LOPEGrand Canyon Education, Inc.

Services-Educational Services

Revenue: $1.1B; 7.1% YoY
Operating margin: 24.0%; 9.8% YoY
EBITDA: $297M; 2.0% YoY
Market cap: $3.9B
Employees: 1,330; $832K revenue each
Net debt / EBITDA: -0.2×; −$63M net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
1265× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
97% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$832K per employee
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 69th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$100K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$897M	$911M	$961M	$1.0B	$1.1B	7.1%
Operating income	$282M	$238M	$249M	$275M	$266M	3.4%
Net income	$260K	$185K	$205K	$226K	$216K	4.4%
Operating cash flow	$313M	$221M	$244M	$290M	$273M	5.7%
Capex	$29M	$35M	$45M	$37M	$35M	6.5%
Stock-based comp	$12M	$13M	$13M	$14M	$14M	4.1%
Buybacks	$804M	$604M	$137M	$173M	$265M	53%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $100K · 1
Net: −$100K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$2M	179	95
FY2024	$2M	$3M	176	94
FY2023	$2M	$3M	142	82
FY2022	$2M	$3M	113	74
FY2021	$2M	$2M	92	75