AMERICAN PUBLIC EDUCATION INC · Educational Services

APEI

Low riskNext report: Due any day

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The short version

A profitable company with steady sales.

Going well

Profitable
Brings in more cash than it spends

Money moves

Insiders sold $60K in the last 30 days, all through pre-planned sales
Institutions cut 0.4% from their holdings in the quarter ending June 2026 (115 bought, 90 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$47.75-2.1% that day

Company value: $874M; Share price times all shares
Price vs profit (P/E): 19.7x; You pay about $20 for each $1 of yearly profit
Price vs sales: 1.3x; Company value is 1.3 times a year of sales
Cash vs value: 17%; Cash as a share of company value
Debt vs value: 11%; Debt as a share of company value

From APEI's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$171.7M+5.5% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $668.0M, up 3.6% from the 12 months before. Over 5 years, sales grew about 15% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of APEI. Starting points are the company's recent numbers.

Sales growth+4% a yearRecently: +3.6% a yearProfit margin7%Last 12 months: 6.8%P/E at the end20xToday: 19.7x. Many steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$813M

Profit in 5 years$57M

Price these guesses point to$62.17+30% vs $47.75 todayAbout +5.4% a year, before dividends

What today's price needs: with a 7% margin and a 20x P/E, sales could shrink about 1.3% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

3/6Mixed

MissReturn on equity 15%+Earns a lot on the money owners have in the business.10.5%
PassDebt under half of equityNot relying on borrowed money.0.32x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.4.9%
MissProfitable every yearSteady profits, not one good year.8 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$46.1M
PassShare count not growingNot diluting owners. Falling means buybacks.-1.3% in 3 years

Revenue: $648.9M; +3.9% vs prior year
5-year growth: +15.1%/yr; revenue, per year
Total debt: $94.7M; 0.32x equity
Current ratio: 3.46x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 10

Revenue: $171.7M; +5.5% YoY
EPS: $0.52; vs -$0.02
Op. margin: 7.9%; +3.6 pts
Gross margin: 55.4%; +3.6 pts
Free cash flow: $7.4M
Share count: +1.1%; vs a year ago

Insider rating

Last 90 days

48Mixed

Pre-planned sales of $60K (weaker signal)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

76/ 100

This week: 3
Normal week: 0.9
vs normal: 3.2x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady-0.4%

Institutions cut 0.4% from their holdings. 115 bought, 90 sold. 2 quarters of net selling in a row.

Shares held by institutions19.6M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+1.0%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

0.3x · $87.3M debt

Shares outstandingLatest reported

18M

Earnings reports

Last 12

Next reportDue any dayEstimated from the same quarter last year

Results filedAug 10
Results filedMay 11
Results filedMar 12
Results filedNov 10, 2025
Results filedOct 14, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Aug 13 · View filing ↗Big holder New 5%+ holder (passive)Aug 6 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$60K1 insider, 1 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
James KenigsbergChief Innov. & Tech Officer	Sell	1K	$47.69	$60K	43K	Oct 22Filing ↗
-2.8% of their holdings Pre-planned sale (10b5-1) Filed 4 days after

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Leadership changeOct 27 · Form 8-K ↗

SoldJames KenigsbergChief Innov. & Tech Officer

1,256 shares at $47.69 · $60K

-3% of holdings
Now owns 43,473 shares
Pre-planned sale (10b5-1)
Filed 4 days after trade

Oct 22Form 4 ↗

Planned insider saleOct 22 · Form 144 ↗

Shares withheld for taxesEdward H CodispotiEVP & Chief Financial Officer

689 shares at $48.56 · $33K

-8% of holdings
Now owns 7,788 shares
Filed 1 day after trade

Oct 20Form 4 ↗

Stock awardDaniel S. PiankoDirector

1,106 shares at $36.15 · $40K

+3% of holdings
Now owns 36,652 shares
Filed 1 day after trade

Oct 1Form 4 ↗

SoldJames KenigsbergChief Inno & Tech Officer

1,313 shares at $45.72 · $60K

-3% of holdings
Now owns 44,729 shares
Pre-planned sale (10b5-1)
Filed 1 day after trade

Aug 12Form 4 ↗

SoldNuno S. FernandesPresident, APUS

8,800 shares at $45.13 · $397K

-10% of holdings
Now owns 78,575 shares
Not a pre-planned sale
Filed 1 day after trade
Also: Option exercise

Aug 12Form 4 ↗

5%+ holder update (passive)Aug 13 · Form SCHEDULE 13G/A ↗Planned insider saleAug 12 · Form 144 ↗Planned insider saleAug 12 · Form 144 ↗Quarterly reportAug 10 · Form 10-Q ↗Earnings resultsAug 10 · Form 8-K ↗New 5%+ holder (passive)Aug 6 · Form SCHEDULE 13G ↗Investor disclosureAug 5 · Form 8-K ↗

Stock awardJames KenigsbergChief Inno & Tech Officer

7,573 shares

+19% of holdings
Now owns 48,175 shares
Filed 2 days after trade
Also: Shares withheld for taxes

Aug 3Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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