APEI AMERICAN PUBLIC EDUCATION INC

Overview and Growth

Fiscal 2025 results for AMERICAN PUBLIC EDUCATION INC combined $648.86M of revenue with net income of $31.56M and an operating cash inflow of $61.97M. Revenue of $648.86M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 3.9% above fiscal 2024 revenue of $624.56M, marking a year-over-year increase. On a per-share basis, diluted EPS was $1.36, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 147.3% increase from fiscal 2024 diluted EPS of $0.55. Asset turnover was 1.24x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $351.84M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 54.2% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $47.94M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 7.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $31.56M for the fiscal year. Measured against reported revenue, net income produced a 4.9% margin after operating costs and the remaining recognized items. The reported income-tax provision was $12.15M, the amount recognized between pretax income and the final net-income result. Net income equaled 10.7% of period-end equity, showing the earnings generated on shareholders’ book capital. Return on period-end assets was 6.1%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $521.42M, supported by $226.64M of liabilities and $294.78M of shareholder equity. At period end, current assets of $259.82M compared with current liabilities of $75.05M, defining the company’s short-term resource position. The current ratio was 3.46x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $174.09M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 232.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $94.67M of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.32x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 18.2%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 43.5%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 33.4%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $570.10M in fiscal 2024, the current asset base moved 8.5% and finished lower.

Cash Flow and Earnings Quality

The company reported $61.97M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 1.96x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $15.86M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 25.6% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $46.10M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 7.1%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 8.8%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.