APEI American Public Education, Inc. - Common Stock
NASDAQ · Diversified Consumer Services · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 10, 2026
$43.73
· of 52w range
· above low
· to high
$30.2052w low
$61.5952w high
Market Cap (MRQ)
$803M
P/E (TTM)
18.0
EPS (TTM)
$2.43
Revenue (TTM)
$668M
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52W Range
$30–$62
Analyst Rating
BUY
Price Target
$63
P/E
18.0
ROE
15.6%
Net Profit Margin
6.8%
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APEI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$43.73
Market Cap (MRQ)
$803M
P/E (TTM)
18.0
EPS (TTM)
$2.43
Revenue (TTM)
$668M
ROE (TTM)
15.6%
Debt/Equity (MRQ)
0.3
52W Range
$30–$62
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About American Public Education, Inc. - Common Stock Company overview from Wikipedia
sectorDiversified Consumer Services
industryDiversified Consumer Services
employees2,360
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$649M2016-12-31 → 2025-12-31
EPS$1.362016-12-31 → 2025-12-31
Free Cash Flow$46M2016-12-31 → 2025-12-31
Net margin6.8%2016-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | APEI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 18.05Y avg ≈16.9 | ≈16.9 | 22.1 | Fair value | |
| P/S (TTM) | 1.25Y avg ≈0.6 | ≈0.6 | 1.7 | Undervalued | |
| P/B (MRQ) | 2.65Y avg ≈1.2 | ≈1.2 | 3.2 | Fair value | |
| EV / EBITDA | 14.95Y avg ≈6.7 | ≈6.7 | 12.5 | Overvalued | |
| Price / FCF (TTM) | 11.55Y avg ≈13.0 | ≈13.0 | · | · | |
| Price / Cash Flow (TTM) | 9.45Y avg ≈7.6 | ≈7.6 | 11.4 | Fair value | |
| EV / Revenue | 1.15Y avg ≈0.6 | ≈0.6 | · | · | |
| EV / FCF | 15.55Y avg ≈10.1 | ≈10.1 | · | · | |
| Price / Tangible Book (MRQ) | 2.85Y avg ≈2.4 | ≈2.4 | · | · | |
| PEG Ratio | ≈10.6 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | APEI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 9.6%5Y avg ≈-4.5% | ≈-4.5% | 2.3% | Top tier | |
| EBITDA Margin | 7.4%5Y avg ≈-4.5% | ≈-4.5% | 6.2% | Top tier | |
| Pretax Margin (TTM) | 9.0%5Y avg ≈-5.5% | ≈-5.5% | 1.6% | Top tier | |
| Net Profit Margin (TTM) | 6.8%5Y avg ≈-4.9% | ≈-4.9% | 1.4% | Top tier | |
| ROA (TTM) | 8.5%5Y avg ≈-4.1% | ≈-4.1% | 5.0% | In line | |
| ROE (TTM) | 15.6%5Y avg ≈-8.6% | ≈-8.6% | 9.1% | Top tier | |
| ROIC | 8.9%5Y avg ≈-4.8% | ≈-4.8% | 8.2% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | APEI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.35Y avg ≈0.3 | ≈0.3 | 0.4 | Low debt | |
| Current Ratio (MRQ) | 3.25Y avg ≈3.1 | ≈3.1 | 1.6 | Strong liquidity | |
| Quick Ratio | 3.25Y avg ≈2.1 | ≈2.1 | 1.3 | In line | |
| Long-Term Debt / Equity (MRQ) | 0.35Y avg ≈0.3 | ≈0.3 | 0.4 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | APEI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 3.9%5Y avg ≈16.4% | ≈16.4% | · | · | |
| Revenue CAGR 3Y | 2.3%5Y avg ≈13.2% | ≈13.2% | · | · | |
| Revenue CAGR 5Y | 15.1% | · | · | · | |
| EPS YoY | 147.3% | · | · | · | |
| Net Income YoY | 95.9% | · | · | · | |
| EPS CAGR 3Y | -17.2% | · | · | · | |
| EPS CAGR 5Y | 1.7% | · | · | · | |
| Net Income CAGR 3Y | -3.2% | · | · | · | |
| Net Income CAGR 5Y | 10.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | APEI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 1.25Y avg ≈1.1 | ≈1.1 | 0.9 | Top tier | |
| Receivables Turnover | 10.15Y avg ≈12.4 | ≈12.4 | 14.7 | Weak | |
| Revenue / Employee | ≈$274.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
159.0%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 10, 2026 | $0.52 | $0.37 | 42.2% |
| March 31, 2026 | May 12, 2026 | $0.94 | $0.68 | 38.3% |
| Dec. 31, 2025 | $0.67 | $0.38 | 77.2% | |
| Sept. 30, 2025 | $0.56 | $-0.09 | 693.2% | |
| June 30, 2025 | $-0.02 | $-0.08 | 74.5% | |
| March 31, 2025 | $0.41 | $0.15 | 172.4% | |
| Dec. 31, 2024 | $0.63 | $0.55 | 15.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $649M | $625M | $601M | $606M | $419M | $322M | $286M | $298M | $299M | $313M | · | · | |
| Cost of Revenue | $297M | $296M | $293M | $288M | $173M | $122M | $112M | $115M | $116M | $117M | · | · | |
| SG&A Expense | $145M | $142M | $128M | $120M | $103M | $88M | $78M | $74M | $69M | $69M | $73M | $75M | |
| Operating Expenses | $601M | $591M | $649M | $744M | $388M | $297M | $274M | $265M | $264M | $275M | $276M | $284M | |
| Operating Income | $48M | $33M | $-48M | $-137M | $30M | $25M | $13M | $33M | $35M | $38M | $52M | $66M | |
| Interest Expense | · | · | · | $4M | · | · | · | · | · | · | · | · | |
| Pretax Income | $44M | $31M | $-53M | $-151M | $26M | $26M | $17M | $35M | $35M | $38M | $52M | $66M | |
| Income Tax | $12M | $10M | $-11M | $-36M | $8M | $7M | $5M | $9M | $11M | $15M | $20M | $25M | |
| Net Income | $32M | $16M | $-47M | $-115M | $18M | $19M | $10M | $26M | $21M | $24M | $32M | $41M | |
| EPS (Basic) | $1.40 | $0.57 | $-2.94 | $-6.10 | $0.98 | $1.27 | $0.62 | $1.56 | $1.30 | $1.50 | $1.94 | $2.36 | |
| EPS (Diluted) | $1.36 | $0.55 | $-2.93 | $-6.08 | $0.97 | $1.25 | $0.62 | $1.54 | $1.29 | $1.49 | $1.93 | $2.33 | |
| Shares (Basic) | 18,011,000 | 17,625,000 | 18,112,000 | 18,859,000 | 18,085,000 | 14,876,000 | 16,094,000 | 16,404,000 | 16,236,000 | 16,068,000 | 16,676,000 | 17,357,000 | |
| Shares (Diluted) | 18,660,000 | 18,149,000 | 18,193,000 | 18,914,000 | 18,255,000 | 15,047,000 | 16,255,000 | 16,634,000 | 16,380,000 | 16,214,000 | 16,798,000 | 17,543,000 | |
| EBITDA | $48M | $33M | $-48M | $-137M | · | $25M | · | $33M | $35M | $38M | $52M | $66M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $174M | $132M | $117M | $103M | · | · | · | · | $179M | $146M | $106M | $116M | |
| Short-term Investments | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Receivables | $66M | $62M | $51M | $42M | $36M | $18M | $11M | $14M | $7M | $7M | $8M | $6M | |
| Prepaid Expense | $14M | $14M | $13M | $11M | $12M | $6M | $7M | $5M | $5M | $5M | $6M | $6M | |
| Current Assets | $260M | $261M | $217M | $186M | $203M | $252M | $223M | $233M | $191M | $159M | $127M | $136M | |
| PP&E (Net) | $71M | $73M | $88M | $101M | $102M | $68M | $78M | $87M | $95M | $98M | $109M | $102M | |
| PP&E (Gross) | $195M | $206M | $223M | $226M | $221M | $196M | $198M | $201M | $194M | $184M | $186M | $166M | |
| Accum. Depreciation | $124M | $132M | $136M | $125M | $118M | $128M | $120M | $114M | $99M | $87M | $77M | $64M | |
| Goodwill | $60M | $60M | $60M | $113M | $243M | $27M | $27M | $34M | $34M | $34M | $39M | $39M | |
| Intangibles | $28M | $28M | $32M | $55M | $85M | $4M | $0 | $4M | $5M | $5M | $6M | $7M | |
| Other Non-current Assets | $6M | $6M | $10M | $17M | $14M | $12M | $5M | $6M | $6M | $9M | $9M | $9M | |
| Total Assets | $521M | $570M | $557M | $615M | $726M | $371M | $355M | $371M | $339M | $316M | $299M | $298M | |
| Accounts Payable | $5M | $8M | $9M | $4M | $13M | $4M | $4M | $9M | $9M | $7M | $6M | $11M | |
| Accrued Liabilities | $13M | $14M | $11M | $14M | $11M | $11M | $8M | $4M | $4M | $14M | $14M | $13M | |
| Current Liabilities | $75M | $79M | $74M | $71M | $84M | $55M | $45M | $44M | $43M | $42M | $46M | $48M | |
| Capital Leases | $57M | $93M | $97M | $101M | $69M | $6M | $9M | · | · | · | · | · | |
| Deferred Tax | · | · | · | $0 | $5M | $3M | $3M | $5M | $6M | $9M | $16M | $15M | |
| Total Liabilities | $227M | $266M | $265M | $265M | $310M | $64M | $58M | $50M | $50M | $51M | $62M | $64M | |
| Long-term Debt | $95M | $93M | $95M | $93M | $161M | $0 | · | · | · | · | · | · | |
| Total Debt | $95M | $93M | $95M | $93M | · | · | · | · | · | · | · | · | |
| Common Stock | $181.0K | $177.0K | $176.0K | $189.0K | $187.0K | $148.0K | $152.0K | $164.0K | $163.0K | $161.0K | $160.0K | $172.0K | |
| Retained Earnings | $-16M | $-42M | $-49M | $14M | $129M | $111M | $106M | $134M | $109M | $87M | $63M | $64M | |
| AOCI | $-18.0K | $-7.0K | $2M | $3M | $108.0K | $0 | · | · | · | · | · | · | |
| Stockholders' Equity | $295M | $304M | $292M | $350M | $416M | $307M | $297M | $321M | $289M | $265M | $237M | $234M | |
| Liabilities + Equity | $521M | $570M | $557M | $615M | $726M | $371M | $355M | $371M | $339M | $316M | $299M | $298M | |
| Shares Outstanding | 18,125,860 | 17,712,575 | 17,604,371 | 18,892,791 | 18,709,171 | 14,809,000 | 15,178,000 | 16,425,000 | 16,268,000 | 16,109,000 | 15,989,000 | 17,152,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $16M | $19M | $28M | $32M | $18M | $13M | $16M | $18M | $19M | $19M | $21M | $16M | |
| Stock-based Comp | $8M | $8M | $8M | $8M | $8M | $7M | $6M | $7M | $6M | $5M | $6M | $5M | |
| Deferred Tax | $8M | $5M | $-16M | $-43M | $5M | $-811.0K | $-2M | $-917.0K | $-2M | $-455.0K | $-160.0K | $2M | |
| Amort. of Intangibles | · | $3M | $12M | $16M | $5M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $62M | $49M | $46M | $29M | $16M | $45M | $38M | $44M | $48M | $56M | $57M | $61M | |
| CapEx | $16M | $21M | $14M | $16M | $12M | $5M | $7M | $9M | $15M | $16M | $26M | $25M | |
| Investing Cash Flow | $5M | $-21M | $-14M | $-14M | $-337M | $-4M | $-7M | $-9M | $-14M | $-14M | $-31M | · | |
| Debt Issued | · | · | $0 | $0 | $175M | $0 | $0 | · | · | · | · | · | |
| Net Debt Issued | $-213.0K | $-3M | $-114.0K | $-74M | · | · | · | · | · | · | · | · | |
| Stock Issued | · | · | $0 | $0 | $86M | $0 | $0 | $0 | $98.0K | $119.0K | $55.0K | · | |
| Stock Repurchased | $4M | $4M | $11M | $2M | $3M | $16M | $41M | $2M | $2M | $848.0K | $35M | $20M | |
| Net Stock Activity | $-4M | $-4M | $-11M | $-2M | · | $-16M | · | $-2M | $-1M | $-847.0K | $-35M | $-20M | |
| Financing Cash Flow | $-49M | $-13M | $-17M | $-36M | $242M | $-16M | $-41M | $-2M | $-1M | $-2M | $-36M | · | |
| Net Change in Cash | $18M | $15M | $15M | $-20M | $-78M | $25M | $-9M | $33M | $33M | $41M | $-10M | $21M | |
| Taxes Paid | $2M | $6M | $7M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $46M | $28M | $32M | $13M | · | $40M | · | $35M | $37M | $42M | $31M | $36M | |
| Levered FCF | · | · | · | $10M | · | · | · | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 7.4% | 5.3% | -8.0% | -22.7% | · | 7.7% | · | 10.9% | 18842.7% | 32996.6% | 45461.7% | · | |
| Net Margin | 4.9% | 2.6% | -7.9% | -19.0% | · | 5.9% | · | 8.6% | 11416.8% | 20823.3% | 28186.1% | · | |
| Pretax Margin | 6.7% | 5.0% | -8.8% | -24.9% | · | 8.0% | · | 11.9% | 18942.7% | 33096.6% | 45561.7% | · | |
| EBITDA Margin | 7.4% | 5.3% | -8.0% | -22.7% | · | 7.7% | · | 10.9% | 18842.7% | 32996.6% | 45461.7% | · | |
| ROA | 5.8% | 2.9% | -8.1% | -17.2% | · | 5.2% | · | 7.2% | 6.5% | 7.8% | 10.8% | 13.9% | |
| ROE | 11.1% | 5.4% | -16.5% | -34.6% | · | 6.2% | · | 8.1% | 7.6% | 9.6% | 13.8% | 18.5% | |
| ROIC | 8.9% | 5.5% | -10.0% | -23.6% | · | 5.9% | · | 7.5% | 8.1% | 8.8% | 13.6% | 17.4% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.5 | 3.3 | 2.9 | 2.6 | · | 4.6 | · | 5.2 | 4.4 | 3.9 | 2.6 | 2.8 | |
| Quick Ratio | 3.2 | 2.5 | 2.3 | 0.6 | · | 0.3 | · | 0.3 | 4.3 | 3.6 | 2.2 | 2.5 | |
| Debt / Equity | 0.3 | 0.3 | 0.3 | 0.3 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.3 | 0.3 | 0.3 | 0.3 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | -35.2 | · | · | · | · | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.2 | 1.1 | 1.0 | 0.9 | · | 0.9 | · | 0.8 | 0.0 | 0.0 | 0.0 | · | |
| Receivables Turnover | 10.1 | 11.0 | 12.9 | 15.5 | · | 22.2 | · | 28.1 | 0.0 | 0.0 | 0.0 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $16.26 | $17.16 | $16.59 | $18.51 | · | $20.73 | · | $19.56 | $17.79 | $16.43 | $14.83 | $13.66 | |
| Revenue / Share | $34.77 | $34.41 | $33.01 | $32.06 | · | $21.39 | · | $17.90 | $0.01 | $0.01 | $0.01 | · | |
| Cash Flow / Share | $3.32 | $2.69 | $2.50 | $1.54 | · | $2.98 | · | $2.66 | $2.93 | $3.45 | $3.41 | $3478.88 | |
| Cash / Share | $9.60 | $7.45 | $6.63 | · | · | · | · | · | $11.02 | $9.09 | $6.61 | $6.74 | |
| EPS (TTM) | $1.36 | $0.55 | $-2.93 | $-6.08 | $0.97 | $1.25 | $0.62 | $1.54 | $1.29 | $1.49 | $1.93 | $2.33 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.9% | 4.0% | -0.95% | 44.8% | 30.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.3% | 14.2% | 23.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.1% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 147.3% | · | · | · | -22.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | -17.2% | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 1.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 95.9% | · | · | · | -5.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | -3.2% | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 10.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $649M | $625M | $601M | $606M | $419M | $322M | $286M | $298M | $299M | $313M | $214M | $214M | |
| Net Income TTM | $32M | $16M | $-47M | $-115M | $18M | $19M | $10M | $26M | $21M | $24M | $32M | $41M | |
| Market Cap | $685M | $382M | $170M | $232M | · | $451M | · | $467M | $408M | $395M | $298M | $632M | |
| Enterprise Value | $606M | $344M | $148M | · | · | · | · | · | · | · | · | · | |
| P/E | 27.8 | 39.2 | -3.3 | -2.0 | 22.9 | 24.4 | 44.2 | 18.5 | 19.4 | 16.5 | 9.6 | 15.8 | |
| P/S | 1.1 | 0.6 | 0.3 | 0.4 | · | 1.4 | · | 1.6 | 1.4 | 1.3 | 1.4 | 3.0 | |
| P/B | 2.3 | 1.3 | 0.6 | 0.7 | · | 1.5 | · | 1.5 | 1.4 | 1.5 | 1.3 | 2.7 | |
| P / Tangible Book | 3.3 | 1.8 | 0.8 | 1.3 | 4.8 | 1.6 | · | · | · | · | · | · | |
| P / Cash Flow | 11.1 | 7.8 | 3.7 | 7.9 | · | 10.1 | · | 10.6 | 8.5 | 7.1 | 5.2 | 10.4 | |
| P / FCF | 14.9 | 13.7 | 5.4 | 18.1 | · | 11.3 | · | 13.5 | 11.0 | 9.4 | 9.5 | 17.4 | |
| EV / EBITDA | 12.6 | 10.4 | -3.1 | · | · | · | · | · | · | · | · | · | |
| EV / FCF | 13.1 | 12.4 | 4.7 | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 0.9 | 0.6 | 0.2 | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 3.6% | 2.5% | -30.4% | -49.5% | 4.4% | 4.1% | 2.3% | 5.4% | 5.1% | 6.1% | 10.4% | 6.3% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $172M | $175M | $158M | $163M | $163M | $165M | $164M | $153M | $153M | $154M | $153M | $151M | $147M | $150M | $152M | $150M | |
| Cost of Revenue | $77M | $75M | $69M | $75M | $78M | $75M | $72M | $75M | $76M | $72M | $71M | $73M | $75M | $74M | $73M | $72M | |
| SG&A Expense | $37M | $36M | $35M | $35M | $38M | $36M | $36M | $35M | $34M | $36M | $31M | $31M | $33M | $33M | $31M | $30M | |
| Operating Expenses | $158M | $153M | $139M | $154M | $156M | $152M | $143M | $149M | $151M | $149M | $137M | $144M | $212M | $155M | $153M | $151M | |
| Operating Income | $14M | $22M | $19M | $10M | $7M | $12M | $22M | $4M | $2M | $5M | $16M | $6M | $-65M | $-5M | $-262.0K | $-1M | |
| Interest Income | $2M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Pretax Income | $14M | $19M | $18M | $9M | $6M | $11M | $21M | $3M | $1M | $5M | $15M | $6M | $-66M | $-7M | $-8M | $-5M | |
| Income Tax | $4M | $2M | $5M | $3M | $1M | $2M | $8M | $1M | $-16.0K | $1M | $2M | $4M | $-15M | $-1M | $-1M | $-860.0K | |
| Net Income | $10M | $18M | $13M | $6M | $4M | $9M | $13M | $2M | $371.0K | $516.0K | $13M | $-3M | $-51M | $-6M | $-7M | $-4M | |
| EPS (Basic) | $0.53 | $0.97 | $0.70 | $0.31 | $-0.02 | $0.42 | $0.65 | $0.04 | $-0.07 | $-0.06 | $0.65 | $-0.27 | $-2.94 | $-0.38 | $-0.35 | $-0.20 | |
| EPS (Diluted) | $0.52 | $0.94 | $0.67 | $0.30 | $-0.02 | $0.41 | $0.63 | $0.04 | $-0.06 | $-0.06 | $0.65 | $-0.27 | $-2.93 | $-0.38 | $-0.34 | $-0.20 | |
| Shares (Basic) | 18,362,000 | 18,282,000 | · | 18,070,000 | 18,034,000 | 17,840,000 | · | 17,679,000 | 17,627,000 | 17,510,000 | · | 17,778,000 | 17,932,000 | 18,982,000 | · | 18,885,000 | |
| Shares (Diluted) | 18,810,000 | 18,804,000 | · | 18,755,000 | 18,597,000 | 18,417,000 | · | 18,247,000 | 18,134,000 | 17,811,000 | · | 17,820,000 | 17,991,000 | 19,072,000 | · | 18,927,000 | |
| EBITDA | $14M | $22M | · | $10M | $7M | $12M | · | $4M | $2M | $5M | · | $6M | $-65M | $-5M | · | $-1M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | $174M | $191M | $175M | $162M | $132M | $135M | $130M | $125M | · | $128M | $113M | · | · | · | |
| Short-term Investments | $76M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Receivables | $36M | $39M | $66M | $44M | $38M | $42M | $62M | $43M | $39M | $45M | · | $29M | $30M | $37M | · | $28M | |
| Prepaid Expense | $20M | $19M | $14M | $14M | $18M | $21M | $14M | $18M | $16M | $17M | · | $15M | $15M | $17M | · | $11M | |
| Current Assets | $283M | $282M | $260M | $259M | $235M | $273M | $261M | $237M | $223M | $224M | · | $203M | $189M | $196M | · | $229M | |
| PP&E (Net) | $70M | $69M | $71M | $71M | $73M | $73M | $73M | $93M | $92M | $90M | · | $98M | $100M | $100M | · | $100M | |
| PP&E (Gross) | · | · | $195M | · | · | · | $206M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $124M | · | · | · | $132M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $60M | $60M | $60M | $60M | $60M | $60M | $60M | $60M | $60M | $60M | $60M | $60M | $60M | $113M | $113M | $113M | |
| Intangibles | $28M | $28M | $28M | $28M | $28M | $28M | $28M | $28M | $29M | $30M | · | $33M | $36M | $51M | · | $61M | |
| Other Non-current Assets | $6M | $6M | $6M | $6M | $7M | $7M | $6M | $4M | $5M | $7M | · | $11M | $17M | $16M | · | $17M | |
| Total Assets | $538M | $538M | $521M | $525M | $537M | $579M | $570M | $570M | $561M | $559M | · | $555M | $559M | $619M | · | $661M | |
| Accounts Payable | $5M | $8M | $5M | $8M | $10M | $8M | $8M | $10M | $7M | $7M | · | $8M | $6M | $7M | · | $27M | |
| Accrued Liabilities | $20M | $23M | $13M | $18M | $14M | $19M | $14M | $16M | $17M | $15M | · | $12M | $13M | $14M | · | · | |
| Current Liabilities | $87M | $95M | $75M | $91M | $83M | $83M | $79M | $89M | $79M | $80M | · | $82M | $79M | $79M | · | $96M | |
| Capital Leases | $55M | $54M | $57M | $60M | $88M | $91M | · | $96M | $100M | $95M | · | $97M | $101M | $103M | · | $102M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Total Liabilities | $224M | $232M | $227M | $246M | $265M | $269M | $266M | $279M | $272M | $271M | · | $274M | $274M | $276M | · | $345M | |
| Long-term Debt | $87M | $88M | $95M | $94M | $94M | $94M | $93M | $93M | $93M | $95M | · | $94M | $94M | $94M | · | $156M | |
| Total Debt | $87M | $88M | · | $94M | $94M | $94M | · | $93M | $93M | $95M | · | $94M | $94M | $94M | · | $156M | |
| Common Stock | $183.0K | $184.0K | $181.0K | $181.0K | $180.0K | $180.0K | $177.0K | $177.0K | $177.0K | $176.0K | · | $178.0K | $178.0K | $190.0K | · | $189.0K | |
| Retained Earnings | $6M | $231.0K | $-16M | $-29M | $-35M | $-34M | $-42M | $-53M | $-54M | $-53M | · | $-59M | $-54M | $6M | · | $20M | |
| AOCI | $-7.0K | $0 | $-18.0K | $-27.0K | $-28.0K | $-48.0K | $-7.0K | $190.0K | $867.0K | $1M | · | $3M | $3M | $3M | · | $3M | |
| Stockholders' Equity | $314M | $306M | $295M | $279M | $272M | $310M | $304M | $290M | $289M | $288M | $292M | $281M | $285M | $343M | $350M | $315M | |
| Liabilities + Equity | $538M | $538M | $521M | $525M | $537M | $579M | $570M | $570M | $561M | $559M | · | $555M | $559M | $619M | · | $661M | |
| Shares Outstanding | 18,367,887 | 18,411,154 | 18,125,860 | 18,080,212 | 18,061,599 | 18,036,421 | 17,712,575 | 17,710,887 | 17,670,026 | 17,571,095 | · | 17,783,615 | 17,770,389 | 18,978,406 | · | 18,892,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $7M | $8M | $8M | $8M | $8M | |
| Stock-based Comp | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | |
| Amort. of Intangibles | · | · | · | · | · | · | $-100.0K | $800.0K | $1M | $1M | $1M | $3M | $4M | $4M | $4M | $4M | |
| Operating Cash Flow | $12M | $63M | $-12M | $22M | $15M | $37M | $2M | $14M | $12M | $21M | $-3M | $20M | $16M | $13M | $-23M | $7M | |
| CapEx | $5M | $3M | $4M | $4M | $4M | $4M | $3M | $6M | $5M | $6M | $4M | $3M | $3M | $3M | $5M | $4M | |
| Investing Cash Flow | $-81M | $-3M | $-6M | $-5M | $19M | $-3M | $-3M | $-6M | $-5M | $-6M | $-4M | $-3M | $-3M | $-3M | $-5M | $-4M | |
| Debt Issued | $0 | $90M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Debt Issued | · | $-6M | · | · | · | $-53.0K | · | · | · | $-28.0K | · | · | · | $-28.0K | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | $4M | $9M | $333.0K | $206.0K | $30.0K | $4M | $13.0K | $92.0K | $25.0K | $4M | $2M | $27.0K | $8M | $1M | $4.0K | $80.0K | |
| Net Stock Activity | · | $-9M | · | · | · | $-4M | · | · | · | $-4M | · | · | · | $-1M | · | · | |
| Financing Cash Flow | $-6M | $-16M | $559.0K | $-248.0K | $-44M | $-5M | $-2M | $-2M | $-4M | $-6M | $-3M | $-2M | $-9M | $-3M | $-28M | $-2M | |
| Net Change in Cash | $-74M | $44M | $-17M | $17M | $-11M | $29M | $-3M | $6M | $3M | $9M | $-11M | $16M | $3M | $7M | $-56M | $981.0K | |
| Free Cash Flow | · | $61M | · | · | · | $33M | · | · | · | $15M | · | · | · | $10M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 7.9% | 12.4% | · | 5.9% | 4.3% | 7.4% | · | 2.7% | 1.5% | 3.4% | · | 4.2% | -44.3% | -3.6% | · | -0.69% | |
| Net Margin | 5.7% | 10.2% | · | 3.4% | 2.8% | 5.4% | · | 1.5% | 0.24% | 0.33% | · | -2.2% | -34.8% | -3.8% | · | -2.5% | |
| Pretax Margin | 8.2% | 11.0% | · | 5.3% | 3.6% | 6.9% | · | 2.3% | 0.94% | 3.3% | · | 3.7% | -45.1% | -4.8% | · | -3.1% | |
| EBITDA Margin | 7.9% | 12.4% | · | 5.9% | 4.3% | 7.4% | · | 2.7% | 1.5% | 3.4% | · | 4.2% | -44.3% | -3.6% | · | -0.69% | |
| ROA | 1.8% | 3.2% | · | 1.0% | 0.82% | 1.6% | · | 0.40% | 0.07% | 0.09% | · | -0.55% | -8.4% | -0.83% | · | -0.54% | |
| ROE | 3.3% | 5.8% | · | 1.9% | 1.6% | 3.0% | · | 0.79% | 0.13% | 0.16% | · | -1.1% | -17.1% | -1.5% | · | -1.1% | |
| ROIC | 2.3% | 5.1% | · | 1.7% | 1.5% | 2.4% | · | 0.70% | 0.59% | 1.0% | · | 0.58% | -13.3% | -0.99% | · | -0.18% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.0 | · | 2.8 | 2.8 | 3.3 | · | 2.6 | 2.8 | 2.8 | · | 2.5 | 2.4 | 2.5 | · | 2.4 | |
| Quick Ratio | 1.3 | 0.4 | · | 2.6 | 2.6 | 2.4 | · | 2.0 | 2.1 | 2.1 | · | 1.9 | 1.8 | 0.5 | · | 0.3 | |
| Debt / Equity | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.5 | |
| LT Debt / Equity | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.5 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 4.7 | 4.3 | · | 3.8 | 4.3 | 3.8 | · | 4.3 | 4.4 | 3.8 | · | 5.3 | 5.1 | 4.2 | · | 5.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $17.10 | $16.63 | · | $15.45 | $15.07 | $17.19 | · | $16.40 | $16.34 | $16.42 | · | $15.82 | $16.03 | $18.07 | · | $16.69 | |
| Revenue / Share | $9.13 | $9.29 | · | $8.70 | $8.75 | $8.93 | · | $8.39 | $8.43 | $8.67 | · | $8.46 | $8.18 | $7.85 | · | $7.90 | |
| Cash Flow / Share | · | $3.37 | · | · | · | $2.01 | · | · | · | $1.16 | · | · | · | $0.67 | · | · | |
| Cash / Share | · | · | · | $10.58 | $9.69 | $8.96 | · | $7.65 | $7.35 | $7.13 | · | $7.19 | $6.35 | · | · | · | |
| EPS (TTM) | $2.43 | $1.89 | · | $1.32 | $1.06 | $1.02 | · | $0.57 | $0.26 | $-2.61 | · | $-3.92 | $-3.85 | $-6.74 | · | $-5.28 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $668M | $659M | · | $655M | $645M | $635M | · | $613M | $611M | $605M | · | $600M | $599M | $601M | · | $608M | |
| Net Income TTM | $46M | $40M | · | $32M | $29M | $24M | · | $16M | $11M | $-41M | · | $-67M | $-67M | $-126M | · | $-99M | |
| Market Cap | $986M | $1.05B | · | $714M | $550M | $403M | · | $261M | $311M | $250M | · | $89M | $84M | $103M | · | $173M | |
| Enterprise Value | · | · | · | $617M | $469M | $335M | · | $219M | $274M | $219M | · | $55M | $65M | · | · | · | |
| P/E | 22.1 | 30.1 | · | 29.9 | 28.7 | 21.9 | · | 25.9 | 67.6 | -5.4 | · | -1.3 | -1.2 | -0.8 | · | -1.7 | |
| P/S | 1.5 | 1.6 | · | 1.1 | 0.9 | 0.6 | · | 0.4 | 0.5 | 0.4 | · | 0.1 | 0.1 | 0.2 | · | 0.3 | |
| P/B | 3.1 | 3.4 | · | 2.6 | 2.0 | 1.3 | · | 0.9 | 1.1 | 0.9 | · | 0.3 | 0.3 | 0.3 | · | 0.5 | |
| P / Tangible Book | 4.4 | 4.8 | · | 3.7 | 3.0 | 1.8 | · | 1.3 | 1.6 | 1.3 | · | 0.5 | 0.4 | 0.6 | · | 1.2 | |
| P / Cash Flow | · | 16.5 | · | · | · | 10.9 | · | · | · | 12.0 | · | · | · | 8.1 | · | · | |
| EV / Revenue | · | · | · | 0.9 | 0.7 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.1 | 0.1 | · | · | · | |
| Earnings Yield | 4.5% | 3.3% | · | 3.3% | 3.5% | 4.6% | · | 3.9% | 1.5% | -18.4% | · | -78.7% | -81.2% | -124.4% | · | -57.8% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $649M | $625M | $601M | $606M | $419M |
| Operating Margin % | 7.4% | 5.3% | -8.0% | -22.7% | · |
| Net Income | $32M | $16M | $-47M | $-115M | $18M |
| Diluted EPS | $1.36 | $0.55 | $-2.93 | $-6.08 | $0.97 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | 0.3 | 0.3 | 0.3 | · |
| Current Ratio | 3.5 | 3.3 | 2.9 | 2.6 | · |
| Quick Ratio | 3.2 | 2.5 | 2.3 | 0.6 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $46M | $28M | $32M | $13M | · |
Institutional owners (13F) 221 filers · $1.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
221
Value held
$1.1B
New positions
35
Exited positions
29
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 35 (-26 vs prior Q) | 29 (+11 vs prior Q) | 81 (+24 vs prior Q) | 62 (-5 vs prior Q) | -147K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $95,168,591 | 1,772,227 | 8.99% | Shares |
| 325 CAPITAL LLC | $63,566,408 | 1,183,732 | 6.00% | Shares |
| FMR LLC | $63,559,799 | 1,183,609 | 6.00% | Shares |
| Divisadero Street Capital Management, LP | $62,794,417 | 1,169,356 | 5.93% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $48,900,294 | 910,620 | 4.62% | Shares |
| VANGUARD GROUP INC | $43,048,946 | 1,138,861 | 4.07% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $38,583,343 | 718,498 | 3.64% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $37,703,467 | 702,127 | 3.56% | Shares |
| AMERICAN CENTURY COMPANIES INC | $37,294,972 | 694,506 | 3.52% | Shares |
| Prescott Group Capital Management, L.L.C. | $36,502,523 | 679,749 | 3.45% | Shares |
| Driehaus Capital Management LLC | $28,711,511 | 534,665 | 2.71% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $28,058,613 | 522,388 | 2.65% | Shares |
| No Street GP LP | $27,241,097 | 507,283 | 2.57% | Shares |
| BANK OF AMERICA CORP /DE/ | $24,442,360 | 455,165 | 2.31% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $22,165,373 | 412,763 | 2.09% | Shares |
| Qube Research & Technologies Ltd | $21,532,841 | 400,984 | 2.03% | Shares |
| STATE STREET CORP | $21,234,537 | 395,429 | 2.01% | Shares |
| ROYCE & ASSOCIATES LP | $20,305,742 | 378,133 | 1.92% | Shares |
| GOLDMAN SACHS GROUP INC | $19,830,014 | 369,274 | 1.87% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $12,105,953 | 225,435 | 1.14% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $12,033,955 | 224,096 | 1.14% | Shares |
| PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. | $10,471,500 | 195,000 | 0.99% | Shares |
| OSSIAM | $10,388,211 | 193,449 | 0.98% | Shares |
| MACKENZIE FINANCIAL CORP | $10,068,643 | 187,498 | 0.95% | Shares |
| Nuveen, LLC | $9,767,011 | 181,881 | 0.92% | Shares |
| Assenagon Asset Management S.A. | $9,743,006 | 181,434 | 0.92% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $9,257,880 | 172,400 | 0.87% | Shares |
| NORTHERN TRUST CORP | $9,084,590 | 169,173 | 0.86% | Shares |
| 4D Advisors, LLC | $8,860,500 | 165,000 | 0.84% | Shares |
| MORGAN STANLEY | $8,529,390 | 158,833 | 0.81% | Shares |
| Pacific Ridge Capital Partners, LLC | $7,763,892 | 144,579 | 0.73% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,935,248 | 129,148 | 0.66% | Shares |
| Manatuck Hill Partners, LLC | $6,506,614 | 121,166 | 0.61% | Shares |
| Foundry Partners, LLC | $5,925,402 | 265,475 | 0.56% | Shares |
| JPMORGAN CHASE & CO | $5,696,695 | 107,424 | 0.54% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $5,665,082 | 105,495 | 0.54% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $5,315,011 | 98,976 | 0.50% | Shares |
| Trexquant Investment LP | $4,965,639 | 92,470 | 0.47% | Shares |
| UBS Group AG | $4,883,264 | 90,936 | 0.46% | Shares |
| JANE STREET GROUP, LLC | $4,607,460 | 85,800 | 0.44% | Call option |
| HSBC HOLDINGS PLC | $4,374,890 | 80,658 | 0.41% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,277,581 | 79,657 | 0.40% | Shares |
| Informed Momentum Co LLC | $4,272,909 | 79,570 | 0.40% | Shares |
| Russell Investments Group, Ltd. | $4,032,651 | 75,560 | 0.38% | Shares |
| FEDERATED HERMES, INC. | $3,912,850 | 72,865 | 0.37% | Shares |
| FIRST TRUST ADVISORS LP | $3,735,855 | 69,569 | 0.35% | Shares |
| Bank of New York Mellon Corp | $3,721,358 | 69,299 | 0.35% | Shares |
| Invesco Ltd. | $3,379,770 | 62,938 | 0.32% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,263,349 | 60,770 | 0.31% | Shares |
| CROWN ADVISORS MANAGEMENT, INC. | $3,222,000 | 60,000 | 0.30% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| 325 Capital Master Fund LP, 325 Capital GP, LLC, 325 CAPITAL LLC, Braner Michael David, FRIEDBERG DANIEL M., Shrivastava Anil K ×9 filings | March 20, 2026 | 6.60% | Amendment | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 49 insiders · 29 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Angela K. Selden | President and CEO | March 10, 2026 F | 626,808 | 0 | 0 | $0 |
| Harry T Wilkins | CEO Hondros College of Nursing | March 3, 2025 F | 48,424 | 0 | 0 | $0 |
| Thomas M Slagle | CEO, Rasmussen | March 9, 2022 A | 18,028 | 0 | 0 | $0 |
| Edward H Codispoti | EVP & Chief Financial Officer | Oct. 20, 2025 A | 8,477 | 0 | 0 | $0 |
| Richard W Sunderland JR | EVP, Chief Financial Officer | June 2, 2025 S | 159,559 | 0 | 0 | $0 |
| Mark L. Arnold | President, Rasmussen | March 10, 2026 F | 20,676 | 0 | 0 | $0 |
| Katherine H. Zatz | Acting President, APUS | Nov. 22, 2021 P | 180 | 0 | 0 | $0 |
| Wade T. Dyke | President, APUS | Aug. 12, 2021 F | 20,235 | 0 | 0 | $0 |
| Wallace E. Boston Jr. | President, APUS | Aug. 11, 2020 S | 349,887 | 0 | 0 | $0 |
| Karan Powell | President, APUS | March 9, 2017 F | 28,559 | 0 | 0 | $0 |
| Kevin Delano | COO & SVP, Bus. Unit Services | Jan. 31, 2022 A | 14,945 | 0 | 0 | $0 |
| Thomas Beckett | SVP, General Counsel | June 22, 2026 S | 52,172 | 0 | 5 | $-637,558 |
| Karmela Gaffney | SVP, Chief Marketing Officer | March 17, 2026 S | 40,527 | 0 | 1 | $-150,849 |
| Tanya Joy Axenson | SVP, Chief HR Officer | March 16, 2026 S | 49,917 | 0 | 4 | $-1,473,924 |
| Craig S Macgibbon | EVP, Chief Information Officer | March 13, 2025 M | 63,892 | 0 | 0 | $0 |
| Jeffrey C. Tognola | EVP & Chief Experience Officer | Feb. 7, 2023 A | 26,509 | 0 | 0 | $0 |
| Patrik Dyberg | Chief Technology Officer | Feb. 25, 2022 F | 52,769 | 0 | 0 | $0 |
| Vernon C. Smith | Provost, APUS | Feb. 7, 2022 F | 24,272 | 0 | 0 | $0 |
| Amy B. Manning | SVP, Chief HR Officer | Jan. 22, 2022 F | 6,770 | 0 | 0 | $0 |
| Elizabeth Laguardia Cooper | SVP, Chief Marketing Officer | March 11, 2021 F | 20,507 | 0 | 0 | $0 |
| Amy Bevilacqua | SVP, Chief Innovation Officer | March 4, 2020 F | 17,439 | 0 | 0 | $0 |
| Amy Panzarella | SVP, HR & Community Affairs | March 6, 2019 F | 10,952 | 0 | 0 | $0 |
| Carol S Gilbert | EVP, Programs and Marketing | Dec. 15, 2016 S | 48,185 | 0 | 0 | $0 |
| Peter W Gibbons | SVP, Chief Admin. Officer | March 10, 2016 F | 17,773 | 0 | 0 | $0 |
| Sharon Van Wyk | EVP, Chief Operations Officer | Jan. 27, 2015 F | 9,154 | 0 | 0 | $0 |
| Dale W. Young | SVP, CIO | Jan. 29, 2012 F | 5,700 | 0 | 0 | $0 |
| Frank B. Mccluskey | EVP, Provost | June 11, 2010 M | 9,778 | 0 | 0 | $0 |
| Mark L. Leuba | SVP, Chief Information Officer | May 12, 2009 M | 17,624 | 0 | 0 | $0 |
| James H. Herhusky | EVP, Institutional Advancement | Feb. 19, 2008 S | 383,359 | 0 | 0 | $0 |
| Daniel S. Pianko | Director | Oct. 1, 2026 A | 36,652 | 0 | 0 | $0 |
| Anna M. Fabrega | Director | May 22, 2026 A | 33,431 | 0 | 0 | $0 |
| Granetta B. Blevins | Director | May 22, 2026 A | 60,080 | 0 | 0 | $0 |
| Richard J. Statuto | Director | May 22, 2026 A | 6,775 | 0 | 0 | $0 |
| Eric C. Andersen | Director | April 1, 2025 A | 66,920 | 0 | 0 | $0 |
| William G Robinson Jr | Director | May 17, 2024 A | 43,935 | 0 | 0 | $0 |
| Jean C. Halle | Director | March 12, 2024 S | 21,739 | 0 | 0 | $0 |
| Barbara Kurshan | Director | Nov. 28, 2023 S | 23,694 | 0 | 0 | $0 |
| Vincent R. Stewart | Director | May 20, 2022 A | 8,801 | 0 | 0 | $0 |
| Timothy J Landon | Director | May 17, 2022 S | 16,241 | 0 | 0 | $0 |
| Barbara Fast | Director | April 14, 2021 S | 19,128 | 0 | 0 | $0 |
| Westley Moore | Director | Oct. 2, 2017 A | 11,069 | 0 | 0 | $0 |
| Timothy T Weglicki | Director | April 1, 2016 A | 36,943 | 0 | 0 | $0 |
| Christopher J. Everett | Director | April 1, 2014 A | 16,678 | 0 | 0 | $0 |
| David F Fowler | Director | Dec. 18, 2012 M | 37,675 | 0 | 0 | $0 |
| Phillip A Clough | Director | April 1, 2010 A | 15,023 | 0 | 0 | $0 |
| David L Warnock | Director | July 1, 2009 A | 2,479 | 0 | 0 | $0 |
| Nuno S. Fernandes | · | Aug. 12, 2026 M | 78,575 | 0 | 5 | $-1,237,557 |
| James Kenigsberg | · | Aug. 12, 2026 S | 44,729 | 0 | 1 | $-60,030 |
| Robert E. Gay | · | March 11, 2021 F | 17,142 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 34 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PSL · Invesco Exchange-Traded Fund Trust | 1.24% | 22,490 SH | Oct. 1, 2026 | Daily |
| HAPS · Harbor ETF Trust | 0.21% | 7,479 NS | July 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.19% | 60,841 SH | Sept. 11, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 18,414 NS | July 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.13% | 17,510 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.11% | 41,348 SH | Aug. 19, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.08% | 4,864 SH | Oct. 1, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.07% | 49,712 NS | July 31, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.06% | 5,360 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.06% | 19,228 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.05% | 168,420 SH | Sept. 11, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.05% | 64,607 SH | Aug. 19, 2026 | Daily |
| FDIS · FIDELITY COVINGTON TRUST | 0.05% | 16,403 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 25,029 SH | Oct. 1, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 103,377 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.03% | 8,588 NS | July 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.03% | 81,560 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.03% | 5,789 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.03% | 466,244 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.02% | 60,541 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 211,487 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 1,025 SH | Sept. 10, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 723 NS | July 31, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.01% | 9,625 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 50,120 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 1,399 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,448 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 31,395 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 3,793 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 5,438 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 4,744 SH | Sept. 9, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 491,008 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,372 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 768 SH | Sept. 11, 2026 | Daily |
APEI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 14 analysts
BUY
Median target
$63.00
+44.1%
4 28.6%
Strong Buy
8 57.1%
Buy
2 14.3%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
6 analysts · 2026-09-27Mean target $62.83 +43.7%
← Below all targets
Current price $43.73
Low$55.00
Mean$62.83
High$70.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| APEI | $685M | 27.8 | 3.9% | 4.9% | 11.1% | · |
| STRA | $1.84B | 14.8 | 4.0% | 10.0% | 7.6% | · |
| COUR | · | -23.7 | 9.0% | · | · | · |
| UTI | $1.77B | 28.8 | 14.1% | 7.5% | 20.3% | · |
| PXED | · | · | · | · | · | · |
| LINC | $764M | 37.7 | 17.8% | 3.9% | 10.5% | · |
| KLC | $492M | -4.4 | 2.6% | -4.1% | -13.4% | · |
| NRDY | · | -3.2 | -5.9% | -22.3% | -136.5% | 58.0% |
| DUOL | $8.18B | 20.5 | 38.7% | 39.9% | 35.6% | 72.2% |
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Source: SEC 10-Q filed Aug 10, 2026