STRAStrategic Education, Inc.
Services-Educational Services
- Revenue
- $1.3B
- 4.0% YoY
- Operating margin
- 13.7%
- 7.7% YoY
- EBITDA
- $223M
- 11% YoY
- Market cap
- $1.6B
- Employees
- —
- Net debt / EBITDA
- -0.0×
- −$8M net debt
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 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 cashNo157% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo99% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes61% of assetsOver 40% of assets
- Shareholder dissentNo82% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 44th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.0× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | 4.0% |
| Operating income | $74M | $71M | $95M | $156M | $174M | 12% |
| Net income | $55M | $47M | $70M | $113M | $127M | 12% |
| Operating cash flow | $181M | $126M | $117M | $169M | $198M | 17% |
| Capex | $49M | $43M | $37M | $41M | $44M | 9.0% |
| Stock-based comp | $18M | $22M | $20M | $26M | $23M | 10% |
| Buybacks | $6M | $40M | $10M | $12M | $139M | 1107% |
| Dividends | $59M | $59M | $59M | $59M | $58M | 2.4% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 24, 2024 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D/A | 4.8% | Active |
| Mar 15, 2024 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D/A | 6.7% | Active |
| May 11, 2023 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D/A | 7.5% | Active |
| Apr 29, 2021 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D/A | 12.4% | Active |
| Mar 1, 2021 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D/A | 6.1% | Active |
| Dec 2, 2020 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D | 5.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $106K · 2
- Open-market sells, 12 mo
- $5M · 11
- Net
- −$5M
Pay vs performance
No pay-versus-performance disclosure yet.