APEIAMERICAN PUBLIC EDUCATION INC
Services-Educational Services
- Revenue
- $649M
- 3.9% YoY
- Operating margin
- 7.4%
- 40% YoY
- EBITDA
- $64M
- 22% YoY
- Market cap
- $745M
- Employees
- —
- Net debt / EBITDA
- -1.4×
- −$87M net debt
- AI in 10-K
- 2.8
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo196% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowYes158% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo11% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.8 per 10K words · 68th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.4× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$745M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$23M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $419M | $606M | $601M | $625M | $649M | 3.9% |
| Operating income | $30M | −$137M | −$48M | $33M | $48M | 45% |
| Net income | $18M | −$115M | −$47M | $16M | $32M | 96% |
| Operating cash flow | $16M | $29M | $46M | $49M | $62M | 27% |
| Capex | $12M | $16M | $14M | $21M | $16M | 25% |
| Stock-based comp | $8M | $8M | $8M | $8M | $8M | 8.9% |
| Buybacks | $3M | $2M | $11M | $4M | $4M | 0.6% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 20, 2026 | 325 CAPITAL LLC | SCHEDULE 13D/A | 6.6% | Passive |
| Jun 10, 2025 | 325 CAPITAL LLC | SCHEDULE 13D/A | 1.9% | Passive |
| Jun 6, 2025 | 325 CAPITAL LLC | SCHEDULE 13D/A | 8.6% | Passive |
| May 30, 2025 | 325 CAPITAL LLC | SCHEDULE 13D/A | 12.0% | Passive |
| May 29, 2025 | 325 CAPITAL LLC | SCHEDULE 13D/A | 5.7% | Passive |
| Aug 21, 2024 | 325 CAPITAL LLC | SC 13D/A | 12.2% | Active |
| Aug 14, 2024 | 325 CAPITAL LLC | SC 13D/A | 10.8% | Active |
| May 18, 2023 | 325 CAPITAL LLC | SC 13D/A | 7.2% | Active |
| Mar 31, 2023 | 325 CAPITAL LLC | SC 13D | 6.1% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $23M · 25
- Net
- −$23M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $11M | 124 | 201 |
| FY2024 | $3M | $7M | 71 | 190 |
| FY2023 | $4M | $3M | 32 | 142 |
| FY2022 | $3M | $827K | 40 | 105 |
| FY2021 | $3M | $2M | 73 | 85 |