American Public Education
Educates active-duty military and veterans online, and trains nurses on physical campuses.
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Profile
Runs online military and veteran higher education alongside on-ground pre-licensure nursing schools, with tuition funded almost entirely by Department of Defense benefits and federal student aid. Growth has come mainly through acquisition, most notably a nursing university bought in 2021 that roughly doubled revenue.
Runs a group of postsecondary schools built around two anchors: online adult education for active-duty military members and veterans, and pre-licensure nursing training on physical campuses.
The military-facing school teaches entirely online to a nationwide, service-connected student base; the nursing schools cluster campuses in the Midwest and pair coursework with clinical rotations required for licensure.
Tuition is funded almost entirely by Department of Defense benefits and federal student aid, so enrollment tracks federal budgets and eligibility rules closely, and the military school sits near the regulatory ceiling on how much revenue federal sources can supply.
Growth since the 1991 founding has come mainly through acquisition, most notably a nursing university bought in 2021 that roughly doubled revenue, and the schools completed a legal merger into one entity with two operating divisions in 2026.
Company facts
Categories
Key statistics
Year to date +27.4% · Average volume (30d) 317.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 11, 2026 | Lake Street | Reiterate | Buy | $62 | $64 |
| May 13, 2026 | Barrington | Target | $36 | $62 | |
| May 13, 2026 | DA Davidson | Reiterate | Buy | $43 | $64 |
| May 12, 2026 | Lake Street | Target | $47 | $62 | |
| Mar 13, 2026 | Truist Financial | Target | $38 | $55 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.36 | $0.52 | +45.0% | $170.9M | $171.7M | +0.5% | −3.52% |
| May 11, 2026Q1 FY26 | $0.61 | $0.94 | +54.1% | $173.7M | $174.7M | +0.6% | −5.98% |
| Mar 12, 2026Q4 FY25 | $0.39 | $0.67 | +71.8% | $151.8M | $158.3M | +4.3% | +21.19% |
| Nov 10, 2025Q3 FY25 | −$0.09 | $0.30 | +433.3% | $151.6M | $163.2M | +7.7% | +4.88% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $164.6M | $162.8M | $163.2M | $158.3M | $174.7M | $171.7M | |
| Gross profit | $89.6M | $84.3M | $88.5M | $85.3M | $96.0M | $95.1M | |
| Operating income | $12.2M | $7.0M | $9.7M | $19.1M | $21.8M | $13.5M | |
| Net income | $8.9M | $4.5M | $5.6M | $12.6M | $17.7M | $9.8M | |
| Diluted EPS | $0.41 | −$0.02 | $0.30 | $0.67 | $0.94 | $0.52 | |
| Gross margin | 54.5% | 51.8% | 54.2% | 53.8% | 54.9% | 55.4% | |
| Operating margin | 7.4% | 4.3% | 5.9% | 12.0% | 12.5% | 7.9% |
Fiscal years (4-quarter sums)FY21 $418.8M · FY22 $606.3M · FY23 $600.5M · FY24 $624.6M · FY25 $648.9M
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $76.3M · Total debt $147.8M · Total assets $537.7M · Shareholders' equity $314.1M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 18.34M · Float —
Float — provider float is below the insider stake.
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 1.77M | 9.66% | 13F | Aug 7, 2026 |
| 325 Capital LLC | 1.18M | 6.45% | 13F | Aug 14, 2026 |
| FMR LLC | 1.18M | 6.45% | 13F | Aug 13, 2026 |
| Divisadero Street Capital Management, LP | 1.17M | 6.37% | 13F | Aug 14, 2026 |
| Renaissance Technologies LLC | 910.6K | 4.96% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | James Kenigsberg | officer: Chief Inno & Tech Officer | −1,313 | $45.72 |
| Aug 12, 2026 | Nuno S. Fernandes | officer: President, APUS | −8,800 | $45.13 |
| Jun 22, 2026 | Thomas Beckett | officer: SVP, General Counsel | −2,000 | $54.00 |
| Jun 15, 2026 | Thomas Beckett | officer: SVP, General Counsel | −8,000 | $51.77 |
| May 13, 2026 | Nuno S. Fernandes | officer: President, APUS | −4,500 | $53.34 |
Peers
- Strategic Education
Multi-segment online adult higher-ed operator with direct nursing-degree overlap
- Perdoceo Education
Online-heavy for-profit operator competing for adult and veteran learners
- Grand Canyon Education
Competes for online adult learners via its GCU partner university
- HCA Healthcare
Nursing-education overlap via a hospital operator's Galen College subsidiary
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| American Public Education | $46.01 | −0.07% | $844.0M | 18.9 | 17.7 | 1.3 | +5.5% |
| Strategic Education | $84.64 | +0.01% | $1.92B | 14.1 | 10.5 | 1.5 | +2.7% |
| Perdoceo Education | $33.57 | −0.03% | $2.10B | 12.3 | — | 2.5 | +1.8% |
| Grand Canyon Education | $151.19 | +0.01% | $3.94B | 18.3 | 14.1 | 3.5 | +6.7% |
| HCA Healthcare | $417.82 | −0.00% | $90.46B | 14.0 | 13.6 | 1.2 | +8.7% |
| Median | 14.0 | 13.6 | 2.0 | +4.7% |