American Public Education

APEI

Education & Training Services · Consumer Defensive

Price

$45.61

+1.23 (+2.76%)

Market Cap

$836.6M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Mixed

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Share count rising — dilution

+2.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 18.3M (2021) → 18.7M (2025)

Winston Score History

The full picture

American Public Education, Inc. runs online colleges and universities aimed at working adults, military service members, and veterans. Its main schools include American Public University System (APUS), Rasmussen University, and Hondros College of Nursing. The company focuses on affordable, flexible degree programs in fields like healthcare, business, education, and national security.

The company earns money primarily through tuition paid by students, with a significant portion funded by federal financial aid and military education benefits like tuition assistance and the GI Bill. It operates entirely in the United States and serves roughly 90,000 to 100,000 students across its institutions. Its long history serving the military community gives it a recognizable brand in that niche, but the company faces real risks from declining enrollment trends in for-profit education, ongoing regulatory scrutiny of federal student aid practices, and competition from traditional nonprofit universities expanding their own online programs.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

5.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$147M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

American Public Education is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

55.4%

Premium pricing power — 55.4% gross margin

Profit after running costs

Operating Margin

7.9%

Modest — 7.9% operating margin

Return on the money invested

ROCE

16.6%

Strong — 16.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+3.6%

Slow sales growth (+3.6% YoY)

Profit growth

EPS YoY

+129.9%

Earnings growing fast (+129.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

187%

Turns 187% of profit into real cash

Spare cash per sale

FCF Margin

10.5%

Modest free cash flow (10.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.23

Conservative — low debt load (0.23)

Covers its interest

Interest Cover

21.65x

Comfortably covers interest (21.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.2x

Fair value — P/E 18.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-1.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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