American Public Education Inc

Real Estate
Other Consumer Services
www.apei.com

Earnings Score
Moat Score
Safety Score

Market Cap $368.10M
PE 37
Debt $96.43M
Cash $162.25M
EV $302.28M
FCF $22.01M

Earnings

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Sales & Net Margins

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Earnings	$10.03M
EBIT	$29.59M
ROE	3%
ROA	5%
FCF	$22.01M
Equity	$290.42M
Growth Stability	-741%
PE	36.71
PEG	-9.71
PB	1.27
P/FCF	16.72
P/S	0.6
Price/Cash	0.44
Debt/Equity	0.33
Debt/FCF	4.38
Net Margins	-0%
Gross Margins	52%
Op. Margins	5%
Earnings CAGR	-3%
Sales Growth YoY	2%
Sales Growth QoQ	0%
Sales CAGR	10%
FCF CAGR	-12%
Equity CAGR	3%
Earnings Stability	0.13
Earnings Growth YoY	-115%
Earnings Growth QoQ	-163%

Earnings CAGR 5Y	-4%
Sales CAGR 5Y	22%
FCF CAGR 5Y	-17%
Equity CAGR 5Y	-2%
Earnings CAGR 3Y	10%
Sales CAGR 3Y	10%
FCF CAGR 3Y	42%
Equity CAGR 3Y	-12%
Market Cap	$368.10M
Revenue	$613.25M
Assets	$569.59M
Total Debt	$96.43M
Cash	$162.25M
Shares Outstanding	17.6M
EV	302.28M
Earnings Score	5%
Moat Score	45%
Safety Score	56%
Final Score	35%
Working Capital	147.09M
Current Ratio	2.65
Gross Profit	$318.46M
Shares Growth 3y	-3%
Equity Growth QoQ	1%
Equity Growth YoY	3%

Assets & ROA

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Stockholders Equity & ROE

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American Public Education Inc provides online and on-campus postsecondary education including various undergraduate and graduate degree programs. The fields of study include business administration, health science, technology, criminal justice, education, liberal arts, national security, military studies, intelligence, and homeland security. There are three reporting segments: the American Public Education segment which is the key revenue generator; the Rasmussen University Segment and the Hondros College of Nursing segment. The revenue is generated from net course registrations and enrollment, tuition rate, net tuition, and other fees.

SEC Filings

Direct access to American Public Education Inc (APEI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does American Public Education Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of American Public Education Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -3%

Stability 13%

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American Public Education Inc Discounted Cash Flow

Fully customizable DCF calculator online for American Public Education Inc.

Years

Calculation mode

= $104M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$22M	$19M	$17M	$15M	$13M	$12M	$10M	$9.2M	$8.1M	$7.1M	$6.3M	$63M
DCF		$18M	$14M	$11M	$9.1M	$7.3M	$5.9M	$4.7M	$3.8M	$3M	$2.4M	$24M
Value	$104M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	12%	10%	8%	7%	9%	3%	6%	4%	-19%	-9%	-0%
ROA	-	17%	12%	10%	10%	6%	7%	4%	-22%	-9%	5%
ROE	-	14%	9%	7%	8%	3%	6%	4%	-33%	-18%	3%

Bad Net Margins (-0.31%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	0	40.92	7.72	3.13	4.38
Debt over Equity	-	-	-	-	-	-	0	0.44	0.28	0.34	0.33
Growth Stability	-	-	-	65%	99%	42%	99%	98%	-741%	-	-741%

Bad Debt/FCF ratio (4.38)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.33)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-741%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-6%	-5%	-4%	-1%	-4%	12%	30%	45%	-1%	22%
Earnings YoY growth	-	-21%	-25%	-13%	21%	-61%	88%	-6%	-748%	-54%	-4%
Equity YoY growth	-	1%	12%	9%	11%	-8%	3%	35%	-16%	-17%	-2%
FCF YoY growth	-	-14%	35%	-12%	-6%	-10%	28%	-89%	189%	147%	-17%