LAURLAUREATE EDUCATION, INC.

Services-Educational Services

Revenue: $1.7B; 8.6% YoY
Operating margin: 25.3%; 6.1% YoY
EBITDA: $506M; 14% YoY
Market cap: $4.5B
Employees: 33,900; $50K revenue each
Net debt / EBITDA: -0.0×; −$5M net debt
AI in 10-K: 3.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
130% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
59% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$50K per employee
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$24M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.2B	$1.5B	$1.6B	$1.7B	8.6%
Operating income	−$5M	$270M	$339M	$374M	$431M	15%
Net income	$192M	$70M	$108M	$296M	$282M	5.0%
Operating cash flow	−$156M	$178M	$251M	$233M	$366M	57%
Capex	$50M	$53M	$56M	$72M	$103M	43%
Stock-based comp	$10M	$9M	$7M	$8M	$13M	70%
Buybacks	$381M	$282M	$0	$102M	$215M	111%

Deal filings

Filed	Form	Acquirer	Price	Premium
Aug 17, 2007	SC 13E3/A	Wengen Alberta, Limited Partnership	—	—
Jul 20, 2007	SC 13E3/A	Wengen Alberta, Limited Partnership	—	—

13D filers

Filed	Filer	Form	Stake	Intent
Aug 11, 2026	Wengen Alberta, LP	SCHEDULE 13D/A	13.9%	Passive
Mar 11, 2025	CPV Partners, LLC	SCHEDULE 13D/A	12.1%	Active
Mar 11, 2025	Wengen Alberta, LP	SCHEDULE 13D/A	8.3%	Passive
Mar 5, 2024	Wengen Alberta, LP	SC 13D/A	9.8%	Passive
Jan 25, 2024	SPG GP, LLC	SC 13D/A	3.1%	Passive
Jan 9, 2024	SPG GP, LLC	SC 13D/A	3.1%	Passive
Nov 17, 2023	Wengen Alberta, LP	SC 13D/A	12.2%	Passive
Nov 22, 2022	KKR 2006 Fund (Overseas), Limited Partnership	SC 13D/A	5.1%	Passive
Nov 9, 2021	LAUREATE EDUCATION, INC.	SC 13D/A	4.6%	Passive
Nov 9, 2021	Wengen Alberta, LP	SC 13D/A	11.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $24M · 9
Net: −$24M

Pay vs performance

No pay-versus-performance disclosure yet.