APEI: American Public Education Inc Financial Statements

Balance sheet, income statement, and cash flow statements for American Public Education Inc (APEI).

OverviewDividends

$382.05M Market Cap.

As of 05/12/2025 5:00 PM ET (MRY) • Disclaimer

APEI Market Cap. (MRY)


APEI Shares Outstanding (MRY)


APEI Assets (MRY)


Total Assets

$570.10M

Total Liabilities

$266.22M

Total Investments

$0

APEI Income (MRY)


Revenue

$624.56M

Net Income

$16.11M

Operating Expense

$295.79M

APEI Cash Flow (MRY)


CF Operations

$48.87M

CF Investing

-$21.08M

CF Financing

-$13.19M

APEI Balance Sheet (MRY)


Metric

2024

2023

2022

2021

Total Assets

$570,103,000 (2.28%)

$557,386,000 (-9.38%)

$615,056,000 (-15.24%)

$725,608,000 (95.57%)

Assets Current

$260,572,000 (19.87%)

$217,382,000 (16.81%)

$186,091,000 (-8.17%)

$202,637,000 (-19.53%)

Assets Non-Current

$309,531,000 (-8.96%)

$340,004,000 (-20.74%)

$428,965,000 (-17.98%)

$522,971,000 (338.70%)

Goodwill & Intangible Assets

$87,814,000 (-3.64%)

$91,132,000 (-45.54%)

$167,327,000 (-49.07%)

$328,568,000 (984.96%)

Shareholders Equity

$303,879,000 (4.08%)

$291,976,000 (-16.51%)

$349,727,000 (-15.85%)

$415,612,000 (35.41%)

Property Plant & Equipment Net

$168,159,000 (-10.33%)

$187,526,000 (-10.60%)

$209,762,000 (16.30%)

$180,360,000 (133.70%)

Cash & Equivalents

$158,941,000 (10.11%)

$144,342,000 (11.50%)

$129,458,000 (-13.48%)

$149,627,000 (-34.28%)

Accumulated Other Comprehensive Income

-$7,000 (-100.43%)

$1,644,000 (-47.00%)

$3,102,000 (2772.22%)

$108,000 (0%)

Deferred Revenue

$23,474,000 (-1.49%)

$23,830,000 (0.29%)

$23,760,000 (9.11%)

$21,776,000 (-1.48%)

Total Investments

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Investments Current

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Investments Non-Current

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Inventory

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Trade & Non-Trade Receivables

$62,465,000 (22.55%)

$50,973,000 (20.35%)

$42,353,000 (17.56%)

$36,026,000 (104.09%)

Trade & Non-Trade Payables

$7,847,000 (-9.42%)

$8,663,000 (127.49%)

$3,808,000 (-71.79%)

$13,497,000 (259.25%)

Accumulated Retained Earnings (Deficit)

-$41,805,000 (14.85%)

-$49,096,000 (-453.44%)

$13,891,000 (-89.23%)

$128,932,000 (15.97%)

Tax Assets

$48,260,000 (-6.90%)

$51,834,000 (35.60%)

$38,226,000 (620.84%)

$5,303,000 (0%)

Tax Liabilities

$0 (0%)

$0 (0%)

$0 (0%)

$5,059,000 (83.43%)

Total Debt

$200,622,000 (-2.01%)

$204,730,000 (-2.03%)

$208,967,000 (-14.26%)

$243,714,000 (2654.76%)

Debt Current

$13,553,000 (1.83%)

$13,309,000 (-7.55%)

$14,396,000 (-35.89%)

$22,455,000 (838.75%)

Debt Non-Current

$187,069,000 (-2.27%)

$191,421,000 (-1.62%)

$194,571,000 (-12.06%)

$221,259,000 (3327.71%)

Total Liabilities

$266,224,000 (0.31%)

$265,410,000 (0.03%)

$265,329,000 (-14.41%)

$309,996,000 (383.67%)

Liabilities Current

$79,155,000 (6.98%)

$73,989,000 (4.57%)

$70,758,000 (-15.44%)

$83,678,000 (51.98%)

Liabilities Non-Current

$187,069,000 (-2.27%)

$191,421,000 (-1.62%)

$194,571,000 (-14.03%)

$226,318,000 (2404.90%)

APEI Income Statement (MRY)


Metric

2024

2023

2022

2021

Revenues

$624,559,000 (4.00%)

$600,545,000 (-0.95%)

$606,328,000 (44.78%)

$418,803,000 (30.15%)

Cost of Revenue

$295,703,000 (0.97%)

$292,862,000 (1.52%)

$288,472,000 (67.11%)

$172,622,000 (41.31%)

Selling General & Administrative Expense

$270,771,000 (3.67%)

$261,194,000 (-5.02%)

$275,001,000 (39.81%)

$196,696,000 (22.15%)

Research & Development Expense

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Operating Expenses

$295,790,000 (-16.91%)

$355,989,000 (-21.13%)

$451,376,000 (109.15%)

$215,810,000 (23.41%)

Interest Expense

$2,127,000 (-52.30%)

$4,459,000 (-74.85%)

$17,728,000 (314.50%)

$4,277,000 (491.67%)

Income Tax Expense

$10,419,000 (197.24%)

-$10,715,000 (70.46%)

-$36,276,000 (-582.97%)

$7,511,000 (6.99%)

Net Loss Income from Discontinued Operations

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Consolidated Income

$16,113,000 (134.08%)

-$47,286,000 (58.88%)

-$114,993,000 (-747.77%)

$17,752,000 (-5.68%)

Net Income to Non-Controlling Interests

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Net Income

$16,113,000 (134.08%)

-$47,286,000 (58.88%)

-$114,993,000 (-747.77%)

$17,752,000 (-5.68%)

Preferred Dividends Income Statement Impact

$6,056,000 (0.80%)

$6,008,000 (12416.67%)

$48,000 (0%)

$0 (0%)

Net Income Common Stock

$10,057,000 (118.87%)

-$53,294,000 (53.67%)

-$115,041,000 (-748.05%)

$17,752,000 (-5.68%)

Weighted Average Shares

$17,625,000 (-2.69%)

$18,112,000 (-3.96%)

$18,859,000 (4.28%)

$18,085,000 (21.57%)

Weighted Average Shares Diluted

$18,149,000 (-0.24%)

$18,193,000 (-3.81%)

$18,914,000 (3.61%)

$18,255,000 (21.32%)

Earning Before Interest & Taxes (EBIT)

$28,659,000 (153.53%)

-$53,542,000 (59.91%)

-$133,541,000 (-552.07%)

$29,540,000 (19.35%)

Gross Profit

$328,856,000 (6.88%)

$307,683,000 (-3.20%)

$317,856,000 (29.11%)

$246,181,000 (23.32%)

Operating Income

$33,066,000 (168.45%)

-$48,306,000 (63.82%)

-$133,520,000 (-539.63%)

$30,371,000 (22.68%)

APEI Cash Flow Statement (MRY)


Metric

2024

2023

2022

2021

Net Cash Flow from Investing

-$21,082,000 (-53.08%)

-$13,772,000 (-0.72%)

-$13,673,000 (95.94%)

-$336,665,000 (-7994.85%)

Net Cash Flow from Financing

-$13,191,000 (21.75%)

-$16,858,000 (52.79%)

-$35,711,000 (-114.74%)

$242,341,000 (1643.08%)

Net Cash Flow from Operations

$48,872,000 (7.38%)

$45,514,000 (55.79%)

$29,215,000 (79.62%)

$16,265,000 (-63.70%)

Net Cash Flow / Change in Cash & Cash Equivalents

$14,599,000 (-1.91%)

$14,884,000 (173.80%)

-$20,169,000 (74.16%)

-$78,059,000 (-412.91%)

Net Cash Flow - Business Acquisitions and Disposals

$0 (0%)

$0 (0%)

$1,951,000 (100.60%)

-$325,509,000 (0%)

Net Cash Flow - Investment Acquisitions and Disposals

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Capital Expenditure

-$21,082,000 (-53.08%)

-$13,772,000 (11.85%)

-$15,624,000 (-40.05%)

-$11,156,000 (-168.24%)

Issuance (Repayment) of Debt Securities

-$2,964,000 (-2500.00%)

-$114,000 (99.85%)

-$73,864,000 (-146.41%)

$159,168,000 (0%)

Issuance (Purchase) of Equity Shares

-$4,171,000 (61.16%)

-$10,739,000 (-598.24%)

-$1,538,000 (-101.85%)

$83,173,000 (629.60%)

Payment of Dividends & Other Cash Distributions

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Effect of Exchange Rate Changes on Cash

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Share Based Compensation

$7,668,000 (-0.93%)

$7,740,000 (-3.36%)

$8,009,000 (4.64%)

$7,654,000 (8.18%)

Depreciation Amortization & Accretion

$19,303,000 (-30.60%)

$27,816,000 (-13.42%)

$32,127,000 (80.16%)

$17,832,000 (37.34%)

APEI Financial Metrics (MRY)


Metric

2024

2023

2022

2021

Gross Margin

52.70% (2.93%)

51.20% (-2.29%)

52.40% (-10.88%)

58.80% (-5.16%)

Profit Margin

1.60% (117.98%)

-8.90% (53.16%)

-19.00% (-552.38%)

4.20% (-27.59%)

EBITDA Margin

7.70% (279.07%)

-4.30% (74.25%)

-16.70% (-247.79%)

11.30% (-3.42%)

Return on Average Equity (ROAE)

3.40% (119.21%)

-17.70% (46.04%)

-32.80% (-845.45%)

4.40% (-31.25%)

Return on Average Assets (ROAA)

1.80% (119.35%)

-9.30% (45.29%)

-17.00% (-666.67%)

3.00% (-42.31%)

Return on Sales (ROS)

4.60% (151.69%)

-8.90% (59.55%)

-22.00% (-409.86%)

7.10% (-7.79%)

Return on Invested Capital (ROIC)

6.50% (154.17%)

-12.00% (58.04%)

-28.60% (-334.43%)

12.20% (-63.58%)

Dividend Yield

0% (0%)

0% (0%)

0% (0%)

0% (0%)

Price to Earnings Ratio (P/E)

37.84 (1253.02%)

-3.28 (-62.88%)

-2.02 (-108.88%)

22.7 (-5.40%)

Price to Sales Ratio (P/S)

0.61 (109.28%)

0.29 (-23.82%)

0.38 (-60.25%)

0.96 (-31.80%)

Price to Book Ratio (P/B)

1.26 (113.78%)

0.59 (-11.45%)

0.66 (-33.73%)

1 (-31.88%)

Debt to Equity Ratio (D/E)

0.88 (-3.63%)

0.91 (19.76%)

0.76 (1.74%)

0.75 (256.94%)

Earnings Per Share (EPS)

0.57 (119.39%)

-2.94 (51.80%)

-6.1 (-722.45%)

0.98 (-22.83%)

Sales Per Share (SPS)

35.44 (6.87%)

33.16 (3.13%)

32.15 (38.84%)

23.16 (7.05%)

Free Cash Flow Per Share (FCFPS)

1.58 (-10.04%)

1.75 (143.13%)

0.72 (155.67%)

0.28 (-89.68%)

Book Value Per Share (BVPS)

17.24 (6.95%)

16.12 (-13.07%)

18.54 (-19.31%)

22.98 (11.39%)

Tangible Assets Book Value Per Share (TABVPS)

27.36 (6.30%)

25.74 (8.43%)

23.74 (8.14%)

21.95 (-4.15%)

Enterprise Value Over EBIT (EV/EBIT)

15 (475.00%)

-4 (-100.00%)

-2 (-111.11%)

18 (100.00%)

Enterprise Value Over EBITDA (EV/EBITDA)

8.82 (202.11%)

-8.64 (-174.29%)

-3.15 (-128.47%)

11.06 (79.31%)

Asset Turnover

1.11 (5.43%)

1.05 (17.21%)

0.9 (27.13%)

0.7 (-20.81%)

Current Ratio

3.29 (12.05%)

2.94 (11.71%)

2.63 (8.59%)

2.42 (-47.05%)

Dividends

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Free Cash Flow (FCF)

$27,790,000 (-12.45%)

$31,742,000 (133.55%)

$13,591,000 (166.02%)

$5,109,000 (-87.43%)

Enterprise Value (EV)

$423,099,962 (90.35%)

$222,269,885 (-30.41%)

$319,408,614 (-39.06%)

$524,174,055 (125.12%)

Earnings Before Tax (EBT)

$26,532,000 (145.74%)

-$58,001,000 (61.66%)

-$151,269,000 (-698.78%)

$25,263,000 (-2.24%)

Earnings Before Interest Taxes & Depreciation Amortization (EBITDA)

$47,962,000 (286.43%)

-$25,726,000 (74.63%)

-$101,414,000 (-314.08%)

$47,372,000 (25.54%)

Invested Capital

$444,815,000 (-1.73%)

$452,653,000 (-0.84%)

$456,480,000 (12.03%)

$407,449,000 (509.62%)

Working Capital

$181,417,000 (26.52%)

$143,393,000 (24.33%)

$115,333,000 (-3.05%)

$118,959,000 (-39.54%)

Tangible Asset Value

$482,289,000 (3.44%)

$466,254,000 (4.14%)

$447,729,000 (12.77%)

$397,040,000 (16.52%)

Market Capitalization

$382,048,962 (122.62%)

$171,611,885 (-26.09%)

$232,183,614 (-44.22%)

$416,279,055 (-7.78%)

Average Equity

$292,866,250 (-2.47%)

$300,289,750 (-14.46%)

$351,065,500 (-13.52%)

$405,954,750 (37.16%)

Average Assets

$564,843,500 (-1.34%)

$572,496,500 (-15.48%)

$677,340,250 (13.80%)

$595,227,500 (64.41%)

Invested Capital Average

$440,258,000 (-1.45%)

$446,728,500 (-4.24%)

$466,513,000 (92.08%)

$242,870,000 (228.90%)

Shares

17,712,052 (-0.40%)

17,783,615 (-5.87%)

18,892,076 (0.98%)

18,709,171 (26.34%)