Forensic Analysis · Educational Services · as of Nov 8, 2026

American Public Education Inc (APEI)

A forensic read on American Public Education Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

4.2

Distress distance

Clean

Earnings quality

Forensic signals

10.5%

ROE

3.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

American Public Education Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

11.0%

FY2025

Return on invested capital. Return on invested capital is 11.0% in the latest fiscal year and rising across FY2023–FY2025 from -10.4%. After-tax operating profit was ($38M) in FY2023 and $35M in FY2025, with operating income at -8.0% of revenue in FY2023, 5.3% in FY2024 and 7.4% in FY2025. The capital base behind it came down -14% across FY2023–FY2025, from $367M to $316M, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $53M goodwill write-off and a $26M asset write-down that alone took about 17.1 points off that year's return, so about 17.1 of the 21.4-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $26M asset write-down that alone took about 4.8 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

$53M

FY2023

Goodwill impairments. Took $53M of goodwill writedowns across 1 year (FY2023 ($53M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$648.9M

Revenue Growth YoY+3.9%

Revenue CAGR (2yr)+3.9%

Net Margin4.9%

Free Cash Flow$46.1M

Return on Equity10.5%

Debt / Equity0.32x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.