American Public Education, Inc. (APEI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-105.0%

-$2.07

vs $41.59 price

Levered DCF

$54.37

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.15

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27×	37.84×	-3.28×	-2.01×	22.7×	24×	44.18×	18.24×
P/B	2.31×	1.25×	0.6×	0.66×	0.97×	1.48×	1.49×	1.45×
P/S	1.05×	0.61×	0.29×	0.38×	0.96×	1.41×	1.54×	1.57×
EV / EBITDA	10.41×	8.57×	-10.22×	-3.07×	11.34×	6.11×	5.69×	4.92×
Gross margin	51.7%	52.7%	51.2%	52.4%	58.8%	62.0%	60.9%	61.3%
Operating margin	8.3%	5.3%	-8.0%	-22.7%	7.3%	7.7%	10.0%	11.2%
Net margin	4.9%	2.6%	-7.9%	-19.0%	4.2%	5.8%	3.5%	8.6%
Current ratio	3.46×	3.29×	2.94×	2.63×	2.42×	4.57×	4.92×	5.25×
Debt / equity	0.55×	0.66×	0.7×	0.6×	0.62×	0.03×	0.04×	0×
Interest coverage	12.73×	15.55×	-10.83×	-7.75×	7.1×	0×	0×	0×
Dividend yield	0.4%	1.6%	3.4%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	8.7%	37.6%	-12.7%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	5.3%	-16.2%	-32.9%	4.3%	6.1%	3.4%	8.0%
Return on invested capital	8.1%	4.3%	-7.9%	-16.6%	3.1%	5.7%	6.3%	7.5%
Return on assets	5.8%	2.8%	-8.5%	-16.8%	2.4%	5.1%	2.8%	6.9%
Free cash flow yield	6.8%	7.3%	18.1%	5.5%	1.1%	8.8%	7.1%	7.4%
Earnings yield	4.6%	4.2%	-27.1%	-49.6%	4.4%	4.2%	2.3%	5.5%
Enterprise value	$667.3M	$448.9M	$262.9M	$311.3M	$537.2M	$235.8M	$251.2M	$254.7M
Net debt / EBITDA	-0.21×	1.31×	-3.42×	-0.78×	2.85×	-5.64×	-4.3×	-4.1×
Cash conversion cycle (days)	31	27	20	22	7	9	3	-11