American Public Education (APEI)
Educates active-duty military and veterans online, and trains nurses on physical campuses.
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Runs online military and veteran higher education alongside on-ground pre-licensure nursing schools, with tuition funded almost entirely by Department of Defense benefits and federal student aid. Growth has come mainly through acquisition, most notably a nursing university bought in 2021 that roughly doubled revenue.
Runs a group of postsecondary schools built around two anchors: online adult education for active-duty military members and veterans, and pre-licensure nursing training on physical campuses.
The military-facing school teaches entirely online to a nationwide, service-connected student base; the nursing schools cluster campuses in the Midwest and pair coursework with clinical rotations required for licensure.
Tuition is funded almost entirely by Department of Defense benefits and federal student aid, so enrollment tracks federal budgets and eligibility rules closely, and the military school sits near the regulatory ceiling on how much revenue federal sources can supply.
Growth since the 1991 founding has come mainly through acquisition, most notably a nursing university bought in 2021 that roughly doubled revenue, and the schools completed a legal merger into one entity with two operating divisions in 2026.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 11, 2026 | Lake Street | Reiterate | Rating: —Target: $62 | Target: $64 |
| May 13, 2026 | Barrington | Target | Target: $36 | Target: $62 |
| May 13, 2026 | DA Davidson | Reiterate | Rating: —Target: $43 | Target: $64 |
| May 12, 2026 | Lake Street | Target | Target: $47 | Target: $62 |
| Mar 13, 2026 | Truist Financial | Target | Target: $38 | Target: $55 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $76.3M · Total debt $147.8M · Total assets $537.7M · Shareholders' equity $314.1M
- Revenue
- $171.7M
- Operating income
- $13.5M
- Net income
- $9.8M
No dividends on record.
| Institutions | ≈ 104.68% | 19.16M shares | |
|---|---|---|---|
| 216 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 12.91% | 2.36M shares | |
| 17 holders · as of Aug 13, 2026 | |||
| Adds to | 117.59% | ||
18.30M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 117.59%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.68% | 1.77M | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 8.80% | 1.61M | filed Feb 14, 2023 |
325 Capital LLCInstitution | 6.47% | 1.18M | as of Jun 30, 2026 |
FMR LLCInstitution | 6.47% | 1.18M | as of Jun 30, 2026 |
Divisadero Street Capital Management, LPInstitution | 6.39% | 1.17M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | James Kenigsberg | officer: Chief Inno & Tech Officer | −1,313 | $45.72 |
| Aug 12, 2026 | Nuno S. Fernandes | officer: President, APUS | −8,800 | $45.13 |
| Jun 22, 2026 | Thomas Beckett | officer: SVP, General Counsel | −2,000 | $54.00 |
| Jun 15, 2026 | Thomas Beckett | officer: SVP, General Counsel | −8,000 | $51.77 |
| May 13, 2026 | Nuno S. Fernandes | officer: President, APUS | −4,500 | $53.34 |
- Strategic Education
Multi-segment online adult higher-ed operator with direct nursing-degree overlap
- Perdoceo Education
Online-heavy for-profit operator competing for adult and veteran learners
- Grand Canyon Education
Competes for online adult learners via its GCU partner university
- HCA Healthcare
Nursing-education overlap via a hospital operator's Galen College subsidiary
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| American Public Education | $40.65 | +0.17% | $744.4M | 16.7 | 15.9 | 1.1 | +5.5% |
| Strategic Education | $77.57 | +1.44% | $1.74B | 12.7 | 9.6 | 1.4 | +2.7% |
| Perdoceo Education | $31.36 | +0.42% | $1.96B | 11.4 | — | 2.3 | +1.8% |
| Grand Canyon Education | $149.73 | +2.01% | $3.83B | 17.7 | 14.0 | 3.3 | +6.7% |
| HCA Healthcare | $441.74 | +0.83% | $94.85B | 14.7 | 14.4 | 1.2 | +8.7% |
| Median | 13.7 | 14.0 | 1.8 | +4.7% |