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American Public Education, Inc (APEI) Fair Value & Analysis

Consumer Defensive · US · Market cap $959M

AP American Public Education, Inc logo American Public Education, Inc APEI · US
Price$51.24
Fair Value$37.85
Upside-26.1%
Quality73/100
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Healthy Growth
Thin margins · 6.1% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/14)
Moderate moat 48/100
Evidence: High Range $28.39 – $47.31 Share as image

Fair value as of: Jul 14, 2026

From 26 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from $38.91 to $37.85 (−2.7%) since Jun 24, 2026. Share price −11.7% over the past month.

A solid business, but screening 26% overvalued on our models.

What matters now

  • A high-quality business (quality 73/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case ($47.31). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

$60.86 $3.89 Fair Value $37.85 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range $3.89 – $60.86 · fair‑value band $28.39 – $47.31 · the $51.24 price screens above the $37.85 fair value. Dashed = 300-day average. As of Jul 14, 2026.

Full chart & analysis →

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Analysis

American Public Education, Inc (APEI) currently trades at $51.24, while our model-based Fair Value estimate is $37.85, implying the stock looks roughly 26.1% overvalued today. The Quality Score stands at 73/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, American Public Education, Inc generated revenue of $659M at a net margin of 6.1%. Revenue grew 6.2% year over year. It earns a return on equity of 13.1%. The balance sheet holds a net cash position of $13.5M. Fundamentals as of Jul 14, 2026

Our scenario range runs from $28.39 (bear case) to $47.31 (bull case); at $51.24, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 17% below its 52-week high and 85% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 17% fair-value upside, at -26%, APEI screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF $29.52 $42.47 $60.22 80
Residual Income $13.45 $14.78 $20.63 76
Rev-Margin DCF $29.98 $46.68 $67.19 74
All 26 models by family
DCF Models
FCF DCF $29.66 $43.84 $64.26 38
Owner Earnings $21.87 $31.66 $45.76 31
5Y Revenue Exit $29.98 $46.87 $69.06 39
5Y EBITDA Exit $33.15 $53.11 $77.26 41
5Y P/E Exit $29.85 $46.60 $64.93 38
10Y Revenue Exit $28.79 $43.61 $64.83 36
10Y EBITDA Exit $31.40 $47.69 $70.84 37
10Y P/E Exit $29.44 $43.44 $61.80 35
Earnings-Based
Graham-Dodd $11.70 $46.22 $62.78 54
Lynch FV $11.43 $16.33 $21.22 50
PEG = 1.0 $11.43 $16.33 $21.22 46
EPV $22.65 $25.13 $27.20 59
Dividend Discount
Gordon GGM $1.17 $2.10 $2.89 70
DDM Multi-Stage $1.17 $1.92 $2.24 61
Multiples
P/E Multiple $28.39 $37.85 $47.31 63
P/S Multiple $21.93 $29.25 $36.56 58
P/B Multiple $21.93 $29.25 $36.56 55
EV/EBIT $44.10 $57.31 $70.53 53
EV/EBITDA $38.81 $50.26 $61.71 54
EV/Revenue $31.18 $42.63 $54.08 43
Asset-Based
NCAV (Graham) $8.04 $10.77 $16.07 50
Growth DCF
Growth DCF $29.52 $42.47 $60.22 80
Rev-Margin DCF $29.98 $46.68 $67.19 74
Economic Profit
Residual Income $13.45 $14.78 $20.63 76
ROIC Compounder $24.12 $29.06 $34.90 72
Growth Earnings
Growth-Adj P/E $20.84 $29.77 $38.70 68

Widest divergence: DCF Models ($43.84) versus Dividend Discount ($1.92). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) $659M
Revenue growth (YoY) +6.2%
Net margin 6.1%
Return on equity 13.1%
Free cash flow $46.1M FY2025
P/E ratio 27.1
More key figures
Operating margin 12.5%
EPS (TTM) $1.93
EPS growth (YoY) +129%
Net cash $13.5M FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 73/100

Of which business quality 73 · Market factors (momentum, volatility) 61

Profitability 62
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 32
Calm price path (market factor)
Momentum 67
Price trend over the last 3–12 months (market factor)
52W Momentum 85
Distance to the 52-week high (market factor)
Net Issuance 70
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

American Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education services in the United States. It operates through three segments: American Public University System, Rasmussen University, and Hondros College of Nursing.

Full company description

American Public Education, Inc., together with its subsidiaries, provides online and campus-based postsecondary education services in the United States. It operates through three segments: American Public University System, Rasmussen University, and Hondros College of Nursing. The company offers 181 degree programs, 110 certificate programs, and four diploma programs in various fields of study, including public service-focused fields, such as nursing, national security, military studies, intelligence, and homeland security, as well as traditional academic fields comprising business, health science, information technology, justice studies, education, and liberal arts; and career learning and leadership training in-person and online to the federal workforce. It also provides nursing-and health sciences-focused postsecondary education; and pre-licensure nursing education services focusing on a diploma in practical nursing and associate degree in nursing, as well as a bachelor of science in nursing. The company was incorporated in 1991 and is headquartered in Charles Town, West Virginia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

American Public Education, Inc reported revenue of $649M in FY2025 versus $419M in FY2021, a compound +11.6%/yr. Reported net income was $31.6M in FY2025, compounding +15.5%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$649M
Latest YoY
+3.9%
Avg. growth/yr (3Y)
+2.3%
Avg. growth/yr (5Y)
+15.1%
Avg. growth/yr (22Y)
+17.8%
Revenue +11.6%/yr
FY21 $419M
FY22 $606M
FY23 $601M
FY24 $625M
FY25 $649M
Net income +15.5%/yr
FY21 $17.8M
FY22 −$115M
FY23 −$47.3M
FY24 $16.1M
FY25 $31.6M

APEI screens 26% overvalued. Compare with New Oriental Education & Technology Group →

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Cite: Fair Value Calculator (2026). "American Public Education, Inc Fair Value". https://www.fairvalue-calculator.com/stock/APEI

Peer Group

Education & Training Services · 148 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 73 · Top 25%
Fair Value upside −26% · Below median
Return on equity (TTM) 13% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 12% · Above median
Revenue growth 6% · Above median
Debt / equity 0.32× · Higher than median

Valuation Multiples vs Education & Training Services median · lower = cheaper

P/E (TTM) 27.1× · Pricier than 75% of peers
P/B 3.25× · Pricier than 75% of peers
P/S (TTM) 1.46× · Pricier than median
P/FCF 20.8× · Pricier than 75% of peers
EV/EBITDA 11.3× · Pricier than median
PEG 1.54× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 37
FUTURE 31 · sector 24
PAST 52 · sector 18
HEALTH 84 · sector 95
DIVIDEND 0 · sector 66

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Education & Training Services stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
New Oriental Education & Technology Group EDUN 966.48 MXN 897.37 MXN -7%
TAL Education Group TAL $10.24 $15.60 +52%
Laureate Education, Inc LAUR $36.45 $41.45 +14%
Physicswallah Limited PWL ₹131.59 ₹14.81 -89%
Grand Canyon Education, Inc LOPE $149.00 $152.01 +2%
Covista Inc CVSA $116.22 $135.45 +17%
Stride, Inc LRN $83.39 $139.45 +67%
Universal Technical Institute, Inc UTI $40.33 $21.35 -47%
Perdoceo Education Corporation PRDO $31.66 $41.45 +31%
Strategic Education, Inc STRA $84.18 $105.48 +25%

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Frequently asked questions

Is American Public Education, Inc (APEI) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of $37.85 versus a price of $51.24, about −26% (overvalued).
What is the fair value of APEI?
Our model-based fair value for American Public Education, Inc is $37.85 (as of Jul 14, 2026), built from audited fundamentals. The current price is $51.24.
What is the quality score of APEI?
American Public Education, Inc has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of American Public Education, Inc (APEI)?
American Public Education, Inc reported trailing-twelve-month revenue of about $659M (latest available figure, as of Jul 14, 2026).
What is the net profit margin of APEI?
The net profit margin of American Public Education, Inc is about 6.1%, meaning it keeps roughly 6.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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