American Public Education Inc. (APEI) intrinsic value & 10-year financials
American Public Education Inc. (APEI) has a Graham intrinsic value of $7.60 per share. At $49.19 on Oct 17, 2026, the stock trades 547% above that value. Over the last 10 fiscal years revenue grew 8.4% a year to $648.9M, with an average return on invested capital of 4.4%.
- Graham intrinsic value
- $7.60
- Share price (Oct 17, 2026)
- $49.19
- Price vs Graham value
- 547% above
- Market cap
- $917.9M
- Revenue (FY2025)
- $648.9M
- Revenue growth (10-yr CAGR)
- 8.4%
- ROIC (10-yr avg)
- 4.4%
- Free cash flow (FY2025)
- $46.1M
APEI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $648.9M | $31.6M | $1.36 | $46.1M | 7.4% | 11.0% |
| FY2024 | $624.6M | $16.1M | $0.55 | $27.8M | 5.3% | 5.5% |
| FY2023 | $600.5M | -$47.3M | -$2.93 | $31.6M | -8.0% | -9.7% |
| FY2022 | $606.3M | -$115.0M | -$6.08 | $12.8M | -22.7% | -22.3% |
| FY2021 | $418.8M | $17.8M | $0.97 | $4.4M | 7.3% | 7.3% |
| FY2020 | $321.8M | $18.8M | $1.25 | $39.9M | 7.7% | 19.1% |
| FY2019 | $286.3M | $10.0M | $0.62 | $31.1M | 4.5% | 8.1% |
| FY2018 | $297.7M | $25.6M | $1.54 | $34.7M | 10.9% | 7.8% |
| FY2017 | $299.2M | $21.1M | $1.29 | $37.1M | 11.6% | 8.1% |
| FY2016 | $313.1M | $24.2M | $1.49 | $42.2M | 12.2% | 8.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AMERICAN PUBLIC EDUCATION INC is a consistent compounder, expanding top-line revenue at 8.4% annually over the past decade.
AMERICAN PUBLIC EDUCATION INC has historically struggled to out-earn its cost of capital, averaging just 4.4% ROIC.
AMERICAN PUBLIC EDUCATION INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AMERICAN PUBLIC EDUCATION INC is modeled at -1.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.60 per share.