3x.
Superinvestors (SEC 13F-HR, Q2 2026) (APEI)
1 of 80 tracked investors hold APEI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $750K | Reduced -1.1% |
Insider sales (SEC Form 4, open-market, last ~7 months) (APEI)
3 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-12 | Fernandes Nuno S. | President, APUS | 8,800 | $397K | 10.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-12 | Kenigsberg James | Chief Inno & Tech Officer | 1,313 | $60K | 2.9% | Yes (adopted May 13, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Beckett Thomas | SVP, General Counsel | 2,000 | $108K | 3.7% | Yes (adopted March 16, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | Beckett Thomas | SVP, General Counsel | 8,000 | $414K | 12.9% | Yes (adopted March 16, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-13 | Fernandes Nuno S. | President, APUS | 4,500 | $240K | 5.4% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (APEI)
Consensus Buy (mean 2.00 on a 1–5 scale), 7 analysts; mean target USD 62.83 (low 55, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | Lake Street | Target raised | Buy | $62 → $64 |
Total return (dividends reinvested) (APEI)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +36.5% | +100.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +36.7% | +14.9% |
| Volatility (annualized) | 43.7% | 65.5% |
| Max drawdown | -33.3% (Apr 2026→Sep 2026) | -84.5% (Nov 2021→Mar 2023) |
APEI revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Health+ | $86.2M | 50.2% | +11.0% |
| Military+ | $85.5M | 49.8% | +4.7% |
| Total revenue | $171.7M | 100% | — |
APEI revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Instructional services, net of grants and scholarships | $84.0M | 48.9% | +4.3% |
| Graduation fees | $1.2M | 0.7% | +36.4% |
| Other fees | $288,000 | 0.2% | -5.0% |
| Total revenue | $171.7M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
APEI suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | American Public University System | “We rely on third parties to administer elements of APUS's, RU's, and HCN's participation in Title IV programs and their failure to perform services as agreed or to comply with applicable regulations could cause us to lose our eligibility to participate in Title IV programs.” |
| Partner | Accenture (ACN) | “Earlier in her career, Ms. Selden spent 18 years at Accenture, including serving as the Managing Partner leading Accenture's North American West Consumer and Industrial Products group to significant growth.” |
| Partner | Macquarie Capital Funding | “In connection with the completion of the Rasmussen Acquisition, we entered into a credit agreement with Macquarie Capital Funding LLC, as administrative agent and collateral agent, Macquarie Capital (USA) Inc., and Truist Securities, Inc. as joint lead arrangers and bookrunners, and a syndicate of lenders that provided us with (i) a $175.0 million term loan, of which $96.4 million was outstanding at December 31, 2…” |
| Partner | Truist Securities | “In connection with the completion of the Rasmussen Acquisition, we entered into a credit agreement with Macquarie Capital Funding LLC, as administrative agent and collateral agent, Macquarie Capital (USA) Inc., and Truist Securities, Inc. as joint lead arrangers and bookrunners, and a syndicate of lenders that provided us with (i) a $175.0 million term loan, of which $96.4 million was outstanding at December 31, 2…” |
| Partner | PNC Capital Markets | “On March 9, 2026, we entered into a Credit Agreement with PNC Bank, National Association, as administrative agent and collateral agent, PNC Capital Markets LLC as joint lead arranger and bookrunner, and a syndicate of lenders, or the Lenders.” |
Quoted from the company's 10-K filed Mar 12, 2026.
APEI customer concentration
In the period ended Jun 30, 2026, 3 direct customers each accounted for at least 10% (43%, 25%, 18%) of revenue, per the company's 10-Q filed Aug 10, 2026. The company does not name them.
APEI company outlook (results filed Aug 10, 2026)
- “Guidance ~ CHARLES TOWN, W.V. – August 10, 2026 -- American Public Education, Inc.”
- “Selden concluded, "As we raise revenue, net income and adjusted EBITDA guidance for 2026, we remain focused on disciplined execution and building on the momentum established in the first half of the year." Key Second Quarter 2026 Highlights (as Compared to Second Quarter 2025) ·”
Quoted word-for-word from the SEC 8-K results press release.
APEI analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.36 | $0.58 | -37.9% | $166.2M | 2 |
| Next quarter (ends Dec 2026) | $0.96 | $0.88 | +9.7% | $180.9M | 2 |
| Current fiscal year (ends Dec 2026) | $3.02 | $3.02 | +0.3% | $693.5M | 2 |
| Next fiscal year (ends Dec 2027) | $3.76 | $3.77 | -0.3% | $734.6M | 2 |
APEI options: expected move
Options price a move of about ±16.8% (±$8.20) by Nov 20, 2026, which includes earnings on Nov 9, 2026. Over the last 8 reports the stock moved ±9.6% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 73.5% | ±16.8% |
| Dec 18, 2026 | 56 | 58.1% | ±18.5% |
| Mar 19, 2027 | 147 | 55.0% | ±28.0% |
| Jun 17, 2027 | 237 | 52.4% | ±33.8% |
30-day implied volatility 72.1% vs 34.5% realized over the last 30 trading days. Put/call ratio (volume) 0.05. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:54 UTC)
| Price | USD 48.86 |
|---|---|
| Change | ▲ 2.26% (up) |
| Previous Close | USD 47.78 |
| Open | USD 47.69 |
| Day Range | USD 47.69 – 48.91 |
| 52-Week Range | USD 30.2 – 61.59 |
| Volume | 122,532 shares |
| Market Cap | $894.21M |
| Exchange | NMS |
Technical Analysis (APEI)
Nexqual's technical model rates APEI "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 23, 2026 at 09:54 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 62.67 (neutral) |
| vs SMA50 | Above (USD 45.31) |
| MACD | 1.16 (positive) |
Analyst Ratings (APEI)
Wall Street analysts rate APEI "Buy" based on 7 analysts, with a mean price target of USD 62.83 (range USD 55–70), per Nexqual as of October 23, 2026 at 09:54 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 7 |
| Mean Target | USD 62.83 |
| High Target | USD 70 |
| Low Target | USD 55 |
| Buy / Hold / Sell | 6 / 1 / 0 |
Earnings (APEI)
| Next Earnings Date | 2026-11-09 |
|---|---|
| EPS Estimate | USD 0.36 |
| Revenue Estimate | $166.15M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.64 vs est 0.48 ▲ beat |
| 2026-03-31 | USD 1.19 vs est 0.74 ▲ beat |
| 2025-12-31 | USD 0.88 vs est 0.54 ▲ beat |
| 2025-09-30 | USD 0.54 vs est 0.22 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:54 UTC.
Financials & Fundamentals (APEI)
| Total Revenue | $668.01M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +5.50% |
| Gross Margin | +55.85% |
| Operating Margin | +7.88% |
| Profit Margin | +6.84% |
| ROE | +15.58% |
| Debt / Equity | 0.49 |
| Current Ratio | 3.25 |
| Total Cash | $221.60M |
| Total Debt | $153.47M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $70.07M (10.5% of revenue) |
Source: Nexqual, October 23, 2026 at 09:54 UTC.
Financial Health Score (APEI)
Nexqual rates American Public Education, Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:54 UTC.
| Growth | Mixed — Revenue +3.9% YoY (annual), slow |
|---|---|
| Profitability | Strong — Gross margin 56%, operating 8% (last 12 months) |
| Balance Sheet | Strong — $223M cash and investments vs $87M debt (Jun 2026, SEC), net cash |
| Cash Flow | Solid — FCF $70M (last 4 quarters to Jun 2026, SEC), 10% margin |
| Efficiency | Solid — ROE 16%, ROA 7.9% |
Ownership (APEI)
| Insider Ownership | +4.96% |
|---|---|
| Institutional Ownership | +108.85% |
| Shares Outstanding | 18.30M |
| Float | 14.94M |
| Short % of Float | +14.44% |
Source: Nexqual, October 23, 2026 at 09:54 UTC.
Leadership (APEI)
American Public Education, Inc. is led by Angela K. Selden, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:54 UTC.
| President, CEO & Director | Angela K. Selden |
|---|---|
| Executive VP & CFO | Edward H. Codispoti |
| President of RU | Mark L. Arnold |
| President of American Public University | Nuno S. Fernandes |
| Senior VP & COO | Dwayne Bertotto B.A. |
Major Backers & Investors (APEI)
Notable institutional backers of American Public Education, Inc. include Fidelity, FMR, LLC, 325 Capital Llc, according to Nexqual as of October 23, 2026 at 09:54 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Fidelity | 7.02% |
| FMR, LLC | 6.47% |
| 325 Capital Llc | 6.47% |
| Divisadero Street Capital Management, LP | 6.39% |
| Renaissance Technologies | 4.98% |
| American Century Companies Inc | 3.79% |
| Prescott Group Capital Management, L.L.C. | 3.71% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 9.68% |
| Vanguard Group | 3.93% |
| Dimensional Fund Advisors | 3.84% |
Source: Nexqual, October 23, 2026 at 09:54 UTC.
From American Public Education, Inc.'s Latest SEC 10-K Filing (filed 2026-03-12)
Key Strengths & Strategy (as disclosed to the SEC)
- We are the number one educator of active-duty military and of veterans through American Public University System.
Partnerships
- The grant is designed to limit a student's monthly payment to $200 through an award of up to $200 per month, or $600 per term after consideration of financial aid, employer tuition reimbursement, and other financial resources.
Legal & Regulatory Risks (Item 1A, quoted)
- We and our institutions are subject to extensive regulatory requirements for the operation of postsecondary education institutions, and could face penalties and significant restrictions on operations if we or our institutions fail to comply with these requirements, including loss of federal student loans and grants and access to DoD TA programs and education programs administered by the VA.
- RU's Illinois ADN program was previously adversely impacted by regulatory action, including as a result of the failure to meet applicable NCLEX pass rates, and further action by regulators and accreditors could result in additional adverse impacts.
- The inability of our institutions' graduates to obtain professional licensure, employment, or other outcomes in their chosen fields of study, particularly in nursing, could reduce our enrollments and revenue, limit our ability to offer educational programs, and potentially lead to litigation that could be costly to us.
- Our institutions' failure to comply with the requirements of SARA or regulations of ED or various states related to state authorization could result in actions that would have a material adverse effect on our enrollments, revenue, and results of operations.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| PXED | Phoenix Education Partners, Inc | USD 24.57 | ▲ 3.85% |
| LINC | Lincoln Educational Services Co | USD 21.96 | ▲ 3.34% |
| UTI | Universal Technical Institute I | USD 21.66 | ▲ 4.13% |
| AFYA | Afya Limited | USD 14.91 | ▲ 0.07% |
| COUR | Coursera, Inc. | USD 5.07 | ▲ 2.01% |
| GOTU | Gaotu Techedu Inc. | USD 2.52 | ▼ 3.08% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:54 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt